← The Prof G Pod with Scott Galloway
The Prof G Pod with Scott Galloway
How Allies Should React to Trump, How to Calm Your Nerves, and First-Time Board Advice
00:17:58
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- [00:01]
Scott Galloway
Support for the show comes from LPL Financial. What if you could take that dream vacation or take that idea and go start that business? What if you could grow your career or your company when it comes to your finances, your business, your future? LPL Financial believes the only question should be what if you could visit LPL.com to learn more. LPL Financial member Finra Sipc knows strategy assures success or protects against loss. Investing involves risk, including possible loss of principle.
- [00:34]
Prof. G
Welcome to Office Hours with Prof. G. This is the part of the show where we answer your questions about business, big tech, entrepreneurship, and whatever else is on your mind. What's happening? Little different today. We're coming to you on a Monday, and going forward, you'll be getting office hours twice a week, every Monday and Friday. Why? I don't know. I don't know. I just. I just go where they tell me to go and release pods when they tell me to release them. That's right. Double the episodes, double the questions, double the prop. G if you'd like to submit a question for next time, you can send a voice recording to office hoursproptgmedia.com Again, that's officehoursoft gmedia.com or post your question on the Scott Galloway subreddit and we just might feature it in our next episode. What a thrill. First question I have not seen or read these questions. Our first question comes from 6p on Reddit. They ask, how should America's traditional album allies, including Australia and the UK be responding to the US at the moment through the remainder of the Trump years? And once Trump has left office, Huh? I think Carney's doing it right. Forcefully, yet dignified. I thought his answer in the Oval Office when President Trump suggested that we might buy Canada. So first off, that's just so fucking stupid. No Republican administration, Congress, would never want to buy Canada. Because guess what? If we bought Canada and made them citizens, you'd have Democratic policies for the next 50 years. Because guess what, folks, Canada is bluer than New York or California. So all this bluster, all this sticking up the middle finger and being condescending and ignoring a nation's sovereignty, it's just stupid. And what did Carney do? He came down and he said, well, as you know, as you know from real estate, there are some places that are never for sale. That's true. We're sitting in one right now. You know, Buckingham palace, you visited as well. That's true. And having met with the owners of Canada over the course of the campaign last several months it's not for sale. Won't be for sale. That's a polite way of saying, go fuck yourself. Which I think a lot of leaders would be tempted to say, but Mark Carney's not like that. He's much smarter than me or most leaders. And he said, as you know, some assets are not for sale. And I've been traveling around Canada talking to the owners. I love that. God, that guy's good, right?
- [02:51]
Scott Galloway
I think you're forceful, you're dignified.
- [02:53]
Prof. G
I hate to say this. You probably use this as an opportunity to reestablish or strengthen trading partnerships with non US Entities. You're seeing it all over. Europe is in open talks with Latin America. Japan, South Korea and China are having trilateral talks for the first time in a long time, going, okay, this rich uncle of ours called Uncle Sam has gone fucking crazy. Maybe we should all talk about how we can make more money together. So it presents an opportunity for non US nations to develop trade agreements. Global trade unlocks tremendous prosperity. Does it leave certain people behind and who get hurt? Absolutely. But if you look at the trajectory of global trade and free trade and you correlate it, there is a strong correlation with stock markets and prosperity and wages. You know, global trade is kind of one of the premier post World War II unlocks. But let's go back to the 1890s. Wouldn't that be nice without Netflix or Novocaine? Anyways, I think you're forceful yet dignified, and you take advantage of the tumult and how disgusted people are in the world with America. You want to hear a scary stat? For the first time in history, more people globally think of China as a force of good than America. So you take advantage of it and reach out to who have been traditional adversaries or competitors and said, hey, why don't we see what kind of trade deals or cooperation we can put together to increase the prosperity. And essentially you have what is a $27 trillion economy kind of a yard sale right now. Because I think a lot of our great academics are great researchers, our great supply chain relationships, our great alliances, our great trade deals are kind of up for grabs right now. It's the world's biggest lawn sale. While Granddad isn't dead, he's gone fucking crazy and we're gonna start picking off his assets one on one. How much for that desk? How much for that desk? Thanks for the question. Our second question comes from Jay from Florida on Reddit. He asked Rav G, I was wondering if you could share some tips on calming nerves before important meetings. As an entrepreneur, your story is filled with meeting important and wealthy people and impressing them so much that they lend you loads of money. I would imagine being calm and collected is one of the most important things As a young entrepreneur. One of the scariest things is the nerves and fear right before a presentation or sales pitch. Any advice or techniques would be appreciated. Thanks, Jay from Florida. There's no getting around it. I think if you want to be successful and punch above your weight class economically, even romantically, you have to have a good rap and be confident to speak in front of people. And it's supposedly the biggest fear, the Seinfeld joke, that people's biggest fear is speaking in front of others. It's not even death. So the guy giving the eulogy is worse off than the guy in the box, at least in terms of fears. I think this is hugely important. First off, as a parent, I think it's really important that your kids be in a school that values public speaking. At my kids school, every eighth grader, every eighth grader has to present to the entire school and their parents. It's their eighth grade speech and my son did his on Nantucket. And it's one of those moments where I filmed it and I'll watch it over the few days before I'm dead. Anyway, communication is incredibly important. So what do you do around nerves? First off, I struggle with this. I spoke in front of, I don't know, 800 people about an hour and a half ago and I was fine, and I'm usually fine. I spoke in front of 11,000 about three weeks ago in Hamburg, Germany. God, I'm boasting. Fucking 60 years old and I'm still insecure and desperate for your affirmation. Anyway, what I do is on a regular basis, and this isn't a tip, but just to give you some, I don't know, context. I have a panic attack. I'll get in front of a bunch of people. I can't figure it out. I don't know if jet lag has something to do with it or something else is on my mind. And I get on stage and I get nervous and I start sweating and I start gulping for air. And I look up and I see 202,000, 10,000 people worried that I'm having a heart attack on stage. It's happened probably three or four times in the last 10 years and it's frightening. I feel like I'm gonna die. I feel embarrassed. I mean, not like I'm going to Die from embarrassment. Like, I literally feel like as if I'm dying. And so how do I get around it? So the obvious one is practice practicing in front of your mom or your husband or your friends. And practice in knowing the information is obviously going to make you less nervous, that you're just sort of on rails. I always have slides because they use it as just sort of an anchor for me. And I have a great creative team, which adds to the. The context. Or also I think especially some of the tricks are the following. Imagine that you have real insight into something and it's going to benefit the people. And you imagine that you're doing them a favor, that you're excited to tell them what's going on, right? So that you have real insight, real interesting information that they're going to want to hear and you're going to deliver it some crutches or slides. Obviously, nothing replaces practice, where you're just confident, where it's like, okay, I can do this on rails. Beyond that, I have taken beta blockers and no one will admit that, but supposedly, like a third of the people that testify before Congress take beta blockers. It suppresses the fight or flight sympathetic response. And right after I have a panic attack, I'm so freaked out about having another attack that I take one before I speak just to calm my nerves. And once I go three or four talks without a panic attack, I stop taking them. I don't think you want to become dependent on any one drug. By the way, a lot of concert musicians, violinists, whoever, use these things because it's supposedly calms their nerves and kind of makes them sort of cool as eyes. I also find it deadens me a little bit. I'm a little. And this is why AI companies are overvalued. It's sort of. I lose a little bit of that edge. I get very emotional on stage a lot, and I think people like that, it grabs their attention. I think a little bit of emotion in your voice is fine. Anger, um, I don't know. For me, I get. I get emotional whenever I talk about my boys or the lack of opportunity anyways. But look, boss, nothing, nothing's easy. And nothing, nothing replaces just doing it as much as you can and force yourself. You know, it's doing the hard stuff, the uncomfortable stuff that translates to progress. Take every chance you can in safe environments to present or speak such that you get less and less freaked out by the prospect. But I appreciate the question. And it's something everyone struggles with, including yours truly. See above. Panic attacks. We'll be right back after a quick break. Avoiding your unfinished home projects because you're not sure where to start. Thumbtack knows homes, so you don't have to don't know the difference between matte, paint, finish and satin or what that clunking sound from your dryer is. With Thumbtack, you don't have to be a home pro, you just have to hire one. You can hire top rated pros, see price estimates and read reviews all on the app. Download Today.
- [09:48]
Scott Galloway
Support for the show comes from LPL Financial. On this show, we talk a lot about financial security. It's the goal that so many people simply don't find attainable. But one of the most important steps in actually pursuing financial security is believing it's possible and asking yourself the question, what if I could? Helpdale Financial is in the business of possibility. They empower financial advisors and individual investors like you to dream big by removing some of the obstacles and providing the services to help them reach exactly where.
- [10:14]
Prof. G
They want to go.
- [10:15]
Scott Galloway
Like what if you could actually retire young? What if you could start and grow a business that you've been talking about for ages? What if you could invest with less hesitations and more help? LPL Financial believes the only question should be what if you could? Visit LPL.com to learn more. LPL Financial member Finra Sipc no strategy assures success or protects against loss. Investing involves risk, including possible loss of principle.
- [10:50]
Prof. G
Welcome back onto our final question.
- [10:55]
Jason
Good morning Scott. This is Jason from the Lower Hudson Valley of New York and I've been a longtime fan. Some context before my question. I am a stay at home dad of a 17 year old and twin 15 year olds, all boys. In addition to all that goes on with having teenage boys and getting ready for college. Side note here, I've been especially appreciative of the ground you've been covering on this front. One of our guys is severely autistic and was admitted to a residential program. There was a lot to reconcile leading up to this decision, but we understood the impact this would have on his life and ours. The decision was transformational and as a result I became engaged with his school. And as a result of that engagement, I I was recently appointed as a board member of their foundation. Which leads to my question. Having spent the better part of the last, let's call it, 12 to 13 years of my life as a straight up 100% dad and having never been on a board, what the hell am I supposed to do? Again, as a longtime listener, I know as the new guy. I should just shut up, listen and learn. But beyond the theoretical advocacy for stakeholders, what does active engagement specifically for a foundation look like from your perspective? I appreciate the time and a shout out to the entire Prof. Team Media team. Thanks.
- [11:59]
Prof. G
First off, really moved by your commitment to your kids and also just how difficult that decision must have been and just how difficult it must be to have a young man who is facing struggles. And that's not to say really pissed me off when RFK Jr said the autistic person will never get married, never pay tax. Bullshit. I think a lot of our most successful people are autistic. It sounds like your son has real struggles and that you and your partner have made a difficult decision for around what's best for that person. And I think that at the end of the day our prosperity means nothing. Our intellect, our strength, our resources, we aggregate mean nothing if we don't protect. That's the whole point of all. It's a whole shooting match is such that we can protect others. And it sounds like you're doing that and your son is really lucky to have you and your partner anyways on a board. Nonprofit boards are a little bit different. The board of a private or a corporation is essentially there to hire and fire the CEO and make sure and represent, be a fiduciary for shareholders and that is make difficult decisions around where they invest such that you can allocate capital to a better return than your competitors and the stock will go up. That's primarily what boards do. Now how that translates to day to day is they're there to decide if and when to sell the company. If there's an offer and they're there, essentially their primary job is to hire and fire the CEO. A bad board can ruin a company with a good CEO, but a good board cannot save a good company with a bad CEO. Your most important job, and I think this is true in nonprofits. I was on the board of my kids school which is a nonprofit, is to make sure you have the right guy or gal in the top seat. That's it. And now let's assume you do, then your job is to be supportive. What often happens on nonprofit boards is a lot of people are on that board because they want to project importance in their board. So they go on the board of nonprofits and they think because I'm on this board and I have opinions that I'm going to express those opinions and concerns and they become just liabilities and they just heckle from the cheap seats and that is I find the most effective board members are the board members who the head of your foundation would call you and ask for your advice around a specific domain. Ask good questions, but you're there essentially to be a resource for the CEO because you're not working there full time and what you don't want to do is consistently forward ideas and ask questions and pretend I was a shitty board member. I went on my first public board about 25 years ago and I thought it was my job to give the CEO a hard time and play stump the CEO and ask the CEO hard questions. No, that's not your job. Your job is to be supportive of the CEO until you don't think they're a good job and then replace them. But until that point, you're there to be supportive of them. So what is that? Trying to offer up your domain expertise, Ask thoughtful questions. Not to listen to yourself speak in the board, but to try and be helpful and think through things. I think you're smart in your first couple board meetings to just listen such that you establish some credibility. I find the most powerful board members are ones who don't speak very much, but when they speak, kind of everyone nods and listens because this person doesn't waste other people's airtime. Kind of an economy of words. And then hopefully that person begins to call on you. Also, on a nonprofit board, there's just no getting around it. I would say half of nonprofit boards, if not 80%, are just fundraising vehicles. I remember the first meeting I had, I was asked to do the strategy for my kids school and I'm like, okay, this is the strategy. We have a bunch of wealthy parents, we have a big endowment, we're going to raise a shit ton of money. Because everything around diversity or after school programs or all the cool ideas that everybody has all reverse engineered on one thing and that is money. And that's our competitive advantage here is we have a much wealthy parents. And I also said, and everyone on this board either needs to have specific domain expertise around education or be giving a shit ton of money. And everyone was horrified. Well, that's what, quite frankly, that's what nonprofit boards, many of them, are there to do. Does that mean you need a lot of money and to give a lot of money? Not necessarily. But be thoughtful around finances and how you guys are going to raise money and how you can tap into wealthy donors. But if you wanted to be a great board member, help your CEO on specific issues where you have domain expertise, be supportive of that CEO. Be seen as, as an asset, not someone they need to manage and quite frankly, help them find the resources they need to execute against their vision. Let me finish where I started. I think your son is lucky to have you and you're doing. You know, my boys are giving me purpose and I imagine that your boys give you purpose and wish you the best. That's all for this episode. If you'd like to submit a question, please email a voice recording to officehoursoropertymedia.com Again, that's officehoursoropertymedia.Com or if you prefer to ask on Reddit, just post your question on the Scott Galloway subreddit and we just might feature it in an upcoming episode.
- [17:11]
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