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Kevin O'Leary x Nelk Boys | Ep. 135 - FULL SEND PODCAST | Wave AI Podcast Notes

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Kevin O'Leary x Nelk Boys | Ep. 135

FULL SEND PODCAST

Fri Sep 20 2024

Kevin O’Leary Tells UNTOLD Shark Tank Stories and REVEALS his Real Relationship with Mark Cuban!

Summary

Full Send Podcast - Episode 135: Kevin O'Leary x Nelk Boys

Release Date: September 20, 2024

Hosted by the Shots Podcast Network and sponsored by Happy Dad Hard Seltzer, Episode 135 of the Full Send Podcast features an engaging conversation between renowned entrepreneur and "Shark Tank" star Kevin O'Leary and the Nelk Boys. This episode delves into a variety of topics, including watch collecting, investment strategies, experiences on "Shark Tank," and Kevin's candid political opinions. Below is a structured summary capturing the key discussions, insights, and notable moments from the episode.

1. Watch Collecting and Horology

Kevin O'Leary opens the conversation by sharing his passion for watch collecting, highlighting the artistic and investment value of horology.

Dual Time Watches:
- Kevin emphasizes the practicality of owning multiple time zone watches.
  
  "You gotta have two watches, otherwise you don't know what time it is. In New York, you got East Coast LA time, New York time on each wrist. That's how you do it." [03:05]
FP Journe Appreciation:
- He lauds FP Journe as the "Picasso of watchmaking," noting the brand's exclusivity and value retention.
  
  "FP Journe is holding its value. Watches are down about 28% worldwide. Except Jorn. Jorn only goes one way up." [04:55]
Unique Collections:
- Kevin discusses owning rare and unique timepieces, including custom Rolex watches made for his "Shark Tank" team members.
  
  "This watch is probably available right now for about 6k... it's a Founder series. This watch is priceless." [07:21]

2. Investment Philosophy and Entrepreneurship

Kevin offers profound insights into building and sustaining wealth, emphasizing disciplined saving and strategic investing.

Saving and Investing:
- He advocates for consistently saving a portion of income and investing it wisely to accumulate wealth over time.
  
  "If you just save 10, 15% of it by not buying shit you don't need and just stick it in an app... you'll end up being a millionaire." [19:00]
First Million Milestone:
- Highlighting the significance of making the first million, Kevin explains that it's often the most challenging financial milestone.
  
  "Making the first million is the key to success... Once you have 5 million liquid in the bank, you're set for life." [25:05]

3. Experiences on Shark Tank

Reflecting on his tenure as a "Shark" on the popular TV show, Kevin shares anecdotes and strategies that underpin successful investments.

Criteria for Successful Pitches:
- Kevin outlines the three essential attributes he looks for in a pitch: clear articulation of the opportunity, execution capability, and detailed knowledge of business metrics.
  
  "They can articulate the opportunity in 90 seconds or less, explain why you can execute, and know your numbers." [32:58]
Handling Emotional Reactions:
- He discusses the emotional toll on entrepreneurs who receive no deals, asserting that crying does not aid in securing investments.
  
  "Crying does not help. It just doesn't work." [46:13]
Diversity in Investments:
- Kevin notes that 70% of his returns come from companies led by women, praising their understanding of risk mitigation.
  
  "In venture investing, women are killers because they really understand risk mitigation." [40:12]

4. Political Views and Opinions

Kevin openly shares his perspectives on current political figures and the impact of policies on the American economy.

Critique of Canadian Prime Minister Justin Trudeau:
- He expresses strong criticism of Trudeau's management and policies, citing economic mismanagement and leadership flaws.
  
  "He's the worst prime minister the country's ever had... capital's leaving Canada like crazy." [57:56]
2024 Election Insights:
- Discussing the upcoming election, Kevin emphasizes the importance of policy over personality, expressing concerns about candidates lacking clear policy positions.
  
  "She has a 50, 50 chance of winning with absolutely no one knowing what she's going to do... policies that could affect the American dream." [62:37]

5. Advice for Aspiring Entrepreneurs

Drawing from his extensive experience, Kevin offers actionable advice for individuals looking to build successful businesses.

Passion Over Money:
- He encourages entrepreneurs to pursue their passions rather than solely chasing financial gains, emphasizing the importance of dedication and hard work.
  
  "You're willing to work 25 hours a day, eight days a week... you don't want to get rich pursuing the greed of money." [18:48]
Quality Over Quantity:
- Advocating for investing in high-quality assets, Kevin advises against accumulating unnecessary possessions in favor of items that appreciate over time.
  
  "Buy good shit. Buy less good shit and instead of more crap. Buy one good pair of sneakers... it doesn't sound stupid, does it?" [22:05]

6. Future Projects and Personal Goals

Kevin discusses his ambitions beyond "Shark Tank," revealing plans to venture into acting and other business endeavors.

Acting Aspirations:
- He shares excitement about his upcoming role in a scripted project, describing it as a departure from his usual ventures.
  
  "I'm really thrilled because it's just a project that's extremely different than what you do." [28:43]

7. Promotional Segments

Throughout the episode, there are promotions for various products and services. As per the podcast’s guidelines, these sections are omitted from the summary to focus on the core content discussions.

Notable Quotes with Timestamps

On Watch Collecting:

"FP Journe is holding its value. Watches are down about 28% worldwide. Except Jorn. Jorn only goes one way up." [04:55]
On Investment Philosophy:

"If you just save 10, 15% of it by not buying shit you don't need and just stick it in an app... you'll end up being a millionaire." [19:00]
On Shark Tank Success:

"They can articulate the opportunity in 90 seconds or less, explain why you can execute, and know your numbers." [32:58]
On Political Views:

"She's doing this without giving any detail to her policy. That's unprecedented." [62:37]
On Entrepreneurial Advice:

"Buy good shit...it doesn't sound stupid, does it?" [22:05]

Conclusion

Episode 135 of the Full Send Podcast offers a comprehensive and candid conversation with Kevin O'Leary, providing listeners with valuable insights into his passions, investment strategies, experiences on "Shark Tank," and unfiltered political opinions. Whether you're an aspiring entrepreneur, an avid watch collector, or simply interested in Kevin's perspectives, this episode delivers engaging and thought-provoking content that resonates with a wide audience.

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Transcript

Unknown Host 1 (0:00)

All right, boys, I know as you're.

Unknown Host 2 (0:01)

Watching this podcast, you're probably thinking like me, what the hell is going on here? You got fucking men playing in women's sports. The border is wide open, Gas is fucking through the roof. What's been going on recently has been absolutely crazy. That's why, boys, it's so important that this election you gotta vote. Just vote. Make your voice heard. If you guys aren't registered to vote, go to sendthevote.com alright? It has everything you need to get registered to vote. If you don't know how to vote or you're just not registered, go to sendthevote.com and it's gonna make sure that your vote is actually counted. You can also text NELC to 33022 as well. So go to sendthevote.com or text NELK to 33022 send. The vote is not about left or right wing. It's just about making sure that everybody's vote is counted. I'm telling you boys, we can't just be tweeting about this or complaining in person or posting about it. You guys gotta get up off your ass and vote, all right? I hear a lot of people saying too, like, oh, I'm not in my home state, I can't vote. Dude, dude, don't be lazy. Like your vote really counts and everyone around you make sure that they're registered to vote too. And if they're not, that's why we started this. Send a vote dot com. There's no strings attached. It's just to make sure that everybody votes. We need every vote this election, boys. I know you guys feel the same way as me, so go to sendthevote.com, make sure you're registered to vote and don't be a lazy motherfucker. Get out and vote. Alright boys, if you guys haven't tried prize picks yet, I don't know what you're waiting for. Football is back. College NFL. We've been firing and we've been winning big. Prize picks is so fun. It makes watching the game so much better because instead of just firing on like one team, you're firing on individual players. So you go on the app and each player has a set projection and then you can choose either more or less on that set projection. So boys, if you're smart with sports, you've heard me say this before, try out the app. It's a no brainer. I personally can't watch a game without firing on prize picks. Also, prize picks is A sweet deal right now. All you gotta do is put in $5 and you get $50 free with code Nelk. So, boys, that's absolutely crazy. It's still the start of the season. Download the app, plug in that code, it's just five bucks for your first time users and then you get 50 bucks free. It's that simple. Also, they got another sweet deal. Caleb Williams is only at 0.5 more. So it's obviously just a lock. It's just a free boosted pick. So when you're making your pick all September long, you can add in Caleb Williams and it's just going to multiply your entire pick. We've been adding Caleb Williams to all our picks. It's so dope, it just multiplies the whole thing. So, boys, download the prize picks app, use code NELK5DS and you get 50 bucks free. So if you're new to the app, take advantage of that code. That's for you, boys. We're firing on prize picks all NFL and college season. Download the app, use Code Nelk. Let's get into the podcast.

Kevin O'Leary (25:05)

Yeah, that's a good question. I was never chasing money, but I became a millionaire when I was pretty young because I took my company public. Probably made my first million when I was 26. Once you make your first million, the hardest thing to do in the world is make the first million. Then the hardest is to make the next four. So you have 5 million. Once you have 5 million liquid in the bank, you're set for life. You can survive anything at 5, but once you get to 5, it's really easy to get to 50. That's what happens. I know it sounds trite, but it's true, because you start investing and you start multiplying that capital. Once you're at 50, there's no holding you back. And so really what I'm saying is getting the first million is the key to success. And the way to get the first million is don't be stupid. Like, figure out what is it, what do I got to do to get the first. And I'm talking a million liquid dollars in the bank, not a million in AP watches or a million in a house. I'm talking about cash areno in the bank. Liquid cash that if the shit hits the fan in your life, you have it there. That's not enough. But five is, no matter what happens in your family. And you've got 5 million liquid making right now 5% in the bank. That's not bad. Then you have all the rest of your stuff for taking risk. But I always have that cash areno in there, and I never let that nest egg go anywhere. And I've met lots of people that feel the same way about it. But when you're young, if you can get the first million by the time you're 30, you're going to do okay. Now people say, oh, I'm going to get it when I'm 23. Not so easy. You're just getting out of college. You haven't really figured yourself out yet. Should be an apprentice somewhere. It feels really good to look at that account the day it's got all those zeros on it. Like, I remember looking at it saying, wow, how do I do this? And then after that, I never look back. I never look back. And. And now it's not. I don't know, it's just not that big a deal. I mean, it's just. That's not what I care about. I don't care about that. I mean, I don't want to waste money, but that's not what motivates me. I'm looking for interesting stuff to do, work with entrepreneurs. Just do interesting stuff.

Kevin O'Leary (33:04)

Yeah, yeah, yeah, yeah. You get to do due diligence. People say things in front of the cameras and the lights in the moment. And I don't blame them for trying to pitch themselves in the best light they can. They've been practicing for months in front of a mirror. But nothing is the same as when you walk out there and the 26 cameras are rolling and the sharks are up there and there's a billion dollars in front of you and this is your moment. This is it. I've seen crazy shit happen. Like people pass out. They go nuts when they don't get a deal. I mean, all kinds of stuff, but it's very unusual. I've seen it all. I mean, I've seen thousands of pitches over 16 years. But I will tell you the three. I should disclose this to you. There are three things present in every successful pitch. They don't know each other. It's different deals. They've never met each other. They don't know this. But if you look at 16 years of pitches on the ones that actually got funded, they all have three attributes, the same three attributes. Number one, they're able to articulate the opportunity in 90 seconds or less. They're able to explain the idea in sometimes 20 seconds. They understood that it was important to just light the room up with an idea. If you can't explain it in 90 seconds or less, you're lost, you're lost. But most of them did it in 30 seconds. That's number one. Everybody wakes up, says, ooh, interesting idea, interesting idea. I've never heard of that before. But that's not enough. The next piece, which takes longer is. You have to explain why you can execute on this idea, what is it about you that knows how to take this and turn it into a business? Did you work for competitor? Did you work to try it before and failed before? I'd rather invest in an entrepreneur that failed than one that's just made it, you know, thinks they can get it right the first time. But something about you that ties you to the idea. Because after all, great ideas are a dime a dozen. Executional skills are really rare. But there's one third one and this is a real bitch. This one is tough because imagine you get the first two right. Everybody wants to invest in you. They're all pitching, they're all want to be part of the deal. They love it. You got to know your numbers. How big is the market, how fast is growing, what's the break even analysis? What is it about this, you know, market that you understand right down to every cent? You know, the business model, how many competitors are there, how fast is it growing? But you get those three, right, you'll find that three attribute in every successful pitch. And it goes beyond Shark Tank. That's the essence of leadership right there. Right there. Those three things are present whether you're a general, a parent, a preacher, an entrepreneur, a manager in some business. That's leadership right there. That's it. And I teach that now because I've seen it so many times. That's it. That's, that's the essence of success distilled into three things that you should never forget.

Kevin O'Leary (40:23)

Well, let me tell you this story. I think you'll find it interesting. When I was, you know, my. My dad died when he was very young. And my stepfather really encouraged me, said, listen, you're listless, you want to be a guitarist, and then you want to be a photographer, and you, you're gonna starve to death. Like you just don't know what you wanna do. Why don't you go to school and take some business degrees? And I ended up doing an mba. I didn't know what I wanted to do. And in the last week of the, you know, they bring in these guest lecturer guys into the class. And this particular guy came in, you know, in the classic. You got 160 guys in this amphitheater deal, and the professor's down at the bottom. You got your nameplate, the there. And you've been with these people two years, going through your. Your masters of Business. And this guy comes in a week before we're graduating, and he. He doesn't say anything. He walks in, he's just walking up and down the aisles and looking up at everybody for like, it felt like forever. It was probably only 90 seconds. And then he said, you guys think you're such hot shit. You have your mba, you're about to graduate, and you're just going to tear the world apart. You're so full of. You don't know anything. A third of you are going to fail within two years. Another third are going to become consultants, and the rest of you are going to work like hell to try and get a business off the ground. And half of you will fail. You don't know anything. You have no experience. And I, you know, I. Barry Nicole is the guy beside me. He's dead now. Great classmate, but God rest his soul. But I really, I leaned over to Barry and said, this guy is such an asshole. You know who that guy is today? Me. That's how I feel. Because I teach now in those classes, they say the same thing. So my point about this is, as you age and you experience stuff that you can never do, there's no way to get experience free. You can't do it. You have to go experience it, lose money, invest in bad stuff. Learn what works, learn about people. A lot of people are bullshitters, by the way, particularly in this town. This is the king of bullshit, Los Angeles. Just so you guys know, in case you didn't know that there's nothing more bullshitty than the the media industry and the movie industry. I've never seen such bullshit in my life, but I love it. Just to let you know. But you have to understand who you're dealing with and you only get you start to get that in your DNA. And so the mistake I've made in investments, I don't do this anymore. But long answer to that question is I don't listen to my gut. I'm writing a check to a guy for half a million bucks. This episode is brought to you by Dutch Bros. Get stoked for all the holly jolly vibes this season at Dutch Bros. Stay cozy with returning winter faves. Hazelnut truffle mocha and candy cane Mocha plus plus the new winter Shimmer Rebel energy drink blends up sweet cream and blue razz flavor with soft top and shimmer springs to keep those spirits energized all winter long. Download the Dutch Bros app to find your nearest shop. Order ahead and start earning rewards.

Kevin O'Leary (57:56)

No, I don't like that guy. Not because he's a bad person. He's just a horrible manager. He's the worst prime minister the country's ever had. And I spend a lot of my time explaining why he's so bad. Because there's an election coming up. It could happen any week. Actually, he's, he's down to almost a non. He's one non confidence vote away. Parliamentary system from Britain. You need to have a coalition that keeps you in power. Your cabinet keeps you in power. When people start to lose confidence in you, you start making alliances with your competitors. In his case the ndp, which is a socialist party. But now they don't like him either. And so he's very, very in very precarious position. But he's had a great run over nine years. Brought the country to its knees. Unbelievably bad management. The way you should do it in the parliamentary system is you're the Prime Minister. You don't have to run anything. What you have to do is hire good managers for the seats of finance Military, procurement, environment, these different cabinet positions. You hire them and you put these people in place, and they work for you. Now, if you don't have any skill at that, you're screwed. For example, he put a journalist in for finance. Minister with no skills whatsoever in finance, never ran a bank. I mean, why would you do that? And of course, she's a total failure. It's unfair to put her in that position. She decimated the company. Capital's leaving Canada like crazy. When she started, it was coming into the country. Now it's leaving. I mean, look, it's sad. It's just sad. It's so unfair to her to do that to her. I mean, imagine when she goes to a G7 meeting or G20 meeting. They must. I mean, everybody in there is from the banking sector, global banking, and she's a journalist. I mean, they must look at her and say, why are you here? Do you want an interview with me? I mean, I just can't imagine what that's like. Anyways, we got to get rid of him. I want to. I can't say enough bad stuff. I spent a lot of time saying it. I go up there and I point it out to people. But remember, you got to respect the success he's had. He's one of the most successful prime ministers in history. Staying in power that long with absolutely no executional skills is remarkable. It's just remarkable what he's going to do afterwards. Well, he won't be running any of my businesses, I'll tell you that. I mean, my goodness, you wouldn't put that guy in a candy store. It. They'll go bankrupt in the first 48 hours.

Kevin O'Leary (69:00)

It's really now about policy. It's, it's. If you could understand what the menu of policy is, which one would you vote for? Because they're not going to change Trump in 58 days. I don't know anything about her because she won't talk to anybody. She may be a very nice person. I've never met her. I don't know. I know. I know her. Her ideas are not good for capitalism. I know that. And that's pretty scary because this country is built on the backbone of capitalism. It's the number one economy in the world, by miles. It's where 50% of all capital is invested from around the world. Every investor from everywhere wants to invest here. And the number one export of America is not a product or service. The number one export is the American dream. And you never want to fuck with that. Like you. That would be. I don't care who you are as a politician, if you don't understand that that is what this country exports. There's a reason people try to cross barbed wire fences to get in here. It's the American dream. They're willing to risk their lives and drown in a river because it's the American dream. It's not any one policy. It's the American dream. And so that has to be the thing that everybody upholds and makes sure sustains itself as it has for over 200 years. So when I hear policies that are crazy, that in any way could affect the American dream. I think that that is the worst idea ever. And so that's what's at risk with bad policy. And I think that's what every politician should think about in this election, is who upholds the American dream. Because that's the thing that makes this country what it is. Not one sector, not mining, not technology. That's all bullshit. The American dream is the number one export, and it's the number one coveted thing that everybody on earth wants. I've never met anybody in my travels that said, I don't want to go to America. I've never heard that ever, ever, anywhere, ever. I've heard it from other in other countries. I want to get out of this country and go to America. And it's the American dream.

Kevin O'Leary (71:27)

I know that narrative. You know, here's a way to look at it from a pragmatic point of view. The cost of the American dream is freedom of speech. That's the price. Which means they'll always be the lunatic fringe, which is two and a half percent of of the population will say things you will find very distasteful. If the price is only 2.5% and the rest works, you pay that price every day. You can't squash the two and a half percent and give up freedom of speech because you give up the American dream. And so everything has a price, and that's what it is. So if you're offended and, you know, everybody thinks, well, we've got to squash this voice or that voice or that voice. America has a way of fixing it all. It just. It takes this rhetoric and this craziness and these nut bars just somehow encapsulates them and passes them by. That's how it works. They don't last that long. It's horrific while it's happening. It's horrible. I hate anything that has to do with, you know, I mean, the way I answer it is you just look at the organization and the people that work with me. I don't care what gender you are, what sexual identity you have, what country you came from, who you worship. I couldn't care less as long as you can execute like you're working with me because you're a great leader and you're a great entrepreneur, and you're a great person that's building a business. So I don't need someone telling me I need diversification. I do it anyways because I hire great people. And I don't give a damn how you, what you are, who you are, how you dress, Any of that stuff. I couldn't give a shit. And that's actually what makes America work. More people like me acting that way, pursuing the American dream in the most efficient way we can and exporting that. That's it. So that's why it works. And so if that takes freedom of speech, fine. I don't like hate speech. I think those people are assholes. But it's the price of freedom. That's what it is. Now that I hope people understand when I say that, because that's what it is.