more beneficial to be a good person

than it is right now,

because the shadows of our society

are being exposed

by the distribution of communication.

(hip hop music)

What am I doing right now?

Is she here?

I want to stay on track,

I got a lot going on.

What's up, Vlog?

What's up W.T. Clark High School

big shout out to Samir.

Hope you're representing Vayner proper, my man.

Two seconds for all the high school kids, listen.

You're young, and that's your strength and your weakness.

Right?

First and foremost, the weakness.

Like, you haven't accomplished shit.

I don't know, you better beep that.

'Cause I'm sure they're not gonna let it play

in a high school, but,

edit it, beep it.

You haven't accomplished shit!

And you've got the audacity like you have.

On the flip side that's your strength,

you're young.

And you've got your whole life in front of you.

And all of you are trying to prove yourselves,

put yourself on, have stuff.

And that's gonna make you impatient.

Please recognize how young you are,

and get real, real, real patient.

And last of all, find that thing,

whether it's eSports and video games

whether it's basketball,

whether it's painting or writing,

people are gonna tell you it's not practical.

But it is.

Find your passion and go deep,

put in 18 hours of work.

Don't lay on the couch and go through your

Instagram feed.

Put in the work, find your passion,

know that you're young, which means you're impatient,

but you've got nothing but time.

(reflective music)

- [Female] What advice do you have for women

who just kind of carry around that baggage

that they can't make it as a female entrepreneur?

- You know, I think that's a great question.

I think there's a couple things that run through my mind.

Number one,

I love that the internet has eliminated the

truth behind a man's world.

You know, now,

I'm not naive and I don't want to come across tone-deaf.

I am the first and have been for

long before it was popular,

like it sure seems now,

like everybody's different.

There are clearly advantages for being a white male

in America,

versus a female, versus a minority,

versus being born in Iran,

that's just real life.

I think the bigger part,

and I was an early investor in Birchbox

and Micmac and brit.co

and

I've, to be very frank

have done quite well with my

female entrepreneurial ventures

because they have been underpriced in cost

because it has been a 'man's world' in VC Land.

And there has been a disrespect of the female entrepreneur.

And I'm not Mother Teresa or this amazing human being,

I'm just a businessman and I'm like,

it would never cross my mind to think that

a woman or an alien or a Latino

couldn't do it as well.

And so,

in a weird way I think I took advantage of the

shortcomings of a lot of white males

and it was mainly on the back of knowing that

the internet doesn't give a shit who you are.

My thesis that I wrote in Crush It,

and The Thank You Economy

has played out, which is,

the internet doesn't care.

Everybody's got a shot.

You're more than welcome to go on Twitter and CNN

and dwell from 7pm to 11pm

and shit on everybody, and call people out

and be upset and say this one's bad and this one's good.

How about instead of those four hours dwelling in the muck

of all this, realizing that what it means is this is the

greatest opportunity ever for anybody and everybody.

Because as long as you have this

and I get emails from people that are homeless

every single day of my life,

who have this.

This is an unlock.

We need perspective.

Like everybody's on their fuckin' high horse

and judging.

For every entrepreneur that's listening right now,

go on the offense!

What do I say?

Make that woman chip on your shoulder get real big

and use it as a driver of positivity

and opportunity, not looking backwards.

Whatever you are,

being the best version of what you are is

always going to be the right strategy and

I think we need to talk more about self awareness.

The secret sauce is don't overcomplicate stuff.

You have to work hard

you have to work smart, you have to be empathetic

and grateful, you have to be positive and optimistic

and every time you're not,

you're giving points off the board.

You don't have to be optimistic,

maybe you were born pessimistic.

But please understand that will detrimentally hurt you

in your ambitions of

if you want to be an entrepreneur

because it takes blind optimism,

because everything in your face every day is

telling you no.

And you're completely, completely committed to yes.

- [Ray Dalio] Hello, Gary!

- It's good to see you, Ray.

- Now I get to do to you

what you did to me! (laughs)

- The tide is turning.

- I'm in control.

- I'm worried about this!

- I know!

- This is real energy coming from you.

- Okay! - I'm excited.

- Okay and I'm in control.

Gary!

- Yes, sir.

- Okay, we're gonna do this.

I'm gonna do it to you, man.

- I'm listening.

- Okay.

So

what I'm trying to do is to

help you all

understand what the best principles of winners are.

They're winning because they're doing things.

They're operating by recipes, essentially.

They're doing those things over and over

that makes them winners.

Okay so Gary is a winner.

And now we're gonna get into

Gary's principles.

- [Gary] Here we go.

- Here we go!

What do you think you're going after

and where did it come from?

- My intuition on this

and I do think I spend a lot of time on it

is,

I feel like I'm going after

all-time legacy.

I think that it comes from a mix of

guilt, gratitude, insecurity and optimism.

Because I was such a poor student at such a young age

- [Ray] Me too.

- And because I wasn't a good athlete,

in any shape or form,

it eliminated the two things that boys were judged on

when I grew up.

Either you were a good student and going to Harvard,

or you were a tremendous athlete and going to USC.

I was neither.

Entrepreneurship was surely not cool

in 1984, 5, 6 and 7.

So what I was doing off the field

or out of school

was making money,

but that wasn't deemed as a merit

or a remarkable act.

- I hear you.

And so that void of the intellectual

is then also what

you're demonstrating. - 100 percent.

- Great!

- I am completely driven by a chip on my shoulder.

On my upbringing,

except that I am empathetic to everybody else

so it's not manifesting as a negative.

It's manifesting as a positive.

- Boy, you're doing a good job, man.

Okay, this is going good.

Tell me about those principles that you think would be

helpful, that have helped you.

- No question.

I am an unbelievable buyer,

and I think the grossly underestimated trait

in the capitalistic game

is empathy.

Empathy will give you leverage

with the other party.

- Boom!

There's a principle!

- But because of empathy

and it is my binary north star,

I temper my expectations of others on my team

and try to be realistic to their realities.

Watching others with a lot of freedom

gives me context of how to put them in the

best position to succeed.

- Insecurity will lead

to undermining actions

that hurt the merit of your organization.

I am dumbfounded by people positioning themselves

and their businesses as if life is a sprint

when it is clearly a marathon.

I am devastated

that people make short term financial decisions

to buy something that closes the short term gap

in their insecurity,

and at the undermining of

their long-term wealth and happiness.

- Okay.

- Having humility to carry two opposing points of view

and making them rub up against each other

- Okay, that's another one!

(laughs)

So let's,

we're gonna split that, okay?

- I've got principle for days, kids!

- Okay.

- You know, - Okay

- Having the humility to be able to

- Have humility

- Have humility in being able to carry opposing views

on an issue, and then creating friction

and making a judgment in the context of the moment.

- Failure.

- Is tremendous.

I'm wearing a New York Jets Christmas sweater,

not a New York Yankees Christmas sweater.

And at six years old, I passionately cared about both.

There's deep insight into my love affair

with the Jets and the Knicks.

They have

- Tell me in the failure

how, follow that through,

what you do like

about failure? - I prefer

I prefer the journey over the riches.

My personal wealth is disproportionately

being sabotaged by myself

because I enjoy the process of gathering it.

I literally think I

- That's smart.

It's smart because you're not

you're out, look.

What you're doing is you're realizing

what really has value.

Okay? - You're right.

- Money, one of the challenges of money is

it's easy to count.

And because it's easy to count,

then people sort of say, I count it up

but I got more of that

and that's the thing of success.

If you can have happiness points,

if you can count happiness

- [Gary] I'm winning

- We would optimize for happiness