TRUST PEOPLE & DON’T TURN DOWN RECOMMENDATIONS – Market Mondays w/ Ian Dunlap

[Music] Well you talked about the things that You're looking for and when you're uh Analyzing the company I wonder from on a Daily basis the deal flow how often are You involved or is it a process before It even gets to you okay Carlisle Um is probably investing 10 billion to 12 billion dollars of equity every year And we're probably doing it around the World I don't know 50 70 deals a year I I sit on the investment committees and Many of these things but I am not doing The deals so I read the investment Committee memos I give them my thoughts They generally ignore them when I give Them my thoughts or not Um I have a family office and they do uh My family office does a lot of Investments that are smaller than Carlisle's and uh you know I look at What they're doing but I I generally I I Don't really have the time to dig into Any one deal that much so I I just hire Good people and hope that they'll come Up with good recommendations you know if You keep turning down the Recommendations the people you hired They're going to quit so you have to Trust them a bit so I generally trust People and generally don't turn down the Recommendations though I've made Mistakes I turned down Facebook Personally and when Mark was in college

I turned down uh in effect Um Amazon when Jeff was just starting The company so I make a lot of mistakes Well Mr rubberstein it's been a pleasure Before we leave anything that you would Like to say anything thank you um thank You all for inviting me and uh I appreciate it good day all right take Care bye thank you so much Yeah you have it peace out it's good Yeah is there any other this is a story Like that's pretty it's pretty well yeah Novograts Cuban And I've been watching the show for Years so I want to thank you for putting It together because when it came up I Was like oh okay this is gonna be a Legendary situation so You got a couple more days I was saying When the text came through we were just Like wait say that this and that's the Name you're talking about yeah that's The name okay yeah we gotta get that Yeah yeah everybody put what's the Biggest lesson that you learned tonight From him Um I think it was a very interesting Debate but we can't come back to the Same lessons of risk Um seeing other things that people don't See research digging in deep into Reading what was the biggest lesson that You may have taken away from him tonight Uh I just like the the fact that you

Know kind of things that we have been Smoking speaking about have been Reiterated by people at the highest Level yeah so we're talking about Managing over 400 billion dollars like Just think about that number but when we Asked what sectors yeah sounds it should Sound very familiar to you yeah you can Say like healthcare yes it was several Percent of the government suspended now It's over 22 there's money that's going Into it and it's not going to stop People are going to live longer people Want to live We've said these things and so to hear It at this level being reiterated I Think is very profound Um yeah I think the part about humility Extremely important yeah Um and that's something that he said Several times actually yeah as far as Leadership Um can you tell them why real quick and I have a like not a well yeah piggyback To it why why he said it or why why you Think it's important I think it's Important because Um you know one thing is that you have To Not only manage how the public perceives You but how internally people perceiving As well and like like red panda Rebellion right the word Rebellion yeah Is a very strong word but you don't want

A rebellion internally yeah and that can Happen like you know easily that could Happen easily when a leader is looked at As a Showboat or a leader is looked at As taking all of the glory and now you Start to have You know rebellions happening and that Can cause issues and um you know that's One of the things like when you read Books like How to Win Friends and Influence People or 48 Laws of Power They always talk about you know always Elevating other people yeah and always Giving other people praise and different Things in our nation because it's Extremely important to kind of stay Under the radar it's extremely important To you know not Make it feel like you're the only one That's getting the attention because That leads to jealousy yeah and even if It's not warranted it's just human Nature somebody can be jealous and even If you really do deserve it it still Could be lead to jealousy and envy so he Said he was very Um you know big on that as far as you Know the humility factor and then I Think that's something that's extremely Important yeah I've seen two of the Biggest blobs in the last maybe 15 years Um Sam being one of them made up being One of them Um

Egotistically not factoring that someone Can defeat you it was like one Whistleblower that finally turned the Knob on made off that made people listen Getting into it with CZ was not smart Especially when like CZ is a better Entrepreneur and smarter so and just to Say hey I'm going to buy your company And to know that you're down and out in An emotional space to actually send over The financials that's the biggest Finesse I've ever seen For a person in terms of the financials With nothing stated like Um but yeah I think humility is Important I think sometimes you have to Let people No Um what you're capable of but it's you Don't want to create enemies because if You create too many of them it Definitely can lead to a downfall and One of the things that I realized too is That a leader a good a leader never Tells me by the following the facts That's a fact you don't have to yeah if You think about it right like people Following because of your Characteristics people follow you Because of your charisma because of what You have done because they they're drawn To you but if you really think about it Like as a great leader you you don't Have to tell anybody yeah it happens

Organically so when you have to tell People how great you are tell people to Follow you then that's the red flag yeah Because that means that it's really not There and you're trying to make up Through it insecurities that actually You know force people to believe in Certain things that they don't Necessarily believe without you saying That yeah I think one of the other Things just on an everyday person level Was having that ability to to make a Transition or a shift right like he went To law school yeah and realize like what Am I doing here I don't know and then Took a job in politics and then that Didn't work and then went back to those Knowing that he didn't love it and then Finally found Finance as his passion so We we do that on a I mean how many People do that we're going to school Right now yeah and we're like I don't Know what I'm doing here why I'm doing It but I still am and not brave enough To leave and not breaking or pivot or Find something that they're passionate About or purposeful about we this is Something we spoke to uh young students About over the weekend it was that that Difference between passion and purpose Yeah and it's very important to to Realize it because the same thing I was Passionate about at 20. I'm not changes It changes right but your purpose never

Changes because that's what you've been Put on Earth to do and so that's Interesting like even like at his level Right what am I doing here I wish I Never went to law school yeah it would Have seen me a lot of times yeah so a Lot of people it's nine years he can't Get back you can't get it back and Financially you can't get it back and so It's interesting to hear him say it Because there's so many people that do That yeah and the love for the craft we Saw Cuban talk about it Mike Nova grads Uh every big guest who's really steep And investing but he he's still Energetic about it like his energy gave Me energy and it made me want to even Double down and triple down more and you Know I mean he's still grinding as if he Doesn't have billions so I'm like when People like hey take some time off I'm Like I feel you is that God telling me To take time off that was God's plan Yeah but when you love something dearly Um you it'll be easy for you to put That's a great test like if it's a chore For you to do it yeah it's not your Thing yeah it should come effortlessly All right so let's move along uh let's Talk about some political stuff so Another Um thing that we have to correct yes Last week I was wrong there was no Railway

Put that in chat he was wrong so yeah Boy a lot of people he went on his own No Crucible A lot of people I speculated that was Going to be a shellacking a red wave That was me I humbly say I was wrong and Uh yeah the dem's actually you know they Should surfed it they they want not only Did they they one they kept majority of The Senate yeah and they're still 19 uh Races in Congress that's up for grabs so It's it's but even if they lose Congress they're not going to lose by That much Um in the house the house yeah and They've done it they did an extremely Impressive job Um and now the Republicans appointing Fingers at each other I watched these Political shows so they're blaming Donald Trump they're saying that it's Trump's fault because he got involved in Partially muddied up the waters and he Came for him just to go away then They're blaming Mitch McConnell they Saying it's his fault really good old Minutes yeah well even Mike Pence Finally spoke out against Donald Trump For the first time What do you say well he probably gave His interview about uh January 6th Obviously to run on the capital Um and said that you know it was Unprofessional it shouldn't happen he

Waited all that time smart think about It now um when tomorrow I believe that They're saying that Donald Trump is Going to announce that he's actually Gonna you know run again for president Uh so it's interesting man like a lot of The people that he supported and the Things he supported and the people who Didn't believe in the election they Didn't win so I mean people voted in I mean I think it's a good sign Um When you have that much loss that much Travesty It's really hard to follow I mean people Were going for those Antics when he won But when you're losing it's like Takashi Like at one point Takashi was winning And everyone backed him for that one Summer and now it's like hey let's steer Away I know he's back out here buying Bags and all that but but I think the Republican party is seeing That they have lost their way and they Have opportunity because the Democrats Need to find a candidate so I'm I Believe that the Republicans are looking At it and saying if we can find a Candidate that is viable maybe like DeSantis or someone who's better and we Can push him there maybe we can overcome Some of the stuff that we have with Trump I think I think you're right I Think the Sanchez is the guy you know he

Didn't take any support he didn't have Any support from Trump he actually spoke Up yeah Trump trump yeah he didn't he Didn't support him at all but he still Won the State of Florida but on the Democratic side I don't I think it helps Your body I think it helps that you know Obviously they they kept it they kept The Senate and they still could have Another senior center right off in Atlanta is over and done in Atlanta Georgia what's going on Um but they still could have another Scene but that helps because he's Obviously the president in place now and They didn't get beat down like everybody Thought yeah and so a lot of his views And a lot of things he was saying and Campaigning for other people obviously In Pennsylvania I've been seeing about It in Arizona places where they thought It could be a toss level we couldn't not We but they could lose they didn't yeah So it helps it maybe it helps him and Now for a second turn well the thing About it is bringing it back to the Economic side of it uh as we know stocks Usually go up after midterm elections Especially when there's a split Government and the reason being is Because not not a lot changes yep it's Like all right we got some security for At least two years it's locked in place Like you know we know what to expect

Like nothing's gonna really change right Um and yeah it looks like that's gonna Happen uh split government looks like That the Republicans will probably have Control over the house by slim margin Um the Democrats have control over Congress senate senate and there's a Democratic president and then the stock Market went up every single day yeah Yeah last week Um and if you guys do your research Historically that week in November Normally is a positive so it was some Good times some good rallying signs There so are we still all right so this Brings back to the question that we Asked before Is this good for the stock is the stock Market going to be up regardless of what Happens Um floods War hurricanes political Dispersion the market is always going to Be up the players may change and the Sectors may change but overall yes I Mean up up short term in the next year Oh In the next year the the Bro the Dow s p Russell probably the NASDAQ yes s p and Now yes will be up overall okay I think The analysts have now raised almost all Those indexes I saw that the number now For the s p by the end of the year it Might be 4 200. uh that may be a stretch I know I call 4200 then I'll be happy if

We tap if we get to four thousand yeah If we get four thousand forty one Hundred we were right yeah we were at Like 30 close to everything so I mean 4100 would be great to see uh I think Short term yeah there's a move for some For some some gains Um but we'll see the obviously when we Were here last week when we talked about Not only the election but the CBI Numbers were important and obviously we Saw that and and David spoke to it about The 7.7 uh rate of inflation that helps Yeah because it sold out of state bring Down was it an overreaction we saw the Best day in the history of the NASCAR But in tandem with the Fallout of FTX And ftt those things happen so that was A lot of position of hey you guys was Supposed to be the saviors and all the Hedge funds powered in money and said Okay this is what and we have to realize Too when crypto said hey we don't want To be tied to the banks Now that's going to be used against them Heavily now you need more regulation They're going to go on an entire smear Campaign lobbying campaign against Crypto for regulation and for regulatory Reasons but when you're reporting to Clients you can now go to a client and Say hey there's more safety here while That fell apart so you have to be very Careful once again who you choose to

Wage war with I um anytime that people Say that a monetary system is a Liberation tool for the people it Usually isn't because money is not meant To be a tool of Liberation money is Meant to be a tool of control [Music]