00:00:00
I never let money get in the way of a
00:00:01
good time. I'm spending money like a 50s
00:00:03
gangster just diagnosed with ass cancer.
00:00:12
>> Hi everyone, this is Pivot from New York
00:00:14
Magazine and the Vox Media Podcast
00:00:15
Network. I'm Cara Swisser
00:00:17
>> and I'm Scott Galloway
00:00:18
>> and Scott. This is our end of the year
00:00:20
listener mail episode. We're probably
00:00:21
both elsewhere doing fun things, but are
00:00:24
you ready to hear some emails and
00:00:25
voicemails from our lovely listeners,
00:00:26
who by the way, we have a full new
00:00:28
appreciation for after meeting so many
00:00:30
of them on our Pivot Live tour. I really
00:00:32
enjoyed that. Are you ready?
00:00:34
>> Yeah, ready.
00:00:35
>> Okay, Scott, let's kick off with a
00:00:37
question about taxing AI. Let's listen.
00:00:40
>> Hi, this is Lynn. Um, I've been
00:00:42
wondering as artificial intelligence
00:00:45
continues to replace human jobs, do you
00:00:48
think we'll ever see attacks on AI
00:00:50
itself or on the companies that use it
00:00:53
as a way to offset its impact on
00:00:56
displaced workers? And would that in a
00:00:59
sense become a new way of taxing the
00:01:00
rich? Thank you. Bye.
00:01:03
>> Gosh, Lynn, what a great question.
00:01:04
Actually, I'm going to start. You know,
00:01:06
many years ago, Bill Gates sort of set
00:01:08
off a kurfuffle when he talked about
00:01:09
taxing robots if they become workers um
00:01:12
the same way because you aren't going to
00:01:13
get those money that you get from human
00:01:16
workers and so they should be taxed in
00:01:17
the same way. I hadn't really thought
00:01:19
about it about AI. Uh Scott, I I'm I
00:01:22
think I'm I think you're more qualified
00:01:23
to answer this.
00:01:24
>> I don't know if that's true. Uh my view
00:01:27
around taxation is that the moment you
00:01:29
start taxing specific industries, you
00:01:32
weaponize special interest groups to
00:01:34
come to their defense and you also
00:01:36
create some confusion around like is
00:01:38
Oracle AI, you know, if if McKen I mean
00:01:42
at what point what qualifies as an AI
00:01:43
company and not an AI company? Is
00:01:45
Microsoft an AI company? What what I'm a
00:01:49
big fan of and I think that the the the
00:01:53
caller is alluding to I want to go back
00:01:56
to Reagan era taxation and that is
00:01:59
there's no difference between I think
00:02:01
the capital gains tax deduction is
00:02:02
nothing but a transfer of wealth from
00:02:04
young to old because somehow we've
00:02:05
decided that sweat is less noble than
00:02:09
money and that is the money I make on
00:02:10
money gets taxed at a lower rate than
00:02:12
the money that young people make on
00:02:14
sweat. So I would like to see an elim
00:02:16
elimination of the capital gains tax
00:02:18
deduction and raise those rates to
00:02:20
current income and restore a progressive
00:02:22
tax structure. In my view, you do it
00:02:25
across all income and all firms because
00:02:27
I think the moment you start getting
00:02:28
into this notion of let's put a super
00:02:31
tax on this type of firm. I think that's
00:02:34
I think you regulate them. I think you
00:02:35
have an EPA, you have an AI act, you
00:02:37
have privacy, you have laws, but in
00:02:39
terms of taxation, I just think you say,
00:02:41
look, above a certain level of
00:02:43
profitability, when you sell a stock,
00:02:45
you pay this much in tax. I think taxes
00:02:48
need to go up. I think we need to do
00:02:49
away. We need to raise long-term capital
00:02:52
gains from 21 to 37%. It makes no sense
00:02:54
that I'm paying lower taxes than people
00:02:56
actually working for a living. But I
00:02:57
think you apply it to every company
00:02:59
because a lot of a lot of for example
00:03:01
the AI boom is going to make a lot of
00:03:03
people in the construction industry very
00:03:05
very rich.
00:03:06
>> It is that's one people group of people
00:03:08
that are benefiting. Yeah.
00:03:10
>> Tax them. Would you tax them? Right.
00:03:12
Would you tax
00:03:12
>> my out of there's so many loopholes
00:03:15
right now. The only way we get there is
00:03:16
with an AMT. There should be an AMT.
00:03:19
Anything above $10 million and anything
00:03:21
above three million you pay a federal
00:03:23
AMT
00:03:24
>> of 40%.
00:03:26
>> Yep. Because what happens is guys like
00:03:28
me weaponize the tax code and do 122 and
00:03:31
buy assets and we end up paying high
00:03:34
teens in tax rates. Yeah.
00:03:35
>> So the stated the stated we focus too
00:03:38
much on tax rates not on the tax code
00:03:40
and enough already. There is no reason
00:03:42
why someone working for money should be
00:03:44
taxed at a higher rate than someone who
00:03:46
is making money from investments.
00:03:47
>> Although I don't see any wrong with
00:03:48
taxing robots if they're workers. I
00:03:50
don't know. I don't
00:03:50
>> It's an interesting one.
00:03:52
>> Yeah. I just I when he said it and I
00:03:53
thought, "Oh, Bill Gates." And I
00:03:54
thought, "Oh, actually he's really
00:03:55
smart. I forgot. Anyway, it's an
00:03:56
interesting question. We have to deal
00:03:57
with all these things and what happens
00:03:59
with displaced workers and how we're
00:04:00
going to pay for that or get them
00:04:02
different jobs. So, there's going to be
00:04:03
a lot of rethinking of all the way the
00:04:05
workplace is taxed, how it's conducted,
00:04:08
what people get paid. Um, and obviously
00:04:10
the damage that some of this AI is going
00:04:12
to do. There's going to have to be some
00:04:14
mitigation. Uh, okay, Scott, next
00:04:16
question. This one is a tough one. Let's
00:04:17
listen.
00:04:18
>> Hey, Scott and Cara. I'm Liam, a high
00:04:20
school senior from New York, and I want
00:04:22
to ask the following. America certainly
00:04:24
has its fair share of economic and
00:04:26
social problems, but a lot of the time
00:04:27
these problems stem from the same root
00:04:29
causes. Too often though, our
00:04:31
politicians create costly band-aid
00:04:33
solutions rather than trying to address
00:04:35
the underlying issues. So my question to
00:04:38
you guys is, if you could implement one
00:04:40
single policy to try and solve the most
00:04:42
problems at once, what would it be?
00:04:44
Thanks for taking the time to answer.
00:04:47
>> Wow, that's a great question. I hate
00:04:49
that with just one thing. If I had to
00:04:50
pick
00:04:53
$25 minimum wage.
00:04:55
>> I like that.
00:04:57
>> Let me explain very quickly because I
00:04:59
think it it lists all votes. If people
00:05:00
get paid more, they'll spend more. It
00:05:03
creates a better economy. I know there's
00:05:04
initial costs for businesses that have
00:05:06
these things, but it creates an people
00:05:09
that can do a living wage. They spend
00:05:10
money. They want to do things. They lean
00:05:12
into the future. I just it it would be
00:05:14
great. The second one would be 8 million
00:05:17
houses, more housing. But go ahead. once
00:05:19
a program, one is structural or
00:05:22
legislative. Um, I do think a lot of
00:05:25
this reverse engineers to in terms of
00:05:28
inability to get things done to Citizens
00:05:30
United. If I could overturn Citizens
00:05:32
United, I would I think a lot of our
00:05:34
problems stem from the weaponization of
00:05:36
Washington by corporate interest and
00:05:38
corporate money.
00:05:39
>> Oh, wow.
00:05:40
>> Um, and then
00:05:41
>> Wow, Bernie Sanders, I like that answer.
00:05:44
>> Well, I mean, it's just true. There's
00:05:46
more there's more full-time lobbyists
00:05:48
living in DC working for Amazon than
00:05:51
there are sitting US senators. So, what
00:05:54
do you know? Anyway, uh but you know, a
00:05:57
close second, mandatory national
00:05:59
service, universal child care, lower
00:06:01
Medicare eligibility by two years a year
00:06:03
for 10 years until threequarters of
00:06:04
America has essentially socialized
00:06:06
medicine. You know, I could go on and
00:06:08
on.
00:06:08
>> Yeah, I love it. I love that answer. I
00:06:10
was not expecting it. Boy, that came out
00:06:12
left field there, Scott. All right,
00:06:14
Scott, let's take a quick break and
00:06:15
we'll be back with more listener
00:06:17
questions.
00:06:18
>> Support for the show comes from
00:06:19
Vanguard. To all the financial adviserss
00:06:21
listening, let's talk about bonds for a
00:06:23
minute. Capturing value and fixed income
00:06:25
is not easy. Bond markets are massive,
00:06:26
murky, and let's be real, lots of firms
00:06:28
throw a couple flashy funds your way and
00:06:30
call it a day. But not Vanguard.
00:06:32
Vanguard bonds are institutional
00:06:34
quality. Institutional quality isn't a
00:06:36
tagline. It's a commitment to your
00:06:38
clients. It means top grade products
00:06:39
across the board. The lineup includes
00:06:41
over 80 bond funds. They're actively
00:06:43
managed by a 200 person global squad of
00:06:45
sector specialists, analysts, and
00:06:47
traders. Lots of firms love to highlight
00:06:49
their star portfolio managers, like it's
00:06:51
all about that one brilliant mind making
00:06:53
the magic happen. Vanguard's philosophy
00:06:55
is a little different. They believe the
00:06:56
best active strategy shouldn't be locked
00:06:58
away with one person. They should be
00:07:00
shared across the team. That way, every
00:07:02
client benefits from the collective
00:07:03
brain power, not just one individual's
00:07:05
take. So, if you're looking to give your
00:07:07
clients consistent results year in and
00:07:09
year out, go see the record for yourself
00:07:10
at vanguard.com/audio.
00:07:12
That's vanguard.com/audio.
00:07:15
All investing is subject to risk.
00:07:16
Vanguard Marketing Corporation
00:07:18
distributor.
00:07:22
>> Scott, we're back. The next listener
00:07:24
wants to know what we're doing with our
00:07:25
money. Let's listen.
00:07:26
>> Hi, Scott and Kira. It's Eric from
00:07:28
Brooklyn. Scott, you talk a lot about
00:07:30
how you spend, how you invest, and I
00:07:32
imagine how you save. Carrie, you don't
00:07:35
and you come off as maybe a bit more
00:07:37
frugal. Can you share a little bit about
00:07:39
your investment in spending and saving
00:07:41
philosophy in the context of your shared
00:07:42
success? Um, thank you so much and uh
00:07:46
hope we'll see you soon.
00:07:47
>> Gosh, thanks Eric. A little personal.
00:07:50
Um, uh, I am not I don't think about
00:07:52
money a lot. That's my problem. I'm not
00:07:54
interested in it and I make a lot of
00:07:55
money. I do. Um, for especially for a
00:07:57
journalist, I'm like I'm like Daddy
00:07:59
Warbucks, a journalist in that regard.
00:08:01
But I would say I save a lot. I have a
00:08:05
lot of savings and I diversify. I'm sort
00:08:07
of your basic person, uh, basic [ __ ] of
00:08:09
investing. I have bonds. I've got quite
00:08:12
a bit of real estate that I hold on to.
00:08:14
This force savings as Scott calls it.
00:08:17
Um, I, um, I don't spend a lot of money.
00:08:21
I really don't. It's, it has nothing to
00:08:23
do with me being frugal. I just don't
00:08:25
I'm don't like buying a lot of stuff.
00:08:27
I'm wearing the same All my clothes I've
00:08:29
had for 20. I don't buy a lot of
00:08:30
clothes. I don't buy drugs. I don't buy
00:08:32
I don't go out a lot. Um I'm really
00:08:35
boring.
00:08:35
>> Don't buy drugs. Where did that come
00:08:37
from?
00:08:37
>> Well, no one here buys drugs. Maybe you
00:08:40
I don't buy like I don't drink. I don't
00:08:42
party. I I'm trying to think like what
00:08:43
costs money. I have a Chevy Bolt like
00:08:45
and a Kia. So, I don't really care about
00:08:47
cars.
00:08:48
>> You're the primary bread winner in a
00:08:50
family of four people.
00:08:52
>> Yeah.
00:08:53
>> I mean, that in itself is
00:08:54
>> Y
00:08:55
>> Mommy's got to make real money.
00:08:56
>> Mommy's got to make real money. And so,
00:08:57
that's spent on the kids. I definitely
00:08:59
get them through college and but I did
00:09:01
those savings plans for college for for
00:09:03
my boys and I'm doing them for my little
00:09:05
kids. That worked out really well
00:09:06
actually. I didn't have to think about
00:09:07
it. Um and I did that 20 years ago for
00:09:10
my older kids. Um I think I um what I do
00:09:13
spend on I have way too much cash
00:09:15
compared to what I need. But I like to
00:09:17
have it. I'm one of those sort of
00:09:18
people. I do spend money on a couple of
00:09:21
things. Um I always will upgrade. I mean
00:09:24
I always get first class. I fly well.
00:09:26
you know, I don't have a private plane,
00:09:28
but I I would love to have one, but um
00:09:31
I'm sorry to say that people who love
00:09:32
the same energy are going to think
00:09:33
they're wonderful. Um and I I will
00:09:36
upgrade all the time, like upgrade
00:09:38
hotels and things like that. So, I I've
00:09:42
gotten I got old very early and then I'm
00:09:45
like I didn't want to be in bad food. I
00:09:47
didn't want to stay in bad places. I
00:09:49
suppose if I spend on anything a lot,
00:09:51
it's vacations. I really I I do, but I'm
00:09:54
still more frugal than Scott. Scott is
00:09:56
really I really admire Scott's vacation
00:09:58
spending. Um I don't know Scott, what do
00:10:01
you think?
00:10:02
>> Well, you know, I think a lot about
00:10:03
this. One of my addictions is money and
00:10:06
that is I continue to be too focused on
00:10:08
it to the detriment of my mental health
00:10:10
and it takes time away from my family. I
00:10:14
grew up with a scarcity of money until,
00:10:17
you know, I got through my senior
00:10:18
college on Top Ramen and bananas. That's
00:10:20
not an exaggeration.
00:10:22
I was in student debt. Um, you know,
00:10:25
even at the age of 27, I was traum not
00:10:27
traumatized, but I had a difficult time
00:10:29
paying for my mother's um, uh, healthc
00:10:31
care. So, I've been very focused on
00:10:33
money and got very lucky. And that's not
00:10:36
a humble brag. I think I'm a monster. I
00:10:38
think I'm talented and hardworking, but
00:10:39
I did get lucky. And now I am, by most
00:10:42
people's standards, wealthy. Uh, my
00:10:45
approach to spending money is that we
00:10:46
don't own money, we rent it. And I also,
00:10:49
you collide that with my atheism. You
00:10:52
know, I believe that this is all coming
00:10:54
to an end pretty quickly for me. So, I
00:10:56
spend a great deal of money. I spend
00:10:58
between $3 and $400,000 a month. Uh, I
00:11:01
own homes all over the world. I uh have
00:11:04
a plane and I spend most of my money on
00:11:08
homes and experiences
00:11:10
and
00:11:11
>> not gifts for Cara, just
00:11:13
>> but along those lines. The way I try and
00:11:15
keep in check is I think hoarding money
00:11:17
is a virus. When I hit my number eight
00:11:18
years ago, I decided anything above that
00:11:20
number I would give away. And what I do
00:11:22
each year is I look at my total spending
00:11:25
and I match it and I give that amount of
00:11:26
money away and it keeps my my net worth
00:11:29
has not increased in eight years.
00:11:31
>> Yeah.
00:11:31
>> And uh because I think hoarding wealth
00:11:33
is a virus. There is no reason anybody
00:11:35
needs to be a billionaire.
00:11:37
>> But there's no I can't stand it when
00:11:39
wealthy people can't aren't good at
00:11:41
spending money. I have an amazing time.
00:11:43
>> Yeah.
00:11:44
>> I do things for my friends and family to
00:11:47
get us all together in the same place. I
00:11:50
never let money get in the way of a good
00:11:51
time. I'm spending money like a 50s
00:11:53
gangster just diagnosed with ass cancer.
00:11:56
>> And
00:11:57
>> I think is a nicer way of putting that.
00:11:58
Scott is very generous, let's just say,
00:12:00
to employees. Scott's very generous.
00:12:02
>> We don't own money. We rent it. And I'll
00:12:04
give my kids some money, but there's no
00:12:05
reason why my kids need to inherit tens
00:12:07
of millions of dollars. So,
00:12:08
>> I'm going to spend it all on people I
00:12:10
love and experiences and take advantage
00:12:12
of capitalist society. And I'm also
00:12:13
going to give a [ __ ] ton of money away
00:12:14
to make sure that the things that made
00:12:15
me rich are still available for younger
00:12:17
people. So, I love making money. I love
00:12:20
spending it. I stopped making it 8 years
00:12:22
ago and I anything above a certain
00:12:24
level, I give away. In terms of my
00:12:26
investments, I'm pretty well
00:12:27
diversified. My quote unquote investment
00:12:30
strategy is the following. I think
00:12:32
income inequality, unfortunately, is
00:12:34
only going to get worse. And what I find
00:12:36
is that people worth over hund00 million
00:12:38
are the most homogeneous, boring people
00:12:39
in the world. And that is they all want
00:12:40
to party in St. Barts. They all want to
00:12:42
buy Hermes. They all want to send their
00:12:43
kids to elite colleges. And they want to
00:12:45
live in one of five areas. They want to
00:12:47
live in Dubai, London, Palm Beach, New
00:12:49
York, or Aspen. And I bought homes in
00:12:51
all of those places except for Dubai.
00:12:53
Big homes. And the way I I refurbish
00:12:56
them. And what I tell my contractor and
00:12:58
my decorator is pretend Jeff Bezos is
00:13:00
going to buy this home cuz the world is
00:13:03
going to produce thousands of
00:13:05
billionaires over the next 20 years. And
00:13:07
by the way, I think it's a terrible
00:13:08
thing about our society. I will vote for
00:13:10
people to try and reverse that. But the
00:13:12
free gift with purchase is at these
00:13:14
homes. I want to make it impossible for
00:13:15
my boys to avoid me. And the
00:13:18
conversation when they're say at UC San
00:13:19
Diego or something, we can go to Tijana
00:13:21
with our friends and eat lobsters or we
00:13:22
can go to Aspen, but we have to have
00:13:24
dinner with my dad. I'm hoping that
00:13:26
they'll say, "Yeah, let's go hang out
00:13:28
with dad." I spend a [ __ ] ton of money.
00:13:30
I love it. I give it away. It's not It's
00:13:32
not virtue. It's not ethics. It makes me
00:13:34
feel strong. It makes me feel masculine.
00:13:35
It makes me feel American. But I'm
00:13:38
planning to not increase my net worth.
00:13:41
There is no reason anybody needs to be a
00:13:43
billionaire. It's not going to make you
00:13:44
any happier. What's going to make you
00:13:45
happier
00:13:46
>> is doing amazing things with people you
00:13:48
love and doing nice things for other
00:13:51
people. And I spend to that and I very
00:13:53
much enjoy it and money is something
00:13:56
>> money is something I think a lot about
00:13:57
because I didn't have a lot of it
00:13:58
growing up.
00:13:59
>> Yeah.
00:14:00
>> Um it's still a very big issue in my
00:14:02
life.
00:14:02
>> Yeah. It's interesting because I grew up
00:14:03
with a lot of money and so I guess I
00:14:05
don't care. I I've always had money. You
00:14:07
think about money less than almost
00:14:09
anybody I know.
00:14:10
>> I know you you get mad at me because I
00:14:12
don't I don't I have enough. I had a
00:14:14
also let me point out my mom was a spend
00:14:16
thrift and it upset me and made me both
00:14:18
my brothers and I are very hard workers
00:14:20
and we don't spend a lot of money. All
00:14:22
of us are very we like my brother built
00:14:24
a beautiful house in Pennsylvania where
00:14:26
he lives and it's beautiful and he
00:14:27
didn't it's it's gorgeous and he loves
00:14:29
it and so that's what he spends money on
00:14:32
and I love that cuz I feel like it was
00:14:34
money well spent cuz he enjoys it and
00:14:36
it's quite beautiful. It's beautiful
00:14:37
setting. So we always spend money on
00:14:38
homes but not extremely like not like
00:14:41
ridiculously. Um same thing with Jeff's
00:14:44
has a beautiful home. I have beautiful
00:14:46
home and
00:14:47
>> you live well not opulently not at all.
00:14:49
No people are surprised. Um, I had the
00:14:51
luxury of not having to worry about
00:14:53
money early in my life, but I there was
00:14:55
a lot of my mom being such a spender.
00:14:57
She was always out of cash and she
00:14:58
always had to scrge for it from and
00:15:00
trick people getting her dad to write
00:15:02
her a check. And I found that grotesque.
00:15:03
I did. I was like, I'm always going to
00:15:05
have enough money. And I had money from
00:15:08
a very early age cuz my dad died. There
00:15:10
was an insurance thing. And I got a hold
00:15:12
of it when I was 18. And I have not I
00:15:14
didn't want my mom near it cuz she was
00:15:16
she would she spent a lot of our money
00:15:19
um that we got from my dad. And so I've
00:15:21
had control of my money for years. So I
00:15:23
I I just don't care about it enough. I
00:15:25
just don't I just I I wish I did. Like I
00:15:28
I I want my boys to work hard, my older
00:15:30
boys to work hard, and I think they do.
00:15:32
Both of them are really hard workers.
00:15:34
And again, just like Scott, they're not
00:15:35
going to get they're going to get the
00:15:37
houses is what they're going to get,
00:15:38
which is what which I love the house. So
00:15:40
it's something like that. All right,
00:15:42
Scott, let's get to a question about
00:15:43
parenting. Let's listen.
00:15:45
>> My name's Lisa. I'm the mother of a
00:15:48
17-year-old boy and a 13-year-old girl.
00:15:50
Two years ago, their father died
00:15:52
unexpectedly.
00:15:53
Cara, as someone who lost their father
00:15:55
and also as someone who's raised
00:15:57
children without a male partner. And
00:15:59
Scott, as someone who's largely raised
00:16:00
by a single mother, I'm looking for
00:16:02
advice. Cara, what do you wish your mom
00:16:04
did to keep your dad's memory alive?
00:16:06
What did she do right or wrong? Scott,
00:16:08
what did your mom do right to make you
00:16:10
feel like one parent was enough? What do
00:16:12
you wish you would have done if, for
00:16:13
example, she had had more financial
00:16:15
resources? Thank you both.
00:16:17
>> Man, these are good questions. They're
00:16:19
highly emotional. God Jesus,
00:16:22
>> I don't think my mom did a very good
00:16:23
job. I I hate to trash my mom this
00:16:25
episode, but it's true. You know, she
00:16:27
lost contact with my dad's uh parents,
00:16:29
and I reestablished it when I was in
00:16:31
college myself. uh when you're a kid,
00:16:33
you're a little bit at cross purposes of
00:16:36
loyalty and I I thought that was not
00:16:38
good. She threw away a lot of pictures
00:16:40
um which I recovered some of which I
00:16:42
spent a lot of time finding stuff about
00:16:44
my dad and I have right now have a big
00:16:46
box of letters of his that I just read
00:16:48
one that was wonderful. Uh um I I think
00:16:52
she should have spent a lot more time
00:16:54
talking about him and and I don't I
00:16:57
don't think she remembers herself, but I
00:16:59
don't think she was kind to his parents.
00:17:02
Um so that was one thing is if your
00:17:05
grandparents are good people, make sure
00:17:06
your kids know them and know their
00:17:08
relatives on your dad's side and they're
00:17:09
his friends. I wish I knew more about my
00:17:12
dad's friends. And I found out later
00:17:14
when I wrote a piece in the Washington
00:17:15
Post, I got inundated with friends of
00:17:17
his that my mother never told me about
00:17:20
that I then went and met and all these
00:17:22
stories. It was a as I think I've said
00:17:24
this for there was a gay couple who my
00:17:26
dad was lovely to and I didn't know
00:17:28
that. I I it was a wonderful thing to
00:17:29
find out. Uh a young uh African-American
00:17:32
woman he tutored wrote me for now she
00:17:35
was a doctor and said she wanted to
00:17:37
thank him. my an ex-girlfriend of his
00:17:39
wrote me saying it should have been me
00:17:42
uh that married him uh which was funny
00:17:44
like there's a picture of him behind me.
00:17:45
I have a lot of pictures of him around.
00:17:47
One thing I'm sad is my kids won't know
00:17:49
him. I name my and I also name my son
00:17:51
after my dad. So that's what I would
00:17:53
say.
00:17:54
>> It's nice.
00:17:56
Yeah.
00:17:58
I mean there's just thinking about it um
00:18:01
stirs emotion. So when I was 15 and in
00:18:04
California, you were what you drove and
00:18:07
or just having a car was everything. You
00:18:08
had no social life in high school in LA.
00:18:10
There was no public transportation
00:18:11
unless you had a car. We didn't have a
00:18:13
lot of money. My mom used to come home
00:18:15
uh when I was 15 and a half and honk the
00:18:17
horn and we go into a garage of this
00:18:18
giant apartment complex and she would
00:18:20
teach me how to drive stick on her 19
00:18:23
like 77 opal green, you know, lime green
00:18:28
opal manta. Mhm.
00:18:29
>> And then on my 16th birthday, when I
00:18:31
passed my driver's test, she came home
00:18:32
and she had bought this shitty Acura and
00:18:35
she put her arms on my shoulders and put
00:18:38
keys in my hand and said, "You're a
00:18:39
handsome young man and you have a car."
00:18:41
>> Oh, Scott, you're breaking my heart.
00:18:47
>> You okay?
00:18:50
>> Yeah, I'm good. The The best thing
00:18:53
literally I think of any parent or
00:18:54
mother
00:19:03
Um, if you tell your kids every day they
00:19:05
have value, they start to believe you.
00:19:07
>> Yep. 100%. Scott, I bought you an Acura
00:19:10
for your
00:19:10
>> There you go.
00:19:11
>> For Christmas.
00:19:12
>> That's what I needed.
00:19:13
>> Get you out of this. That is a beautiful
00:19:14
story. I
00:19:16
knew that.
00:19:17
>> The good news is you become more
00:19:18
thoughtful when I reverse engineer all
00:19:20
my blessings to two core things. It's
00:19:23
big government, assisted launch, Pell
00:19:24
Grants, University of California, uh
00:19:27
DARPA, the internet, uh and also just
00:19:30
hands down, I think I've always had a
00:19:32
base of confidence that that my mother
00:19:34
gave me.
00:19:34
>> Oh my gosh.
00:19:35
>> The more the more pragmatic piece of
00:19:37
advice is that
00:19:40
unfortunately, if you were to reverse
00:19:42
engineer a young man's problems to a
00:19:44
single point of failure, it's when he
00:19:46
loses a male role model. And you've had
00:19:49
your husband has passed. I think it's
00:19:51
especially important that you get men
00:19:53
involved in your son's life.
00:19:55
>> Uh Cara, you do a great job.
00:19:57
>> I do. I didn't mention that. I have my
00:19:59
brothers, both my brothers and friends,
00:20:01
they have been critically part critical
00:20:03
part of my boy's upbringing, my older
00:20:05
boy's upbringing, and it'll be the same
00:20:06
for Saul because he needs a lot of man
00:20:08
around him. I agree. Go ahead.
00:20:10
>> So, anyways, get Yeah. Get men involved
00:20:12
in your son's life. What's weird is
00:20:15
>> it's not as important for the girl.
00:20:17
girls have similar outcomes of college
00:20:18
attendance and self harm in single
00:20:20
parent homes. It ends up that while boys
00:20:22
are physically stronger,
00:20:24
>> they're emotionally and neurologically
00:20:25
much weaker than girls.
00:20:27
>> So the the involvement of a male role
00:20:30
model in your son's life is actually now
00:20:32
>> I say I miss having my dad. I have to
00:20:35
every day. One of the last things I
00:20:36
would say is um there's a great book
00:20:38
called The Loss That is Forever. I
00:20:40
forget the author. I would recommend
00:20:42
reading it. It's forever loss. So don't
00:20:45
like pretend it's not like don't under
00:20:47
don't underscore what the loss is. And I
00:20:51
I think about my dad every day, every
00:20:53
single day. And you should let them do
00:20:55
that. And you should think and talk
00:20:56
about him every day to them. I mean, I
00:20:59
think that's critically important.
00:21:01
>> All right, Scott, are you okay? Can we
00:21:03
move on?
00:21:03
>> I'm good.
00:21:04
>> All right. It gets worse from here, I
00:21:05
think.
00:21:06
>> Yeah.
00:21:07
When Scott dies, he'll be like, you
00:21:08
know, you remember like at the end of um
00:21:10
the Orson Wells movie, Rose Bud. It's
00:21:12
gonna be Acura.
00:21:15
>> Acura, Acura.
00:21:16
>> Opal.
00:21:16
>> Opal.
00:21:17
>> Lime green opal.
00:21:18
>> We have an Opal. I love an Opal, but the
00:21:21
Opal. We also literally the lamest with
00:21:24
Navajo print. It was so nice.
00:21:26
>> I know. There's a reason I lost my
00:21:27
virginity at 19.
00:21:28
>> P. Well, try having a pacer with Navajo
00:21:30
print. Okay.
00:21:31
>> Pacer's kind of cool in a weird way,
00:21:32
though.
00:21:32
>> I know, but not then. Okay, Scott. One
00:21:35
more quick break. We'll be back and
00:21:37
we'll answer another listener question.
00:21:40
>> Support for the show comes from Ziotics.
00:21:42
So, I drink a little bit less these
00:21:44
days. I'm trying to tone down my
00:21:46
consumption of alcohol as I think is a
00:21:48
good idea when you get to my age 50.
00:21:52
But when I do pour myself a cocktail, I
00:21:54
want to make sure my next day also feels
00:21:56
great. Or let me say just to be honest,
00:21:58
less bad. And if you want to feel your
00:22:00
best in the morning or better in the
00:22:01
morning, you could start the night
00:22:03
before with Ziotics. Ziotics pre-alcohol
00:22:05
probiotic drink is the world's first
00:22:07
genetically engineered probiotic. It was
00:22:08
invented by PhD scientists to tackle
00:22:10
rough mornings after drinking. And
00:22:12
according to Ziotics, here's how it
00:22:14
works. When you drink, alcohol gets
00:22:15
converted into a toxic byproduct in the
00:22:17
gut. It's this byproduct, not
00:22:19
dehydration that's to blame for your
00:22:21
rough next day. Pre-alcohol produces an
00:22:23
enzyme that breaks this byproduct down.
00:22:26
Just remember to make pre-alcohol your
00:22:27
first drink of the night. Drink
00:22:28
responsibly and you'll feel your best
00:22:30
tomorrow. So, true story. Uh, I did
00:22:32
Zbiotics last night because I knew I'd
00:22:34
have a couple cocktails after my
00:22:36
speaking gig last night. So, anyways, go
00:22:38
to zbiotics.com/pivot
00:22:40
to learn more and get 15% off your first
00:22:42
order when you use Pivot at checkout.
00:22:44
Ziotics is backed with a 100% money back
00:22:46
guarantee. So, if you're unsatisfied for
00:22:48
any reason, they'll refund your money,
00:22:49
no questions asked. Remember to head to
00:22:50
zbiotics.com/pivot
00:22:52
and use the code pivot at checkout for
00:22:54
15 bucks off.
00:23:02
Okay, Scott. Moving on. This question
00:23:03
comes from Paul via email. I'll read it.
00:23:06
If you had all the money in the world,
00:23:08
these are such good questions. Let me
00:23:09
read this. If you had all the money in
00:23:11
the world, what would you be doing with
00:23:13
your precious time at this moment with
00:23:15
that money? And why aren't you doing
00:23:16
that? Oh my god, Paul. Wow, Paul, that's
00:23:20
a lot. Scott, you go first on this one,
00:23:22
and I'll I I got to think for a second.
00:23:24
>> I'm doing it. I realize how privileged I
00:23:27
am and I realize this is, you know, a
00:23:29
function of my being born a white male
00:23:32
heterosexual and, you know, um, I do
00:23:35
exactly what money had plays. Money as a
00:23:39
construct puts no constraints on my
00:23:41
life. I am doing exactly what I want to
00:23:43
be doing every day. Every day I'm I'm
00:23:45
blessed and I realize that there's
00:23:46
only.1% of the populace can do that. If
00:23:50
I had billions of dollars and I'd
00:23:52
started a private equity firm like
00:23:55
>> well what I would be focused on right
00:23:57
now if I had say hundreds of millions to
00:24:00
waste I'm going to spend millions but I
00:24:02
don't have tens or hundreds of millions.
00:24:04
I'm very very focused on restoring some
00:24:07
of the traditional American values and
00:24:08
getting Democrats elected in 26 and 28.
00:24:10
>> That's what I do.
00:24:12
>> Yeah. I would put a take a bunch of
00:24:13
money and solidify a progressive not it
00:24:17
not not like hateful to conservatives
00:24:19
but like American values that are about
00:24:22
fairness and equity and things like
00:24:24
that. So I'd spend money on that. I
00:24:26
would spend money on um I would I I' I'd
00:24:29
do the McKenzie B Scott. That's what I
00:24:31
would be. That's what I I just suddenly
00:24:33
show up with money and not be heard from
00:24:35
or seen from again. I would that's how I
00:24:38
would do what she's doing exactly what
00:24:40
she's doing and suddenly give Howard a
00:24:42
whole bunch. She's did two gifts to
00:24:43
Howard and she's all of a sudden she's
00:24:46
over at Planned Parenth she's so diverse
00:24:48
in her giving um that I I love it and
00:24:51
it's that's how I would behave. I would
00:24:54
um I would also create um uh uh
00:24:58
universal daycare. I mean that's what I
00:25:00
would do for people better child care uh
00:25:03
for all kinds of parents. Uh I I would
00:25:06
somehow figure out a way to fund like
00:25:08
right now New Mexico has it because they
00:25:10
have all this oil and gas or shale uh
00:25:13
money they can do it. Every state we
00:25:15
should have nationally we should have
00:25:17
universal care. That's what I would do.
00:25:19
I would spend less on health stuff but I
00:25:21
couldn't see why. Um again money is I
00:25:24
don't spend a lot of money so I wouldn't
00:25:26
buy anything. I wouldn't I'm trying
00:25:28
would I buy anything? Maybe like my own
00:25:30
Taylor Swift concert perhaps. That's
00:25:32
what I would do. Anything crazy would
00:25:34
buy. I I might buy invite Scott hurt him
00:25:37
hurt his ears.
00:25:39
>> You'd be so nice to Taylor Swift.
00:25:41
Anyway, something like that. Something
00:25:43
like that. Someone I enjoy like that.
00:25:45
All right, Scott. One more quick break.
00:25:47
We'll be back with more from our
00:25:49
listeners.
00:25:51
Support for this show comes from Rubric.
00:25:54
A lot of companies are deploying AI
00:25:56
agents now. They're automating tasks,
00:25:57
handling workflows, and making
00:25:59
decisions. But here's the thing.
00:26:00
Sometimes they mess up. What a surprise.
00:26:02
They might delete the wrong files, make
00:26:04
changes you didn't authorize, or just go
00:26:06
off script. And when that happens,
00:26:08
you're stuck trying to figure out what
00:26:10
went wrong and how to fix it. Unless
00:26:11
you're using Rubric Agent Cloud. Rubric
00:26:14
Agent Cloud is a platform that allows
00:26:16
you to monitor, govern, and rewind AI
00:26:18
agent actions. One platform to help you
00:26:20
unleash more agents faster without the
00:26:22
risk. It's running in the background the
00:26:24
whole time, watching what's happening,
00:26:26
making sure things stay on track, so you
00:26:28
get full visibility. Set guard rails so
00:26:30
agents don't go rogue. And if something
00:26:32
breaks, you just roll it back. If your
00:26:35
business relies on AI agents, you need
00:26:37
the ability to monitor, govern, and
00:26:38
rewind their actions. Right now, our
00:26:40
listeners get exclusive early access to
00:26:42
Rubric AgentCloud. Head to rubric.com.
00:26:45
That's ru ik.com.
00:26:49
rubric.com.
00:26:54
Okay, Scott, we're back and we're ending
00:26:56
on something very special. A few weeks
00:26:58
ago, I asked what tattoo I should get
00:27:00
for Scott. ideally on my ass. Let me
00:27:04
read some of the answers we got. A roll
00:27:06
of toilet paper with an S on one of the
00:27:08
sheets. The Professor Galloway memorial
00:27:10
tattoo should feature an angry but
00:27:12
dignified daisy duck with a lot of pink
00:27:14
shading. Interesting. A penis that
00:27:16
cleverly embeds his name on it. Essie on
00:27:19
one cheek and TT.
00:27:24
>> Get the O is the [ __ ] Get it. Get
00:27:27
it. Okay. Uh, Groucho nose and glasses
00:27:30
was Scott's nose and glasses. I don't
00:27:32
like any of these. I do like the SCT,
00:27:35
I'd say. Uh, I need more. Scott, do you
00:27:38
have any suggestions?
00:27:40
>> Uh, I would get some I would just in
00:27:42
case of emergency, call Scott.
00:27:45
>> Oh my god. Break glass
00:27:47
>> or maybe a tiny raccoon holding a beer.
00:27:50
>> Oh, I think that's good is what I should
00:27:53
get. Just the word.
00:27:54
>> Um, a barcode. a barcode that if you
00:27:58
scan it, it said the problem with Scott
00:28:00
is
00:28:02
>> um
00:28:04
you better.
00:28:06
>> Yeah.
00:28:06
>> Let me see. Uh I don't know.
00:28:09
>> I would How about a cat and a dog sort
00:28:11
of fighting but hugging at the same
00:28:13
time?
00:28:14
>> Something like that.
00:28:15
>> You know, tattoo of a receipt. Total
00:28:17
0000 item putting up with
00:28:19
>> Cara.
00:28:23
Broken halo with the caption Scott
00:28:25
tried.
00:28:28
>> Acura
00:28:29
>> uh a fortune cook a fortune cookie and
00:28:31
the fortune reads you will tolerate
00:28:33
someone named Scott today.
00:28:36
>> How about one that just says at least
00:28:37
he's not Scott Jennings.
00:28:39
>> That's right. That's right. No, I think
00:28:42
there's a lot we could do. I could go
00:28:44
on. I'm fine.
00:28:45
>> I may get a Scott tattoo. I may just do
00:28:47
it as a surprise. I think I might maybe
00:28:50
I'll get make fake ones made and then
00:28:52
trick Scott in some fashion. We have we
00:28:55
have tattoos of us
00:28:56
>> tombstone that says rest in peace
00:28:58
Scott's sanity taken by Cara.
00:29:01
>> These are your tattoos. We have tattoos
00:29:04
that we made when we did that
00:29:05
conference. The one we didn't make money
00:29:07
at. This one we did.
00:29:08
>> Oh yeah. In the middle of co
00:29:10
>> Yeah, we we have tattoos. I'm going to
00:29:12
find those. There are Scott and Cara
00:29:14
tattoos. They were good, actually. Huh.
00:29:16
All right, everybody. You got to try
00:29:18
harder. Come on. Come on. Send more.
00:29:21
>> Okay, Scott, that's the show.
00:29:24
>> It's time to say goodbye. Thank you
00:29:26
listeners. And again, I truly and so
00:29:28
does Scott appreciate uh you and we were
00:29:30
very touched uh by all your questions on
00:29:32
the tour and we're touched by these
00:29:34
questions too and we truly appreciate it
00:29:36
because we love our fans. So Scott, read
00:29:38
us out.
00:29:38
>> Today's show was produced by Lauren and
00:29:40
Zoe Marcus, Taylor Griffin and Christine
00:29:42
Driscoll. Bernie engineered this
00:29:43
episode. Manila Moreno edited the video.
00:29:46
Thanks also to Dubros, Ma and Dan
00:29:47
Shalon, Nash Kas, Vox Media's executive
00:29:49
producer podcast. Make sure to follow
00:29:52
Pivot on your favorite podcast platform.
00:29:54
Thanks for listening to Pivot from New
00:29:55
York Magazine and Vox Media. You can
00:29:57
subscribe to the magazine nymag.com/pod.
00:29:59
We'll be back next week for another
00:30:00
breakdown of all things tech and
00:30:02
business.