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Hey guys, very excited to be back with much better audio this time.

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Audio you deserve.

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Thank you for your time and for listening to this recording of Trump's accomplishments

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and lessons we can take for our own lives.

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So this is an exploration of a week at Trump Tower in 1987 as told in the art of the deal

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and we're on Thursday.

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So Trump is going to start his day and meetings, phone calls.

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9 a.m. he gets a call from someone who wants to join politics and essentially he tells

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his friend that he should not be resentful to the winner and that he should instead join

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him.

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Essentially, if you can't beat them, join them.

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Something that Trump applied early on, he was one of the first donors to Chuck Schumer

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as he reminded him recently.

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He was also friendly with the Clintons back in the day.

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Hillary Clinton came to his wedding in 2005.

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So he always respected people who were successful and he does feel that in general it's good

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to join with successful people.

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So that's the advice he recommended to his friend.

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Now the second point we see here is he gets a call from his investment banker and it's

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about the share price of Holiday Inn.

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In that conversation, we see that Trump has very sharp instincts, basically understands

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that if the price goes down and look how subtle this is.

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He says that if the price goes down, he's willing.

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It's good for him because he's going to be willing and able to buy more.

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If the price goes up, he's going to make a lot of money because he does have a significant

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stake in that hotel chain.

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So we see that he's attuned to his instincts.

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A lot of people, the first instinct when price goes down may be to panic and not want it

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to go down further.

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So to kind of sell out, we know that we are more sensitive to price falls than to price

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increases.

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It hurts twice as much to lose money than we enjoy getting the same amount.

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So we do have kind of a bias for loss aversion and that's kind of natural if you want to

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survive.

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You don't want to have too much downside in general.

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But Trump here has sharp instincts because he knows that if the price goes down, it's

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an opportunity for him to double down on his ownership stake.

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And if it goes up, he knows there's upside basically.

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If it goes up, he can just make a hefty profit.

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Here we see that Trump is sensitive to optics.

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So he has an incredibly sharp lawyer presenting him for an antitrust case.

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He used to have a minor league football team and he will eventually say that it's better

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to just join the NFL right away.

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It's something that he thinks it was better to go straight to the NFL instead of trying

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to build from a smaller league.

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But in any case, his lawyer is overdressed and he feels that his lawyer being, although

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he's extremely competent, the fact that he's too well dressed for the jury may play against

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him.

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So he's sensitive to optics here.

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So here are the Wynn hotels and casinos.

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So Steve Wynn is one of the best gaming guys in the United States and he has the top talent.

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Trump basically wants to hire the best from the best and he needs someone to do a similar

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job that he knows the person has experience for.

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And he doesn't hesitate to recruit top talent.

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Of course, that is with mutual consent.

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He made an attractive offer that person accepted.

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Essentially he knows that paying a premium for top talent can be justified.

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And if you look at a more recent era, Netflix is known to pay in the 900Ks plus for top

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engineering talent and their leadership is often going to say that an engineer who's

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really in the top percentile is much better than an engineer in the middle percentile,

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but in a significant difference in terms of output and outcomes.

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So sometimes paying more is worth it when the talent really is exceptional and different

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from the rest.

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Again, there's going to be reference to optics.

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So Trump has voluntarily built the Wolman rink, the ice rink by Central Park.

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He took it over from the city, let's say the apartment that didn't manage to do the job

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for years and for a lot of money.

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And he did it very quickly.

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And that's one of the achievements he's very proud of.

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So there was a press conference to announce that it had been done.

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And that was Wednesday.

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But Trump knows that the public really wants to see the concrete pouring.

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I guess that's like a phase to officialize a certain progress or completion in the rendering

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of the rink.

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And he knows that the cameras, the public really wants to see that, the concrete pouring.

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So again, this is something that's recurrent in Trump's career.

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He's willing to go at McDonald's, you can say a photo op, but it's really he knows what

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the crowd wants to see.

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He engages with the crowd like he did when he participated in a Wrestlemania or WWE event.

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So he understands what appeals to the crowd.

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And that's also if you see in Trump Tower, it's one of the few buildings owned by a billionaire

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that you can actually go inside and enjoy the lobby, enjoy stores, enjoy take a coffee,

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enjoy the waterfall, the beautiful stones that he imported.

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There aren't many billionaires that you can just walk into the location where they live

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and just enjoy.

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So he made a public space out of where he lives.

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And this just shows that you really understand what appeals to the public.

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Here's another Trump's relationship to the press.

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So he says, I understand that getting press can be very helpful in making deals.

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I don't mind talking about them.

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I just try to be very selective.

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So he's going to speak to very prestigious media.

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He knows that media is an important vector to get some points across.

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So he's had a long relationship with the mainstream media.

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Actually he used to work and The Apprentice was aired on NBC.

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He was very much appreciated by people ranging from Oprah to the cast of The View.

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So you can look that up on YouTube.

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He was a favorite among these mainstream hosts.

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So in any case, one of the things that Trump repeats throughout his books is that no one

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will know your achievements unless you tell them.

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So he is upfront about saying what he has done, what he plans on doing.

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No one will find out your accomplishments unless no one knows your achievements better

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than you do.

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And it is kind of on you to let people know your accomplishments, what you have in mind,

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what you plan to do.

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Of course, to be very smart about it.

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Trump plays chess, doesn't play checkers.

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So he knows, controls the flow of information is something that he knows how to do well.

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But in general, people don't know your success unless you tell them, of your successes unless

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you tell them.

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So Trump knows how to use the media on that front.

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And again, he keeps it very brief.

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Here's a nod to pragmatism.

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So Trump had a very talented person representing him with City Hall for his project by the Hudson

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River, so the West Side Yards.

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And unfortunately, the person he had kind of running his team wasn't getting much done.

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It wasn't getting great traction with the city.

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And Trump eventually hired someone who had worked for the city planning commission and

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who had been part of the team with whom he's negotiating.

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And that's a nod to pragmatism.

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So he's conscious that he has great talent on board with him, but that the logistics

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for that deal requires a fresh perspective or someone who has a better relationship with

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the team on the other side of the table.

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And Trump wasn't dogmatically attached to the person.

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Of course, he's someone who's extremely loyal, but he knows how to get things done too.

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And in that case, just a practical sense and put someone who could get things done instead.

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And finally, here we see Trump shows the quality of patience.

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He knows that if the deal doesn't go through with this city planning commission, this current

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city administration, all he has to do is wait for the next round of maybe elections, the

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next team that's going to take over the city administration and negotiate with them because

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he's confident in the value of his assets, value of properties on the plan that he has

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for the city on that side of the Hudson River.

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And he knows that if they're not going to be smart enough to get things done with him,

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he'll be able to get it done with the next team.

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So a major part of the deal is to be willing to walk away, to not want to do it at any

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cost, to do it at the right cost and the right price.

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And here he shows he's willing.

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If he's willing to make concessions, that's fine, but he's not willing to do it at absolutely

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any cost.

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And if it takes patience, he'll show patience.

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And to conclude his day, here's a nod to his respect for religious figures.

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He excuses himself early because he's due to an early dinner and he doesn't want to

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be late.

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So he's invited at the St. Patrick's Cathedral and he's invited by the Cardinal.

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He says at the end of the dinner, it's hard not to be a little odd.

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We talk about politics, the city, real estate and a half dozen other subjects.

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It's a fascinating evening.

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As we leave, I tell Ivana, his wife, how impressed I am with the Cardinal.

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He's not only a man of great warmth, he's also a businessman with great political instincts.

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So he says this after having dinner with him and a half dozen of his top bishops and priests

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in a private dining room at the St. Patrick's Cathedral.

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We see here that Trump respects the Cardinal in his position and also appreciates just

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in general people that have great political instincts and who are great businessmen, people

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that know how to run organizations, how to get things done, how to get along with people.

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This is basically what someone who's in business, one is good in politics, should be able to

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do.

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And as a recap on all of the above, here's what we learned today.

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The side with winners.

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So if you can't beat them, join them.

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Tune into your instincts.

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It's something that's going to be recurring.

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Trust your instincts and tune into your instincts.

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Your instincts are things that make you win or survive.

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So you want to be sensitive to that.

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Be adaptable to your environment.

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So if you know that the crowd prefers seeing the concrete pouring instead of just a press

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conference, be attuned to that.

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Hire the best from the best.

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That speaks for itself.

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Understands what appeals to people, as we mentioned that earlier.

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Leverage immediate to your advantage.

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Getting press can be very helpful in making deals.

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Be pragmatic.

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Be patient.

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Show respect to religious leaders.

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And if you want to get respect from people like Trump, the quality you should cultivate

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is warmth and a good political instinct.

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Basically getting along with people effectively and being amicable at the same time.

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So being someone that people like being around while being in a position where you get things

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done.

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There is a sweet balance in that and it's something that Trump respects and admires.