Breaking News on Inflation & David Meltzer on Making Millions and Working with the Real-Life Jerry Maguire
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I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. Money rehab.

- Hey everybody, it's me, the Einstein of Wall Street from the floor of the New York Stock Exchange. Ladies and gentlemen, I'm going to be your temporary host sitting in for Nicole Lappin of Money Rehab as she is on maternity leave. We're gonna be doing episode after episode every day of what the heck's going on, giving you a forensic breakdown of what's happening into the market as we end 2024. And stay tuned for some of the best interviews I've done since the beginning of this show in 2024 in food, in fashion, in finance.

and fun. We'll be seeing a lot here, so stay tuned. Three, two, one. Hey everybody, it's me, the Einstein of Wall Street. We are here with Trade Like Einstein. I am Peter Tuchman, and we're here on the floor of the New York Stock Exchange in the balcony. History is made in this building every single day. Somebody with my long-term experience, I've been here for 137 years, it is my responsibility to help teach you how to navigate this market successfully. Boom!

Hey everybody, it's me, the Einstein of Wall Street from the floor of the New York Stock Exchange. What a spectacular day for the last two days, right? Let's go over it, man. Let's forensically break this down because it is so significant. Friday, we hit record highs, okay? Record highs due to the, we've been a little bit flat for maybe a week and change, right? I told you that eight out of eight times in the presidential cycle,

Right, we used to have a market rally into the election and then we had a little bit of a follow through on the election and then we had the market pull back until November 21st, 22nd when we started revving up towards the November Black Monday, Black Thursday, Black Friday, you know, big Thanksgiving sales. And so we followed that thing for the ninth time. And then what you end up seeing is Santa Claus come, the market tends to flatten out

as it kind of gets its bearings for the end of the year, and then Santa Claus comes to town and we have a rally until the end of the year. Well, nine out of nine, it's happened once again. Market rallied beautifully coming into the election. Nice rollover the first two days, three days after the election. We had, look, up 1,200 points.

after the election, and we had deferred the next couple of days. That was sort of a relief rally. And then we had probably a couple of days of a Trump rally, right? And then the market sort of flattened out and pulled back for a couple of weeks, trying to get bearings, all things waiting for the unemployment numbers and the payroll numbers that came in last week. And they really, they do not disappoint, right? The numbers came in on Friday. They were good.

not great enough to take the interest rate cut at the next Fed meeting off the table, but good enough to make the market rally into record highs on Friday across the board. Right? So just a few days ago, we were at record highs. Then we had Monday and Tuesday. Market started to pull back. The reason market pulled back on Monday was all about Nvidia. Nvidia was being accused of some monopoly

trying to take over and corner the market in AI, I guess. And so that kind of took down the whole market with it. We know that happens very often. Seen it with Walmart, seen it with Tesla, seen it with Nvidia, when an individual stock which carries so much weight in an index

and just in the psychology of the marketplace, right? There's some stocks that everybody gets, they've gotten their attention. And when they do that, everyone throws the baby out with the bathwater, right? And so the market tends to get flushed out with it. Well, that's happened on Monday, right? An attack on NVIDIA around the monopoly question on Monday. And so the whole market kind of fell out of bed. When those days happen, I always say to people, look, if nothing's fundamentally changed,

Let's take that stock out of the equation and not really overreact. And those are the days where the opportunities lie. If the market sells off around one stock, but we've got everything else getting dumped with it, and you didn't want to pay top dollar for the names you've been looking at stocks where you like the people, the process, the product, and the profitability, right? The four Ps, then go after those names on those days, right? Because nothing is fundamentally changed. Find an opportunity and scoop stocks

at a discount of $5 or $10 that you didn't want to pay top dollar for when the market has these little bit of pulls back. It's Monday, Tuesday. I said it to you. If you go back to the videotape, right, like Warner Wolf back in the day, I said, don't get excited about these days. We're off 150 on the Dow, 25 on the S&P. It's nothing, nothing to be worried about. I believe that we're going to have some numbers coming in on Wednesday, Thursday, and Friday, and I believe they're going to be good.

So hold your ground. And if you listen to me, and I'm not your financial advisor, right? Disclaimer, disclaimer, disclaimer. But it turned out to be right. CPI came in this morning, right? Looking for 3.3, came in at 3.3, did not disappoint. Expectations were delivered and the market rallied. And then we've just had, you know, it's probably a bit of a short cover. We opened up about 25 handles. We ended up closing up 55 handles.

Right? A spectacular rally. Beautiful, beautiful, solid rally. Today was the first time in history, once again, that NASDAQ closed above 20,000. That is a huge landmark. Some people say the Dow is no big deal, 40,000, 50,000, whatever it may be. But NASDAQ closing above 25,000, 20,000 is significant.

Amazon, Google, Meta, Netflix, all closed at record highs, not 52 week highs, record highs today. And that's what took the NASDAQ to a 20,000 point close. We closed at 20,032. That is huge. So not only have we had 54 record highs across the board in the markets,

Not only have we are trading at a record high in the Dow, not only have we taken the S&P to 61, just almost 6,100, but now we have taken in the Russell trading at record highs, but we've taken the NASDAQ, the great tech sector of all time, to a close above 20,000, first time in history. That's all I got to say about that. Ladies and gentlemen, it is beautiful to be with you. Trade like Einstein, Money News Network. I love it. I love it. I love it. You've got to be in it to win it.

Check it out. Have a great holiday. I love you. Hold on to your wallets. Money Rehab will be right back. And now for some more Money Rehab. Hey, everybody. Now that we've done the wrap up on what the heck's going on, episode 9487, please stay tuned for one of my favorite interviews of the year from 2024. It's coming right at you.

Hi, everybody. It's me, Beyond Center Wall Street from the balcony here at the New York Stock Exchange. Ladies and gentlemen, I have interviewed millions of people all over the world in finance, in fashion, in every possible genre and sector in this world, but rarely have I ever had anybody who is as meaningful in my life than this gentleman here. I always get emotional about it. So it's important for you guys to know that

This is David Meltzer, one of the most powerful people in social media, in life, in joy, in kindness, in literally everything. So when I was, you may not know this, but in March 15th of 2020, I got COVID.

I was like patient zero. And soon after that, I ended up getting meningitis and I was given like, I don't know, two weeks to live or something. Kind of crazy like that. And, you know, as God does his amazing work and social media does the rest, I was sitting at home in bed and I

my Instagram pops up and there's a feed and it says you should probably get to know this person and it was an interview of David with someone else and I watched it and it was one of David's unbelievable inspirational motivational videos that he does and it just kind of

clicked and connected to me and I reached out to him and said, I don't know if you know who I am. And he said, yes, I do. And we got on a phone call immediately. I was the, I didn't even know that you could kind of do that on social media. And we ended up forging a relationship and we've been friends ever since. And so that for me is like one of those godly God moments, right? A God shot in every possible way, like God interrupting my death. So anyway, um,

David Meltzer is an extraordinary human being in so many ways. He's had an amazing journey. We share so many different things in common in our messaging and the story that we love to tell the world, which is all about success and failure, how very often we learn much more from failure than success. And we've had...

our own share of, plenty of that share of that in our lives. And so, look, I think it's important for you all before or after this interview to go read up on David Meltzer, find out more of his story because I can't tell the whole thing here in this short interview, but it's super important for you to know everything in the nooks and crannies of where he came from, his journey, what it was like,

what happened in his life and what it is like now because it's extraordinary. If any of you are struggling or any of you are looking for really the big brighter picture in life, this gentleman

We'll help you get through that and share with you every bit of inspiration and motivation that you need. I am honored to have you here on the Stock Exchange. Thanks for coming. Look, you've done millions of interviews and you've interviewed lots of people. And, you know, there are some everybody, you know, has heard about some of your, you know, biggest, biggest failures and biggest successes and whatnot. There are parts of the story that I've never heard.

And so I really wanted, first of all, I'm honored. Thank you. Thank you. We should be honored. I'm an Einstein fan in so many different ways, but the Einstein of Wall Street's even better than the Einstein of Princeton. Exactly. Yeah, yeah, true. I hope so. Look, I'm picking up where he left off in so many ways. So, and look, I'm not that smart. I know I look like him. Trust me, I'm not that smart. But anyway, so let's go back. Describe to me the 20-year-old David Meltzer.

20 year old David Meltzer and I get choked up thinking about it, wanted to be rich. That's it. So I'm in a good place here because I think a lot of young 20 year olds that were around stock and chain, that's why they were here. They thought money would buy them happiness, love. And for me, I wanted to buy my mom a house. I grew up single mother. I have six kids. What a couple of saps we are. That's okay.

But everything in my head, my identity was about what my bank account was going to be. And I was in college, playing sports in college, but wanting to figure out how I was going to make the most money with my life and take care of it.

Was that a function of sort of your relationship with your dad growing up and stuff like that? No, my dad left. So six kids in a two-bedroom apartment, mom working two jobs. She literally would pack our dinner in a paper bag and then fill up turnstiles and communion stores with greeting cards so we could eat.

But education was super important to my mom. My siblings all went to the Ivy Leagues. They did very well. I was blessed. But I just wanted to make a lot of money. My entire identity was around money. And that carried through until about my mid-30s. And so it really was a significant thing. My nickname in college was Money Money. The first touchdown I scored in college was...

I flipped the ball to my coach and I said, money, money. Everything was about money. Okay. So from college, you graduated college. What was it like? How did that go from there to be working at Sports 1 Markets? Sure. That's right.

- Well, I wanted, my mom had a saying, like probably your mom did, or just doctor, lawyer, or failure. So I knew I didn't want to be a doctor. I hated hospitals. So I did my research. My oldest brother gave me this great piece of advice, which I say all the time, be more interested than interesting. So when I wanted to be rich, I did my research on law schools

to find out what type of lawyer makes the most money. I didn't care what kind of lawyer. Oil and gas litigators made the most money. Tulane University had the leading automotive law program. That's where I went. That's where I graduated. And ironically, when you want to make the most money, you don't care what you do. So I was always, even though I got an oil and gas litigation job back in 1992 for $150,000 a year, plus a lot of money,

I took a sales job in legal research online from West Publishing for a $250,000 comp plan to sell. - I have a multiple stream of revenue. - Even though my mom said that it was a fad, don't do it, 1992. So I ended up selling and nine months out of law school,

I gave my heart and sold everything to selling. I was a millionaire nine months out of law school. The internet wasn't a fad. We exited the Thomson Reuters in '95 for $3.4 billion, which was a huge exit. Set my career in a different trajectory. I went up to the Silicon dollars, really curious about branding myself as a technology guru.

and so i learned to raise money on sand hill road which was a superpower still is a superpower i do it mostly for charities now but i i raise a lot of money and i learned how to do that in my 20s on sand hill road during the internet boom by 99 i was ceo of samsung's

since Samsung's phone division, the first Windows device, it was a convergence device, not a smartphone. They ended up being smartphones, they called them. But ironically, you talked about the universe saving your life. The reason I got hired by Lee Steinberg, the famous sports agent, Terry Maguire, was not because I was a frustrated athlete who was a Jewish lawyer, but

which there was thousands of us that wanted to work with Bernie Steinberg. It was because I had two things that no one else had. I had a technology background at the highest level. Early on, at the beginning of technology. Yeah. And I also was a venture guy. I knew how to raise money.

And so Lee saw the future of sports in venture, in technology, not representation. He was a visionary, which made him Lee Steinberg. So that's why I got hired in 48 hours after meeting Lee Steinberg, because I was what he was looking for. And he would always say, the universe brought you to me, where I met Warren Moon, the Hall of Fame quarterback.

Ironically, a hero of mine since 1978, when on the radio I listened to him as the first black quarterback to be the MVP of the Rose Bowl and literally beat Michigan. I'm a Ohio State fan, so I loved him. And he ended up being my business partner in sports world marketing. So, yeah.

And we never hear that part of your story. We always hear about the fast track to when you had everything and then you lost everything. But what's important for people to notice, because I didn't know that about you, it's clear you just told us at what point it was early on. Some people are born like alcoholics. Some people are born with some good things and assets. Some are born with liabilities. It sounds to me like those qualities that have made you who you are now and have

participated and been the components to your success and failure were in you at such a young age. It was forged by trauma. It was forged by discontent and watching your mom. Because that idea, I think my superpower is I, and Bob Harsin said it best to me. He's the founder of GoDaddy. He exited for $4 billion himself. He said, Dave,

"If you can learn to love what you do," and I rolled my eyes in the interview. I'm like, "Do you wanna have a workaday?" But he didn't say that. He said, "If you can learn to love what you do and learn to love what you don't love and don't like, and you can learn to love what other people don't love and what they don't like, and you do it consistently, every day in joy, and you do it without quitting, it will tell you all its secrets."

- So from enjoying. - Yeah, learning to enjoy what people don't like. So I remember sitting in second year of law school at Tulane on my bed, my oldest brother passed away of AIDS. He was a doctor. I had law loans that I didn't know how to go pay back. There was a recession in 1991, '92. And I sat on the edge of my bed and I told God, I said, "Do you allow me to pay off my law loans "and buy my own house?"

I was troubled shit with my hands. 12 hours a day, six days a week in gratitude. Like a little elf. Not right now. It's not a pre-quote quote. It was for gratitude. Right, right, right. Yeah. And every day since then, everything was better than what I was willing to do to buy my mom a house.

And still, everything I get to do, I still have that baseline that I am willing to do that and enjoy. I have figured out how to learn to love some of the most awful times, most awful things in my life, to find the life, the love, and lessons in it. And I am a student of gratitude and of forgiveness. And I think those two things raise our awareness of what we're given. See?

Here on the side of the change, there's a bunch of people who believe the more you give, the more you receive. Right. And I believe that. Yeah. But you know what they don't teach you? It's really the more you give, the more you're given. So let's elevate our awareness through gratitude and forgiveness of what we're given, even when we're dying on our bed. Right. You are looking for what you were given, not giving.

for it to receive any, you were just looking. And when we do that, then we have to work on something that you need to work on. It's receiving. See, then, because people go, oh, it's okay. I feel bad. You've helped them teaching me that. Because that's what creates the value-add rule. If you really believe that there's more than enough of everything for everyone, yeah, so here's how I believe. I give everything I have. I'm going to be given more.

I'm going to receive more. I'm going to ask for more than more from people who have it. Then I have more than more and I'm giving more than more to give more than more to receive more than more to ask for more than more. You see, I end up with more than more than more of everything where everyone else ends up in a zero sum game because you and other people that I've met like you that are beautiful minds

first responders, just generous, kind people. They give 100%, but then they only, oh, you know what? I'll only take 98% because that's enough for me. Well, your new 100% becomes 98%. It's a zero-sum game. You end up at zero sooner or later.

You know what? It relates to so much. One of my biggest messages to young people when I talk about the stock market is investing in stocks and not stuff. We are like the most, the largest consumer generation probably in history. We want what we want when we want it. Right? I always have joked, and I do it myself. I see something on Instagram that I want. I'll go to buy it. And then it will offer me...

it may be a $19 item. And then it will say, well, if you want it, if you want it delivered yesterday, you can pay $25 to have it gotten there quicker. So I'm paying more to have what I want when I want it for the thing that it would have no value. And, but you're, what you're describing that, that we,

We don't really think of the value of time, first of all, as something we'll never get back. And also to think about that we are buying things. We need things. We think we need things. And there's just want and need and need.

what that equation gives us at the end, which is getting things at the minute we own them, they actually start to lose value. And so that's a mindset that I try to teach people that let's say you have the iPhone 12 and there's nothing wrong with it, but the iPhone 13 just came out and I need it, I want it, I have to have it. And that urges, we know also urges, walk around the block, have some chocolate, you won't urge it, you won't need that thing as much. And think about it, if you don't buy that thing,

iPhone 13, but you buy three shares of Apple stock. Suddenly you're going to be walking around, not with the flashiest phone, but you're going to be able to show people that you actually, the possibility that you bought something, that the minute you bought it has the potential to go up in value and all that. So look, every minute with you is just so exciting for me. I wanted to know when you went up to your interview with

Mr. Steinberg, was it like, did everybody tell you you couldn't do it? You're crazy. Don't go up there. He's going to send you away. You know, I'm confronted by young people who will always say to me, oh, I can't go talk to them. I can't knock on that CEO's door. I'm not good enough for that. That whole self-esteem thing that people are afraid. And I always thought there was no door. What's going to happen? The worst thing that will happen is I'm sorry. There's no spot for you right now. Good luck and have a nice day. Right.

There's no door that you can't go knock on. Did everybody tell you you can't do that? For sure. I actually went. I wasn't looking for a job and he wasn't hiring. I went to go help him. I had a friend that, you know, they were having difficulty with Magic Johnson in a reality show for Showtime. And I just volunteered because I wanted to meet him.

And they're like, my wife was extremely concerned. She's like, why are you wasting your day going up to help this guy with his show and talk to Lee Steinberg? I said, because I can actually help Lee Steinberg, and I know when I help people. You see, my main objective is, would it help you if, or do you know anyone that could help me?

This is what I asked. This is how it is. I want to add value. And so sure enough, I didn't know everything going on with Lee at the time, but he had never met anyone like me, he said, because I came in unconditionally. Hey, he asked why I was there. I said, well, this guy's my friend. He told me he's having a difficult time getting the deal done with you. I told him I thought I could help him. He thought it was a good idea that I just joined the meeting. He said, that's really nice. And then he said, tell me a little bit about you. And

- Kind of hit it off. I want to get to that point because you talked about buying things you don't need for instant gratification, but also people buy things, and this is a huge void that you don't need to impress people you don't like. There's a big void, right, between I am and this is what I want people to think I am.

And things are so easily accessible to allow people to think we're something we're not. And I think what you stand out on social media to me, and I try to do the same thing, is that people will meet you and say, oh my gosh, you're exactly the same.

I'm not standing in front of shit I don't own. I'm around amazing people, but I'm not posting pictures all day. I'm just posting words that I know would have helped me when I was 20 years old. And look, the worst thing that can happen is you're going to learn something. It's not even you get to know. I am a big asker. I still ask. People ask me, how the hell did you lose over $100 million? I never ask for help.

If I just want to come to you, and I sincerely mean this, that at the time that I was worth over $100 million, if I would come walk in here and said, I heard of this guy, he's the oldest broker on the floor. Can I talk to him? I have a few questions. And just say, here, I have all this money. Here's how right now I'm investing it. What should I do? I promise you, I'd be the one donating a billion dollars to Einstein's medical school right now.

Right now, in my 50s. Now, I'm going to get there now because I have your help. But I know that's true. I just never asked for help.

You'd be willing to help me. You wouldn't throw me out. And I want to go back to what happened when you lost everything and had to reinvent yourself. But also you're known on the street. People know who you are. You have embarked on this amazing journey. Everybody go read about this because there'll never be enough time that you've decided that your lifelong goal is to make one billion people, one person at a time, happy.

Over a billion people. And bring joy, which is so important. It's something that I learned from my parents, Holocaust survivors who came out of the darkest moment on earth, surely, and were able to forge an incredible love and friendship and told me that joy and love and kindness will override any of the dark, evil,

negativity that any any uh devil can ever think of but um people will come up to you right people will come up to me i now get noticed on the street i love it it's a lot of fun and whatnot they won't even introduce and i something i learned from you is the connection right they'll walk up to me and they'll just say they won't say hello they won't say their name they'll just go can i take a selfie with you and i learned that i don't know if it would maybe if it was even my close

Magic Johnson, somebody I saw in an interview, they said, so they get to take a picture with me, they'll walk away, and they will have achieved absolutely nothing except maybe posting a silly picture of me and them on the internet, as opposed to introducing themselves, saying hi,

and engaging, right? People, we have lost that ability or that necessity to actually engage with one human being and another. We're living behind this screen of the internet and social media and all that stuff. They will have achieved absolutely nothing as opposed to saying, you know,

Hi, my name is, I follow you, I respect you. And, you know, maybe thank you. And then maybe at the end, can I have a picture with you? Yes or no, it's not that. Or at least get my contact information. I mean, this is a journey you talk about. But you also talk about the fact, how can you embark on a journey to bring joy to more than a billion people, one person at a time? And you've talked about that, that exponential growth.

human reaction that if I do it with you and you do it to someone else and then three people tell six people, that's how you do it. But people think that that's way too big a thing to embark on, right? To ever do that. So I'm not going to do it. As opposed to, you know, that baby steps towards any goal is better than waiting for the magic moment to do it because it'll never happen. Most importantly, what people do is they limit themselves by their own self-image.

You will never overachieve your own self-image. So the minute you tell yourself, oh, I could never do that. That's never going to happen. You're living in a world of not enough. Why? When there's more than enough of everything. So I look at things and say, okay, and even over a billion people, people will ask me like, why not everyone?

"Why are you limiting yourself, Dave?" I said, "Well, I did the math and it was a lot easier to say over a billion. It could have been everyone. I'm not limiting myself." He sent me seeing a little arrogant if I say everyone. Right. But honestly, I literally taught my wife to think I was crazy because as I recovered and learned how to make more money, help more people, and have more fun, I had to now tell my wife as we were back really on track and say, "Hey, what can I do for you?" And the first thing she said is, "Take care of yourselves."

Because if you don't take care of yourself, you're not going to take care of all the people. And then I told her, hey, I'm on a new mission. She said, what's that? And I said, to empower over a billion people. Because I know one particle of light, like you said, overcomes a million particles of darkness. Darkness is loud.

It's very loud, especially on the internet and social media. And disruptive? Yeah. It's weak. It's very weak. It's so weak. And when you shine your light, people, they are towering. You don't even see them. They don't even want to approach you. They won't even comment on your stuff because your light is so bright. They know how weak they are.

And the more you engage that, like it's like arguing with a drunk crazy person. You will achieve nothing because they're not listening. And life is too short to even waste time with that. It even goes back to like when we get on a plane, they always say put up the oxygen on first so that you can help the person next to it.

that's why and my wife said the same thing to me may she rest in peace that that when i went through what i went through in life and tried to recover through whatever dark spots i was doing challenges of being on wall street during the crash of 07 was take care of yourself and then i know you'll be able to take care of us because i know who you are when you're your best self right which is so important

So you're suddenly, you're what, 28 years old and you had everything in the world which you thought you had everything, which you had strived for. You had shit loads of money and then you lost it all. - I had my dream job. It was a glimmer I stuck.

You know, when you have everything that you thought you wanted and you have everything that other people want, right? And you are empty inside. - And you're still empty inside. So success without fulfillment. - Correct. - Right? Okay. Just an empty, very full bank account with an empty heart. - Yeah, when you-- - Empty soul. - And you'll get this when you understand in stock market, people attach their emotions to an outcome with no idea of timing or its tolerance, with no idea of perceived value and bottom line.

And that applies to my life because I was, I will be happy when. First it was one million, then it was five million in the house, then it was 10 million, then it was 50 million, then it was 100 million. I'll be happy when does it work? And I, last night we had Chris Gardner, Pursuit of Happiness, and I always joke with him. There is literally no pursuit of happiness. Happiness is the pursuit. And when you know what you want, who you can help, who can help you, and how best to help

to achieve that in a divine direction by learning, I promise you, you will have passion, you will have purpose, and the profitability will follow you. Three Ps. Passion, purpose, and profitability. You know what? Look, we could talk forever, and I want to do this again another time. For sure. I think it's more... Look, when I thought of interviewing you, I've watched other interviews, and everybody goes back to the fact that you had all this, and you lost all this, and whatever. But I really feel like I think we touched on so much more

important stuff because that's not the story the story is what it was like and what happened and where you are now and what that mission is and how that mission now suddenly is so exponentially explosive and that david's mission is to bring happiness to more than a billion people think about that and it's almost unfathomable to imagine how powerful that is but go check it out

Trade with Einstein, Money News Network. For me, this is the most meaningful relationship that I have in my life. It brings me joy every single day. Thanks. Awesome. Be kind to your future self and do good deeds. There you go. Giddy up. Live long and day train.