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[Music] So all right so what does this mean for The average person should they not Invest in crypto should they what should What about exchange I mean we talked About before you shouldn't really have The money on the exchange yeah we should Have your coins on an exchange okay Um so what does this mean for the Average person that is a crypto novice And just hearing about this uh you need To invest in the top two Bitcoin and Ethereum and I still don't love ethereum But if I have to pick two of those to be The two I do need to issue apology to to Coinbase though Um I think I still think the coinbase is Going to have some troubles But when we're in Miami I said they Could probably go out of business And The way that Brian has run that Organization is nowhere near close to What Sam did So I have to say that I was wrong in Casting that aspersion on him I still Think they're in trouble but not in the Same light I want to be clear like Coinbase is not Anything close to FTS Um but Bitcoin ethereum are the top two Um but now this is going to lead to a

Lot more regulation and then cftc is Going to get involved NFA is going to Get involved the SEC is going to get Involved they're going to start calling A lot of these securities And it's going to lead to a lot of Trouble a lot of these coins are going To get flagged and 99 of them are going To be marked as worthless they'll be Flagged open your books and show us the Books and once those books get open Games So what about Um Okay anything else you want to say about This No I think what I obviously our stance Has always been the same right like we Don't believe that the space was going To be going we obviously know the top Two coins Because it looks like okay so a report Comes out Um and was published Who knows where that report was given to The oh we know where it came from and Finance publicly announced that they're Selling their coins which that was the Whole thing that caused everything it Was it was a nominal effects yeah but Finance was the reason they caused the Run on the bank so Do you think that this all ties in Somehow I don't want to you know I I'll

Say it let's Be very key in who you choose to go to War with because they may end up being The Assassin that puts you out of Business like Jamal said this weekend Um he said when Sam was trying to get Them to invest in his business They send a two-pager of recommendations Of what to fix they called him back and Literally said [ __ ] off Sam Thomas Incorrect you know yeah I do my little Research so to say that and so imagine We'll say it privately so if and Sam had Some words for CZ at binance so if Someone comes up to you and say man Rashad f u and eyo and then you say okay I'm gonna buy you a company send me your Paperwork update your paperwork fam they Send it in and their net negative while Saying they're the real biggest It may come out the shoulder mean that Hey they're 15 million in the hole we Have to understand that business is War I know people may play polite on social Media but business is war like we all Have known people that have risked their Lives and been wanting to do certain Things for five ten fifteen thousand Fifty thousand we're talking about Billions of dollars here so yes the Report was put out but what they really Did was expose the fraud that was there All along yeah

Yeah that's what I said I I mean that's Why I preface it by saying understand Who your Rivals are I'm saying who your Competition is yeah and I think he Understood it but it was too late right Like in his tweet he didn't directly say Anything he didn't directly say it but It kind of implemented it why would you Send your financials on a letter of Intent yeah and also they had no board Of directors which is also a red flag Like people were buying Equity into the Company and were getting no board seats People only do that when they don't want You to see the books Like it was a bunch of red flags like Once you start to look into the paper And these stories that happened all and We have to curtail our human desire to Want higher returns with no work because If we stop getting sold these pipe Dreams there won't be as much room for Them do your research do your own due Diligence Um will Sam have a return I don't know Wolf of Wall Street crypto 30 years old Over with Y'all can cook my Eclipse up immediately Clipped right now it's over with But and also in every Scam you need a fall person they knew What Bernard was doing and his era some People were aware of what Sam was doing

Got to be very careful here they need a Fall Guy yeah and he'll be that well we Will monitor the situation it's over With for Sam we will monitor the Situations Um all right so here we are with the Legendary David Rubenstein uh thank you For joining us yes if you're not Familiar with David he is the chair of The Board of Trustees at Duke University He is the host of Bloomberg's Peer-to-peer conversations yes and he is The co-founder and co-chairman of Private Equity Firm the Carlisle Group Which is a global private Equity Investment firm how much the assets on The management 400 billion if if that Number has changed please correct me for 400 billion advantage of uh under uh Management right now which is amazing Yes so thank you for joining us Appreciate it my pleasure thank you very Much for having me and he's an author Too we'll talk about his book yes I'm Looking forward to reading those yes Very important so all right so let's get Into it um I want to start off with you Know some education for the audience Um private Equity can you explain what Private Equity is I feel that people Have a good understanding of venture Capital because that's been in the news A lot and that's been very popular the Last couple of years

Um but I think that the general public Still doesn't have a good understanding Or they might not have ever even heard Of private equities can you explain let Me explain uh in the United States the Phrase private Equity means one thing Outside the United States it means Another thing in the United States Private Equity more or less means all Private Investments it could be Venture Capital Growth Capital the stress debt Anything where you're buying an asset That is something that's going to be Held privately it's not going to be Public when you own it and the theory Behind private Equity is that when you Have something that's not in a public Setting you can make changes you can Improve it you can incent people you can Pay them more and ultimately you'll get A better return so the theory behind Private Equity is that you buy an asset You make it much better when you sell it Or you take it public you're going to Get a rate of return on your investment That's going to be let's say 20 per Annum so if you put your money in the Bank you're going to get maybe one Percent a year if you put your money in The stock market maybe you get on Average six percent a year if you put Your money in uh in private equity and Good private Equity uh fund or or deal You might get 20 or 30 a year well

That's pretty good so the theory is it's A better way to make add value to an Organization and you can and you can uh You know get a good rate of return so That's what it is basically fixing up Something in a private setting making it Better and ultimately selling it after Three to five years that gets you a Return of maybe 20 a year Um thank you for being here I'm a huge Fan of your show can you talk to us About Um The Importance of Being a contrarian In the facing conventional wisdom and Are there any sectors right now you Think people should take and contrary And take on in this environment The greatest investors in the world uh Generally are contrarians if you just Went along with the average uh Common Sense view of what the average person Thinks you would be one of the pack and You wouldn't do anything that make you Stand out so contrarians take a view That's different than the average Common Sense wisdom today for example the Common sense wisdom that the average Investor would have is get out of the Stock market sell whatever you have the Economy's going it's a Hell in a hand Basket and we're going to be in a Recession the smart investors would say Now is the time to come in buy things at A discount and eventually in the

Recession is always end and eventually In three or four years you'll have Bought something at 50 cents on a dollar And in two or three years it'll be worth Three dollars something like that so That's what a contrarian goes against The conventional wisdom Well our audience is you know filled With retail investors we have some Institutional investors I'm sure but a Lot of retail investors and obviously They're learning the market they're Understanding it they're investing in it What are some habits that you've come Across in your career that you've Noticed that great and good investors Have right so they can have an edge Well people who are great investors Generally this is their live this is What they do full time they don't kind Of have a day job and then they're Picking stocks at night and then they Kind of they do well you have to do this Full-time you have to be pretty smart Good with numbers you have to have a a Willingness to read enormous amounts of Material you have to admit a mistake When you make it and get out of a bad Deal because everybody makes a mistake I Think it also takes some humility to be A great investor because you realize You're going to make mistakes and you Can't say I'm so brilliant and the Market's wrong but I'm right and the

Market's wrong and you start losing Money Um and you know those are things that Make great investors um the the average Retail investor who buys stocks in the Public market you know they're probably Not great investors they just they Haven't done this for a living you have To do something for a living and you Know if you were you're going to a Dentist you wouldn't want to debt this To is uh you're spending full-time uh uh Picking stocks you want a dentist who's Gonna actually know how to be a dentist So an average dentist or doctor isn't Doing this full-time and and therefore They're probably not going to be that Good at it that's why for the average Retail investor the average person is Not a professional they're probably best To go into index funds which just mirror The market very modest fees and the Stock market goes up 13 a year you're Going to go up 13 a year trying to pick Stocks and become Warren Buffett while You have a day job as a as a dentist or Doctor is a Fool's Aaron [Music] I

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