Jordan Belfort
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The closer you been following your equity investments recently that jump in here, you likely are a lot of americans have the the wall street game may be rigged that the whole thing is kind of a sin. But there's still a huge amount money tied up in IT, not just an individual investing, of course, but in pension funds. The whole world is tied up in the american stock market.

So how exactly do you succeed in IT as an individual? We thought the man to ask could be the man who seen both sides of this business legitimate and less than Jordan belfort. The wolf of wall stream with a new book, the wolf of investing any, joins us now to explain, you can make a fortune all street.

Can you make a fortune stamp? IT takes time. I think, I think this the mistake that people make is that the average person is that you don't have that much money to start. Let's just choose the number.

Let's just ten thousand dollars, right? Random them, right? You say yourself, if I really, really get anywhere as an investor, I need to make a big like to turn that in like a million box. I've gotto find the next apple computer, the next crazy crypto token, right? Whenever my some wild at these successful investment, right, which we need to engaging the wild speculation, short term trading, trying to a time, the more and the truth, this is the opposite.

You don't need to start with a lot of money to end up with a lot of money by doing the exact opposite, which is holding for the long term and in all the highest quality stocks and in relying on long term compounding and reinvesting, given and making small contributions along the way. But for getting, like you said, the noise, people are worried about their equity. This is the problem because as soon you stopped buying into that, like, you know what, I think the market might be going down and maybe it's going to go up next to the time that by buying and selling, you create taxable events and also human beings. Buyer nature were kind of crap stock pickers. And when you try to pick individual stocks.

you tend to lose of you. I can give you my story as as I can be, and you assess IT based on your expertise and tell me the wrong OK so on of my red room extream TV with my dad pen and my laptop and alternate jim cramer and cy, nbc. I mean, he tells me to buy. I buy, and if he says you .

getting financially websites, I think I is that working for me, but not going to works like I kind .

of berry crammer. And but I am not going on C N, B C. And so I M really by jp morning .

of this generation, sam bank and freeze F T. The best thing was was into of the distract of terrible calls.

He said a lot of good course on both sides of the buy one thing on monday and sell on wednesday and back and vice verse the sky that literally tells you you they actually study on this when they put up his recommendations of on day exact opposite like one day saying the going next say it's going down by from or to that sector or that's a historically mathematically significantly proven to be the worst possible way to invest your money. They have gone back a hundred years. The scientific, academic studies and the analysts can pick the right stocks.

The hedge fund managers and the mutual fund es can be the S M P. Five hundred, which is the overall go to market. And there's a reason for that because all the information is out there is so unless of inside information, which is illegal and right and certain of the average Price is not going to have that or some other way to beat the mogue, whether it's a high frequent train with computers that are lightning fossil, some of the big firms time the market like a million second than an average best.

They get niche. But you can't beat the market. You IT doesn't work, especially when you deduct all the fees, the commissions and also the taxes from short term trading.

So to say, let's see that returns fifteen percent when you say pretty good, right, but actually take their two percent manager for twenty percent performance bonus, right? Suddenly study beaten the s and p five hundred and that's a good year. Most of time they only can beat him without their fees.

So why would anyone hand money to a hedged fund?

So warm buffet asked this exact question back in two thousand and said, a million box that I, okay, what are the hatch one you want? You can be the s and people, hundred over ten years. And at first, no one took to that.

Eventually someone did with what a fun funds and different funds, right? And after years seven, they threw in the tower. They couldn't even come close to the S N B.

And that was without all their fees and just, you know, the fees they take. So it's twenty percent to be the performance bonus, right? If the fun makes money, the upside on the upside. But if the fund loses money, the found here, they don't get any the losses. So heads they win tells you lose, right?

The mutual fund industries, people bad, so they're engaging basically asset gathering, which is what they do, is they try to gathering many assets as possible money, right, because they get their management fees, but there returns on the average mutual fund or disable. They don't keep up with the S N P. Five hundred, which is america's five hundred biggest bad, is most profit parties.

So and that those five hundred companies change. So not this yes, of this year. It's not the same as that was last year.

So what happens when you buy that index as the center piece of your investments, right? You just hold IT. You're always having the five hundred top high performing companies in your portfolio is very tax sufficient. Now it's boring, but a compounds about eleven percent year.

And guess what, if you invest ten thousand dollars, right? And just compounds in seven percent year, you put a little extra money on review, can age mount each quarter right? Over thirty years, forty years, IT turns into millions of dollars.

But I am still caught up in the hedgehog d idea. So still coin real. Always guys are billionaire. So yeah, the biggest art collections. So how did they get so rich if IT doesn't work well for a time?

IT was like the everyone who that, oh my god, they're so great. The hetch funs l for many in the nineties and two thousands like this, the word was really like this mistake that you had this really high performing high, and there were a few. They are if there are a few people that actually can beat the market, reddy is one who is not consistent.

It's not taking your money around this. When they really good, they don't take an averaging investors. Might they train their own money in a few very, very large institutions? So those funds are not open to the averaging investor.

But then all the other hedge future can suck, right? The bathing in the afterlife of the ora of the hedge forms we see, like the billions, right? These guys suck, all right? They they're not beating, yes, they just nize.

It's historically proven that they don't be the s of b and they take these massive fees when they do win one year and they always get that two percent magine. So what would say? Imagine a billion dollars.

So before you even start is twenty million a year. You again just twenty starts plus twenty person of all the profits. And when you take those in, have to go once that further. And also when you have a hetch fine, you have to show activity because less you can just buy the S M.

P and hold someone say, why would I give you my money, not doing anything so they almost have to show activity to justify their existence, which makes them engaged in short term trading. And you means are just terrible marketing or and this is just over the prove IT, over a hundred plus years of studies that you cannot trade in the end of of the stock market, buying, selling, selling the sector one day. So IT is a trap where look at is is a wall street create massive value.

They do wall street necessary. You can hate wall street despite of what they things they do wrong, but wall street is necessary. They create massive value for the economy.

They take companies public, right? They finance the growth of amErica needed. They the debt market, the credit market.

That's the useful side of wall street with they create massive value then is that not so use with the dark side of walter, where they create bubble after bubble. After bubble would have instruments of financial less structurally create for just gambling purposes. Where they turn you, they have access commissions and fees and the public line.

So the question I in the book was, you know, how does the average person get the matter? M exposure to the good side of wall street, which is the great companies they take public finance that become huge multination. So how do you that but avoid the corruption while the turning and the burning and the financial bubbles and soft, and play into what I call the wall street theme machine complex, which is this advertising monolithic?

Basically, they convince you, like people like cramer, to play the soccer game, but that actively going to say they're all day long trying to convince people to play the short term trading game, which is indeed a soccer game. So you're going to a casino, right? We spoke about about Carry packing.

So they are only casino to the pack of family, right? So in the casino you going, they're knowing that the odds are against you, but what? Five percent, depending on what game you plays.

So you also against you, the house will win over time, right? That's a legit casino, the author against you. But what do you go to a corrupt casino with the have loaded dice and a dealing from the board of the deck? That's wall street. So now, not only of the odds against you because, you know, he taught to pick winning stocks, but these people of information, that's what time than you, the trading ahead of you. They are charging excess fees.

And also you all these publications and change and news with cnbc, bloomberg in his bad actually at most professional, from try to convince people that you know, you could somehow figure out when you should buy oil and then sell your meter and then somehow go to a steel stock and then go to oversee it's in and IT doesn't work and people get financially website. I saw myself, my own family member, very successful guy. I stop my book off telling his stories.

And my is is a very smart guy. And I wash this portfolio, get designed through short term trading and using margin, all the things that they really do himself, he was trying to do himself. And you know, following tips he heard on TV online and. And IT just, and is so simple.

what happened to him? Well, he thankfully successful.

He lost a lot of money, and then he learned his lesson, and I shows him what to do the right way. And he now is building a proper portfolio for the long term. So I think this fiction is this, you can get rich in the stock market, but not overnight.

IT doesn't work. You can't do that. If you try to get rich by engaging in short term trading of picking at one stock, you probably going to end up in the financial poor house.

So the solution I put in this book, which is, I like where I came from, right? Because I commit for three years ago, right? So if you said, I seem both sides, right?

So the solution in the book is really very simple to build a world class portfolio and secure your future because I don't think you can rely on social security these days when you know of the dies, right? So this is empower yourself finances. And it's about doing less versus more, not hiring experts, less trading yourself.

let's trade. It's about investing .

as opposed to speculating. Now there's nothing wrong. Speculating is fun, right? And if you want to take five percent of your capital and speculate and buy and selling, that's great.

There's nothing wrong with that. Now you an increasable to do that because it's good. You can have fun with that name.

You're makes some money, but that's not how you secure your retirement. You want to secure a great retirement. You start of Young as possible, right? And is never too late, by the way. And IT doesn't matter how much money you have to be a little bit of money, you don't a lot, but the key is making little small, regular contributions.

and not worried an index FM the main.

What is an index when you want of an index? When S P, S M P five hundred index fun, and you want to have a certain type of council attack, the fur, whatever possible themselves with, right, then you also want to baLance that out with some type, some bonds. And there are small amount depending on your age, right? And on top of that cash for the emergency.

And then if you want to speculate, you can have to save five percent of speculation. But the key is this, don't hire an expert. For example, we bin conditioning.

This is a trap, right? So your homeowner, so your pipes in your house burst. You probably do a lot that all of calling the plummer to fix your pipes and try to fix them yourself, right? Very ry off, right. If you have a elective short, I suggest you call electric, versus trying to go put on roberga bes.

And if you get a Better result with the expert, not too, if you're sick, your penis about the burst, right? Don't do your own surgery, have your wife cut you up and go to a doctor that's an expert at doing surgery and let him do the surgery faring up, right? That's true.

Almost all things in life except wall street. It's the one exception to the otherwise pretty much state festival about seeking out experts help you get the best result on wall street. They don't get you a Better result than doing IT yourself.

They get you a worse result because of all the fees, the commissions, the performance bonuses. And also they can not get the market. The market is too hard to be. Now you have begun as a few people that can do IT. They're not taking your money.

I want to focus on them for a second because undoubted, there are the outs. They're the that the people convince the rest of us that this works because they're so rich. How do they how do those people get rich?

So if a guy like, you know, for example, like a great day, he was beauty. He got him very early into the game, right? And he's incredibly brilliant guy, is a great stock picker and whatever his private method is, or a warm buffett, right? You know, few people out there, and this is one of the great studies, was from a kind of thing, paul signals in right in the seventies. And this is really what started the shift into index funds.

He did study that went back one hundred years later, the early days of redeeming, right? Like every mutual fund out there since the one thousand and twenties, all the stock recommendations is eighty nineties, right? And he came to the conclusion to us, okay, maybe there were a few people who can outperform the S.

N. P, but they remain more remarkably well hidden. You couldn't find daddy.

Goodbye is like a top. I can want a nobel prize. The guy of this, right? So that was really the beginning. That was like the shot across about the wall street, everything they could to suppress this. So the first time to try this was a jack bobo from bangguo.

No, van guard, right? Van guard is a place like great, great place where you could by the best index funds with virtually no expense. I strongly recommend vang guard, right? And there's a few others as well. But jack bogle was the first right.

But when he started bangguo walls, we went out and in the ultimate smear campaign for like a decade, suppressing everything about index, one saying it's the stupid est thing, who wants to be average dry? This, which is a huge mutual company, said no fees, no way like actually in people in the world future of full pages, like if you don't like to that was more out to the people who with gay key is to investor. So yeah that up because then that doesn't pay fees, right? So they will pay your fees, don't put your client in their funds instead of our high commission funds were paying a lot of money.

So for many, many years, banging on languaged and was suppressed, right? IT finally got traction after the crashing eighty seven, for the first time, moves them, you know, the mary evaporate, what? Everyone lost a lot of money. And for the first time, then, god started to get a fair shake in the market. Then slowly but surely, they start to grow and grow.

And then as the internet came about in the high speed connections and platforms for direct communications with customers and suddenly became a mass exit out of this, like, you know, of high expense mutual funds, which I think that bogle said the public, public, a few hundred billion by now, and fees, mutual funds were ripping people's eye balls out forever. Now they still do crap with the performances, crap compared to the S. M.

P. Five hundred. But for years and years, they are just ripping the public.

Ibo was most lucrative industry out there, and wall street just spent your countless hundreds of moves, that advertizing campaigns and what not right to make people think this is the way to go. So your mirror is bullish on the commercials, yeah. bullish.

H on america, right? Although you know tea role Prices, I want point to in any one of them, right? But now they all offer this ultra low cost index options, which historical is outperformed people trying to pick individual stocks forever, just IT outperforms people because people are really crappy at picking stocks.

And also there's another plot to IT as well, right? Just try to time the market IT. IT plays into all our worst impulses. So like you said, right now, people are scared and rightfully so. The world seems to be on fire.

And I watch your podcast all time and it's scared to be because it's a scary world, right? So you would think that, okay, U. S. Eon is laid in the debt right, which is true, right? It's got fundamental proms.

China is going to take over the world, right? Well, when I was not just getting started with japan anying over the world, which turned to be a facility and they had their own problems. So I don't know where that china is going to take over the be.

The biggest economy is going to surpass united states. I don't know if the stock Marks and go up, down, sideways, around circles the next five years, I think how did you don't know anyone together know that is lying to you. So to sit there and try to watch the news and trade against, like what's happening in the economy and what's happening in the world is a false errent.

You not going to succeed like that mess I want is rare individuals of full time as a unique gift. So but then again though, look at all these massive companies that have been created in the last twenty years, like, you know, google matter, right? This is huge coming up in the video with the artificial intelligence.

So how do you get exposure to all that without having to pick the winner from the losers? The answer is very simple. You buy them more in one investment, which is the S M. P. Five hundred, and then you sit back and let time do the heavy lifting for you.

See you for ash gym camera at all.

if you watch your crame for entertainment, if you like that kind of blow via human. Good for you, right? I person, don't like IT the worst, even worse than that, if you watch jm cravin. And you have to opt in, like if you want to answer one of the emails on the website, i'll stop bracing with emails I did. This is an experience.

Ys, like, you know, I inject with with the virus to see how sick you get, right? I actually opted into cream is little thing online and I started receiving the verge of like a hundred emails about joined his special club hole ert you to what stocks going up and down in real plan me, it's like, this is insanity. But this is a major network, right, that you know, giving a this is crappy advice.

Now on the flip side, here's the way pot. They also have good stuff on that network like this legitimate news, and that's the problem. So they mix in legitimate ws, great reporting, interviews with great ceos. And you learn about the economy, what's going honorable, but they produce that with like this market giving advice. And it's it's done that you, you, you people can beat the market.

And I saw play out my brother and war, many of my friends back in when the bubble burst in two thousand eight, and even worse by in in two thousand with a dot com bus, right? So every time market bust out, all the bulls shit gets exposed. Of course, you, almost the people thought they were expert day traders or expert market time as they were like best in the global market, like saying the book of rising tide lips, all ships and a form title low resort, right? So you see the truth come out as warm up as you know, until the time is that you don't know who's not .

is no closer to me naked should be you said at the outset that there are people who do succeed in the market um because they've inside information, right, feels there's a lot of that there is yeah how does that work?

So I think there's different levels of IT, right? There's like the full on. Criminal stuff like you saw on the movie walshe with gordon eeco, right?

Well, like people are actually paying people in mls and stuff like that to get information is not public paying of directors having inside links to the company or law firm is are doing deals, right? That happens for sure and people do get in trouble from time to time and go to jail, right? But but not exactly right.

But he was like .

a time to say she's your .

famous and she's .

a big target and you know, kind of stocks your famous in a big target and they want to come at you, right? Especially some of your views aren't that popular. They want to come after, you're right. So but that's sort of the creative type of inside trading where they are just literally buying and getting moles, and that's highly illegal. There is the softer side that which is where these big hedged funds have these analytical firms are getting like research that's inside research.

So like for example, there like that a friend who was a very big short sale, right? And he actually like people waiting out of a warehouse, counting the number of trucks that were leave you in the warehouse. The tried to like you get IT to see how they're really shipping the amount of goods to do this deep type of research, which sometimes crosses over into inside information.

So what what is the line? I mean.

you're allowed to be informed. You're allowed to be informed. But theoretically, you should not be possession of information that is non public.

Everyone's supposed that access to the same information the same time to make a fair market right. And generally speaking, it's true for everybody, all the average vested, but there are certainly people on wall street. You'd be naive to think that you are an analyst, that a special relation says, do the investment that ideal.

So someone raises your five hundred million dollars for a company. You tell me to CEO and the owner, that firm or not like having real conversations is here in there. So i'm sure that's happening. That's much more difficult to prove. So it's a lot of IT is buried under like you know guidance and financial post.

So the is when an answer put IT right, and you know the answer possible out of plausible, denied beauty for why they think a stock is going up or down, right? But even then, I mean, I I think that's difficult to prove is why are a of cm L A ridiculous organization? So was conceived this, the first chain was jack eny j. joky.

So like that, you the legal yeah, from the beginning, I was set up with the two tear system with the big firms, basically were protected, right? And you know, when they gotten trouble, they defining so greg's that IT was under bly agreement, they pay a small final move on right, which is why of goldman sex, for example, right now, golden sex is serves a vital function to view this economy. And there are also behind every great crime or the biggest crimes are out there, including my movie that was the wolf water was financed by these malaysians, right? The one mdb fun that scanned the, that was them just.

And who is the bank of that, that the people wave that golden tax of there? He was in malaysia, singapore office, bank of that, that provided the funding. And you got double, a triple and Normal fees for doing IT.

And that money got sightings of its classic wall street. So on one end, they create massive value. On the other hand, they rape and pillage to the village. And is the average investor and the average person that bears the front of that, the bay aloud and sub power returns.

So just to develop up on the wall street investment firm and information firms research.

yeah, I mean, everyone uses those .

correct patch.

Funds are very much so trouble. In some cases.

they pay employees or former employees of companies to talk about what's happening inside the company, right? That's very common.

Yes, that's so that's the list.

How is that not inside of treating?

I always well, again, it's it's so gives you an overall sense of what's going on. That's nothing is not out in the public, but it's sort of like an insider's perspective versus information on like a sale going down.

Is there a problem with manufacturing? It's not public, right? So but that's when I A crossed IT over the line and it's a grey area, right? But it's very common in hetch funds to use these research firms call alter and get non public mac.

And there's a very fine one like a drug trial that is a drug trial going on like, you know how do you know how the drug trials performing well? If you're imagine all up, all the people intervened. People are in the drug trade trying to figure yourself. People are interview about with mistering the plus bal studies of double binds studies.

They're all over that stuff. IT appears that members of congress consistently beat the S M P. Five hundred in their personal y. Polite and a lot of others and especially .

the so .

how does that is Nancy process? Do you think is stock picking genius?

no. SHE has to be Operating on information as non public.

Or this make criminal.

Yeah, but no, look at joe biden right now. I mean, look at go on right now like this list.

He's a good stock picker.

Joba, I know I think he's great at wondering model and honest i've seen right now I don't get IT. I just imagine with trump, with president, well, every single day in the front patient in york times, the washington post, every other publication should be like forty thousand dollars check for twenty thousand dollars from his brother and that if he game over, cries for an peach men ah would be like the world falling downs in china's pocket but it's like we're living in a world turn of universe right now where people in power, especially on on on the left, right, can Operate almost within the plows.

A property example, which is not the only one, but it's inconsiderable that something could have that higher return, the more everyone else going to do IT. So what's the edge? The edges? SHE knows key legislation also. You know maybe someone is whispering in her ear, okay, no, they want to be on her good side, right? So it's it's hard to prove.

but it's just prime a fish this. So if if what you're saying is true and that is that the most sophisticated people in the world can't beat the S M P average then any member of congress, and I think they are on average, dumber than the population especially .

there's no possibility that could .

do that with that inside information.

No, it's not possible. But again, so paddy go proving that right, that the issue opinions and listen, I think that in this case the solution they shouldn't be allowed to trade these people yes, they should not be allowed to trade. Its insane that they are allowed to and as you said, is prime faction, right? IT looks like shit, smells a shame.

Well, guess what? Yeah it's shit that that was bolster in this days, right? So this she's done incredibly well in an area where like the most professional investors struggle to even match the index. So somehow she's doing three times as well. I don't know.

why is no one never taken that seriously? I mean, this is like a feature of internet means, but I don't know what I don't. We have an S, C, C to look into that.

I mean, what S, C, C is not going to look into that out of stop. They don't want to get there. Are funded.

Who funds them? Know, funded by congress. The budgets tied to congress, right, is a committee that financial services community, right, that that finds the.

I just make you feel, I mean, trouble.

T but I deserve IT so like.

right but some of that yeah I know.

But like I never one thing wasn't. I admit that after two thousand and eight, I got a little bit bit like, you know what? These people would bankrupt of the world economy. Yes, and no one went to jail. Basics can share me with the show, right? So I was a look, I said, you know, that does not really fair, but you know, I don't think it's an empowers way to live to say just because, you know, I went to jail, other people should go to, I think jail is terrible place right and um you know I did my time and and I made the best that I wrote my first broken jail right, which is going to be a great thing but know I learned that but I don't then wish IT on how you.

I mean you, how people go to jail, you write books. How did you? How did you do that?

It's great story. So believe you are not. I want to go to jail, right?

How old do you?

I was forty one years old. Forty two is terrible time to go, to go right? And most everything right. And I got two kids to the time, which was breaking the news to them with the most heart breaking thing ever.

I mean, like literally was I got too much crying and you go, I still get emotional about, right? And at the time I know daddy made mistakes and that was in system. There were eleven and nine of the time, right? So I go to jail.

It's not the worst jail the world. Not worry about slipped in the shower. So it's like a minumum security but jail socks, right? Who's my bond? May Tommy chang from teaching chang, was he in there?

So he's there for selling, not marijuana, but bonne IT was the most ridiculous thing ever. So he's doing a year in a day, a year in a day for selling bonds on my shit. He's doing a year and a day for bonds that about three thousand years.

I want you I twenty two months yeah right. So is there every year in a day? And you know the first few days, it's not much. You just tell stories and i'm telling him stories about my life.

Sanding did you know who he was?

Course, yeah, they push together at a sell. Yeah, because they were both high profiles and they just put us together, right, so they can watch us both at once, right?

So in jail as a Normal life, all the famous people .

know each other basically, right? So and is a great he's a great guy.

He he was writing a book at the time and i'm telling him stories and he's just rolling ly his laughing asterisk every night, right? And the third nineties, like you know, I will making the sheet up, but my wife google you and it's like, all true, in fact, of your sister knows you for the touch of a far that from back in the day is a friend of bly, right is like this is you actually sink the boat. Your crash is cause you did always insane.

You made all this money in all these drugs because you have to write a book. And i'm like, really you think my life exciting things like because what is your life and how crazy your life is, is yours? You don't think because you think Normal.

It's like, i'm Tommy chong. I think your life is just insane. Those write a book, so I started trying to write.

I was a terrible write him I couldn't write. And never for that is like a month I like, is just not working. I go to the prison library.

I stumble upon a book called bonfire of vanities. Of course, I pick up this book and i'm like, oh my god, I want to write like this. So I played through the book, and then I started the yellow higher.

And I used this book like a textbook. And I taught myself to write by modeling. Tom wolf, so was that I had a model now, and I spake about three months, as every, I mean, every medal, how you use grama, how you describe location, how you use conflict.

And I really thought to see my running dramatically improved. So I wrote about a hundred pages when I was in jail, and then I ripped them up. Anything people good enough? I got allergy with no pages, but I had a scale now, right? So when I got out, I was like, you know, I don't know what to do.

My wife and I like, maybe i'll just start trying to write again, right? So I think about twelve pages in my, wow, I think those are really good like I thought they were pretty good. I hate my own writing, right? Like when you write you, but I always say what you're write, right? Sometimes I think this is pretty good.

I sent to a few friends and they're like laughing, like, oh my god, the funny. And I really, so I sent IT to a book agent I knew very casually, just a casual friend, right? So I call, say, I want to write a book, you know? Oh, great.

Let's get you go. So I want to write myself. You goes, can you write? And like all I knew, the pages I sent to all pages next day calls you back heals.

Did you pay tommo's ve to write those pages? IT was like that, close to tommo's s voice, my first draft, right? And if not now I rote myself is like, it's really good.

I was like, right, ten more pages. So I said, right. I took about to me a week to right, ten more pages.

I wrote ten pages. I sent in the pages fifty minutes later. Coaches, stop everything you're doing.

You're no idea what's about to happen to your life. This books is going to be a mass and head master. I'm going to get a movie made about this.

We going to get a little to crate to play you right and right from the start, right? As I thought he was delusion, right? But I not much going go on back then, right? I like this, so you hold up.

And literally, I had a little tiny apartment, and I spent one year, just like doing eighteen hours a day, writing the book to the wall for wall street, right about our page sixty took IT down to run the house with both the book. I got a nice advance. So I just live right.

And then when the book was finished, about a year later, when you've seven edits, because they overrode IT, got from a thousand ages down to five hundred pages, and then when IT was still a manuscript, became a bitter war between brad pit and lead the cabriole. Yes, I was always a book, yes, I know was crazy, right? And then, you know, leo broin s and I love leo L O to leo in court says after a bidding war and so began, you know, the story of the wolf wall street have with the movie.

Then he was a delay by there for five years because I was two thousand and seven. And then the rider strike IT, and I got delayed, which ended up being a great thing. And I was really empowering for all, all the listener, the tail White.

Because when I, they wrote the scrip, when the scrip was done by the Terry window who adapted the book, he didn't an incredible job. The first right, the scripts, amazing, right. But he ended with me in jail, like, because i'd went to jail and got out, right.

That was the ending of the movie of the scrip, right? There was this delay then for four years after the rider strike. And during those four years, I got very wealthy again, going out there and speaking in training entrepreneurs and teaching sales, right? So finally, four years later, when real congress were ready ago, he came back to my new house.

I was living in a mansion on the voice, like, what will happen to you like in four years? I was a tiny apartment now to a very nice house again. And like all I do, this stuff around the world, and I showed him my clips from live on station is like, wait to money, sees this. He's going to go crazy. They remove the third act of the movie and made IT a combat ory so that, yes, I kind of remote my life story.

When were you happier at the peak of your success? P conviction were on the come back.

Come back. I was never happy before. Why no one?

I was a massive, i'm literally a seven, seven. I, where do you get quite? I say, house. So when I got really wealthy, you know, they made them legal. I say.

yeah, right.

Go long time. But but in switzerland and italy and spain, we are going to true to country, and like buying out, performing es of all luge overseas and bring him back into the this, just not to sell me, just a take up, just eats.

We are not dealing, just consuming massive quantities, these qualities, right? And I got so wildly that ami was taking about ten to over day very yeah and like one of them were not at at two hundred thousand A B C of eight hours I would take form, walk around like the appeal of you know um euphoria, incredibly euphoric. They get this like the first to get this tangle free. You get the slaves in the happy you to be durl phase in anyway, it's incredible .

fork .

and then I said, not a baby all I know you're slowing like baby. Slow justification. But then the problem is, is the fourth basis on country role.

that's great. That's the best just things .

for though is unconsciousness, which is a problem. So what do you do? Them all a responsible drug act. Le than take cocaine to make sure you go. So I the bounds .

out .

the in the yg and cocaine, which great promise coin makes you anxious, take into the anxiety, right? So I would take zx to call the anxiety. And I still to kick me over the edge with sleeping.

So ms, of ambient to sleep, and then some walking for the pain ahead. And before you know, I was taking twenty two drugs at the same time, I I got human petree dish right. And I was just incredibly high all the time and unite.

I know i'm very lucky. I know, I know. You know, I always wonder why I don't have any permanent damage.

Yeah right. I think most of was not a big drinker. I think alcohols like that wild card .

alcoa could kill.

Yeah, it's it's a wild card is like you guessin on the fire. So 嗯， i was very fortunate, got sober. And ninety seven, I went to rehab. I went to get draw.

like from killings. Not bad.

He wasn't that bad. You know, for me, IT wasn't so much. Withdraw was the problem. I was more like just, I need adult time. How I if I was so done with IT, like I think you know, people can get solbes and rehab.

People can get soldier in the rooms of alcohol anonymous, right? You can get silber anywhere, but you have to be ready to get sober. If you're not ready, right? You could be in the worlds greatest rehab and you'll just really lap you run that you will climb over the wall.

So when you get, you'll use again. Worse, I was done. I like, my life was so AA control.

I had my kids were started to get older. Now, to four and five years old. I was like, I gotta end this.

So I know I was very happy to stop using drugs, right? So that was in ninety seven, I had a problem in two thousand and nine where I had like some terrible run, like five surgings in the shoulder and five old surgeons. Initial that I got really bad whole thing.

So I was taking vacated in from the doctor, from the doctor, right? And then I got off of that, and on quality to boxx zone course, which is disaster. But I could functions.

Then I find the eyebrow game, you know, I bo again, yeah. And I got completely that. Would that work? Well, know I was on the low dose of the box on like ten years and and the affect me Better like it's just not .

who why do they do that?

Because the former civil companies .

make a fortune with IT.

so they get every addicted to o explain dan and said, and bike in this, right? And they are giving out like the Candy all over the place, right? So this is massive oppoa crisis, right? When they realized that, especially oxygen get of the solutions that they put people on, something called sebold zone. Sebold zone is what they call a partial open agonies, meaning great IT buds to similar receptors. But IT doesn't really get you high and you can't really is very hot to over those.

just like the modern methods.

One exactly is exactly what IT is, right? So it's much more long acting. You could be on IT and no one knows you're on IT, but new a mouse that you will be dry. And so what you're be tired at night but generally speak, if you're really careful, then you you can live on that and it's not the worst thing in the .

worlds thought that fact ability.

not in a very low dose, but the palace most people don't stay in a low dose. They go up and they go up because they get a little bit of a high from its. So they abuse the box zone and it's like a like sentence.

And second, not for your liberal, this means you're taking an option, right? yeah. So I was on up for a long time at a very low dose and fine.

And you know what? I'm just, I want to be up. I know anything in my system so I went did ibogaine mexico in can coin, which everyone know heard ibo gain ibogaine is is a naturally currant plant, right?

Afra it's a very powerful some IT buds to the same option receptors as as as morphing right. And you know VC right and IT resets them. So as is weird thing that resets, IT brings you back to preempt tion.

So when you don't with this twelve and nasty scan, this trip. scary. And I did in a clinic, ankle beyond, which is A, I mean, I recommended to anybody is amazing, and they really didn't an amazing job, very safer.

Or dr, here, your heart machine, because they can be taught in your heart, right? And and they really like support you emotionally, right? And when I did this to.

but what happens, I should .

trip the scariest, ugly st like, terrible trip, like I was so petrify before stated by here, all these harror stories about eyeball getting right. Well, you you dead people talk to and your father talk to you from back, you know my best best, right? So you see all these visions and stuff, and you hear a lot of noises. And like, bongs is terrible.

Um IT was IT as bad as you thought.

I was pretty bad. I I so I was patrimony. I admitted I was Patty the whole time. The first six hours is brutal. The second six hours is like to be out of this world.

What like you like? Baer boy x, one of the primary screen, right? But, but what I did feel, no, no, is scary shit, right? I'm telling IT is not fun at all, right? But I did feel IT like burning out my recent. I feel like my brain working like I knew IT like I knew IT as was happening I done with IT like i'm not going to stop anymore, right? So anyway, so if there was over like I recovered like I got, I never did another you more for any comics ever again I was IT amaze yeah IT resets your accept did IT affection .

in the other ways um you .

know some people, I think have more a more a spiritual journey um because it's great for ptsd as well like for veterans right? So right now they trying to fund studies for veterans is very helper ptsd right? I don't think I made that many changes in me.

I was a pretty good place when I went in there. I just really, really had a physical and physical addition that I take this stupid drug, I would get uncomfortable and I don't want to have that. I am traveling all the time, right? So for me, you know, like I didn't feel like I really profound changes other than that for the first forty five days I had to learn to be like completely sober.

So even like no physical uh, with jewels I had some post to cute like mental. I just didn't feel great. But then after like forty five days and something, all the clouds lifted, and I you felt terrific again.

So IT was an amazing gift that I gave myself that I would out strongly recommend this to anybody was suffering from, you know, Opera addiction right now. It's certainly a Better solution than the box zone. And and you use this was life changing.

So it's great and we've never been tempted go back to anything again.

No, never no. But I mean, I wasn't see fingers. I wasn't using the box on the and high IT was just a maintenance thing because I got a dict. These damping kills when I had my surgeries, right? So I was using IT at a dose was like I was trying to get high. So I guess if someone like reluctantly put on the box zone because they would like a drug act in the mother, they just had to was a life with salata control. I guess they they have to pie work through some therapy as well afterwards.

But you know, I think it's really helpful for that too, that there was some people that go through ebo game when they they emerge like they get this new perspective on their lethal while they never want to use oppos again the disgusting terrible so um but IT is incredibly powerful like is not no joke, is no joke. Why that i'd try kadee an you know that is a great thing for that use kadee that to expand your brain. I've tried other, other lugers I tried the mushrooms, right?

Ibo gain is in the class of itself. It's like, not like Normal ever abuse. Ibo gain, you know, ibo again, I have a fund trip on, I crazy and hold to five hours, and then all your addictions are gone. And and IT really what IT works.

IT actually works. That is wild. Yeah, do you keep in touch with anyone you are on mostly with?

I do. Yeah, I still keep in touch with some people from time to time. I speak to the know danny, the Jenny hill character, all the people that might, most people that with my good friends before I still stay to, you know, but a lot of the people will like you.

I employ about four thousand people, is threatened over the years, and more five to six thousand people, and a lot of them to become a guy. I've brought in him from time to time. But you know, my new life is very different. Over the last since two thousand and nine, right, have been out there coaching in your mentor entrepreneurs and on how to build business and how to do sales and increase their, you know, marketing capabilities, right? And I never talked about wall street, never like I never rote a book.

And that was really my core competency, right? And what really made me do as as he was my brother of war, I kind of saw him like just getting whipsaw and like, you know what, these two sides that I think the retiring and being wealthy, at least comfortable one, do you want to make money when you're in your working years, right? We all have to do that.

And you want to make as much money, you can hope we'll doing some thing you like. That's part of the equation, right? The next part is, what do you do with the money that you can save from from all the hard work?

How do you put that money to work in a very safe, responsible way? That's going to outpace inflation significantly. That's going to compound and allow you, when you're ready to retire, had an amazing life.

I believe that people deserve that. So I I look at this book. Is this as a gift? If you read this book, really it's such it's a, it's a blueprint and it's really simple.

It's like not that complicated. But know, I I knew that I wrote the book in a dry way. People would not read IT. I wrote a very funny and more story, so I would be really engaging. But as you go through that, you get this, but I consider to be a turn key formula for a .

portfolio to ask them questions to the S P. 5 hundred， five hundred stocks.

mike.

but they're not on the same tear right at all. Made their thriving emerging companies turning out a lot of profit. And then there are a lot of older industrial companies.

So why would you just take the make your own S N P fifteen or ten or fifty? Why would you which ones though? And how do you .

know which ones are going to win and which ones are going to lose? So here's the thing, right? Human beings and even analysts and even experts just that's terrible.

Picking the winning stocks is too hard. So you're you're just imagine everybody is trying to do the same thing. What's the next winner? What's the big winner? right? So all the money is chasing this pool of shares, right?

So the question is, you know any given moment, you know the way you know economics, who says that the market is fairly Priced in this moment because all the available information that's out there, yeah this is what everything individual stocks is right now, over time, right? When you buy the S N P. I remember the S M P.

Five hundred is the five hundred biggest, most profit companies in the us. They're in ten different sectors. But the S P, the index committee every quarter will meet.

So okay, based on the U. S. Economy, is the waiting of each sector, correct? We have nothing information. stocks. Do we have up in industrial and health care, right? So if you go back, like thirty years, industries, one of the biggest sectors out there.

But then we explore our manufacturing based china, right? And so the financials become really big and also especially computers and information and health care. So the biggest ones in our health care and and fuse information technologies, your bigger sectors.

So what happens is the esn people rewire itself every quarter to match the U. S. economy. And any of the companies that are either under performing right or becoming less relevant to their sector will be replaced by comes they are doing Better and a more relevant.

So you have given moment the five hundred best companies, all done for you for free, by the S N P index of who selling that information, making money a different way? No, make the money. You can invest in the S M P index because this index you have fun, right? So there's a very big difference when the S M P first came out, you could only watch IT. There was no wait to invest IT.

IT was like a benchmark how I do in compared to the S M P, you couldn't buy and you have to go by each of the five hundred stocks, which is a cost prohibitive, and not, you could just point prohibits, well, right? So when the first S M P five hundred index one came along and allow people, for the first of ever to buy all five hundred companies in one trade, right? Which is incredible, tax efficient and time efficient.

Now what else happens once a company goes into the S. N, P, other institutions have to buy IT. So this was self filling properties part of IT as well, right? So if you had information, like inside information, one of us rare people that can somehow like one of ten million people, or that could somehow figure out which dogs are doing up and get A B S.

And the god dleadful right. But my chance, a chance of to everyone listening is that's not you. You're not gonna be .

able to beat the s in, pay even my much time.

This is got to like one man, so much talent is inside, right? So, so, so I really it's improving. Like I might save this.

It's like been improved by every when you read the book and those were every study a very funny way. And then when you like, like, the last chapter is called meet at the fuckers. Instead, to meet the focus, I got me, the fox.

So little fuckers, all the fuck is all the gym crayons of the world. These are all the fuckers who are out there. And just one of all the online, the shots on tiktok, these five stops about the moon, come on like this stuff is littered all over the internet, fighting big people into making stupid investment decisions that are self.

The feeding is the seven or guy who tells you to buy the magical trading system that's going to beat the market. You can turn more fifty thousand and the five thousand miles and three months in your bathroom from home with my album. Well, it's so great.

Help them. You're not using yourself. Why you forget walking. It's so ridiculous, but this is what the people fall for IT, right, that at all the time, and they end up getting destroyed. And you know when I really hit them, when fifty five, sixty years old, and they don't have the money they should have, if you follow the advice in this foot, which is an argument, the best advice and more about, would you be this advice serious? Ly, it's an arguably great advice, and that is to play the long term investing.

You're lying on compounding, meaning you start off with the small that as much as you can, right, and then add to IT a little baby sound whenever you can as much as you can. And then also reinfection ate dividends. So when you get quarterly different, the S V pays the reinvestment as well.

And just forget IT don't worry about what's going on in the world like you say, the us. Eon is going to go to ship. Okay, may be, well, may be, who knows? But here's the deal.

No matter how should I, U S economy gets, you still going to have really big companies out there that are raping and pilling making a fortune out there, like even the S A, P five hundred have the business overseas multinational, right? So you've getting overseas exposure as well. And you listen, i'm also, as much as amErica is broken, I still would believe in the american system of capitalism.

I've traveled the whole world. I never seen a country where they have this like to drive in the engineering that we have the us. Special place OK.

What's wrong with this special place? And compared to what is the best bad option out there? So I really believe and then also, there's a couple of other investments you want to make to baLance out risk, right? You want to have a go a bon fund and everybody, again, none of this is about trying to pick which bonds are going to pay more than others.

You can do that. You're trying and bond professionals and I like going to rip your eyeballs out every time, try to beat the market. So you want to be engaging in these in these like index go passive investing, yes, not active passive investing, right? It's exactly the so some of your .

advice IT would be ignore the experts and be passive, not active .

hundred percent now the experts special gym frame, by the way, I W I I call a blocking aslam. Okay.

but I mean, that's tally for fair.

but it's for everyone say, like I was my legal wedding and they got at least .

once today I watch jim cramer on same bank man fried so I just to make myself feel good.

another story to the whole clip and bad so he got, I know what about you, but what's good have to send back and I said, this guys going to jail, I know, and I hope I don't think he deserves .

life in twenty years.

You know this, he's gone for a world.

People start the iraqi war due. But I just great. John buffer.

thank you so much. Great to see you. thanks. Thank you. Take here.