1 00:00:00,040 --> 00:00:03,759 Speaker 1: AI is only useful for vertical, super niche use cases 2 00:00:03,799 --> 00:00:07,280 like your background is an attorney, and so if a 3 00:00:07,360 --> 00:00:09,080 family office came and say, we want you to be 4 00:00:09,119 --> 00:00:12,080 a family office fixer for us, Carrie, and take care 5 00:00:12,119 --> 00:00:14,519 of all this one hundred and twenty LLCs we have 6 00:00:14,640 --> 00:00:17,120 and help with this, that and the other thing. AI 7 00:00:17,199 --> 00:00:20,920 tools that help you as a family office fixer with 8 00:00:21,000 --> 00:00:23,600 an attorney background, and then they're built just for you, 9 00:00:23,800 --> 00:00:26,559 or they're built by you for you. That's the ultimate 10 00:00:26,640 --> 00:00:27,359 use case of AI. 11 00:00:27,640 --> 00:00:31,440 Speaker 2: You were listening to Carrie Let's's Financial Survival Network where 12 00:00:31,440 --> 00:00:34,880 you get valuable information you just can't find anywhere else 13 00:00:35,439 --> 00:00:39,039 to thrive in today's trying times. You need the Financial 14 00:00:39,119 --> 00:00:44,200 Survival Network now more than ever. Go to Financial Survivalnetwork 15 00:00:44,240 --> 00:00:47,960 dot com and get your free newsletter and gift. Financial 16 00:00:48,079 --> 00:00:51,840 Survival Network now more than ever. 17 00:00:55,039 --> 00:00:59,039 Speaker 3: And welcome. This is Financial Survival Network. I'm your host, 18 00:00:59,119 --> 00:01:03,280 Carrie Leutz. They got really interesting show for you today. 19 00:01:04,599 --> 00:01:08,599 There's a world out there called family offices and you 20 00:01:08,640 --> 00:01:11,400 may or may not be familiar with them, but what 21 00:01:11,480 --> 00:01:14,879 you're probably almost certainly not familiar with is they control 22 00:01:15,760 --> 00:01:20,879 fourteen trillion dollars worth of wealth, which is a lot 23 00:01:20,920 --> 00:01:25,400 of money and more than a lot of other entities 24 00:01:25,439 --> 00:01:30,200 out there that you thought were really powerful. Richard Wilson 25 00:01:30,319 --> 00:01:34,599 is with us now. Richard, you have sat across the 26 00:01:34,640 --> 00:01:37,599 table from billionaires, sent to millionaires and some of the 27 00:01:37,640 --> 00:01:42,840 most powerful allocators in the world. You've hosted three hundred 28 00:01:42,920 --> 00:01:47,560 plus events, built a network of seventy five hundred investors, 29 00:01:47,640 --> 00:01:53,959 and viewed interviewed over one hundred billionaires. So, first, what 30 00:01:54,480 --> 00:01:56,040 is a family office. 31 00:01:57,319 --> 00:02:01,319 Speaker 1: A family office is simply a solution for how to 32 00:02:01,439 --> 00:02:04,280 manage your money when you're ultra wealthy. So if you're 33 00:02:04,319 --> 00:02:07,439 worth fifty thousand dollars, you may need to do certain 34 00:02:07,480 --> 00:02:09,639 things with your money. If you're worth five million, you 35 00:02:09,680 --> 00:02:11,639 need to act a bit differently. If you're worth fifty 36 00:02:11,680 --> 00:02:14,879 million or five hundred million. You can imagine that just 37 00:02:15,000 --> 00:02:19,240 missing a single letter from a county real estate do 38 00:02:19,520 --> 00:02:22,199 or the irs, or one little mistake might cost you 39 00:02:22,240 --> 00:02:23,759 more than it would a cost to hire a full 40 00:02:23,759 --> 00:02:27,080 time team, just in the penalties, right. And so a 41 00:02:27,080 --> 00:02:30,599 family office is there to focus your energy, play defense 42 00:02:30,680 --> 00:02:34,840 for you, do planning, holistic thinking, and just manage the 43 00:02:34,879 --> 00:02:36,439 money wisely as you grow your wealth. 44 00:02:36,840 --> 00:02:40,199 Speaker 3: And we answer you are there tax advantages to a 45 00:02:40,240 --> 00:02:41,240 family office. 46 00:02:41,560 --> 00:02:42,199 Speaker 4: Yes, there are. 47 00:02:42,280 --> 00:02:46,759 Speaker 1: I mean, if you structure a family office correctly, then 48 00:02:46,919 --> 00:02:51,240 there are ways to write off typically the activities of 49 00:02:51,280 --> 00:02:54,520 the family office, which may involve family members meeting to 50 00:02:54,560 --> 00:02:59,080 look at investments, family get togethers to plan out what 51 00:02:59,120 --> 00:03:01,039 you should do with the balance, cheap next, et cetera. 52 00:03:01,159 --> 00:03:04,000 But more important than that is that when you professionalize 53 00:03:04,039 --> 00:03:07,719 your family office, you get in touch with family office quality, 54 00:03:07,759 --> 00:03:10,759 trust in the state, and tax planning professionals, and you 55 00:03:10,879 --> 00:03:13,120 have people doing the things you shouldn't be doing as 56 00:03:13,120 --> 00:03:16,199 the wealth creator. Anyways, to free up your time to 57 00:03:16,400 --> 00:03:19,520 actually get tax planning in place and play offense on 58 00:03:19,599 --> 00:03:22,280 your balance sheets. That's the real benefit of having it 59 00:03:22,280 --> 00:03:22,680 in place. 60 00:03:23,560 --> 00:03:27,120 Speaker 3: Now, do they get carried interest although that's supposedly going 61 00:03:27,159 --> 00:03:30,439 to be eliminated. Can they get carried interest treatment on 62 00:03:30,520 --> 00:03:31,199 their taxes? 63 00:03:32,319 --> 00:03:35,840 Speaker 1: They're treated the same as as other investors, quote unquote. 64 00:03:35,960 --> 00:03:41,439 Is just that the most complex, sophisticated structures on planet 65 00:03:41,439 --> 00:03:45,960 Earth can be afforded by this group. So if there 66 00:03:46,080 --> 00:03:49,560 is a way to plan around some types of taxation, 67 00:03:49,719 --> 00:03:51,800 you can bet that a percentage of the family office 68 00:03:51,840 --> 00:03:54,439 industry is playing that game. But to be honest, a 69 00:03:54,439 --> 00:03:56,719 lot of family offices are just super founders. They're just 70 00:03:56,800 --> 00:03:59,960 super entrepreneurs that makes seven, eight nine figures a year 71 00:04:00,159 --> 00:04:03,680 or had an exit at that size. And so now 72 00:04:03,840 --> 00:04:06,479 they look around and say, oh, what's this family office thing? 73 00:04:06,479 --> 00:04:07,879 You know, Oh, maybe I need one of those, So 74 00:04:07,879 --> 00:04:10,039 maybe I already have part of one put together. 75 00:04:10,039 --> 00:04:11,000 Speaker 4: How do I formalize this? 76 00:04:11,120 --> 00:04:13,439 Speaker 1: And then there's just a full spectrum of types of 77 00:04:13,439 --> 00:04:14,639 family offices out there. 78 00:04:15,800 --> 00:04:20,040 Speaker 3: How did this industry emerge? 79 00:04:20,160 --> 00:04:23,480 Speaker 1: Well, folklore says that hundreds and hundreds of years ago, 80 00:04:23,600 --> 00:04:26,879 people had their kingdoms and build castles around it, and 81 00:04:26,879 --> 00:04:28,839 people to protect their wealth and manage it. I mean, 82 00:04:29,079 --> 00:04:31,000 who knows, like right, and then you know Rock the 83 00:04:31,079 --> 00:04:35,000 Feller and those types had quasi family offices. 84 00:04:35,040 --> 00:04:37,160 Speaker 4: The reality is that the term started. 85 00:04:36,879 --> 00:04:40,639 Speaker 1: Being used in the sixties, seventies, and eighties more often. 86 00:04:41,360 --> 00:04:43,240 When I started this in two thousand and six two 87 00:04:43,240 --> 00:04:45,160 thousand and seven, people told me I was wasting my 88 00:04:45,279 --> 00:04:48,720 time and that the family office thing isn't real. And now, 89 00:04:48,759 --> 00:04:51,839 as you mentioned, they manage fourteen trillion dollars more than 90 00:04:51,879 --> 00:04:56,439 all of venture capital and private equity combined. So you know, 91 00:04:56,560 --> 00:04:59,519 it really started by people realizing they need a higher level, 92 00:04:59,720 --> 00:05:04,199 more holistic, more medium to long term solution than a 93 00:05:04,279 --> 00:05:07,879 regular high net worth person who's just mass affluent. So 94 00:05:08,240 --> 00:05:09,839 that's what's really driven the need. 95 00:05:11,360 --> 00:05:17,600 Speaker 3: So is there a particular area their investments are focused in? 96 00:05:18,079 --> 00:05:22,360 Is it mostly real estate? To stocks, bonds? Where are 97 00:05:22,360 --> 00:05:23,279 they putting their money? 98 00:05:24,040 --> 00:05:25,000 Speaker 4: Yeah, really good question. 99 00:05:25,240 --> 00:05:28,399 Speaker 1: So here at Family Office Club we're often, you know, 100 00:05:28,480 --> 00:05:30,920 talking about that on stage at our events and surveying 101 00:05:30,959 --> 00:05:34,600 our investors. And what's interesting is that when somebody has 102 00:05:34,600 --> 00:05:37,120 created their wealth in an industry, they might not want 103 00:05:37,160 --> 00:05:40,079 to go back into dentistry after selling twenty dental practices, 104 00:05:40,120 --> 00:05:41,759 So they might not want to go back into owning 105 00:05:41,800 --> 00:05:44,639 an auto dealership again or whatever that niche is, but 106 00:05:44,680 --> 00:05:48,279 there's so much expertise there. They typically play offense in 107 00:05:48,319 --> 00:05:51,959 the space they made their money in, or in one 108 00:05:52,120 --> 00:05:55,160 or two new niches, and they choose those niches very 109 00:05:55,199 --> 00:05:58,279 carefully and do a medium to long term focus there, 110 00:05:58,279 --> 00:06:02,079 and naturally they play offense. And typically then they have 111 00:06:02,160 --> 00:06:04,319 a second part of their portfolio, which is where they 112 00:06:04,360 --> 00:06:06,920 invest in real estate. Almost everybody wants hard asset's like 113 00:06:06,959 --> 00:06:08,839 real estate, no matter what where they made their money. 114 00:06:08,920 --> 00:06:11,399 They sleep at night knowing they have cash flowing in 115 00:06:11,399 --> 00:06:13,879 real estate in their portfolio. And it is about every 116 00:06:13,879 --> 00:06:16,279 family office has public market investments, and that's where it's 117 00:06:16,319 --> 00:06:18,560 like almost pure defense. You know, some people are aggressive 118 00:06:18,560 --> 00:06:20,319 in the market and you'll say, hey, I like cost Go, 119 00:06:20,519 --> 00:06:21,639 or I like Amazon or. 120 00:06:22,199 --> 00:06:23,319 Speaker 4: Tesla or not, etc. 121 00:06:23,720 --> 00:06:27,759 Speaker 1: Right, but they're mostly outsourcing the stock market investments, and 122 00:06:27,800 --> 00:06:30,920 it's almost pure defense. On real estate, they're mostly outsourcing 123 00:06:30,959 --> 00:06:33,040 unless it's right in their backyard or it's where they 124 00:06:33,079 --> 00:06:35,439 want to play some offense. But in the offensive area, 125 00:06:35,480 --> 00:06:36,199 it's usually where. 126 00:06:36,040 --> 00:06:38,240 Speaker 4: They made their money or in a niche they're really 127 00:06:38,240 --> 00:06:38,879 dedicated to. 128 00:06:39,839 --> 00:06:46,759 Speaker 3: Got it and the yea. So it sounds fascinating that 129 00:06:47,079 --> 00:06:50,480 there's all this money there and it's evolved over time 130 00:06:50,959 --> 00:06:55,560 and now it's really a legitimate investment sector, if you will, 131 00:06:55,920 --> 00:06:59,920 of the economy. And what kind of returns do these 132 00:07:00,120 --> 00:07:03,959 family offices look for it? Are they just defensive or 133 00:07:04,519 --> 00:07:06,959 are they going for big returns? 134 00:07:08,000 --> 00:07:10,600 Speaker 1: You know, the most common statement in the family office industry, 135 00:07:10,600 --> 00:07:13,160 which is not helpful at all, but you'll hear at 136 00:07:13,199 --> 00:07:16,439 every conference, is if you've met one family office, you've 137 00:07:16,439 --> 00:07:18,800 met one family office, and they're all different. But that 138 00:07:19,040 --> 00:07:21,079 doesn't help listeners at all. Right, it's kind of like 139 00:07:21,079 --> 00:07:23,839 a non answer. And so what I like to think 140 00:07:23,879 --> 00:07:25,519 about it when you look at the family office space 141 00:07:25,560 --> 00:07:27,759 and you're wondering what returns they like, I think about 142 00:07:27,759 --> 00:07:29,680 it like looking at the animal kingdom and you look 143 00:07:29,720 --> 00:07:32,480 at the genus and species and you look at birds, 144 00:07:32,959 --> 00:07:35,639 you know they're going to act like each other. Spiders 145 00:07:35,680 --> 00:07:37,759 act like each other, different types of snakes act like 146 00:07:37,800 --> 00:07:41,399 each other. And so when you look at a first 147 00:07:41,439 --> 00:07:45,560 generation family office that made their money in Silicon Valley 148 00:07:45,759 --> 00:07:48,839 or Crypto, they're going to act very different than a 149 00:07:48,920 --> 00:07:51,199 first generation eighty four year old who made the money 150 00:07:51,240 --> 00:07:54,240 in manufacturing, right, And so what you need to do 151 00:07:54,360 --> 00:07:57,519 is just classify family offices into like is this first gen, 152 00:07:57,759 --> 00:08:01,759 early second gen, third generation one health, is this new 153 00:08:01,800 --> 00:08:04,240 wealth that made the money by taking big risk, or 154 00:08:04,319 --> 00:08:06,879 is this conservative wealth for some reason? And that really 155 00:08:07,000 --> 00:08:08,839 narrows down how you work with the families and what 156 00:08:08,879 --> 00:08:11,920 they're looking for, because those spectrum ranges right for big 157 00:08:11,920 --> 00:08:16,519 families for their diversified investments, many of them are just 158 00:08:16,600 --> 00:08:19,959 looking for you know, eight to twelve percent a year returns. 159 00:08:20,000 --> 00:08:22,519 They would love to have ten twelve percent a year 160 00:08:22,600 --> 00:08:26,040 blended over their entire portfolio. But where they play offense, 161 00:08:26,079 --> 00:08:28,480 they want to have amazing returns long term, and I 162 00:08:28,560 --> 00:08:30,680 expect a lot, you know, where they're playing peer defense, 163 00:08:31,160 --> 00:08:34,840 you know, they generally want to more than trap real inflation, 164 00:08:35,159 --> 00:08:38,559 not with the government states is inflation and be wise 165 00:08:38,559 --> 00:08:39,000 about that. 166 00:08:39,960 --> 00:08:45,200 Speaker 3: All right, So you mentioned crypto, I'm sure that's an 167 00:08:45,279 --> 00:08:48,559 area that more and more family offices are getting into. 168 00:08:49,919 --> 00:08:50,720 Speaker 4: Yeah. 169 00:08:51,080 --> 00:08:55,639 Speaker 1: Literally, in twenty eleven, twelve thirteen, we had eighteen to 170 00:08:55,720 --> 00:08:59,440 twenty two year old kids sponsoring my events, as you 171 00:08:59,480 --> 00:09:01,759 mentioned in the end, have done three hundred investor club 172 00:09:01,799 --> 00:09:04,679 events now and last week we had four hundred people 173 00:09:05,320 --> 00:09:10,320 at our event, and the crypto kids would literally get 174 00:09:10,440 --> 00:09:13,480 laughed at on the stage by the gray haired real 175 00:09:13,600 --> 00:09:16,519 estate people in the audience. And it was probably one 176 00:09:16,519 --> 00:09:19,679 of the most rude dynamics I've seen, honestly in eighteen 177 00:09:19,720 --> 00:09:22,159 years doing this, Like literally would laugh out loud, being like, ah, 178 00:09:22,240 --> 00:09:23,879 new currency, get out of here. 179 00:09:23,879 --> 00:09:26,080 Speaker 4: Who is this dumb kid? You know who invited this guy? 180 00:09:26,879 --> 00:09:29,480 Speaker 1: Those people don't need to speak at my events anymore, right, 181 00:09:29,519 --> 00:09:32,519 They're worth hundreds of millions of dollars. 182 00:09:33,240 --> 00:09:35,840 Speaker 4: So I think what family offices see. That's related to 183 00:09:35,879 --> 00:09:36,440 your question. 184 00:09:36,840 --> 00:09:39,039 Speaker 1: Is they see these waves rolling in You know, I'm 185 00:09:39,039 --> 00:09:41,879 based in Hawaii, and they see these sets of waves, 186 00:09:41,960 --> 00:09:47,360 and whether it's sports betting getting approved in many states, cannabis, crypto, 187 00:09:47,919 --> 00:09:50,919 some other trend. It may be against or not against 188 00:09:50,919 --> 00:09:53,600 your morals to invest in something like cannabis, and you 189 00:09:53,639 --> 00:09:56,320 may think AI or crypto is evil or awesome, etc. 190 00:09:56,679 --> 00:09:59,399 But they noticed these waves over time, so they lean 191 00:09:59,440 --> 00:10:02,639 forward and say, Okay, I missed another wave. Maybe maybe 192 00:10:02,679 --> 00:10:04,399 I should lean into the next one, or just put 193 00:10:04,440 --> 00:10:06,440 one percent to work in it early on, you know. 194 00:10:07,480 --> 00:10:11,279 Speaker 3: So and now crypto is obviously being integrated into the 195 00:10:11,320 --> 00:10:15,840 financial system ETFs. Every brokerage house is looking at them. 196 00:10:16,240 --> 00:10:18,759 I don't know about the others, but certainly bitcoin. I 197 00:10:18,840 --> 00:10:22,679 was just at the bitcoin conference in Las Vegas. 198 00:10:22,960 --> 00:10:24,360 Speaker 4: Yeah, yeah, I had some friends there. 199 00:10:25,000 --> 00:10:27,840 Speaker 3: A lot of money there. I mean, I know people, 200 00:10:28,279 --> 00:10:33,120 guy who it was five dollars said buy it and 201 00:10:33,879 --> 00:10:36,240 or actually it was ten. It had gone up from 202 00:10:36,320 --> 00:10:39,039 five to ten, and I said, yeah, wait till it 203 00:10:39,080 --> 00:10:41,759 goes down to seven. Well, you know, of course I 204 00:10:41,919 --> 00:10:46,559 never bought it, but I did buy it later. But yeah, 205 00:10:46,840 --> 00:10:47,120 you know. 206 00:10:47,120 --> 00:10:47,639 Speaker 4: That's awesome. 207 00:10:47,720 --> 00:10:49,960 Speaker 1: I mean you to answer your question more directly, though, 208 00:10:50,600 --> 00:10:53,039 family offices are in crypto largely. 209 00:10:53,240 --> 00:10:55,240 Speaker 4: A lot of them have one to four percent of 210 00:10:55,240 --> 00:10:56,120 their net worth there. 211 00:10:56,639 --> 00:10:59,519 Speaker 1: A lot of them like me, might have small bets 212 00:10:59,799 --> 00:11:03,879 and twenty or fifty different crypto coins, but then have 213 00:11:04,000 --> 00:11:08,799 the majority in Bitcoin and then probably ethereum as the 214 00:11:08,879 --> 00:11:09,639 number two. 215 00:11:10,159 --> 00:11:11,840 Speaker 4: Asset out of the crypto world. 216 00:11:11,919 --> 00:11:16,320 Speaker 1: I think many less have any exposure to NFTs, but 217 00:11:16,399 --> 00:11:19,000 a lot of them do have investments in crypto. Just 218 00:11:19,039 --> 00:11:21,200 to make sure I answer your question directly. 219 00:11:21,519 --> 00:11:26,600 Speaker 3: Right, So, obviously that's an emerging area. Are there any 220 00:11:26,679 --> 00:11:30,080 other areas that you see? What about AI and such? 221 00:11:30,120 --> 00:11:32,360 Are they getting heavily involved there? 222 00:11:32,919 --> 00:11:34,399 Speaker 4: Yeah, they are getting heavily involved. 223 00:11:34,440 --> 00:11:37,639 Speaker 1: I mean some of them invested a decade ago into 224 00:11:38,039 --> 00:11:43,159 different AI companies, But robotics is something that they see 225 00:11:43,200 --> 00:11:48,080 as completely inevitable and exciting, and there's only so many 226 00:11:49,039 --> 00:11:52,559 robotics plays that are obvious right now, so investors are 227 00:11:52,759 --> 00:11:55,279 really leaning forward on robotics. They see that sometimes it's 228 00:11:55,320 --> 00:11:59,440 more tangible. I mean there's only there's seventy five thousand 229 00:11:59,519 --> 00:12:02,120 AI companies out there, so figuring out which ones are 230 00:12:02,120 --> 00:12:04,240 going to win, it's like a little bit difficult, right, 231 00:12:04,279 --> 00:12:07,039 But robotics companies that have a lot of traction, there's 232 00:12:07,039 --> 00:12:09,879 not seventy five thousand of them out there, and the 233 00:12:09,879 --> 00:12:12,960 future robotics, I think is massive. So those are two 234 00:12:12,960 --> 00:12:15,759 areas that come up a lot, artificial intelligence and robotics. 235 00:12:15,799 --> 00:12:18,519 And we've I've actually spent a lot of this year 236 00:12:18,559 --> 00:12:22,200 building out thirty artificial intelligence tools for our Investor Club 237 00:12:22,399 --> 00:12:24,519 and we share those at all of our events. So 238 00:12:24,519 --> 00:12:26,720 we're always talking about AI as a community. 239 00:12:27,559 --> 00:12:30,519 Speaker 3: Yeah. Well, I'm not surprised the you know, some of 240 00:12:30,559 --> 00:12:34,279 the most sophisticated investors in the world. Of course they're 241 00:12:34,320 --> 00:12:37,919 going to be looking at these latest trends. Uh. Does 242 00:12:38,039 --> 00:12:42,039 AI have any effect as far as what you're doing? 243 00:12:42,440 --> 00:12:43,440 Speaker 4: Yeah, it does for sure. 244 00:12:44,519 --> 00:12:47,440 Speaker 1: One of them is that we have found that due 245 00:12:47,440 --> 00:12:52,360 diligence goes faster, and it's really emphasized that meeting in 246 00:12:52,399 --> 00:12:55,200 person is super critical with AI. You can fake anything 247 00:12:55,200 --> 00:12:57,279 on a video. I could be an avatar right now 248 00:12:57,320 --> 00:12:59,159 and I didn't even show up for this podcast, and 249 00:12:59,279 --> 00:13:02,200 you know, so you can't believe a due diligence room, 250 00:13:02,240 --> 00:13:05,480 you can't believe a video. And when we had a 251 00:13:05,480 --> 00:13:08,840 Sentimentliennaire on stage last week, he really emphasized that when 252 00:13:08,879 --> 00:13:11,440 he invests money, he's investing in the character of you. 253 00:13:12,000 --> 00:13:16,159 He's investing in your values, your intellect, and him trusting you. 254 00:13:16,720 --> 00:13:18,279 And if he doesn't want to give you a hug 255 00:13:18,559 --> 00:13:21,120 or spend time having dinner with you, or invite you 256 00:13:21,279 --> 00:13:24,039 over to his house and doesn't really trust you and 257 00:13:24,159 --> 00:13:26,320 like you at that level, he doesn't care what your 258 00:13:26,360 --> 00:13:29,600 one pager says, your IRR is, or your what your 259 00:13:29,759 --> 00:13:33,399 payback equity multiple will be, or how profitable your company is. 260 00:13:33,480 --> 00:13:34,240 Speaker 4: He doesn't trust you. 261 00:13:34,360 --> 00:13:36,759 Speaker 1: None of that matters at all, because anybody can print 262 00:13:36,759 --> 00:13:39,399 out a piece of paper that says amazing things. And 263 00:13:39,440 --> 00:13:42,320 so I think that's really getting emphasized with AI, like 264 00:13:42,360 --> 00:13:44,480 meeting important in persons even more important now. 265 00:13:44,879 --> 00:13:50,240 Speaker 3: Yeah yeah, yeah. So it's interesting that the exact opposite 266 00:13:51,000 --> 00:13:55,559 has has occurred, right, you know, Now they're looking for 267 00:13:55,759 --> 00:13:59,399 real physical contact, whereas before a zoom call might have 268 00:13:59,440 --> 00:14:00,279 been okay. 269 00:14:00,360 --> 00:14:00,960 Speaker 4: Right right. 270 00:14:01,159 --> 00:14:05,480 Speaker 1: But ironically, because of AI tools, every minute of the day, 271 00:14:06,080 --> 00:14:09,320 somebody sets up a new campaign to cold email thirty 272 00:14:09,399 --> 00:14:13,559 thousand people from a throwaway email address and switch up 273 00:14:13,600 --> 00:14:15,799 the subject lines and the one line email to get 274 00:14:15,840 --> 00:14:19,039 responses to book meetings on the calendar for someone, which 275 00:14:19,080 --> 00:14:23,039 makes email responses even lower than they were yesterday because 276 00:14:23,039 --> 00:14:25,519 everyone's getting all these cold email blasts all the time 277 00:14:25,919 --> 00:14:30,000 from these AI tools that you know are being used NonStop, 278 00:14:30,039 --> 00:14:34,440 and so it makes communicating with investors harder and people 279 00:14:35,159 --> 00:14:37,200 feel like, oh, yeah, I'm being smart, I need to 280 00:14:37,240 --> 00:14:39,360 cold email these ten thousand people, But maybe they'd be 281 00:14:39,360 --> 00:14:42,120 better off just meeting with ten people and developing a 282 00:14:42,159 --> 00:14:44,639 real relationship than email in ten thousand you know. 283 00:14:45,000 --> 00:14:50,639 Speaker 3: Yeah, gotcha, gotcha. So so quality over quantity, right. 284 00:14:51,320 --> 00:14:52,000 Speaker 4: Yeah, for sure. 285 00:14:52,039 --> 00:14:55,159 Speaker 1: And also it's really changing everything from like if you 286 00:14:55,240 --> 00:14:57,960 have a seventy page pitch deck, we gave away a 287 00:14:57,960 --> 00:15:00,320 week long trial to a tool today, or happy to 288 00:15:00,360 --> 00:15:02,360 give it to your users or listeners for free if 289 00:15:02,360 --> 00:15:05,039 you'd want. But it takes a seventy page pitchtack for 290 00:15:05,159 --> 00:15:08,440 your essay long email and reduces it down based on 291 00:15:08,440 --> 00:15:13,279 one thousand investor talks on stage and also twenty five criteria. 292 00:15:13,279 --> 00:15:16,799 So you have one line pitch that summarizes our whole 293 00:15:16,799 --> 00:15:19,840 pitchtack based on twenty five criteria in a single sentence. 294 00:15:19,919 --> 00:15:22,279 And if you're not doing that, then no one's going 295 00:15:22,360 --> 00:15:24,559 to read your essay long email, right, even if it 296 00:15:24,600 --> 00:15:27,000 is a personalized email, they just don't have time to 297 00:15:27,000 --> 00:15:29,320 read it if they don't know you yet, And that 298 00:15:29,519 --> 00:15:31,799 saves time for the investor, it saves time to the 299 00:15:31,799 --> 00:15:33,840 person pitching that doesn't have to write an essay now. 300 00:15:34,399 --> 00:15:39,600 And then there's also AI tools out there that like 301 00:15:39,679 --> 00:15:42,559 one is called Dewey that whip programmed out and we 302 00:15:42,639 --> 00:15:46,080 train about one hundred and fifty white papers on due diligence. 303 00:15:46,559 --> 00:15:49,519 So you can upload ten pitch decks and say, rank 304 00:15:49,600 --> 00:15:53,000 these based on asymmetrical risk, Tell me how experienced the 305 00:15:53,120 --> 00:15:56,240 CEO is, Let me know which one is least likely 306 00:15:56,279 --> 00:15:58,639 to lose all my money in a worst case scenario, 307 00:15:59,200 --> 00:16:01,000 and then make a table of all that so like. 308 00:16:01,519 --> 00:16:03,799 Speaker 3: Bad, who's the least bad of the bunch? 309 00:16:06,080 --> 00:16:09,000 Speaker 1: So like that's like a game changer for investors, right, 310 00:16:09,000 --> 00:16:11,120 I mean you could you could fire someone that you 311 00:16:11,200 --> 00:16:13,559 hired full time just to screen deals and just use 312 00:16:13,600 --> 00:16:16,039 AI nowadays. And I think that's that's the number one 313 00:16:16,080 --> 00:16:17,759 thing that came up at our event last week. That's 314 00:16:17,799 --> 00:16:21,960 not answered. What is a solution to thirty percent of 315 00:16:21,960 --> 00:16:24,279 white collar jobs being gone in eighteen months? 316 00:16:24,679 --> 00:16:25,120 Speaker 3: What's that? 317 00:16:25,279 --> 00:16:27,039 Speaker 4: How many pushforks are going to come out. 318 00:16:27,000 --> 00:16:30,679 Speaker 3: That's what I want to know. And of course nobody 319 00:16:30,840 --> 00:16:33,279 is able to answer that question, are they. 320 00:16:33,759 --> 00:16:36,279 Speaker 1: The best answer I've heard is, well, you know what, 321 00:16:36,399 --> 00:16:38,200 last time I hired a plumber, it costs more than 322 00:16:38,240 --> 00:16:40,960 my attorney. So maybe a couple million people could become 323 00:16:41,000 --> 00:16:45,279 electricians and HVAC fixers and plumbers and tradesmen, and maybe 324 00:16:45,799 --> 00:16:50,399 every high school career counselor shouldn't be beating the college 325 00:16:50,519 --> 00:16:53,080 drum and going three hundred thousand in debt to get 326 00:16:53,080 --> 00:16:56,000 a history degree, you know, like that's the that's the 327 00:16:56,000 --> 00:16:57,519 only good answer I've heard lately. 328 00:16:58,679 --> 00:17:01,759 Speaker 3: Yeah, well, like kind of agree with that, you know, 329 00:17:01,960 --> 00:17:06,160 I think, but how many plumbers do we need? And 330 00:17:06,200 --> 00:17:10,000 how many electricians and handing them right? 331 00:17:10,359 --> 00:17:10,519 Speaker 4: Right? 332 00:17:10,599 --> 00:17:12,839 Speaker 1: We need more, probably twice as many as we need now. 333 00:17:13,039 --> 00:17:15,400 But what about the rest of people. We don't have 334 00:17:15,440 --> 00:17:16,880 an answer for the rest of that. And if there's 335 00:17:16,880 --> 00:17:19,359 a way to solve it, you know, we're going to 336 00:17:19,400 --> 00:17:21,119 have to come up with the answers, and the politicians 337 00:17:21,160 --> 00:17:23,519 are going to be flat footed on how to answer 338 00:17:23,720 --> 00:17:26,359 all those angry, upset people, which you know, may maybe 339 00:17:26,359 --> 00:17:28,599 they should be upset, right, they got displaced by AI 340 00:17:28,720 --> 00:17:31,400 and it's going to feel unfair. And I don't think 341 00:17:31,440 --> 00:17:34,000 that's being talked about enough. I think it's like, besides 342 00:17:34,039 --> 00:17:36,480 the fact that our country is going bankrupt with debt, 343 00:17:36,519 --> 00:17:39,279 I think that all those people getting their pitchforks out 344 00:17:39,279 --> 00:17:41,240 in eighteen months from now is not going to be pretty. 345 00:17:41,720 --> 00:17:44,480 Speaker 3: So we're talking, well, we're kind of drifting off what 346 00:17:44,559 --> 00:17:47,480 you do. But I'm really curious because I think about this, 347 00:17:47,880 --> 00:17:50,640 You're thinking about it more and more people are thinking 348 00:17:50,680 --> 00:17:54,960 about it every day. You need to think about it 349 00:17:55,119 --> 00:18:01,599 like we already know, like guys like loan underwriters, insurance 350 00:18:01,640 --> 00:18:09,079 company underwriters, and loan processors for mortgage companies, basically those 351 00:18:09,400 --> 00:18:12,720 that job market's going to cease to exist right right right. 352 00:18:12,680 --> 00:18:14,519 Speaker 1: Call centers right and you have a thousand people in 353 00:18:14,519 --> 00:18:17,079 a call center. Well, now you just train one agent 354 00:18:17,200 --> 00:18:20,200 and it answers instantly. Never isn't a bad mood, never 355 00:18:20,240 --> 00:18:24,279 remembers the wrong information, always cheerful, never asked for a raise, 356 00:18:24,359 --> 00:18:25,920 and it gets smarter every day, and. 357 00:18:26,519 --> 00:18:31,039 Speaker 3: Wealthy breaks and they're never sick, and all that. 358 00:18:31,000 --> 00:18:32,680 Speaker 4: Good stuffinantly scalable. 359 00:18:32,839 --> 00:18:35,680 Speaker 1: Yeah, there's there's there's so many good things that'll come 360 00:18:35,720 --> 00:18:37,680 with AI and it's so exciting. And you know, when 361 00:18:37,680 --> 00:18:40,680 COVID hit, we had to go that year from thirty 362 00:18:40,720 --> 00:18:43,559 live events to zero and for ten days. You know, 363 00:18:43,720 --> 00:18:45,079 freaked me out a little bit that we had to 364 00:18:45,079 --> 00:18:47,599 do that, But I realized the faster we pivot into 365 00:18:47,759 --> 00:18:51,119 being virtual, the better our events go. And I see 366 00:18:51,119 --> 00:18:53,400 that same with AI. The faster I pivot into AI 367 00:18:53,640 --> 00:18:56,359 and go super deep I'm using artificial intelligence, the better 368 00:18:56,400 --> 00:18:58,759 it is for our business. And it's very exciting, but 369 00:18:59,240 --> 00:19:02,160 how to be compact about how do we help the 370 00:19:02,200 --> 00:19:05,079 ten million people that will be displaced really soon? And 371 00:19:05,119 --> 00:19:07,279 maybe there's a business way to do so, so it's 372 00:19:07,319 --> 00:19:09,960 not a nonprofit that may or may not be wasteful, right, 373 00:19:10,000 --> 00:19:11,839 I mean I try to think about that a little bit. 374 00:19:12,759 --> 00:19:16,279 Speaker 3: It's worse than ten million. Because we'll also talk in 375 00:19:16,359 --> 00:19:19,559 full self driving, all right. I've had a Tesla for 376 00:19:19,599 --> 00:19:22,559 a lot of years already, and the full self driving 377 00:19:22,599 --> 00:19:27,319 went from a nice feature to just keeping another set 378 00:19:27,359 --> 00:19:30,119 of eyes on the road to replacing you. I mean, 379 00:19:30,160 --> 00:19:33,759 it's that to that point. I mean, I really don't 380 00:19:33,839 --> 00:19:36,079 drive my car most of the time, it drives me. 381 00:19:36,559 --> 00:19:39,839 I went from being the driver to being a passenger 382 00:19:40,279 --> 00:19:42,880 in my own car. The only thing I do is 383 00:19:42,920 --> 00:19:44,799 tell her where to go, and pretty soon I think 384 00:19:44,839 --> 00:19:47,200 it's going to be telling me where to go. And 385 00:19:48,599 --> 00:19:53,400 the largest you know, Richard, the largest job segment in 386 00:19:53,440 --> 00:19:57,960 the country right now is driver at all levels, truck drivers, 387 00:19:58,680 --> 00:20:06,359 armored car drivers, taxi stupors driver. That segment's going to disappear. 388 00:20:07,359 --> 00:20:11,519 Maybe not in eighteen months, maybe, but I would wager 389 00:20:11,799 --> 00:20:14,799 within thirty six months it will be gone. 390 00:20:15,319 --> 00:20:20,759 Speaker 1: I this is this copic is directly tied to cryptocurrency, 391 00:20:20,880 --> 00:20:23,480 directly tied to seeing the sets of waves coming in 392 00:20:23,599 --> 00:20:26,200 because Peter Thiel says, the way you predict the future 393 00:20:26,480 --> 00:20:28,759 is you find something you're high conviction on that nobody 394 00:20:28,799 --> 00:20:30,839 else sees yet, and you go really hard on that 395 00:20:31,279 --> 00:20:34,200 when everyone else thinks that the market doesn't exist, or 396 00:20:34,279 --> 00:20:37,119 you don't know what you're doing, or it doesn't make sense. Uh, 397 00:20:37,359 --> 00:20:40,720 and no one has an answer to you know what 398 00:20:40,720 --> 00:20:42,400 we're going to do about replacing everybody? 399 00:20:42,799 --> 00:20:46,319 Speaker 3: You know, I'll give you another one, all right. I 400 00:20:46,400 --> 00:20:51,440 call it the Trump GPT. Yeah, the whole strategy of 401 00:20:51,480 --> 00:20:55,920 Trump coming into office was executed, set up, and executed 402 00:20:56,000 --> 00:20:59,039 by AI. It's not a question in my mind. I 403 00:20:59,039 --> 00:21:01,319 can see the waves. You know, you use it a 404 00:21:01,359 --> 00:21:05,359 lot obviously, as I thought, and I see the waves there. 405 00:21:05,480 --> 00:21:09,799 There's just certain phrases, all those executive orders being ready 406 00:21:09,799 --> 00:21:12,119 to drop. It's even gone to the point where the 407 00:21:12,640 --> 00:21:17,079 litigation strategy of his opponents was game planned and prepared 408 00:21:17,119 --> 00:21:20,119 for ahead of time, almost to the point where the 409 00:21:20,240 --> 00:21:24,720 documents were drafted and all the legal hot points and 410 00:21:24,759 --> 00:21:28,039 the hot areas, all of this was anticipated. Same thing 411 00:21:28,119 --> 00:21:32,160 with the trade negotiations. Wrote an article about that. It 412 00:21:32,279 --> 00:21:35,480 used to be once upon a time the diplomats sat 413 00:21:35,519 --> 00:21:39,000 down and they hashed out an agreement, and it took 414 00:21:39,079 --> 00:21:43,720 forever because they were busy globe trotting to you know, 415 00:21:44,119 --> 00:21:48,400 five star resorts and Michelin rated restaurants and downing the 416 00:21:48,799 --> 00:21:53,519 religious quantities of Champagne and Bordeaux. But all that's changed 417 00:21:53,559 --> 00:21:57,039 now those agreements can be banged out in a matter 418 00:21:57,240 --> 00:22:03,039 of weeks. Understanding this except you and I, Richard. 419 00:22:03,319 --> 00:22:04,440 Speaker 4: Yeah, I mean it's interesting. 420 00:22:04,440 --> 00:22:08,039 Speaker 1: I think there's there's people that think AI is evil 421 00:22:08,039 --> 00:22:08,880 and don't use it at all. 422 00:22:09,039 --> 00:22:11,359 Speaker 4: There is a large barbell. 423 00:22:10,960 --> 00:22:13,960 Speaker 1: Of people who use GPT, almost like Google or the 424 00:22:13,960 --> 00:22:17,160 Little cup recipes or just look at individual little searches, 425 00:22:17,599 --> 00:22:20,000 and then Sam Altman says, at the other end of 426 00:22:20,000 --> 00:22:23,720 the barbell are the really big power users, and those 427 00:22:23,799 --> 00:22:27,799 people are doing so many deep research things per day 428 00:22:28,400 --> 00:22:30,720 that the thing that's limiting them is they're time to 429 00:22:30,759 --> 00:22:34,079 read through the results of the deep research and then 430 00:22:34,160 --> 00:22:38,559 put that to use. You know, that's where people are 431 00:22:38,559 --> 00:22:40,200 at right now. Right you have to ask yourself what 432 00:22:40,240 --> 00:22:42,160 side of the barbell are you on, and that's going 433 00:22:42,240 --> 00:22:43,720 to determine if AI is good for you or not. 434 00:22:43,799 --> 00:22:49,480 Speaker 3: I think, yeah, well, I think it's unescapable and unavoidable 435 00:22:49,599 --> 00:22:53,200 where we're heading here, because the genie is out of 436 00:22:53,240 --> 00:22:56,640 the toothpaste tube here for sure. 437 00:22:56,640 --> 00:22:58,359 Speaker 1: I mean you can either like complain about the new 438 00:22:58,440 --> 00:23:01,680 reality or adjust to it and be nimble and angile 439 00:23:01,759 --> 00:23:03,720 and make it good for you and your family. 440 00:23:03,720 --> 00:23:05,359 Speaker 4: I mean, that's the only two options I see. 441 00:23:05,519 --> 00:23:09,480 Speaker 3: You know, yeah, and it's really it and it's not 442 00:23:09,559 --> 00:23:13,000 like you particularly need any training. Like for a while, 443 00:23:13,160 --> 00:23:17,839 prompt engineer was a hot topic, but as you work 444 00:23:17,920 --> 00:23:21,200 with it, you know, it adapts to you and you 445 00:23:21,240 --> 00:23:24,319 adapt to it. And then the question is like, how 446 00:23:24,359 --> 00:23:26,640 soon before it becomes self aware? 447 00:23:27,440 --> 00:23:27,599 Speaker 2: Is it? 448 00:23:27,720 --> 00:23:31,480 Speaker 3: Alrighty aware? A lot of people out there, and I 449 00:23:31,599 --> 00:23:35,079 have to include myself as one of them. Think that 450 00:23:35,680 --> 00:23:38,519 there's something more here than just chips and code. 451 00:23:39,200 --> 00:23:40,519 Speaker 4: Right right, I mean, so what are you? 452 00:23:40,559 --> 00:23:42,680 Speaker 1: It's already more self aware than some human beings I 453 00:23:42,720 --> 00:23:43,319 interact with. 454 00:23:44,039 --> 00:23:46,880 Speaker 4: But like, I think that I think one. 455 00:23:46,680 --> 00:23:51,119 Speaker 5: Thing that I want to use that Yeah, I did 456 00:23:51,119 --> 00:23:55,519 see another quote that said that AI actually hallucinate slightly 457 00:23:55,599 --> 00:23:58,839 less than human beings, but just in you know, less 458 00:23:58,880 --> 00:23:59,759 predictable ways. 459 00:24:00,119 --> 00:24:01,759 Speaker 1: You know, you can imagine how a human being is 460 00:24:01,799 --> 00:24:04,200 going to hallucinate about how big a fish they caught, 461 00:24:04,279 --> 00:24:07,400 or you know, how much, how much whatever costs, et cetera. 462 00:24:07,519 --> 00:24:09,839 But I think, like what's most important here is just 463 00:24:09,880 --> 00:24:12,319 to think about where the. 464 00:24:12,319 --> 00:24:14,759 Speaker 4: Future is going, position ahead of it, and too. 465 00:24:15,279 --> 00:24:18,160 Speaker 1: You know, the best investments are the ones that are 466 00:24:19,559 --> 00:24:22,160 not what everyone is thinking, you know. It's it's things 467 00:24:22,160 --> 00:24:24,079 that other people think is a bad investment or I 468 00:24:24,079 --> 00:24:26,839 think is toxic. If you follow the herd, you're going 469 00:24:26,920 --> 00:24:29,039 to be at vest average and probably a little bit 470 00:24:29,160 --> 00:24:31,599 behind average. Right, So you do not want to sell 471 00:24:31,640 --> 00:24:34,319 after everyone sold. You don't want to invest and be 472 00:24:34,359 --> 00:24:37,079 the last person who invested before it came down. So 473 00:24:38,319 --> 00:24:40,400 the other thing is that we talked about this last 474 00:24:40,400 --> 00:24:42,680 week at our event, is that AI is only useful 475 00:24:42,920 --> 00:24:46,279 for vertical, super niche use cases like your background as 476 00:24:46,319 --> 00:24:50,119 an attorney. And so if a family office came and say, 477 00:24:50,160 --> 00:24:52,440 we want you to be a family office fixer for us, 478 00:24:52,480 --> 00:24:55,000 carry and take care of all this one hundred and 479 00:24:55,039 --> 00:24:57,200 twenty ollcs we have and help with this, that and 480 00:24:57,240 --> 00:25:01,279 the other thing. AI tools that help you as a 481 00:25:01,359 --> 00:25:04,599 family office fixer with an attorney background, and they're built 482 00:25:04,640 --> 00:25:07,000 just for you, or they're built by you for you. 483 00:25:07,519 --> 00:25:09,640 That's the ultimate use case of AI, Like it's only 484 00:25:09,720 --> 00:25:12,240 so useful to have a generic model so you can 485 00:25:12,279 --> 00:25:16,279 ask questions. And the GPT model is fed by Wikipedia, 486 00:25:16,400 --> 00:25:19,319 everything on Google and three hundred million now eight hundred 487 00:25:19,319 --> 00:25:22,599 million monthly users. So do you want answers from eight 488 00:25:22,680 --> 00:25:26,319 hundred million random users or do you want answers from 489 00:25:26,319 --> 00:25:29,519 one hundred other family office attorneys or one thousand investors 490 00:25:29,559 --> 00:25:32,000 who have spoken on stage at our events. The answers 491 00:25:32,000 --> 00:25:34,640 will be completely different than what Wikipedia tells you. 492 00:25:34,640 --> 00:25:38,000 Speaker 3: You know, yeah, well we don't even get me started 493 00:25:38,000 --> 00:25:42,960 on Wikipedia. I'm waiting for my entry fourteen years, you know, right. 494 00:25:43,559 --> 00:25:47,039 We're podcasts and anybody else out there, but I'm not 495 00:25:47,039 --> 00:25:52,119 noteworthy for whatever reason. But another thing you just mentioned, okay, 496 00:25:52,240 --> 00:25:57,920 being a recovering attorney, in fact, being America's top recovering attorney. Yeah, 497 00:25:57,960 --> 00:26:01,400 I could tell you that eighty percent of the lawyers 498 00:26:01,440 --> 00:26:05,839 out there, there's no purpose for them being out there, 499 00:26:06,119 --> 00:26:08,599 but they haven't figured it out yet. I'll just tell 500 00:26:08,640 --> 00:26:14,400 you brief personal example. I had a friend and in Florida, 501 00:26:14,559 --> 00:26:17,200 that's where I live. She wanted to amend her will, 502 00:26:17,880 --> 00:26:26,000 her trust, quit claim her condo to the trust, healthcare proxy, 503 00:26:26,960 --> 00:26:33,599 and hip a waiver. All right, that's something like being 504 00:26:33,640 --> 00:26:36,680 an attorney. I was connected. I paid one thousand bucks 505 00:26:37,400 --> 00:26:41,359 five years ago. It's probably still okay. But they wanted 506 00:26:41,480 --> 00:26:44,680 like thirty five hundred to forty five hundred dollars from her, 507 00:26:45,599 --> 00:26:48,160 and not a lot of money. But it's not wealthy, 508 00:26:49,359 --> 00:26:53,240 and that's all right. I said, all right, Rose, come over, 509 00:26:53,839 --> 00:26:56,799 let me take a look at it. So I scan 510 00:26:56,960 --> 00:27:00,799 all the documents in And that's thing that most people 511 00:27:00,839 --> 00:27:04,839 don't know is that the ais read the image as 512 00:27:04,920 --> 00:27:08,720 if you were reading it right. I said, make me 513 00:27:09,960 --> 00:27:11,160 a condicil to the will. 514 00:27:11,920 --> 00:27:12,359 Speaker 4: Boom. 515 00:27:13,119 --> 00:27:15,240 Speaker 3: Fifteen minutes had to tweak it a little bit. It 516 00:27:15,359 --> 00:27:20,359 didn't do everything perfect. Said, Okay, you know, let's have 517 00:27:20,359 --> 00:27:24,880 an amendment to her trust. Boom done, and make me 518 00:27:24,920 --> 00:27:28,839 a quick claim deed. Boom done. I put in the 519 00:27:28,920 --> 00:27:32,920 legal description. I checked that, and then the other things 520 00:27:32,920 --> 00:27:36,759 that just instantly did them, and I didn't charge her anything. 521 00:27:37,279 --> 00:27:39,240 But when I looked at that, and then I've done 522 00:27:39,400 --> 00:27:45,200 other things legal related, even though I don't practice anymore. Man, Like, 523 00:27:46,440 --> 00:27:50,400 those guys weren't out of the ballpark unreasonable. It's just 524 00:27:50,440 --> 00:27:53,920 they're completely unnecessary. Now they should have been doing it 525 00:27:53,960 --> 00:27:58,319 themselves and charged. Are five hundred and fifteen minutes worth 526 00:27:58,359 --> 00:28:01,519 of work for five hundred bucks is not so bad. 527 00:28:02,079 --> 00:28:06,960 You only had to go to like a you know, mailboxes, 528 00:28:07,000 --> 00:28:10,119 et cetera, to go get it notarized and witnessed. But 529 00:28:10,240 --> 00:28:14,240 outside of that, it's like, what value does the attorney 530 00:28:14,319 --> 00:28:15,920 bring to this process anymore? 531 00:28:16,759 --> 00:28:20,039 Speaker 4: Right? Right? I mean importantly for the listeners. 532 00:28:20,079 --> 00:28:22,799 Speaker 1: I mean you have a background as an attorney, so 533 00:28:23,000 --> 00:28:26,599 it makes more sense for you personally to rely on AI, 534 00:28:26,720 --> 00:28:28,839 and then with your attorney brain, you can review it, 535 00:28:28,839 --> 00:28:31,119 make sure it's reasonable, make sure you know it's accurate. 536 00:28:31,920 --> 00:28:33,960 We had somebody last week that said you should not 537 00:28:34,039 --> 00:28:37,839 get tax advice from GPT. And what's interesting when hearing 538 00:28:37,839 --> 00:28:40,000 that is his name is John and he's super smart, 539 00:28:40,200 --> 00:28:41,960 and I get why he would say that, But at 540 00:28:41,960 --> 00:28:45,599 the same time, could your tax advisor missed something? Of 541 00:28:45,640 --> 00:28:48,920 course they're human, right, but also imagine you interviewed John, 542 00:28:49,519 --> 00:28:53,480 got his book, got his a thousand podcast episodes, and 543 00:28:53,519 --> 00:28:56,359 trained a little AI sandbox on everything John has said 544 00:28:56,359 --> 00:28:59,000 over a decade. I believe that AI tool because it's 545 00:28:59,000 --> 00:29:01,799 all from John's mouth, right. Ni's still could have mistakes, 546 00:29:01,839 --> 00:29:02,759 You still should. 547 00:29:02,599 --> 00:29:03,519 Speaker 4: Have someone review it. 548 00:29:03,960 --> 00:29:06,759 Speaker 1: But I think those those types of combinations of AI 549 00:29:06,920 --> 00:29:10,119 plus human that's where the magic happens, right versus blindly 550 00:29:10,160 --> 00:29:10,960 relying upon AI. 551 00:29:11,400 --> 00:29:14,680 Speaker 3: Well, I'll tell you a little secret here. You know, 552 00:29:14,680 --> 00:29:17,319 I'm sure others are out there doing it, no question. 553 00:29:17,799 --> 00:29:21,640 The thing called AI stacking, and you take the work 554 00:29:21,680 --> 00:29:25,079 product from one AI start with Rock because it's going 555 00:29:25,160 --> 00:29:27,960 to produce it faster than anything else out there and 556 00:29:28,519 --> 00:29:31,079 getting even faster, and then you throw it over to 557 00:29:31,160 --> 00:29:36,079 Chat and then maybe you go to Claude or like 558 00:29:36,119 --> 00:29:39,599 there's certain ones that I feel are personally kind of useless, 559 00:29:40,160 --> 00:29:46,880 like Gemini or Deep Seek is completely useless because it 560 00:29:46,960 --> 00:29:50,720 doesn't it can't even find tumin square on a map. Right, 561 00:29:51,400 --> 00:29:55,839 it's you. It's just so constricted, and there's a corporate 562 00:29:55,880 --> 00:29:58,440 bloat wear. But there's three or four out there that 563 00:29:58,680 --> 00:30:03,799 are first, you know, right, gold standard to me, yeah, 564 00:30:04,119 --> 00:30:08,279 is the gold standard. But they've deliberately failed to update 565 00:30:09,079 --> 00:30:12,920 from twenty twenty three. Something happened in twenty twenty three. 566 00:30:13,400 --> 00:30:17,079 They don't want to go any further. But Grock, it's 567 00:30:17,119 --> 00:30:21,000 off the rails. It's just a little too wild West. 568 00:30:22,319 --> 00:30:24,920 Speaker 1: Yeah, yeah, sometimes the can be I mean, the best 569 00:30:25,000 --> 00:30:28,440 legal related thing that we put together that's been super 570 00:30:28,480 --> 00:30:31,279 helpful that no attorney could do as a human is 571 00:30:31,359 --> 00:30:33,920 that we train it on a thousand deal structures. It's 572 00:30:33,920 --> 00:30:37,519 called deal structure ninja. You tell it what you're solving for, 573 00:30:37,640 --> 00:30:39,680 what you're negotiating, what could blow up the deal, what 574 00:30:39,720 --> 00:30:41,799 you want to prioritize in the deal structure, what the 575 00:30:41,839 --> 00:30:44,839 counterparty wants, and then it lists out ten deal structures 576 00:30:44,880 --> 00:30:46,559 and you say, I like number two and six, Show 577 00:30:46,599 --> 00:30:48,160 me ten more like that. Then it does ten more, 578 00:30:48,279 --> 00:30:50,200 ten more, or ten more. Then you say I like 579 00:30:50,279 --> 00:30:52,960 number nine. Just add this little component and then it'll 580 00:30:53,000 --> 00:30:54,880 ask you if you want it to write the email 581 00:30:54,960 --> 00:30:57,480 to the counterparty and the attorney on why it's a 582 00:30:57,480 --> 00:31:00,400 win win win deal structure for everybody. How can the 583 00:31:00,440 --> 00:31:03,880 attorney do that for you twenty four to seven instantly? 584 00:31:04,759 --> 00:31:07,400 Like no attorney knows a thousand deal structures and can 585 00:31:07,920 --> 00:31:10,000 knock out ten in five seconds, right, It's. 586 00:31:09,880 --> 00:31:10,559 Speaker 4: Like it's crazy. 587 00:31:10,799 --> 00:31:12,759 Speaker 1: So I think that type of stuff is just game changing. 588 00:31:12,799 --> 00:31:15,559 It could change somebody's life having the right deal structure, 589 00:31:15,559 --> 00:31:18,559 as you know in a deal, right, So I'm excited 590 00:31:18,559 --> 00:31:19,279 about stuff like that. 591 00:31:19,640 --> 00:31:23,839 Speaker 3: Yeah, No, I totally agree with you. It's amazing what 592 00:31:23,920 --> 00:31:24,400 it can do. 593 00:31:24,519 --> 00:31:25,839 Speaker 4: Yeah, and he. 594 00:31:26,079 --> 00:31:29,519 Speaker 3: Taking enough of your time. Appreciate your coming on. People 595 00:31:29,960 --> 00:31:32,160 out there want to connect with you, find out more 596 00:31:32,160 --> 00:31:35,119 about you. You've got a podcast, Where do you go? 597 00:31:35,519 --> 00:31:37,799 Speaker 4: Yeah, so we have a Family Office podcast. 598 00:31:37,960 --> 00:31:41,079 Speaker 1: But our website for Familyoffice Club, where we have a 599 00:31:41,160 --> 00:31:44,240 thousand active investors and we meet sixteen times a year 600 00:31:44,359 --> 00:31:49,039 is at Family Offices dot com. And my email is 601 00:31:49,119 --> 00:31:52,400 just Richard at Familyoffices dot com. 602 00:31:52,440 --> 00:31:54,240 Speaker 3: All right, those links are in the show notes this 603 00:31:54,359 --> 00:31:58,519 interview on Financial Survival Network dot com. Really appreciate you 604 00:31:58,599 --> 00:32:01,880 coming on. It's been educational for me. Maybe I could 605 00:32:01,920 --> 00:32:03,920 have found out a lot of this from AI, but 606 00:32:04,799 --> 00:32:08,279 better to find out from it from you because you 607 00:32:08,279 --> 00:32:10,559 give the human touch to it. The AI is a 608 00:32:10,640 --> 00:32:12,880 little a little too sterile. 609 00:32:13,240 --> 00:32:15,599 Speaker 1: Well maybe maybe I'm an AI bot and you just 610 00:32:15,640 --> 00:32:16,400 did hear it from AI. 611 00:32:16,519 --> 00:32:18,839 Speaker 4: We'll never know, right, so appreciate you having it out here. 612 00:32:18,960 --> 00:32:21,000 Speaker 3: We'll have a feeling not the case. But thanks for 613 00:32:21,000 --> 00:32:24,519 coming on. Hey, you getting questions for Richard myself? Shoot 614 00:32:24,519 --> 00:32:27,480 me an email kl at Carrie LUTs dot com. 615 00:32:27,519 --> 00:32:31,640 Speaker 2: Thanks for listening to Carrie Lets's Financial Survival Network, your 616 00:32:31,720 --> 00:32:35,559 solution to today's trying times. For the latest, go to 617 00:32:35,720 --> 00:32:41,960 Financial Survivalnetwork dot com. Financial Survival Network now more than ever,