We're Turning Into Something That's Not Very American | Scott Galloway
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- Опубликовано: 18 июн 2024
- Best-selling author Scott Galloway, Professor of Marketing at NYU Stern School of Business, returns to the pod to join Julia La Roche on episode 163 to discuss his newest book, “The Algebra of Wealth: A Simple Formula for Financial Security.”
The Algebra of Wealth book: www.amazon.com/Algebra-Wealth...
0:00 Intro and welcome Scott Galloway
1:04 Macro picture of the economy
3:03 Prosperity is not evenly distributed generationally
5:32 The Algebra of Wealth
7:30 Don’t follow your passion, follow your talent
9:20 Focus + Stoicism x Time x Diversification
9:56 Galloway went broke twice
12:25 Divorce
13:30 Having children
15:35 Myth of balance
17:00 Raised by a single mom
21:00 We’re turning into something that’s not very American
25:31 Investing and harvesting
27:00 Our economic policy is we’ve declared war on the young
27:47 Universities, free speech, and antisemitism on campuses
32:32 DEI
38:15 Masculinity
49:30 Parting thoughts
#economy #investing #wealth
Hey everyone! I am so pleased to bring you this conversation with Professor Scott Galloway. This is Scott's second appearance on the pod and our first in-person conversation. Please go pick up his book (link: www.amazon.com/Algebra-Wealth-Formula-Financial-Security/dp/0593714024). Let me know what you think in the comments section. 💙Julia
Thank you Julia for bringing professor Galaway. Proud of what he said about those antisemitic scam on campuses. Bring the national guard and abolish DEA.
This guy has just articulated why my generation is so anxious and fucked up, but he said it with enough tact that people won't crucify him for stating the truth.
Much respect. Now to check out your books...
Is it not because social media has thrown upon the youth an unobtainable standard of success and wealth? Before SM, we only had our "pods" for reference. Now its an entire population of narcissists putting unrealistic expectations on others.
He also articulated how to succeed even through current challenges (admitting that few will actually make it work).
Scott is like that older uncle that tells you the truth about life, I appreciate his approach. and wisdom!
Scott is out of touch when it comes to dating
Okay coming from you who probably has no successful relationship.
Lol uh ok sure
He's a garden variety left wing democrat / partisan. he loves to talk about the economy - whatever comes out of KJP's mouth fed to her by the politburo. He isn't objective about everything although his personal life story is very compelling.
@@contracthit9839 Anyone born before 1980 talking to you about getting married is a dinosaur. Don't listen. Don't do it.
@@beaniesonna3052 When losing attack the messenger.Scott a sixty year old who hasn't dated in decades. You're clueless
I disagreed with portions of what this man said, but that was a fantastic interview. I am 34, make great money, I’m in good shape, I’m a good person but have no romantic relationships. Not because I don’t have opportunities, but because my perspective on dating has turned to such a risk adverse outlook for the long term.
Go get a young lady pregnant while you have a chance. Because the opportunities become nearly zero once you hit 40.
The risk is too high, and the reward is just a used hole.
Get as far away from the west to find a good partner
Grow a pair.
@@trancendental5373 with over 50% of marriages ending up in divorce and resulting in men losing half their net worth? That’s called using your brain.
32 and im just sick of trying with no results, i am broken fundamentally never had any friends as a kid so i think i just never developed socially and to be honest at this point i dont like being with other people, tried to get an apprenticship going over the last 12 years and was layed off 8/8 plumbing jobs i got, so i just gave up, i do what i need to to not be homeless and besides that i play video games.
The two best classes I attended in High School was a Civic’s and Financial education class. They paid off for me during my life 100 fold. They should both be required for graduation.
Wondering why the guest was not challenged on if the economy is so great, then why must the Federal debt and annual deficits continue to unsustainably expand. Is this not Ponzi-economics?
Agreed. His views on the state of the young is spot on. However he seems like a trad-fi guy. His type are too confident to grasp the true ponzi that is our economy. Bitcoin are pet rocks to his type.
Maybe because he's not a moneyarist in his policy outlook. I personally think monetarism is stupid. Especially when we no longer have a currency tied to a physical deflationary token like gold.
in the last 60 years the US population has doubled yet fewer cars are sold each year. Number of new housing built per year is flat/down and for every 2.6 person added to the population 1 housing unit is built. In 1970 that number was 1.3 person per 1 unit built.
We have only been getting poorer while the 1% + China has gotten richer
I found Scott Galloway in my YT feed about 8 mths ago, as a cynical almost 60 yr old trying to guide my 2x 20-something sons and struggling to comprehend what our world has become, humanities direction and our societies priorities and values he's one of the few voices I seek out and have come to trust, value and admire, particularly regarding his opinions on manhood and where we're going wrong. Excellent interview, thank you.
Perhaps the best interview I have seen in years. Balanced, intelligent, and practical.
I wonder how free the speech is where he works?
makes one wonder...
Free speech is an absolute. You cannot say there is a 1st Amendment except for speech someone does not like. The antidote to free speech is more free speech. Prof. Galloway is speaking like there is an acceptable level of discourse, but not too much, is a reflection of where he teaches, IMO.
Absolute? Really
Yes he obviously doesn’t believe in the first amendment
@@danjensen7483 Yes, even yelling fire in a crowded theater is free speech. Free speech does not immunize one from consequences. We don't really have free speech in the U.S., but Canada & Aus. & the U.K. are worse.
Autocrats do not like free speech. That's why it is prohibited.
We have a lazy generstion of childrenwith mental problems. Nuff sed.
He basically said you can say anything unless it is about . He didn't even say any specific criminal thing someone may have said, he just said "they feel unsafe".
"Feeling unsafe" can't be the standard because it can and already is being abused. Actual threats / calls to violence have always been the standard
Scott is a great role model for modern masculinity.
As immigration become our prime means of population growth we can expect loyalty to the country and patriotism to decline.
The only people clearly becoming less patriotic are those born here.
Prosperity is not supposed to be distributed equally. We used to be working towards freedom being distributed equally.
Exactly, Scott continually pounds the generational wealth issue. When has older generations NOT had more wealth?? Then they turn that wealth over as inheritance.
And he fails to hammer on the oligarch issue. That should be his focus.
@@BlackMan614 Galloway isn't arguing that the wealth should be distributed equally, the argument is that governmental and economic policies shouldn't be exacerbating the transfer of wealth from the young to the old. The older generation should have gathered more wealth, generally, because they on-the-whole worked for longer to acquire the it.
@@OmegaX907 Funny... I rarely hear him utter the word "fed".
A good benchmark is equality of opportunity. Scott touches upon this remarking his approval of affirmative action for the poor. A sober assessment of inequality in the states paints a condemning picture, not one of progressive virtue. In fundamental ways USA is a dysfunctional. We cannot seem to get out of our own way. Or politics is broken, period, full stop. Again, this requires a sober assessment. Reject western propaganda, spin and establishment narrative. If we are going to solve our problems it will take leadership, collective action and creativity.
Yes, older people always have more wealth. Given you are making a statistical point to reject an apparently vague argument, surely you understand statistics...and so to understand the unfair distribution of wealth between young and old, you actually look at what percentage of wealth is owned by young and old...and if you did this, you would see that this ratio is indeed historically unprecedented. The youngest third of society owns less as a percentage than it ever has in US history...
One reason, which is never addressed, is that recessions are actually a crucial way that young people can find their way up the ladder. Its a natural correction to rising inequality, but under the guise of fairness, even the young and working class have been tricked into believing recessions help the rich. That narrative has been created and cemented purposefully by the wealthy so that they never risk losing their wealth. They are like the tall, old trees in a forest who refuse to let a bushfire clear the weeds and claim it is because they care for the seedlings. No, just like an overgrown forest, you need a bushfire for the health of the forest...and like the young, seedlings are screwed if the fire never happens. Only the big trees get sunlight and the longer it continues, weeds grow thicker and thicker...
Scott Galloway and Mike Rowe - Great combination.
Wow an in-person interview! Congrats on the success of your channel Julia!
Thank you so much! In-person is so fun.
His message for men is so important. This country has failed it's young men, and women, by messages that are simply lies, and actually designed to tear down our family structures. I'm so grateful for how he is standing up for men and families, as well as a balance between work and personal life.
I was broke at 30 and I'm broke at 60😅
Thank you so much for this wonderful, thoughtful and intelligent interview. I love Scott Galloway and he is on point about so many issues- especially the lack of sympathy for young men in our present culture. The best take away for me were his quotes at the end: “Morn and move on. It’s not what happens to you that counts but how you react to it.”
Not sure I quoted that perfectly but loved that.
Bowl cookies, follow your Passion everybody knows that dreamers make the world go round. I knew that I was going to be a small engine mechanic when I was 9 years old. That was my passion I grew up open my own business and decades later I'm doing just fine. So don't be afraid to dream
I’m an attorney in M&A and love Prof G. Awesome episode - thank you Julia! Keep up the great work!
Julia - Your show has come a long way. Your skills as an interviewer are so much sharper than they were in a short period of time.
Such a wonderful interview. Thank you so much !!!
Thank you Julia for putting the efforts in this in-person live podcast with Professor Scott Galloway.
This one is so much more lively!
Host: I finished the book before we did this.
Scott: wow.
Well, I noticed a lot of hosts don’t read their guests’ books. I have a rule - always read the book. And that meant getting up early and finishing the last 100 or so pages. 😊
@@TheJuliaLaRocheShow wow. ;)
@@TheJuliaLaRocheShowIt shows - thanks 😊
Thanks for doing such a well done interview. We can tell you come prepared. It shows.
@@dmz5141 💙Thank you
Julia wait to buy a house. This is counterintuitive but when rates drop, people that want to move/downsize/etc. are going to list their homes because they can get their new place with a lower rate. Next couple of years will see significant housing deflation. Already seeing price cuts around the country.
That's my plan :)
The in person format and studio look great.
Thanks, Ryan! I agree. I really want to do more.
Fantastic interview! Being diplomatic and balanced while talking about contentious issues is not easy to do. Scott does a great job of explaining why younger generations aren't doing well as a whole.
Scott what should I do if I survive a nuclear war?
Great interview and guest! I shared it with my family and friends.
Great insight on financial topics and economy , not so much on the social aspect had mixed points on that but overall good interview .
His book Post Corona is outstanding along with The Four. Excited to read The Algebra of Wealth!
Regarding free speech, "feeling unsafe" can't be the standard because it can and already is being abused. Actual threats / calls to violence have always been the standard
Nobody knows and nobody ever knew. The state of the universe is uncertainty; always has been, and always will be. The only way to deal with the risks of uncertainty is through diversification and adaptation = anti-fragility.
He's right about the social breakdown - comparisons of relative status, which seems to be the culture that dominates our social media world today, is a zero-sum game and actually anti-social. The baby boom generation has failed their grandchildren, though I'm sure not intentionally.
I have been a Scott Galway fan in the past. MY respect and admiration is increased.
Your obviously a feminist
Good interview. Nicely done. Heard Scott talk about these topics in other forums but here provided more depth in a few areas. Extremely insightful and oddly relatable - Scott likes to say he's talented. An understatement.
more great guests like Scott will make this channel bigger than ever.
I'm in the same spot when he's talking about his kid. That's where I'm at in my life. I focus on providing I know I can do more but don't wanna lose my bond with my kid.
Mr. Galloway is someone everyone needs to listen to.
Great interview keep it upn
Wonderful interview.
This was a fascinating interview with Scott Galloway:
My bias is as an elite [an academic physician] but one who is deeply concerned about middle America and how elites have destroyed the US middle class for their gain (In fact, I will vote for the Donald, despite his flaws, because the Democrats are so destructive to the US)
I have previously had doubts about Galloway, as an elite New York University Prof. Does he apply his "generosity" to understanding the rest of Middle Class America that struggles with employment, family survival and trying to have wholesome, safe communities?
Galloway is absolutely correct about the plight of men and boys and the need for embracing masculinity. He is accurate in how bad this is for boys and men ... and how this is then bad for girls and women. We all need strong men.
But, despite his claims, this IS often a "zero sum" game. There are many things done to preference women that actively harm boys and men eg DEI College Admissions, and the terrible way men are handled in Family and Divorce Courts (to the advantage of women).
So Galloway is fighting the same fight, but cannot let go of some fixed ideas like all women's advancement is good and without cost to men and families and communities. This is a different fight in LMIC Countries where women desperately need advancement.
Galloway is correct about the advantage of older, powerful Americans wrt younger generations. But so many young Americans will not accept responsibility, hard work, and discipline and, especially at colleges and universities, have little common sense lots of ideological baggage
Galloway makes a remarkable statement that most wealthy people are well meaning and exhibit generosity and kindness.
Is that really true? He also says those qualities are necessary to generate wealth. Is that true?
I think many well off middle class people/ families who run family businesses and small companies fit that description.
But Silicone Valley elites, most elite college grads and many other wealthy elites (mainly Democrats) do not. They tend to be smug, arrogant, very ideological, and despise middle America. They do everything in their power to diminish the influence of the middle class. They are sheltered from the effects of many of their worst ideas like unlimited immigration, soft on crime policies and others.
From a cultural perspective, one of the most damaging ideologies, way over represented in elites is "trans" ideology which will massively harm girls and women.
I concur with your posting. Divorce harms men financially much more than it does women and is probably the single biggest setback for men. While I agree with him on some points, overall, he's made a career out of being part of the problem. He also ignores the fact that many people are affected by events out of their control. He's never had a job off-shored, never been "right sized", never had a private equity company come in and dismantle a functioning company for the sake of short term profits. In fact, he'd likely smugly tout that the market is in fact "working" to drive out so-called inefficiencies. He was on CNN recently hawking his book with the hosts nodding like bobble heads. IMO not worth the read.
That is exactly right.
I love this man
Great interview!
Capital accumulation is the secret code of capitalism (NOT consumption). For two reasons: money makes money; and assets diversify the risks of loss = self-insurance.
Great guest. Scott is blunt, states the facts and a thought leader. A kind and generous human being.
He is a coward who stays in safe zones where he won't be challenged....
I’m hearing the outcomes of disparity & the upward theft but no details on how he instructs this happened.
Great to hear someone arguing against his own self interest
His comments at 31:00 are spot on
It is really easy for people like him to say "Diversify index funds" or whatever but explaining what that means exactly, how to do it exactly - that is the real information that people need. What site do you use. How do you set it up. Explain it like people do other things outside of finance, not that they're idiots, but that it's not their field. That's the real info that's missing in all his talks, unfortunately.
Diverse Index Funds:
International
Growth/Dividend Stocks
Infrastructure
Total S&P
Bond
Small Cap
(*5% Cash)
Always look at the fund costs and try to keep it under 0.5%. You want funds that don't have high turnover generally. Put a portion into each index fund and try to not allow any 1 fund to surpass 50% of your portfolio. This is the simplest way to diversify and yes it should be taught in schools.
Obviously, you can invest however you choose but this is a good road map for someone with no knowledge.
This guy should speak in front of the senate about this matter.
Why? They wouldn't care.
This is an absolutely outstanding interview.
She never challenged Scott
He is right on many things but unfortunately his questionable views against free speech, his geopolitical views, and blindness to statistical propaganda such as counting the fact that people have to cumulate two or three jobs just to survive undermines the rest of his message.
Scott Galloway is giving words to what many of us think is broken about our current system. He really threaded the needle on all of these difficult topics. Not only do I feel more enlightened because of this interview, I also feel inspired. Truly engaging content!! Thanks Julia.
It's crucial for young people to stay informed about economic policies that may affect their financial well-being. Diversifying investments and staying adaptable can help navigate the uneven terrain of today's economy. 💼
Generally agree with Galloway, but if someone wants to win at investing, they don't need to predict what the economy is doing. They need an education in the field, like all other vocations. It's the education that provides the patience and emotional control which is necessary.
Scott lost me on "big d___ energy " Wow. Free speech at work
Capital gains, ordinary income, interest and dividends should all be taxed at the same rate. Today, capital gains (for the rich) are taxed at 23.8% (20% + 3.8% NIIT), while the top income tax rate is 37%, and the latter was 39.6% before Trump lowered it.
Our federal deficits and debt/gdp ratio are unsustainable. I'd argue that there is no obvious place to lower costs for the federal government by cutting budgets today. Instead, we should simply raise taxes on the wealthy.
Taxing unrealized gains is complicated. It would be impossible to implement a "wealth tax" without lots of consequences that I think most Americans would consider to be unfair. For example, if you are an entrepreneur and start a business -- let's say it's a small chain of 4 pizza restaurants in a single city -- your business may be valued at $5 million. You might own half of that, and half of it is money that you borrowed or that you raised from investors. Well, if you have $2.5 in "wealth", but it's locked up in a private illiquid business, you probably cannot afford to pay an additional $500,000 per year in taxes without selling your businesses. A "wealth tax" would create a situation in which only people who are already-rich could afford to start new businesses. A simpler way to reduce inequality and to also put our government on a solid fiscal footing would be to tax realized gains at a much higher rate for the rich.
I say this as someone who pays the top tax rate every year. I can afford to pay more. Anyone who earns enough to pay the top rate can pay more.
Professor Scott sounds like a reasonable man, he addressed the situation at many universities with soft gloves, and yes, the double standards go far beyond Jews.
Julia, you convinced me. I’m voting g for Scott Galloway for President
How about instead of giving out entitlements to everyone( ever the rich boomers) . Why don’t we take assessment of a retirees net worth. At retirement , because a lot of rich boomers don’t need it.
He’s speaking truth about DEI.
We need more Scott Galloways.
I like this guy a lot. To be fair, I wish my sexuality wasn't under seige. I agree with your concept of healthy masculinity.
26:00. Yay, someone else talking about how hard it is to build housing. It's about 20 years too late, but better late than never. I didn't agree on every point, especially with free speech, which needs to be absolute. But overall, he makes a lot of sense.
Thanks man . Fuck life is hard.
💙💙💙
Drizzling Drizzling and
❤
42:44 I completely disagree. Allowing same-sex couples to adopt innocent children into an environment that is awkward by social norms did a disservice to society
Amazing interview!!
Scott is the voice of men . Brilliant man !
Agree with everything Scott said, except his view on Columbia University. The freedom of speech is mutilated in front of our eyes as we speak.
This started in the mid 90's. It was a stark change. Derivatives became everything. This is a fiscal engineering disaster.
Quit judging the two parties!
33:00 How to be suddenly be out of touch
Amazing interview with so much life wisdom please please share this with the younger generation. He is spot on in so many of the discussion topics especially the absurdity that’s going on in colleges right now.
Another new book
Just like the movie 🎬 classic good will hunting with Robert Williams 👌 ok babes Island 🏝
best interview i have seen in 40 years. Great job Julia and Scott👍
Julia, this is a very important interview. I sent it to my sons already. Thank you. I wish this gentleman could come speak to the men in my church.
Captain thy mathematical equal s who knew attended our Lady queen of angels seminary at 12yrs in San Fernando Valley California
Focus on your talent not your passion, so you are good at in an industry that has 90 percent employment rate
Lol no industry guarantees employment anymore. Everything is constantly changing. People thought CS would save them, then trades--now it's over-saturated and job opportunities are so little compared to what it was. It's like a needle in a haystack. Most people aren't talented in things that make a ton of money, it requires a lot of hard work and most people will be mediocre at it.
This guy doesnt know shit. "Record job growth"??? Record 2nd and 3rd job growth and the govt counts those as "new jobs". The labor participation rate in 2006 was 66%...today its 62, yet theres record job growth??? Its all smoke and mirrors.
He said you will live until 90 no matter what happens.
What’s happening in America is the most American thing ever. Reminds me of the Gilded Age and the incoming 1929 stock market crash 2.0.
During Huey Long's dust bowl depression the only way people could survive was to divide the money up equally and for the most part it was done that way. Now that we have opulent affluence things don't need to be divided. But if they are divided it is the young and strong who don't need the money. It is the older people who do. And would you guess that half the extra money every old person gets is spent on his grandchildren or his great-grandchildren?
Can we talk about the political and economic state of the world right now 🤓
21:21 🤯✅
26:17
Wow! Great guest, great interview. Thanks for having Scott Galloway on, very inspiring. .
Glad you enjoyed it!
Prof G jacks Top G with no attribution. The surface level critique doesn’t obscure the trail of bread crumbs from manosphere content creators…. Extractative, smh…
masculinity is needed.
Extraordinary interview. Thank you for sharing your insights and wisdom, Scott. The “big dick energy” comment made me laugh out loud.
I can’t tell Scott’s political views and that’s a good thing.
You are correct. It's not about your politics, it's about math.
@@peter9274 his comments about young adults especially young men are spot on.
Sorry but he is so wrong, high paying tech jobs lost, auto industry jobs Lost, Rise in part time jobs is not healthy. BUT the canary in the coal mine for the USA and Canada is the current collapsing car market, sales way down, delinquency levels up, repossessions UP. When the masses cannot afford car payments even at 84 months and no interest it tells us the sky is falling.
All this high paying tech job were mostly stupid total overpayed idiots who would never have been hired without the corona madness
So how is he wrong? He's been saying that the young and lower classes have been hammered by tax policy and wealth redistribution to the old and rich. How does this not line up with what you are saying?
Albert Einstein is mannic depression is myself
22:59 And that’s why young people are yolo-ing into crypto.
Appreciate his take on generational opportunity and wealth transfers. Do not agree with his depiction of college campus protests - protesting a genocide committed by a foreign ethno-state and supported by your tax dollars is NOT anti-Jewish. In fact, many of the protestors and protest organisers are Jewish. This topic seems like a major blind spot for him.
For talking about what American is about, this guy turned authoritarian during covid pretty fast
"Don't make anyone feel unsafe" who is the arbiter, why can people never see this. Sticks and stones... people need to get a grip. Say what ever you want, just no violence.
If the US economy is the "least bad," why is it so much cheaper to live in the Philippines or Russia?
Because their standard of living is much lower as well as their quality of life. I know this because I've lived in the Philippines, Russia, China, Taiwan, Hong Kong, Canada and...currently residing in Reno, Nevada. I was in the Oil and Gas Industry for 15 years and was relocated to all these countries.