← How I Invest with David Weisburd
How I Invest with David Weisburd
E206: Inside Miami’s Billionaire Boom: The Real Reason Behind the Migration
00:38:10
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- [00:00]
A
Had this incredible influx of migration from high tech states like New York. Bezos, Carl Icahn, Ken Griffin. How do you build on this momentum?
- [00:09]
B
You have to take advantage of the quantum opportunities. When you think about how we took this quantum leap, there were four major factors that conspired to come together. We were open while other cities were closed. Remote work. We're doing a podcast remotely, right. So this phenomenon of remote work certainly benefited Miami. Obviously, tax policy, federal tax policy, which was the salt deduction going away, favored Miami. You know, our attitude was pro growth, pro business. What's the next one? I didn't know what it was going to be and it's now becoming very evident to me what it's going to be.
- [00:43]
A
Reflecting back on your seven and a half years as mayor, what accomplishments are you most proud of?
- [00:48]
B
I can point to projects or specific wins, like bringing an MLS team to Miami. Right. And building an unsubsidized stadium that's going to generate billions of dollars in revenue and now has some of the best soccer players in the world in Leo Messi, Jordi, Alba Busquet and others. Or I can talk about the ecosystem of Miami after the how can I help Moment, where we created an ecosystem, where we attracted companies that manage $12 trillion in assets. Coming to our, you know, to our ecosystem, where we became the. Where we have the lowest unemployment in America, where we have the highest wage growth in America, where we have the lowest homeless rate in 11 years. It was never about putting numbers on a board. Right. It was always about the humans, the human beings, the citizens, your city, the image of your city, and how it affects each one intimately that you really cared about. And so it was never really about the specific things. It was really more about doing a good job and working hard.
- [01:49]
A
You've had this incredible influx of migration from high tax states like New York. And you mentioned Bezos also. Carl Icahn, Ken Griffin famously moved from Illinois. You've gotten this very elite part of the network. How do you build on this momentum and get the next tier? Maybe not the DECA billionaires, maybe not even the billionaires, but either the entrepreneurs that have had a couple of successes or maybe even just getting started in their 20s and 30s.
- [02:16]
B
You have to take advantage of the macro opportunities, right. Or the quantum opportunities. Right. What are those? When you think about how we took this quantum leap since 2000, right. There were three or four major factors that conspired to come together, but we took advantage of them. What were the major factors? Covid? Right. We were relatively open while Other cities were relatively closed. Remote work. You know, you could come and be in a place like this right behind me. And what we're doing right now is remote, right? We're. We're doing a podcast remotely, right? So this phenomenon of remote work certainly benefited Miami and I think, obviously, tax policy. We talked about tax policy, right? The federal tax policy, which was the salt deduction going away, significantly favored Miami. And then I think the fourth thing was attitude. You know, our attitude was pro growth, pro business. While other cities like New York famously rejected Amazon after winning the HQ2 prize, California famously told Elon Musk f off. And he said, message received and left, right? So our attitude was, you want to move Silicon Valley to Miami? How can we help? Right? We had the completely different attitude. So that was one major macro moment, one major quantum opportunity that we took full advantage of. What's the next one? And I didn't know what it was going to be. And that's now becoming very evident to me what it's going to be. It's going to be on November 4th of this year, and that is the election in New York that will be our next quantum opportunity. If New York elects a socialist, communist, socialist, whatever you want to call it, government is a solver of all problems, politician. It will become another massive opportunity for Miami, one for people from the Jewish community who feel that the incoming potential mayor is antagonistic to the Jewish community or has made statements that are antagonistic to the Jewish community. Miami is the safest place on the planet for Jews to live and the most welcoming, and we embrace that. We love that. We will continue to shout it from the mountaintop, right? So for us, that's a competitive advantage for us. And secondly, if you're going to continue to go in the opposite direction and tax the wealthy, right, and continue to burden people with more taxes, people are just going to be fed up and they're going to say, that's it. If you happen to be in both those categories, wealthy and Jewish, I mean, it's like there's going to be a massive, you know, there's a. There's like a Venn diagram, you know, overlap there. And, you know, I think so I think whoever becomes the next mayor of Miami, because this will literally happen as I'm, you know, evolving out, really, and I'm going to do it right between now and the election, right? I'm going to certainly do it. But whoever becomes the next mayor needs to pick up the baton and really run with it. And, and, and that's how I'm 47. I'll be 48 in October. That's how Miami will have another decade of Runway and success. Right. And so I firmly believe that. I believe that cities at some level, are competition for talent and capital. Right. We want to be what we call the capital of capital, and that's human capital and actual capital. Right. Money, financial capital, so that we can build companies and scale companies. Right. That's how you do it. So we think we can do that in this generation. But without, without a doubt, you have to be intentional. You have to put your foot down on the accelerator when the opportunity presents itself. And I think this November will be one of those moments a lot of.
- [05:51]
A
People say, I'd love to move to Miami, but. And insert the reason these are kind of the bottlenecks for your next quantum leap that maybe keep you from there. What are some of those bottlenecks? What are you doing to address them?
- [06:06]
B
I'm going to answer this question two ways because I want to. I want to talk about something that's slightly different but. But related. So let's talk first about the question as you asked it. Right. Which is someone who wants to move to Miami. What is the bottleneck that they will often articulate? Almost, almost universally, that bottleneck, particularly if they're coming from wealthy areas of the country, is education, educational opportunity, schools. Right. I can't get my kid in to name the school. It's. There's just a capacity issue. There's. There's too much demand and not enough capacity. So that's something we're going to have to deal with in the short run. I've done all kinds of things from the zoning perspective in the city to basically make it as liberal as possible, to be able to have a, you know, a school in our city zone, what they call as of. Right. Without you having to go back to government, ask for additional permission. So that's. That's probably the number one thing. I think the number. The way I would like to answer the question a little differently is this. And I notice sometimes in the comments when I. When I speak long form, you know, podcast, and I'll talk about, you know, I, first of all, stole all of Miami's virtues. That's my job. I'm. I'm the mayor, Right.
- [07:19]
A
Born and raised in Miami.
- [07:21]
B
I don't know. Sometimes I feel like sometimes I don't know what my residents expect. They expect me to come out on a show and talk bad about my city. That's not going to happen. Right. Like, I'm the mayor. I was born here. I love this place. I think the world of it. I'm not blind to the fact that we're not perfect. I don't think there's any city in the world that's perfect. There's no city in America that's perfect. There's, you know, we. And by the way, in our imperfections, if you will, are often common defects that all cities confront. So it's not that. And we may have it at a little bit greater scale than others. And I'll give you an example of one, which is, you know, housing prices or, you know, the fact that we become expensive, number one. Yeah, I think we are. We've become more expensive. There's no doubt about it. And, you know, and it's almost like, you know, sad when I'll have somebody criticize me and say, you know, the mayor, all your policies, everything you've done, you've made Miami more expensive. And the answer is, well, first of all, of course, I haven't wanted to make Miami more expensive. That's not the goal. Right. The goal is to make Miami the best city in the world. That's the goal. The byproduct of making Miami the best city in the world is that we're more expensive. Right. Because demand drives prices. Right. So if people want to go there. Right. And so they don't want to be in Colombia for the reasons that we mentioned, unfortunately, or if they don't want to be in New York because of the reasons that we mentioned, they're going to come to Miami. So, yeah, I mean, could we do better? Of course we could do better. Any city could do better. Every city could do better. Right. And I think every mayor. And again, this is like, not a Republican, Democrat thing. I think every mayor in America, regardless of their party, is striving to do the best that they can and create the best city that they can. So, yes, we do have problems. I'm not sitting here and telling you we don't have problems, but I'm never going to increase taxes or increase homelessness or increase crime or increase the things that will make our city less attractive to reduce costs.
- [09:15]
A
Your father, Javier Suarez, just announced his candidacy for mayor. He was mayor when you were a child in 1985. What advice. If he asked you, what advice would you give to how to run a successful campaign? 2025.
- [09:29]
B
I thought about this question. You know, one of your staff members has shared this question with me. I think it was a. A good question for me to think about and contemplate rather than just answer. And I'm reminded of Jeb Bush's presidential campaign, his last one, right? Where there's only one where he ran for president. And, you know, he had been a great governor, and he had taken a long time off from being governor to running for president. And you could tell, right? You could tell in his performance. And I think. And by the way, I'm a huge Jeb Bush fan, so if he watches this, please, Jeb, you know, I don't mean this in a bad way. I love you. I think. I think he would admit it. And in fairness to him, you know, politics in today's day and age has become like an MMA fight, right? And politics in my dad's time in the 80s. And actually my dad was. He was mayor in the 80s, but he was a county commissioner way more recently. So, like, in fairness to him, he. He was a county commissioner as of, like, a few years ago, but between the 80s and 90s and now, it used to be boxing, and now it's like mma, right? And, like, it's far more, you know, sort of nasty on the one hand. And I think the second part of it is that you really have to understand communications in a different way. I was actually, interestingly, watching somebody was circulating the other day, an interview that they did of my father at a Miami playoff game in 1992 in the Miami Arena. And I was watching him do the interview, and he did a great job in the interview, you know, and I think about him today, and I think about, you know, all these podcasts and all these different alternative ways to get your message out, right? And I think the advice I would give him is, is to try to do your very best to understand the world of communication, because it is different today than it was even 10 years ago when he was a county commissioner. A few years ago, he was county commissioner than it was even, you know, obviously in the 80s and 90s when he was mayor. So I think, to me, that's the most radical difference I have. For example, a. I'm blessed to have a social media channel with. We just hit the 160,000 person followers threshold on Instagram. So I think as mayor, I'm probably one of the highest social media followings in the country. But the beauty of that is it's a direct. I look at as direct to consumer, right? Like, I can say whatever I want to say directly. Right. And the other thing I thought about it yesterday or the other day, which was I think it's really cool, is when I reflect on my mayoralty and my kids. So again, I'm going to go back to the example I just used of watching my dad do an interview in the Miami arena in 1992. Once in a while I get to see an interview of his or a speech cut up or whatever, or, you know, it's very rare. My kids are going to have, and they're a little younger than I was when my dad was mayor. My kids are going to have a very comprehensive chronology of my mayoralty because we have documented it in social media, right? Like, and it's all positive, which is beautiful because in some way it's going to be not 100% telling of everything, right? Because obviously when we're telling our story, we're telling the best version of it. And I'm not saying we're ever being disingenuous. We're not. As a matter of fact, part of the problem with present day media and part of the reason why, you know, podcasts are so prevalent, like you said, the long form conversation is so important is because you can be your authentic self. There's no filters. Nobody's filtering me, right? Like, no one's editing me, no one's. I get to just talk. And for better or for worse. And so I think the beauty of my social media is it's going to tell the story of my marital team and it's a positive story and it's going to be a positive thing because it's going to be, it's me the one telling the story, right? It's like, it reminds me of a famous Winston Churchill quote where he says, you know, that history will be good to me because I intend to write it, you know, and so in a sense, and it reminds me of another saying, which is if you're not telling your story, somebody else will and you're not gonna like their version of it, right? And so another one that I use a lot. So it's, it's, it's our social media is our ability to tell our story, what we've accomplished, what we're done, what we do every day, three times, four times a week, five times a week. And it will bring back to me incredible memories of the work that we've done for 16 years now.
- [14:08]
A
I think the paradox of modern communication is there's the 15 second clip and the two hour clip and almost nothing in the middle. And you have to be proficient in both.
- [14:18]
B
There's so much more. There's, there's a two minute story, right? Every day, every night on television, there's the print. There's, you know, there's blogs, there's print Internet sites. Then there's, you know, then there's a 3 minute, 5 minute, 7 minute segments in cable. Right. Like when you go on Fox or CNN or MSNBC or whatever, those, those tend to fall into that category. So you just have to be good at all of them. You know, you have to be good at communicating, period. And that means, you know, oftentimes condensing what you want to say, simplifying an idea, you know, finding a way to connect, which is always so hard for your empathy to shine through and your, and your sincerity. So it's, it's, it's, it's hard.
- [15:05]
A
I spoke to a friend in the Trump administration. He said you're still the favorite to be the ambassador to Saudi Arabia. Obviously, I'm guessing you can't comment on that, but if you take a step back and look at the relationship between the kingdom and the United States, what are some low hanging fruits for collaboration? How do, how do we become better allies with Saudi Arabia?
- [15:26]
B
I don't know if it's low and you're right, I won't comment on it. But I don't know if it's low hanging fruit or not. But I think left to be done and should have been done under Trump 1 and would have been done done if Trump would have been reelected. In my, my personal belief is the, the extension of the Abraham Accords to Saudi Arabia. I think that's, that would have been, and that probably is priority number one under the Trump administration. Obviously they have a lot on their plate. They're dealing with the Russia, Ukraine, you know, war, they're dealing with, you know, what's going on in Gaza. They're dealing with Iran. Right. So they are, they are, they're busy. They're very busy. And then they're dealing with the domestic issues that they have. So they've been very busy and they've been, in my humble opinion, extremely effective. They've got a very effective team. Marco Rubio is a great Secretary of State. Steve Wyckoff is an incredible Middle east envoy of peace. I mean, what he's done with hostages, what he's, you know, he's become a pinch hitter for all kinds of different conflicts. So they have a great team. I think one of the biggest, biggest strengths of Trump administration number two is who they've chosen. You know, and even in the case of Marco, he's now not just Secretary of State, but he's National Security Advisor. Right. I mean, this, there's a lot of good stuff that they're doing. And so I think that's one. I think Saudi has positioned itself very intelligently over the last couple of administrations, right. Even in the Biden administration where they didn't, you know, let the Biden administration really bully them on increasing oil production in advance of the midterms. Right. On, on, on having to deal with the fact that Biden called him a pariah, then wanted to do a fist bump with, with mbs, right. Like, so there was just a lot of challenges there. And I think Saudi managed it well. They did their, their deal with Iran through China, which I think put us on notice, like, hey, you're not the only game in town if you're, you know, not going to become a strong ally and help us in our national defense and help us on some issues of our priority. You know, the, the sale of raw materials, even nuclear material. You know, there are other, there are other players in the game, right. And so I think they've been very smart. But I do think, to your point, David, I think that there's a lot of opportunity for collaboration. I mean, we were hosting Saudi hosted talks between Russia and Ukraine that the US Led, right. In terms of ending the war, I think there's a great natural affinity. Saudi Arabia wants to be aligned with the United States, right. From everything that we know about the long history and the long partnership and being an ally for so many years. I mean, we staged our troops during the Kuwait Iraq war in Saudi Arabia, created a lot of. It's part of what birthed Al Qaeda, right. Is Al Qaeda was birthed in part out of anger, resentment for the fact that Saudi cooperated and collaborated so much with the United States. And we're both super aligned with, and so is Israel with the eradication of Islamic extremism, right. Which is something that has created all kinds of problems throughout the world, but certainly in the Middle East. And so I think those are multiple bases for collaboration. As you look at Saudi's 2030 plan, right. And how they want to grow as a country from a population of about 35 to 60, they want to almost double their population. For them to do that, I think there's got to have, there's going to have to be tourism increase significantly. They're going to have to continue along their path of that they've been on right of making internal changes that have been very successful and have led to the people seeing Saudi differently. And I think that the United States is going to play a big role in that. Right. And I think United States investment, United States infrastructure in terms of construction companies, et cetera, are going to continue to do more business in Saudi, and so will other parts of the region.
- [19:29]
A
You were part of the famous trip with Trump to Saudi. What were some of your takeaways from that trip, and what was it like being on the ground in Saudi Arabia?
- [19:41]
B
It was one of the most incredible moments of my life. There's a picture where I'm with Trump on the left and mbs, His Royal Highness the Crown Prince on the right, and I got to share a few private moments with them, and it was surreal. I mean, it was surreal to be there and to be the only mayor in the world. Not the only mayor in America, not the only mayor, you know, in Florida. The only mayor in the world there was very special for me. And I think it highlights. Not me so much because it highlights what Miami is and what Miami can be in the conversation of, you know, these worldwide issues. Being on the ground there, seeing the convening power of the president and the Crown Prince, right? Like, you had the most incredible people in the world, top 50, top 100 people in the world there. And they're all there, right? They're all there and want to be there. And. And we're all like little kids at some level, right? Because it's giddy to be with all these incredible people and to be with these incredible world leaders. Right? It's. It's a surreal moment, and I think it takes your breath away, no matter who you are. I. I sure shared a car ride with Jensen Huang, like, just going from one place to the other, and I'm like, what am I doing? Like, this is crazy, you know? And again, we had a nice conversation in the car, but it's just like. It's those kinds of surreal things, right? So just really, really interesting for the country. I think the. It was a masterclass for the president. I have to give him a lot of credit. He came in there, he, you know, lifted the sanctions on Syria on the basis of the Crown Prince's recommendations. You know, he had a very successful economic trip, you know, because it was there in UAE and also in Qatar. And so I think it was a world, you know, sort of a masterclass in diplomacy for the president and one of his many, many, many successful foreign policy victories in a very short period of time.
- [21:41]
A
You're one of many people that ran against Trump in the last election cycle. You got to know him really well. As you mentioned, you were the only mayor invited. You've built a relationship with them over time. What makes him so good at his diplomatic role? And what skill sets does he have that that translate to being a great diplomat? Today's episode is brought to you by Square. Smart, streamlined tools to make running your business simple. Because the right tools make all the difference. One of the things I love about Square is how seamless it makes everyday transactions. Whether I'm at my favorite local coffee shop or buying my favorite strawberry banana smoothie, the experience is fast, easy and reliable. No fumbling for cash or awkward tech glitches. It just works. Square keeps things simple because who has time for complicated things? It's like having a personal assistant that never clocks out. You get smart, easy, use tools that let you take payments, track sales, manage staff, and more, all from one system. And here's the best part. Square keeps up so you don't have to slow down. Get everything you need to run and grow your business without any long term commitments. And why wait? Right now you could get up to $200 off square hardware at square.com go how I invest. That's S Q U A R E.com go slash how I invest. Run your business smarter with Square. Get started today.
- [23:02]
B
He has a lot. I'll tell you. He was, I was. So I'll tell you this. I don't look at it as I ran against him. I look at it as I ran in the same election as he did, right? Like, I had my own vision, I had my own ideas and I had my own theory of the case as to why I was the best person. I don't, I don't really run against anybody, Right. I'm running, you know, because I thought I was the best. Having said that, when I dropped out of the race, he was the first person that called me. The first person to call me, right? So there was a ton of candidates, right. I forget what it was, what the number was at one point. I know it was like 11 or maybe even 15. He was the first person to call me. This is the former President, United States, the first person to call. So I think that humility and awareness and obviously he has a great team, right? Because obviously, you know, I'm sure his team also told him, like, hey, this guy's dropping out. You know, you should, you should call the humility, the awareness, the hard work to say, I want to be first. I'm going to be first. I'm going to make sure nobody gets ahead of me. I think that's one. I think number two, traditional politicians are not always Great negotiators because they don't necessarily have to negotiate for a living. I think one of the things that Trump and the President and I have in common is we both came from the real estate industry. You know, we both cut our teeth in the private sector. I can give you a, you know, I'm not trying to throw DeSantis under the bus, but, you know, the governor was a JAG officer, he was a congressman, he was a governor, right. So he had three public sector roles consecutively. Right. He didn't really. I spent my entire career in the private sector. Right. Even though even as a public sector actor, I was able to work. So I work for a living, Right. I don't rely on my public sector salary. And so I understand what it's like to make a payroll. I was in a small business. I understand what it's like to be, to meet, to meet numbers, quarterly numbers and, you know, and every day is a day of pressure because every day you have to produce, right? And when you produce well, you get rewarded and when you don't, you pay the consequence. Right. So I think the President has demonstrated that he knows how to negotiate and use leverage and, and use the country's economic and military might as a leverage tool. Right. When he said to Colombia to go back to Colombia as an example, that he was not going to allow certain diplomats to come to Miami or to come to the U.S. right. And he shut that down, in addition to increasing the tariffs, I mean, it was a masterclass. I mean, he got Mexico's president, newly elected, to agree to put more troops on the border. Right. And the border has essentially stabilized since the President became president. Right. From all accounts, no one, even Democrats, I don't think, are disputing the fact that the border has been essentially closed. Right. So I mean, he has really. And then I think, I think the third thing is, you know, and I can certainly attest to this on a personal level, his team today is significantly better than the prior administration's team. I mean, significantly better. I mean, these are people who are incredibly accomplished in the private sector, most of which have built billion dollar businesses in one generation, okay. Versus ideologues, academics and people who, you know, were not even a players under the prior Democratic president's administration. Right. So you're talking about huge difference in talent. Huge difference. And, and so when you have a very talented guy and then you're starting five, let's say, are super talented, you have a talented coach and a talented starting five versus guys that shouldn't Even be in the pros. You know, it's just a huge performance differential, and that's what you're seeing. He's already accomplished his, his economic plan. Right. The beautiful bill. And now we'll see what other things legislatively he has in mind. I think he's got a very clear Runway. And if he continues to stack up wins in advance of the midterm, he can do something no president has done in a long time, which is hopefully keep control of both houses of Congress so he can continue to execute on his agenda.
- [27:31]
A
I don't typically flaunt my credentials, but one of my master's in psychology from Harvard and looking at President Trump from far away, I've never met him. It seems like he's dramatically a different person from his first term. It's almost like two different people. A, have you seen that? And B, what do you attribute to that?
- [27:49]
B
I have seen that. So I answer it in two or three different ways. He's probably a different person. A, because first of all, they tried to indict him and they tried to kill him. So, I mean. And he survived both of those things, Right? So I think psychologically, you know, as a, as a, as a Harvard psychologist, I think you would say that there's a tremendous amount of potential trauma there, right? And if you survive those things, you are enlightened at some level, right? Because you realize, A, the fragility of life and the fragility of your freedom, and B, you know, at some level you have a sense of confidence that, hey, if I survive this, what is God trying to tell me? Or what is like, you know. So I think that's part of it. The B part I don't think he gets enough credit for, which is he has a lot more experience, right? Like, he has a lot more experience. And I would say two things. And I heard, I think it was Eric Trump talking about this, or maybe it was Donnie talking. It might have been Donnie talking about this on Fox just yesterday or the day before. And he was focusing on the four years that they were out of office. And I think people discredit the experience that he got in those four years as well. In other words, you get four years to do things and you get four years to contemplate what you did right or wrong, and then another four years to do things. And I actually think it's interesting. Having that four year hiatus in a way is actually quite good because it gives you a lot of time to reflect. Obviously, he had to fight tooth and nail to stay relevant because typically when you lose in a reelection, you're gone. Like I've never seen. I mean, I don't think I've ever seen anybody politically just rebound like that the way he did. He stayed relevant. He didn't let people put him in the coffin, literally, figuratively, judicially, in all kinds of ways. Because it wasn't just judicial and it wasn't just literal. It was also figuratively. Because again, most of the time when you lose, you're forgotten. Next day in your politics, you lose, you're done. Good luck trying to climb that mountain again. But he found a way to stay relevant and by endorsements, by keeping himself as the standard bearer of the party. And none of us could get him off that mountain. I mean, we all ran, right? We all ran with a view that we were the best candidate. And obviously the people thought otherwise, right? People thought he's the best candidate. So I think he's changed in a lot of different ways. I think he's always been charismatic, but I think he's more. Seems to be calmer, he seems to be a little bit more, rest assured, more confident, if that's even possible at your age, to actually become more confident. He was a TV star and obviously a personality for many, many, many, many years. And there, you know, but still nothing. To be the president, United States, that's a whole nother. That's a whole nother ball game. So he was president, he was former president, so he was in that sort of limelight for a while. And I think he got, he grew into it and he got accustomed to it. And I think he now understands and appreciates what it means to be presidential and why it's important. And I think, you know, maybe he didn't, he didn't have that nuance at the beginning.
- [30:59]
A
I think paradoxically, going through a near death experience can both give you clarity. It's both very humbling and empowering. It both, like, brings you, like takes away your ego, but also says, and I still survive now let me go do what I'm here to do. So it empowers you as well.
- [31:19]
B
It gives you a sense that it can be taken from you at any moment, but it also fills you with purpose because it wasn't taken away. I now have all this purpose that I need to fulfill and it gives you drive and energy and confidence.
- [31:34]
A
As you said, going back now almost 16 years ago, when you had just turned 32 and started as a civil servant in Miami, what advice would you have given a younger Francis at that time that would have either accelerated your success or helped you avoid mistakes.
- [31:56]
B
I'm gonna answer this question a little differently, but I will answer the question and then I'm gonna, I'm gonna sort of pivot a little bit. What I would have told a younger Francis is not to put limits on himself. Right. I think, I think when I was younger, and maybe people will be surprised to hear this, I lacked a lot of self confidence. Even though I was a public official at 32, I was still along. I was still in my journey of knowing who I was and I was still in my journey of feeling comfortable in my own skin and sort of like the self confidence journey. And I think maybe that would surprise some people to know. I actually, this is going to sound counterintuitive when I'm going to say I actually would not give myself any advice to avoid mistakes. I'm going to explain to you why I think mistakes are probably the best learning tool that a person has. So if you avoid mistakes, you don't have that, you don't learn, right? So, yeah, could I have said, hey, I've learned what the mistakes are? I'm going in the DeLorean back to the future right back, and I'm going to tell you what the mistakes are so you don't make mistakes. You know, I don't know what other mistakes that would have made me make, right? Because, because that would have potentially, let's say I didn't make those mistakes. Would that those learning lessons that humbled me and made me better and stronger, would they be replaced with hubris? Right? Because I didn't make the mistake and then create and cause other bigger mistakes, Right. I don't know. So I remember when, I remember when I was told initially that I had made the debate stage when I was running for president and then later informed that I was not in fact going to make the debate stage. And I remember very, very clearly, I was in Milwaukee in advance of that debate and we had Airbnb the house and I was in the backyard. And I remember vividly walking in the backyard and thinking, God has a reason for this. What would have happened had I gone to the debate state? Would I have made a mistake that sounded foolish? I'm embarrassed myself, embarrassed my city, who knows? I mean, you just don't know. What is God protecting me from? There's a great poem and I've been citing it a lot lately. It's called if by Rudyard Kipling, Right? And he. I don't know if you. Have you, have you read the poem no, you gotta read it. That's my homework. Very, very short poem to love it. And it's a father telling his son, you know, what it is to be a man. And one of the lessons is to treat victory and defeat as the same imposters, right? And I think that the lesson is that succeeding, you know, doesn't always, it's not always the best thing for you, and losing is also not the worst thing for you, right? Sometimes you learn a lot from losing. And sometimes you're at your strongest when you're at your weakest because people want to help you. And when you're at your strongest, you're actually your weakest because people are jealous of you, resentful of you. You know what I mean? And, and they're like, look at that guy. He's got it all. Like, like, can't wait for him to stumble, right? Or, or trying to precipitate your stumble. So I, I, I know it's a lot of kind of counterintuitive advice, and maybe people might think it's gobbledygook or whatever, but that's my life view, right? You know, other than that, you know, I would, I would probably tell my younger self it's going to be okay. You know, like, don't worry about it. It's all going to work out. And I do work with a mindfulness coach. I've been working with him for a little over a year. And one of the exercises is we just look back five years, right? And he said, if you look back five years, you know, could you have predicted what was going to happen in your life in five years? And I told him, absolutely not. I said to him, as a matter of fact, if God himself would have come down and said to me, hey, you get to write the next five years of your life. I'm, I'm going to pretend that I'm a genie now, right? God's going to convert himself into a genie, and you get to, you get to rub the lamp and select what you're going to do for the next five years. I don't think I could have come up with something as fantastical as what actually happened. I don't think it would have been even my realm of, of thinking, of possibility. Do you think I ever would have thought that as a mayor of Miami, I was going to be the President, US Conference of Mayors? Or that I was going to one day be in front of the President, United States and the Crown Prince of Saudi Arabia having a conversation with them as if they were My friends, you know, that would never have occurred to me. It would not even occur to me, right, to put that into the genie lamp. So, you know, I just think that that's a testament to how great God is, and that's a testament to not limiting yourself, which is something I talked about before. And it's a testament to having faith and embracing the unknown of the future, Right? The fact that there is an unknown future. Because I know we talk about goals, and goals are important because they set the course for your action, right? So I'm not sitting here and telling you not to have goals or anything, but I also want you to be open to what the future has for you, because it may be better than even you think. It may be better than even these impossible goals that you might set.
- [37:19]
A
To quote Alex Hermosi, failure is the feedback. People think sometimes in order to succeed, I need to deal with this rejection and these issues, but that is actually the feedback. It's not. It's not something that comes with success. It is how you get to success, and it's. It's impossible to disentangle it.
- [37:36]
B
And I think the older you get, the more you embrace the pain that comes from that, right? Like, at some time when you're young, you're like, why is this happening to me? This is terrible. This sucks. You know what I mean? Like, I don't want to lose or I don't want to whatever. And the learning process that comes from that is more gradual, more painful, and more may take. Maybe takes longer, right? When you get older, you start to see it happening here. Like, okay, this is. I'm about to get my butt kicked, right? And I see it happening, and I know that it's okay. I know it's going to be over eventually. I know that it's going to be painful for a period of time, and I know that I'm going to learn from it. So just let's get to it. Let's get to the process. Let's just get going, and let's see how quickly we can come out from, you know, come. Come out from the other side.
- [38:22]
A
Coming full circle. You're the reason that I originally moved to Miami. I met my now wife as of last Saturday and moved to New York. But she wanted me to make sure this morning to tell you we have a place in park west that holds 300 people. You're very welcome. We don't use it enough. You're very welcome to use it for whatever purposes. So. So please come visit us in our neighborhood or New York City. And thanks so much for spending time and looking forward to catching up in person.
- [38:52]
B
Thank you, David. I wish you and your wife the best, the happiest future and success, and certainly when I'm in New York, I'll look you guys up.
- [38:59]
A
Thank you so much.
- [39:00]
B
You got it.
- [39:01]
A
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