Week In The Life Of A Billionaire

What do you think?

It's amazing.

You like the logo?

Yeah.

Hey everyone. Um, we're doing a week in the life of the last one worked out so well. Lots of comments, lots of

well. Lots of comments, lots of questions. So, we decided to do it

questions. So, we decided to do it again. This time, some new stuff. Lots

again. This time, some new stuff. Lots

of meetings, speeches, traveling, all kinds of stuff. Look forward to it.

If you had to bet everything on one industry for the next decade, which industry would you bet on?

Super easy. AI. I would breathe, sleep, drink, read. AI. It's going to change

drink, read. AI. It's going to change everything. And these recent layouts

everything. And these recent layouts you've seen, um, it's going to get even worse or better depending on which side of AI you are. It's the next industrial

revolution. But this time, it's not

revolution. But this time, it's not going to affect blue collar workers.

It's going to affect white collar workers. If you're a middle manager

workers. If you're a middle manager right now and you don't know AI, you're in trouble, my friend.

What's the best advice for struggling entrepreneurs?

Get your [ __ ] together. Most

entrepreneurs that are struggling are having personal problems, motivation problems. Show me a small business in trouble and I'll show you an entrepreneur that

doesn't have it together. Get control of yourself and your mind first and then worry about your business. What's the

biggest mistake that young people make with money?

Oh, looks great.

I know.

What is it? buy stupid stuff like expensive clothing they can't afford, handbags, shoes, things like they should be shopping at Target.

Yeah, they don't invest in themselves.

They they buy stuff, good stuff, bad stuff, it doesn't matter. Look, if

you're in your 20s, there's only one investment you should be making, that's in yourself. self-help, motivational

in yourself. self-help, motivational videos, more education, reading. Best investment

you'll ever make in life is in yourself.

Great piece of advice from Barbara Croken, the legendary Barbara Croken.

You know, difference between successful people and others. It's not that successful people don't have bad days or have misery. It's how long they allow

have misery. It's how long they allow themselves to wallow in misery.

Successful people wallow. Get up and move on. Others, they keep wallowing.

move on. Others, they keep wallowing.

Don't wallow in misery. Don't be a loser. When I was starting out, people

loser. When I was starting out, people would say to me, "How you doing today?"

I'd be like, "I'm wonderful." And you know what? I'm always wonderful. Even

know what? I'm always wonderful. Even

when I have a really shitty, crappy day, what I've realized is nobody cares. You

are not the source of pain in other people's lives. You have to be the

people's lives. You have to be the source of joy. So when you ask me how I'm doing and I've had a really crappy day, you know what I'm going to say to you? I'm wonderful.

you? I'm wonderful.

What's one myth that people believe in about entrepreneurship that you wish that they didn't believe in?

You have to have a great idea to build a great business. Um,

great business. Um, biggest myth about entrepreneurship.

Most great businesses are actually not great ideas. They're great execution.

great ideas. They're great execution.

Ideas are cheap. Everybody has a great idea. Very few people can execute on it.

idea. Very few people can execute on it.

McDonald's did not invent the hamburger.

Stop worrying about your idea and how great it is and your business plan. You

know what? Get up and just do it.

Do you think the execution has to be perfect right off the bat or can that be iterative process?

That's another great myth. People think

they have to that you have to have perfect execution.

Business is constant forward momentum.

The part of that forward momentum is constant failure.

Again, it's not about failing or succeeding. It's how quickly you recover

succeeding. It's how quickly you recover from failure.

The reason most large equity firms and most people with MBAs never succeed at running and starting a business, you know why?

Because they want to take the risk out of everything. They overanalyze. They

of everything. They overanalyze. They

look at the theory. They want to eliminate the risk out of everything.

You know what entrepreneurs do? They

say, "Screw the risk." They do it. They

say, "Wow, that was really bad. I

shouldn't have done that." You know what they do? They get up and they do it over

they do? They get up and they do it over again and over again and over again.

Constant forward momentum.

You once said that the biggest lie you told yourself that you made it. Um how

did you break away from that mindset?

When you start a business you have different journeys.

Most people start a business in order to make a living at the beginning. My dad

had a saying, um, it's good to dream.

It's better to pay your rent. So, when I started my business, I wanted to pay my rent. I actually couldn't make my

rent. I actually couldn't make my mortgage payment in time to get a job and get a paycheck. So, I

started a business because I could sell something and give cash right away. And

then when I could pay my rent, I bought a house. And when I paid off the house,

a house. And when I paid off the house, I thought I made it. What I realized is I had no purpose, no direction. Great

businesses are started and founded with a great purpose. I didn't have a great purpose.

purpose. I didn't have a great purpose.

And because I didn't, I thought I made it. How foolish was I? That business I

it. How foolish was I? That business I sold for 265,000 and I thought I was the richest kid in the world. And then

eventually I built a billion dollar business and I still don't think I've made it.

Derling, how do you make sure that Robert looks good every time? Do you

have a framework?

Yes, he looks handsome no matter what.

It's true.

You know, every time I ask you this question, you've been consistent with your answer. Boss is three times more.

your answer. Boss is three times more.

From me, I always say the same thing.

Hey, I know who's boss.

probably. Do you think you get richer as you get fitter?

I think it really depends on the person.

I've known uh for me my body has to be in tune with my mind.

uh fit mind, fit body, fit soul. That

works for me. Having said that, I have very wealthy friends that are baladas as we call them in Australia, which is a nice way to say not very fit. So I think

in general, you have to have discipline to be successful. And that goes to everything, your soul, your mind, and your body. But for some people, they can

your body. But for some people, they can do it without.

What's the number one trait that unsuccessful people have?

He's he's standing or what's that?

Lack of bash.

Joey, so many smart, motivated, great idea people, but they just don't take the first step. And if they

take the first step, they stop right away. The great success comes from

away. The great success comes from constant forward momentum. I hate to keep saying that, but it's really, really true. Life is action, not

really true. Life is action, not inertia.

Do you think in today's world an MBA is still valid?

In today's world, you should get as much education as you or your parents can afford to pay for you. Uh I'm a big

believer in education. I have a BA. If I

had the money to get an MBA, I probably would have would have helped me probably. But I didn't have that luxury.

probably. But I didn't have that luxury.

If you have the luxury to get an MBA, you should get one.

Woohoo. Good job. You killed it.

He was just saying like how usually when he films with other creators, they have to do like million takes whereas you just rewatch.

For some reason, I'm very very good at reading and inflection.

Yeah. which is really weird that I can't sing.

Do you know what I mean? Like like I'm so good at speaking and reading inflection and things, but I I think I'm tonedeaf.

Have you tried singing?

Yeah, I'm awful.

Like awful. Like beyond awful.

What is your usual order here?

I usually I used to get mozza ball soup, but then I realized a moatza ball is really just bread. So, chicken noodle soup and brami sandwich. What are you

going to have?

So what's your investment philosophy with real estate? Like how how do you find value in real estate? Like do you just

rely on an agent or do you do the research yourself or how does it work?

I initially find the uh property or the general area or something I want

and I turn to you of an agent and then do you do you see whether it's like a livable area for your family is that the decision making process or just

like from like an industrial perspective scarcity right as a Turns out

I'm most things and most properties that I really like, most people with money also really like. And so I've been very

lucky that way. But it's really true.

Everything in real estate is about location, right?

Like you can replicate anything which can't replace the location, right? Yeah.

right? Yeah.

That that's the same way that you buy cars as well, right? Like you buy limited edition cars.

Yeah.

Just going to go in to grab a coffee.

Okay. What do you think?

It's amazing.

You like the logo?

Yeah.

This event really excites you. Oh, this

is such a great company, Chris. They do

marketing and business development for law firms. It just goes to show you when you can find a niche in the market and own that niche, man. You like look at

this setup. What they've been able to

this setup. What they've been able to achieve, all they do is law firms. The smaller you are, the narrower your focus. This is proof.

focus. This is proof.

Ladies and gentlemen, please welcome to the stage Robert Persec.

We don't know what we're capable of until we push ourselves to get that to that level. And so, even at 63, I'm

that level. And so, even at 63, I'm fitter than I was in my 30s. I can do more things than I ever thought possible. It's so incredible the things

possible. It's so incredible the things you can achieve. I was a poor immigrant, deathly afraid of his own shadow.

I never wanted to start a business. I

didn't know what to do with a business.

I come from an environment where if you talk about yourself, it's a bad thing. My parents said, "If you're great at something, the world

will be the path to your door." And what I had to learn was that is absolute BS.

There is no such thing as genius in the darkness of a basement. You've got to be able to promote yourself, not in an arrogant way, but you've got to go out

and tell yourself and how good you are, what of value you add, is the AI bubble popping? You might have been watching your stocks today and wondering that. Yesterday, the stock

wondering that. Yesterday, the stock market saw one of its worst days since April, in part because investors are questioning whether the AI rally is really all that sustainable. According

to the Wall Street Journal, the AI boom is looking more and more fragile with analysts warning that AI spending is now pay outpacing AI revenue. Joining us

now, Shark Tank host and CEO of the Hervac Group, Robert Herac. What a

treat.

Thank you for having me. Thanks for

being in here with us and joining my my morbid AI bubble bursting.

Well, it was a bad day yesterday. What

do you think?

It was a bad day. I think the one part I disagree with is that the AI spending is outpacing AI revenue.

Why do you disagree with it?

Because that it's been outpacing it for years and I think it's going to be many years to do it. I think companies are taking two approaches. Some are building their own data centers aka Oracle with

the huge $50 billion investment and others are partnering like Microsoft.

I mean right now there's a lot of talk about AI. There's a lot of promise about

about AI. There's a lot of promise about replacing workforce and all this efficiency. We haven't seen that come to

efficiency. We haven't seen that come to life. And I asked that because one of

life. And I asked that because one of the you know the big AI guys anthropic Dario Emodi said that in three months 20% of the workforce is going to be laid off and that was like six months maybe a year ago now.

But Katie it's happening. Look at the recent Amazon layoffs and I think you're going to see much more of that.

It's pretty high out.

My old was 86.

Oh my god.

Oh my god.

Hi Elia.

How are you?

Hi.

This is my friend Charlie.

Hi Elia. How are you?

Charlie. This is Elia.

Good to see you.

Good to see you too. Oh, you Yeah. Yeah.

Oh, yeah. I think so. Yeah.

Yeah. Yeah. New point. Yeah.

Oh my god.

Yeah.

Pretty everything.

The energy, the food. Even though I'm not a big foodie, the lights, the people. You know, people always say

people. You know, people always say New York is down and out, but man, there's an energy and optimism here.

It's tangible. I love New Yorkers. They

tell you like it is. Hey guys, how you doing?

Oh my god. Hey.

Yeah. How are you?

Thank you.

Yeah, of course, man. How's your night going?

Anybody giving you a hard time besides me?

Cheers, guys. Thank you. Thank you for everything.

You know, I love this. I love our police officers in New York. They keep us safe.

Sure, people talk about bad experiences, but my experiences, these are hardworking people trying to protect the

city, serve, and I appreciate it.

Hey, so people ask me what I love about New York. I love the food. This is my

New York. I love the food. This is my absolute favorite place to eat New York.

The Brooklyn Diner. Old 50s style. Old

like me, but quality and classy. Come on

in. It's amazing.

What am I going to eat? I'm going to have the moatza ball soup and a pastrami sandwich. Of course, I'm in New York.

sandwich. Of course, I'm in New York.

Beautiful.

This in her size too.

Zero.

Perfect. Thanks, bro.

Thank you.

This is a brand that Josh Alman of all people who's not that fashionable as me.

Just kidding, Josh.

Um, introduced me to and I became obsessed. I went to the store and I

obsessed. I went to the store and I spent like 8 or 9,000.

I mean, it's the first one brand for you.

Why does this stick out though?

No, that's the way it should be.

Oh, it is.

Yes. We're breaking the rules.

We're breaking the rules.

So, give us the story.

So, so the brand is born in Milan. So

born and raised in Milan uh 2007. Uh we

entered North America in 2014 as I was as I was telling you and our initiative was to um introduce the brand to a luxury consumer but in a way that feels

more correct. U we use the term smart

more correct. U we use the term smart luxury to describe what we're trying to do. Um and the reason is as you can feel

do. Um and the reason is as you can feel the fabrics, the style, they're all amazing. But the biggest difference like

amazing. But the biggest difference like it's a jacket.

Okay, but this is the we have to get this on camera. The biggest difference between this brand and anything you're going to find on the street is the perfect fit. It's not a fit for

perfect fit. It's not a fit for everyone. Robert, you're taking great

everyone. Robert, you're taking great care of yourself. You work hard at that.

You're saying it's almost slimmer.

It I don't use the word slim because that scares men. I'd say it's a little bit more modern, but in all the right places. So, it's closer in the body and

places. So, it's closer in the body and the waist. It's a slightly more narrow

the waist. It's a slightly more narrow uh shoulder down to the sleeve. It's a

touch shorter, but not anything ridiculous. And as you can see, the

ridiculous. And as you can see, the moment you put it on, you realize it was right for you. And we cannot maybe maybe we cannot fit every guy, okay? Depending

on their proportion, but what I do know is for the right guy, and you've already confirmed this to me, when you find the right guy, it becomes a real obsession, and there's nothing else that you can wear.

I'm pretty obsessed. By the way, I have no issue with slimming. Slimming is

good.

All right, show me. You look fantastic.

Show me some stuff. Thank you.

I love fashion.

And I get what Mark is saying. He can

wear whatever he wants. I just love clothes. Some people love clothes. It's

clothes. Some people love clothes. It's

kind of like my thing. That brand is amazing. I just discovered it through

amazing. I just discovered it through Josh Alman and I went out to the store the next day and spent like 10 grand on clothes, which is a lot and sounds like

a lot, but in like the Bruno Cuchinelli world, that would have been three times that. Same quality, same material. It's

that. Same quality, same material. It's

remarkable.

When you buy a place in New York, you have to buy the air rights typically of the building in front of you so you don't block your view.

See the Apple store?

Yeah. Have you ever been there?

No.

Oh, you've never been here? Yeah. So,

the glass part is just the entrance.

The store is underground.

It's incredible. Look at it. It's so

beautiful.

Yes.

What's one piece of advice you wish every young entrepreneur?

I think Shark Tank has done so much good for people in terms of starting a business.

The downside is people become fixated on starting a business. They're like, I got to start a

business. They're like, I got to start a business. I want to be an entrepreneur.

business. I want to be an entrepreneur.

They spend so much time thinking about becoming an entrepreneur. They're not

solving any problems. Great companies are typically started with people who see a great opportunity in something where you can disrupt an industry or something like that and the business

builds around it. It's really hard to wake up one day and say, "I'm going to be an entrepreneur and do it." Oh, look.

It's a dance.

That's cool. Yeah.

Sending that to Kimmy to show Haven.

How you doing?

What's something you used to believe about success that you don't believe anymore?

I used to believe if you made enough money, you'd never have a bad day in your life.

And I used to think that was a million dollars. And then I I was like, "Oh, if

dollars. And then I I was like, "Oh, if I only had 10." Then we had 10. I was

like, "Oh, if I only had 20 and 50 and 100 and 500 and so on." And what I've learned is money is great. Cures a lot of problems. Let you take care of people

you love. But if that's the only reason

you love. But if that's the only reason you're doing a business, it's not going to make you happy.

I'm going to assume this side.

Well, that was a week. I hope you enjoyed it. That's a pretty typical week

enjoyed it. That's a pretty typical week for me. Um, thanks for watching. Send me

for me. Um, thanks for watching. Send me

your comments and make sure to like and subscribe.