1 00:00:00,000 --> 00:00:06,960 Hey guys, back for another episode of Real Donald Trump Wisdom. 2 00:00:06,960 --> 00:00:10,480 So we're Friday at Trump Tower. 3 00:00:10,480 --> 00:00:15,960 This is basically lessons from The Art of the Deal, Donald Trump's first book, published 4 00:00:15,960 --> 00:00:16,960 in 1987. 5 00:00:16,960 --> 00:00:24,480 Here, so the last day of that week, the first lesson is to create a compelling spectacle 6 00:00:24,480 --> 00:00:26,560 and know how to entertain. 7 00:00:26,560 --> 00:00:32,520 Basically Trump confirms his intuition by reading the morning's paper. 8 00:00:32,520 --> 00:00:41,440 He sees that the concrete pouring at Wilmer and committed to the headline of the New York 9 00:00:41,440 --> 00:00:44,640 Times. 10 00:00:44,640 --> 00:00:50,240 Second one is, when attempting to secure a deal, first highlight the points that the 11 00:00:50,240 --> 00:00:51,940 other party will like. 12 00:00:51,940 --> 00:01:04,800 So he's talking with the city planners for part of the, to get approvals on the Hudson 13 00:01:04,800 --> 00:01:11,680 Yard deals that he's owned on the land that he has basically. 14 00:01:11,680 --> 00:01:21,720 And he's, his negotiator is highlighting the positives, the things that he knows the city 15 00:01:21,720 --> 00:01:23,360 council will appreciate. 16 00:01:23,360 --> 00:01:29,120 And they're all mentioning the more edgy points, which is the height of the building. 17 00:01:29,120 --> 00:01:36,840 So like, say he needs to get the approval, he's going to go just put the emphasis on 18 00:01:36,840 --> 00:01:47,400 the things that are kind of reassuring for the person he's talking to. 19 00:01:47,400 --> 00:01:54,040 He mentions that one of his colleagues has a big mouth and that she's a great saleswoman 20 00:01:54,040 --> 00:01:55,040 because of that. 21 00:01:55,040 --> 00:02:03,960 So essentially being able to talk, being comfortable talking is a skill that can help in securing 22 00:02:03,960 --> 00:02:10,480 sales, maybe more on the pipeline side, or it can get you to generate leads. 23 00:02:10,480 --> 00:02:16,600 And then for sure on the closing side, sometimes you have to know when to stop when you secure 24 00:02:16,600 --> 00:02:22,880 the deal and maybe not over talking to them, but in general, being comfortable talking 25 00:02:22,880 --> 00:02:27,720 is a skill that can help you in the sales process. 26 00:02:27,720 --> 00:02:32,200 So right, either generating leads and potentially getting through the close. 27 00:02:32,200 --> 00:02:38,640 But of course, you have to balance that with knowing when you achieved your aim as well. 28 00:02:38,640 --> 00:02:39,640 Right. 29 00:02:39,640 --> 00:02:45,080 So Trump, we can see in his negotiations styles, he can be very, very verbose in general. 30 00:02:45,080 --> 00:02:50,320 He does have a lot to say, but he doesn't say more than he tends to say. 31 00:02:50,320 --> 00:02:52,900 So he can't really be cornered. 32 00:02:52,900 --> 00:03:01,120 He says exactly what he means, doesn't give more information unless he chooses to do it. 33 00:03:01,120 --> 00:03:06,120 So he's not going to talk to Phil or kill time. 34 00:03:06,120 --> 00:03:11,200 He's going to end his statement when he ends it. 35 00:03:11,200 --> 00:03:17,320 So of course, you have to know when to end a statement. 36 00:03:17,320 --> 00:03:19,840 So this is kind of a double-edged sword. 37 00:03:19,840 --> 00:03:26,880 He compliments his colleague for having a big mouth, but you have to know when to stop. 38 00:03:26,880 --> 00:03:38,000 But in general, the ease of talking is conducive to a broader pipeline and to more sales. 39 00:03:38,000 --> 00:03:43,440 In general, it's good to cultivate great relationships for character references and with people you 40 00:03:43,440 --> 00:03:44,640 sincerely admire. 41 00:03:44,640 --> 00:03:55,480 So Trump is applying for a casino license in Nevada and he needs character references. 42 00:03:55,480 --> 00:04:03,000 He's going to include the cardinal with which he had dinner the previous day and people 43 00:04:03,000 --> 00:04:09,280 high up in the US military that he admires. 44 00:04:09,280 --> 00:04:11,720 I think he mentioned in general. 45 00:04:11,720 --> 00:04:26,320 So you see he had a reverence for people of high integrity in historic institutions and 46 00:04:26,320 --> 00:04:35,000 he cultivated good relationships with them and he feels that they can vouch for his character. 47 00:04:35,000 --> 00:04:38,760 So of course, this is the long game. 48 00:04:38,760 --> 00:04:43,520 Want to have good relationships with people in general, but especially with people that 49 00:04:43,520 --> 00:04:44,520 you admire. 50 00:04:44,520 --> 00:04:55,880 So don't hesitate to start engaging in that process to have people you admire you back. 51 00:04:55,880 --> 00:04:59,680 Be efficient. 52 00:04:59,680 --> 00:05:04,720 So Trump has a lot of things to do. 53 00:05:04,720 --> 00:05:12,400 Basically, he has to sign up the papers for his gaming license and his wife is coming 54 00:05:12,400 --> 00:05:20,840 to let him know that they have to go to school to confirm a school fair with their daughter. 55 00:05:20,840 --> 00:05:23,160 And Trump has to leave within three minutes. 56 00:05:23,160 --> 00:05:28,760 So he just signs his documents and goes, but this is something that you have to keep in 57 00:05:28,760 --> 00:05:35,320 mind, especially for young parents out there. 58 00:05:35,320 --> 00:05:45,600 Having kids or being in a married life is a commitment that requires time, of course, 59 00:05:45,600 --> 00:05:47,640 that often isn't planned. 60 00:05:47,640 --> 00:05:54,040 And things that you can schedule, per se, it's the spontaneous nature of a close knit 61 00:05:54,040 --> 00:05:56,480 nuclear family. 62 00:05:56,480 --> 00:06:02,360 And for that, you have to be extremely efficient. 63 00:06:02,360 --> 00:06:09,040 It forces you, I think, when you switch from the younger days, say to them, the college 64 00:06:09,040 --> 00:06:16,280 life or the single life to the committed married parent life. 65 00:06:16,280 --> 00:06:18,240 You have to be more efficient with your work. 66 00:06:18,240 --> 00:06:20,320 You have to get more things done quick. 67 00:06:20,320 --> 00:06:27,360 You have to work smart because you have commitments that will surprise you and that will take 68 00:06:27,360 --> 00:06:29,000 a lot of time. 69 00:06:29,000 --> 00:06:33,120 So you'll have to get a lot more work done in much shorter periods. 70 00:06:33,120 --> 00:06:37,160 So it's a good thing you have to get ready for that, but you'll be forced to do that 71 00:06:37,160 --> 00:06:39,520 sooner or later when you hit that stage. 72 00:06:39,520 --> 00:06:44,520 And Trump demonstrates that he has to be like he basically has. 73 00:06:44,520 --> 00:06:46,560 He's happy to go with his wife, of course. 74 00:06:46,560 --> 00:06:48,920 He is a good parent. 75 00:06:48,920 --> 00:06:53,560 But here that demonstrates that even for high stakes things, there is less time. 76 00:06:53,560 --> 00:06:56,440 And so he has to be quick and efficient. 77 00:06:56,440 --> 00:07:00,040 Here are just a quick side note on Trump's preferences. 78 00:07:00,040 --> 00:07:07,560 He says that he prefers earth tones to primary colors for basically for indoor decorations. 79 00:07:07,560 --> 00:07:15,520 And you can see in at Mar-a-Lago or Trump Tower, the tones of the marble is usually 80 00:07:15,520 --> 00:07:18,000 very neutral days usually. 81 00:07:18,000 --> 00:07:24,760 So as he says in his own words, they prefer earth tones to primary colors. 82 00:07:24,760 --> 00:07:28,920 So a little note on the aesthetics that he prefers. 83 00:07:28,920 --> 00:07:32,200 Now we turn to real estate development. 84 00:07:32,200 --> 00:07:36,000 The kneeling cost is the name of the game. 85 00:07:36,000 --> 00:07:39,920 He is very cost conscious, right? 86 00:07:39,920 --> 00:07:48,160 Because let's see, there is an estimate for how much he can sell the apartment. 87 00:07:48,160 --> 00:07:56,720 And the thing he has to make sure that he controls to protect his profit margin is the 88 00:07:56,720 --> 00:07:57,720 cost. 89 00:07:57,720 --> 00:08:01,520 And so he's extremely diligent about costs. 90 00:08:01,520 --> 00:08:10,240 And he calls the contractor on one of his projects because there is an overrun and he 91 00:08:10,240 --> 00:08:13,800 feels that it isn't exactly going as planned. 92 00:08:13,800 --> 00:08:26,720 So he speaks directly to the owner slash manager and makes him understand that if it's not 93 00:08:26,720 --> 00:08:31,960 up to standard, he's going to lose his business and he'll never hire him again. 94 00:08:31,960 --> 00:08:36,640 Essentially he's telling him that a lot of people are competing to get business from 95 00:08:36,640 --> 00:08:45,360 him and that he trusted this contractor and he expects him to get the job done on time 96 00:08:45,360 --> 00:08:47,440 and on budget. 97 00:08:47,440 --> 00:08:54,640 And so here, I guess the two lessons you can walk away with is if you want your case to 98 00:08:54,640 --> 00:09:00,120 be handled with more expediency and competence, speak to the owner manager directly. 99 00:09:00,120 --> 00:09:07,680 This is going to usually make the professionals in front of you to kind of treat you or treat 100 00:09:07,680 --> 00:09:12,440 your demand with more expediency. 101 00:09:12,440 --> 00:09:18,660 And secondly, it's that you have to be willing to walk away. 102 00:09:18,660 --> 00:09:27,040 And when you show that you can have business elsewhere, that you can give your business 103 00:09:27,040 --> 00:09:38,480 elsewhere, this gives you an extra credibility and an extra incentive for them to work hard 104 00:09:38,480 --> 00:09:39,760 to keep you. 105 00:09:39,760 --> 00:09:50,800 And it goes also in many other areas of life to show that you're not taken for granted. 106 00:09:50,800 --> 00:09:59,280 That your business, that your presence, that your goodwill shouldn't be taken for granted. 107 00:09:59,280 --> 00:10:01,400 And that hits a tone. 108 00:10:01,400 --> 00:10:08,720 And finally, Trump calls the second in command, so let's say a mid-level staff and tells 109 00:10:08,720 --> 00:10:15,400 him the high expectations set by his own manager and owner at project initiation. 110 00:10:15,400 --> 00:10:21,760 Basically, he's telling him how high of an expectation is, what are the standards that 111 00:10:21,760 --> 00:10:30,960 his own manager is expecting and how much quality is part of the initial agreement, 112 00:10:30,960 --> 00:10:35,960 let's say the SLA or the service that was expected. 113 00:10:35,960 --> 00:10:45,400 And then by placing it from the prism of the manager, the second person in command understands, 114 00:10:45,400 --> 00:10:53,960 let's say manager owner, so his boss basically, the person doing the execution understands 115 00:10:53,960 --> 00:10:54,960 the level of expectation. 116 00:10:54,960 --> 00:10:59,920 It's only coming from the client, but it's coming from his higher ups. 117 00:10:59,920 --> 00:11:05,320 Then there's a double incentive to get things right. 118 00:11:05,320 --> 00:11:10,480 And of course, in general, you want things to be win-win. 119 00:11:10,480 --> 00:11:16,640 So you remind the other party where you are and potentially will continue to be a great 120 00:11:16,640 --> 00:11:18,720 partner for business. 121 00:11:18,720 --> 00:11:27,880 So you're not necessarily, you indicate that you want to do more business contingent on 122 00:11:27,880 --> 00:11:32,720 a good job being done, but you also remind them that you can potentially do a lot more 123 00:11:32,720 --> 00:11:33,720 business. 124 00:11:33,720 --> 00:11:41,200 There is again, an extra incentive or an implied reward. 125 00:11:41,200 --> 00:11:48,880 Of course, there's no commitment, and it's clear that you're not committing, but that 126 00:11:48,880 --> 00:11:55,040 potentially if they surprise you, impress you with the work done, there's much more 127 00:11:55,040 --> 00:11:56,760 in the pipeline. 128 00:11:56,760 --> 00:12:03,680 And this is a great way to have your contractors really or your vendors or people you do business 129 00:12:03,680 --> 00:12:13,080 with really want to outdo themselves to impress you and be the one on the next job. 130 00:12:13,080 --> 00:12:17,440 The next lesson is be determined and unfazed by corporate scare tactics. 131 00:12:17,440 --> 00:12:25,320 So holiday in board that Trump is slowly building position and significant potential one to 132 00:12:25,320 --> 00:12:32,520 acquire is introducing a poison pill, which is a provision that makes it harder for outsiders 133 00:12:32,520 --> 00:12:35,640 to gain control of the company. 134 00:12:35,640 --> 00:12:40,320 Trump is not kind of fazed by that. 135 00:12:40,320 --> 00:12:48,640 So he understands the process, what they're trying to do, but he is more matter of fact, 136 00:12:48,640 --> 00:12:56,320 it's like mind over matter type of philosophy that if he is basically is not giving up the 137 00:12:56,320 --> 00:13:04,720 determination and we can see it in his pursuit for the presidency, that it's not what these 138 00:13:04,720 --> 00:13:13,280 so called experts say it's not what a written document says it's not what a quote unquote 139 00:13:13,280 --> 00:13:18,600 is so called institution of various types says. 140 00:13:18,600 --> 00:13:22,400 But it's kind of really when there's a will there's a way. 141 00:13:22,400 --> 00:13:35,320 And in that sense, he's really not fazed by the kind of judicial corporate tactic used 142 00:13:35,320 --> 00:13:37,880 to prevent a takeover. 143 00:13:37,880 --> 00:13:43,640 He understands what it is like his investment bankers advising him of course, he understands 144 00:13:43,640 --> 00:13:48,400 what's going on, but he's unfazed and he still feels like if he wants to eventually 145 00:13:48,400 --> 00:13:51,360 take ownership, he's going to do it. 146 00:13:51,360 --> 00:13:55,000 And we have to learn from that to keep the determination. 147 00:13:55,000 --> 00:13:59,600 Of course, you have to within the bounds of physics. 148 00:13:59,600 --> 00:14:05,000 But as Elon Musk says, boil it down to physics, right? 149 00:14:05,000 --> 00:14:06,960 He can do something. 150 00:14:06,960 --> 00:14:11,720 If it's physically possible, he believes it's physically possible. 151 00:14:11,720 --> 00:14:12,720 Right? 152 00:14:12,720 --> 00:14:20,360 So he's not fazed by what a document is going to say, for example. 153 00:14:20,360 --> 00:14:21,360 Just speak up your mind. 154 00:14:21,360 --> 00:14:28,680 So the colleague that he has, who's a bit verbose and a good salesperson was explaining 155 00:14:28,680 --> 00:14:34,120 some plans basically like showing drawings of buildings like marketing. 156 00:14:34,120 --> 00:14:39,840 And there was more of an emphasis on Central Park views that the potential buyers would 157 00:14:39,840 --> 00:14:42,080 have of Central Park. 158 00:14:42,080 --> 00:14:48,040 Trump basically tells her we're selling the inside like we want to show the inside more 159 00:14:48,040 --> 00:14:53,680 than the view, like people are paying top dollar also for where they're going to live 160 00:14:53,680 --> 00:14:57,980 inside of where they're going to spend their time inside the apartment. 161 00:14:57,980 --> 00:15:00,800 And so speak up your mind. 162 00:15:00,800 --> 00:15:08,720 If you have someone who is kind of aggressive in a boardroom setting, in a conference room, 163 00:15:08,720 --> 00:15:17,960 in a business, don't be afraid to explain your different perspective or point of view. 164 00:15:17,960 --> 00:15:21,440 Disagreement is okay. 165 00:15:21,440 --> 00:15:30,120 We're not, you know, in the later generations, like more recent graduates, we're not encouraged 166 00:15:30,120 --> 00:15:35,240 to dissent or to disagree, right? 167 00:15:35,240 --> 00:15:44,600 We are more encouraged to either blindly agree or turn on to cause a fuss in general, but 168 00:15:44,600 --> 00:15:46,480 it's okay to disagree. 169 00:15:46,480 --> 00:15:51,560 And especially if you have valid reasons to, you should say it. 170 00:15:51,560 --> 00:15:53,160 And so Trump makes his point. 171 00:15:53,160 --> 00:15:57,080 And of course, he's the Boston decision maker at the end of the day. 172 00:15:57,080 --> 00:16:05,840 But here we see that if you disagree, speak up your mind. 173 00:16:05,840 --> 00:16:12,960 Another one, set golf dates or other informal outdoor activities with on weekends with current 174 00:16:12,960 --> 00:16:18,920 and prospective business partners to Trump or someone who works in the limousine business 175 00:16:18,920 --> 00:16:22,160 that he likes. 176 00:16:22,160 --> 00:16:31,240 He basically sets a date for the weekend to have golf with this friend slash current or 177 00:16:31,240 --> 00:16:33,480 future business partner. 178 00:16:33,480 --> 00:16:41,440 And this is something that you can do in your own professional life to plan activities outside 179 00:16:41,440 --> 00:16:46,400 of work with people that you would like to do business with. 180 00:16:46,400 --> 00:16:53,680 Basically, you can do networking on the weekends or after work by doing fun activities with 181 00:16:53,680 --> 00:16:59,640 people that you like or want to know more. 182 00:16:59,640 --> 00:17:01,360 So this is a great way. 183 00:17:01,360 --> 00:17:05,560 Trump, of course, owns a lot of beautiful golf courses. 184 00:17:05,560 --> 00:17:11,260 It's a beautiful pastime, you know, in nature. 185 00:17:11,260 --> 00:17:19,600 It is a sport, a lot of walking, a lot of carrying if you unless you have someone helping 186 00:17:19,600 --> 00:17:21,320 you for that. 187 00:17:21,320 --> 00:17:27,960 And you know, golf courses are really huge. 188 00:17:27,960 --> 00:17:37,460 So it's a sport that keeps you in touch with nature, with other people. 189 00:17:37,460 --> 00:17:45,200 It's a sport that allows you to speak like the pace is too fast that, you know, the activity 190 00:17:45,200 --> 00:17:46,200 is all consuming. 191 00:17:46,200 --> 00:17:53,160 You can really have a conversation, enjoy the views, enjoy the scoreboard to see who's 192 00:17:53,160 --> 00:17:55,800 doing better. 193 00:17:55,800 --> 00:18:00,160 Trump loves the sport and a lot of business people do as well. 194 00:18:00,160 --> 00:18:05,120 Another one is to have extremely high standards for your career and your personal life. 195 00:18:05,120 --> 00:18:14,880 So Trump, basically in his Trump Tower apartment, penthouse, the top three floors, he imports 196 00:18:14,880 --> 00:18:17,680 some marble from Italy. 197 00:18:17,680 --> 00:18:24,440 Basically, he spares no expenses to live truly in what he says is the equivalent, let's say 198 00:18:24,440 --> 00:18:27,800 the 20th century equivalent of Versailles. 199 00:18:27,800 --> 00:18:38,040 He wants to live in glamour and in a similar way in your personal life, things that you 200 00:18:38,040 --> 00:18:48,560 really aspire to be do or have you set that expectations for you and don't let go of that 201 00:18:48,560 --> 00:18:49,560 expectations. 202 00:18:49,560 --> 00:19:00,000 We're going to see another point of Trump's super high expectations is that he gets a 203 00:19:00,000 --> 00:19:06,360 call from someone selling G4 private planes and he tells him that he's interested in buying 204 00:19:06,360 --> 00:19:12,240 a plane, but he prefers if you can keep an eye out on a 727, which is a commercial airplane. 205 00:19:12,240 --> 00:19:14,560 He says, this is what I really want. 206 00:19:14,560 --> 00:19:21,320 Eventually, he doesn't get a commercial airplane and so he doesn't settle for a regular private 207 00:19:21,320 --> 00:19:24,680 plane, he gets a commercial one. 208 00:19:24,680 --> 00:19:31,760 I want to say, of course, Trump has bigger than life ambitions and what we can walk away 209 00:19:31,760 --> 00:19:37,520 with here is to not settle for less, to always have that. 210 00:19:37,520 --> 00:19:43,040 He accepts he's willing to go for the private plane, but he still knows that he prefers 211 00:19:43,040 --> 00:19:45,240 the bigger one. 212 00:19:45,240 --> 00:19:50,080 Basically it's a way to say, don't give up on your dreams, don't give up as corny as 213 00:19:50,080 --> 00:19:55,160 there is, don't give up on your highest ideal for your life. 214 00:19:55,160 --> 00:20:01,320 Keep that in the back of your mind, maybe at the front of your mind. 215 00:20:01,320 --> 00:20:07,680 It can and will happen, of course, with a lot of work, but you see the picture. 216 00:20:07,680 --> 00:20:11,840 He doesn't believe that it's not possible. 217 00:20:11,840 --> 00:20:22,360 He does not let that cross through his mind and really something that's unique and remarkable. 218 00:20:22,360 --> 00:20:24,960 Next one is to follow up. 219 00:20:24,960 --> 00:20:38,760 He sent an envoy to Australia for discussing a business, a gaming empire, because in Australia 220 00:20:38,760 --> 00:20:47,200 and Trump really wants to know the details of how the meeting went, wants to have, he's 221 00:20:47,200 --> 00:20:54,640 following up with his point of contact with the person he sent. 222 00:20:54,640 --> 00:20:58,180 In general, just following up is a skill. 223 00:20:58,180 --> 00:21:02,000 It's a habit that pays huge dividends. 224 00:21:02,000 --> 00:21:08,280 In your personal and professional relationship, being someone that's only reliable, but proactive, 225 00:21:08,280 --> 00:21:12,080 really makes you stand out. 226 00:21:12,080 --> 00:21:18,440 Follow up is the mark of a professional. 227 00:21:18,440 --> 00:21:27,000 You could see it on the campaign trail for Trump and more broadly, the trust that is 228 00:21:27,000 --> 00:21:37,640 built by someone who follows up diligently, proactively, is miles ahead of someone who 229 00:21:37,640 --> 00:21:39,120 does not follow up. 230 00:21:39,120 --> 00:21:46,320 There's a real trust element that exists with the person who follows up that doesn't 231 00:21:46,320 --> 00:21:48,040 exist with a person who doesn't. 232 00:21:48,040 --> 00:21:51,440 So keep that in mind. 233 00:21:51,440 --> 00:21:58,960 Trump is in the middle of his day gets David Letterman, at the end of his day, David Letterman 234 00:21:58,960 --> 00:22:06,960 is in the Trump Tower lobby and he's asking Trump's assistant if he can just come up with 235 00:22:06,960 --> 00:22:09,160 two tourists. 236 00:22:09,160 --> 00:22:12,600 He's filming like a day in life of tourists in New York City. 237 00:22:12,600 --> 00:22:17,560 Trump very generously accepts even though he doesn't know them. 238 00:22:17,560 --> 00:22:23,600 He is willing to have David Letterman, he knows David Letterman is pretty popular, right? 239 00:22:23,600 --> 00:22:35,320 He's a talk show host who had a great run basically in like for I think over 30 years 240 00:22:35,320 --> 00:22:40,920 from the 80s to the early 2010s and maybe more than that. 241 00:22:40,920 --> 00:22:45,360 Trump knows of him of course, but he says he doesn't have time to watch his show, but 242 00:22:45,360 --> 00:22:49,640 he knows he's a big deal in television. 243 00:22:49,640 --> 00:22:57,880 But still he's very kind to the two guests who come in from a more rural setting and 244 00:22:57,880 --> 00:23:04,920 he like chats with them, banters, jokes about the real estate deals in their city. 245 00:23:04,920 --> 00:23:09,240 And they just have a great time and Trump is going to show some humility because the 246 00:23:09,240 --> 00:23:14,200 letterman is going to like kind of poke at him saying, well, you had time to take us 247 00:23:14,200 --> 00:23:16,520 in just like on the fly. 248 00:23:16,520 --> 00:23:19,960 That means you had nothing to do and Trump just goes along, yeah, yeah, it means I have 249 00:23:19,960 --> 00:23:20,960 nothing to do. 250 00:23:20,960 --> 00:23:25,480 So he's like humorous, he knows how to have a good laugh even at himself. 251 00:23:25,480 --> 00:23:29,500 And so in general, be kind, courteous and generous with your time. 252 00:23:29,500 --> 00:23:36,040 This is a good policy in general.