Kara Swisher · 52:56
My mom spends way too much money, but it's her money. I don't really care what she does with her money.
Scott Galloway · 53:00
I think you gotta reframe the argument, and that is rather arguing against her for an asset class because quite frankly, she might be right and you might be wrong. Each of you has a fifty fifty likelihood that gold is a good or a bad investment or The US economy is gonna go up or down from here. It's the wrong argument. The argument is the following. It's, mom, we have some money. You have some money. Nobody knows. The brightest people in the world don't know. What they do know is that we shouldn't put too many of our eggs in one basket. Mom, if you feel you have insight here or you get some reward from picking this stuff, then, okay, we're gonna take 10, maybe 15% of your assets, and you're gonna buy gold. But we're gonna put the rest in diversified index funds because here's the thing, mom. You don't have the time to make it back, and it doesn't matter how smart you are. Warren Buffett lost 50, 60% of his net worth during the great financial recession. You can be a genius. The market will always trump individual behavior. So if you wanna have some fun, you're really into gold, fine. But the majority of your assets, because we love you and we wanna make sure that you are always economically fine and that you don't have the emotional stress, a financial stress at this age, we're putting the rest in diversified index funds. Can we agree on this, mom? You wanna put some money in gold? Fine. But the majority of it needs to be in diversified low cost index funds. Don't argue over asset classes. She knows no lesser more than you. What you know is that she needs to be diversified and ensure she doesn't have the stress of financial stress at this point in her life.
Kara Swisher · 54:31
Listen, Nikki. I would do the opposite. I would I would make a fake gold bar and hand it to her and try to get control of
Scott Galloway · 54:39
her findings. Parental abuse.
Kara Swisher · 54:41
That's correct. Because you're protecting her. I think is she old? I don't know. If she's not old, I don't know. I'm always like with my mom and her money, you know, if it's your money, spend it down to zero, and then you'll be at our behest at some point. But I don't... I think you can't protect people from the things they wanna do. What you can protect them from is schemes and things like that. That's something that's important. Don't let her buy Trump gold coins or or sneaker... Gold sneakers or whatever. She happens to like gold. Be careful of scams and get... Keep her out of those. Let her buy a gold, whatever, gold future or whatever help
Scott Galloway · 55:17
Individual assets at that age or a scam.
Kara Swisher · 55:19
Yeah. I agree. But I'm just saying, just buy a little bit of a gold... What is it? Gold future? What do you buy? What... You don't actually buy gold.
Scott Galloway · 55:25
Right? Give her some Krugerrands. Old people like Krugerrands. Now I'm being ageist.
Kara Swisher · 55:28
Give her some Krugerrands. Put them in your put them in your, put them in a safe so people don't come and steal them from her as she gets older.
Scott Galloway · 55:35
Have her stay at at Trump Plaza, and there's gonna be gold everywhere.
Kara Swisher · 55:37
Gold everywhere. I don't know. I... It's very difficult. My policy with my mom is just she wants to spend her money, let her do whatever she wants, as long as she isn't fooled by something.
Scott Galloway · 55:46
What does Lucky spend her money on other than poochy dresses? She looks fabulous.
Kara Swisher · 55:50
She does look good. What does
Scott Galloway · 55:51
she spend her money on?
Kara Swisher · 55:52
Oh, silly things. Trying to buy things, buy stuff for, like, the children, my kids, and
Scott Galloway · 55:59
That's smart.
Kara Swisher · 56:00
A lot of that. A lot of stuff we don't... We get a package from Ralph Lauren every five minutes, which we... Most of which we take back. We And
Scott Galloway · 56:07
her daughter's a podcast baller. Her son owns a coal company, and the other son is a head of anesthesiology. She should be spending all of your money.
Kara Swisher · 56:14
No. I know that. I get it.
Scott Galloway · 56:16
Lucky Lucky, go to Vegas. Get a cocaine habit, Lucky. Your kids are rich.
Kara Swisher · 56:21
She used to buy clothes. It used to be clothes and and and rental properties, and she's... You know, whatever. She likes to... She has a shopping problem, I would say, but she likes it. It makes her happy. I don't know what to say. It's her money. She should do whatever he wants with it, long as she doesn't get scammed out of it, which really... There was an incident where she gave someone her numbers on the phone, very typical, and they were trying to get into her bank account. My brother handled it, that kind of stuff. I just, as she gets older, Nikki, watch for scams. It really is something sad that happens to not just elderly people, but they're much they're much in the focus of those people. Anyway, while we're on listener mail, we want, to start having you, the audience, be more part of the show to start. We have a question for you. How often are you personally using AI just like Scott Galloway? Now to answer, go visit us on threads at pivot podcast official and submit your answer, And let us know what else you wanna know about Club Pivot, also known as your fellow listeners. That we're calling them Club Pivot. Club Pivot. I like it.
Scott Galloway · 57:22
Club Pivot.
Kara Swisher · 57:23
Do you like that? I don't know. It seems kinda cool.
Scott Galloway · 57:24
Yeah. Anyone can get in. Cheap drinks, and anyone can get in. The people are not that attractive, but it's free.
Kara Swisher · 57:29
It's free. Yeah. Anyway, give us your answers. We'd love to know how you personally use it. We talk about how we use it, especially Scott who uses it much more than I do. But please let us know, and we'd love to hear from you. If you've got a question of your own you'd like answered, send it our way. Go to nymag.com/pivot, submit a question for the show, or call 85551 Alright, Scott. One more quick break. We'll be back for predictions.
[Ad break]
Kara Swisher · 59:26
Okay, Scott. We're gonna hear a prediction, but I'm gonna make a very short one. Italy passed an anti surrogacy law, and it's very much aimed at gay men having children, taking away parental abilities for gay people, not women. Many of them have uteruses, but... And can't be stopped from having children, although maybe that's also in the offing there. This is coming to this country. This kind of attitude towards, you know, everyone's like, oh, don't panic. When when we all said Roe v Wade was gonna get overturned, everyone's like, you're over... You know, you're being dramatic. Nobody was dramatic. Dramatically saying this... I listened to what the evangelicals say and the right, and they are very much against gay marriage, gay parenting. What happened in Italy, which is heinous, and Georgia, go fuck yourself. You terrible heinous shrew. I think that this is gonna be coming here, these ideas of pushing back on gay marriage, gay having kids. And I have... You know, the fact that JD Mans hasn't said anything about this since he's pro family. And again, I have one more child than he does. This is really dangerous, I think, what's happening in Italy, and I hope it doesn't happen here. But I I I listen to what the right says, and they are... Have it out for gay marriage and gay parenting. So there you
Scott Galloway · 1:00:40
have it. If you really cared about families and wanted more kids, you'd put more money in the pockets of young people. Sixty percent of able-bodied Americans aged 30 to 34 used to have at least one child, now it's twenty seven percent. And I don't think it's because they've turned off the kids. I think it's because they don't have the money.
Kara Swisher · 1:00:56
And also just like gay people have kids. They're great parents.
Scott Galloway · 1:00:59
So Well, okay. I'm gonna be honest. I don't think they're any better or any worse than straight parents. But... And and the majority of them are gonna be good loving parents, as are the majority of hetero... Heteronormative couples. Okay. Okay. I don't
Kara Swisher · 1:01:12
In any case, let them have kids. They wanna have kids. It's wonderful to build a family.
Scott Galloway · 1:01:15
I don't think they have any less or any more right to have kids than I do. So
Kara Swisher · 1:01:19
But we never had rights before, and now they're taking them away.
Scott Galloway · 1:01:22
The godparent of my son is is a gay man. By the way, shitty shitty godfather, but he loves my best friend. So, anyways, Tim Bruns. He's very handsome. Okay. And he loves my best friend, so that's enough, but he's a shitty godparent. Okay. Anyways... Oh god. I'm pretty good shit for this. Anyways... But, yeah, look, I I would like... Someone asked me magic wand, what law would you pass? I would love a law that basically said... A constitutional amendment that said anything that gets in the way of love is illegal. Yes. If any law that makes it such that someone can't be in visiting hours when someone is dying, no. We don't have that. Anything that says it's gonna make it harder, much harder for a single mom to spend time with her kids. We don't wanna pass that. Family court. We need to think about family court and how we set up men for success with their children post divorce. I think we should all reverse engineer or think about every piece of legislation having a certain guardrail, and that is, does it get in the way of the whole shooting match, and that is deep and meaningful relationships and people having the ability to care for and love other people. And this is just exactly that. We need kids, and if they're gonna be in a loving household, that's it. There's nothing... Can't get in the way of this, and there's no evidence whatsoever that these kids are any less or any more loved than than kids brought into any other household. So let me get this. You're gonna let a single parent have IVF or have her own kid or have his own kid? And by the way, I'm in favor of that, but you're not gonna let a dual income household have kids? Makes no fucking sense.
Kara Swisher · 1:02:58
Yep. Yep. Yep. Yep. Let me be clear about... By the way, on this on this bill. It it it already extends a practice inside the country to also include those who seek it out in places where it is legal, such as The US or Canada. So they can't travel or they have... Or there's prison... Two years in prison and fines. And, Georgia Maloney can go fuck herself.
Scott Galloway · 1:03:16
I'm so upset about next summer. I'm only spending six nights, not seven, in Capri. Have you been to Capri? Oh, god. My god.
Kara Swisher · 1:03:22
Nonetheless. And by the way, my family's Italian, so I'm just saying. It's a monstrous law. It's a monstrous law.
Scott Galloway · 1:03:31
Oh, great place to vacation. Those people get it. Milan's an amazing city right now. Venice? Oh, gosh. I I just love Puglia, the Amalfi.
— Predictions segment begins —
Kara Swisher · 1:03:43
Yeah. Yeah. She's she's a Christian mother. She she describes us as a Christian mother who believes children should only be raised by a man and a woman. Divorced lady, sit the fuck down. Thank you. Alright. So go... Sorry. Go ahead. What's your prediction,
Scott Galloway · 1:03:56
Scott? Well, it just goes back to what we were saying. Donald Trump media, the stock, it's
Kara Swisher · 1:04:00
Is down today by 6%.
Scott Galloway · 1:04:02
There you go. What... Why? Think about this. Why is it down 6%? The market
Kara Swisher · 1:04:07
because he's adults.
Scott Galloway · 1:04:08
You know? The verdict is in. She did well on Fox last night. I find this thing fascinating. Anyways, my prediction is the following. In the next... By November the seventh or tenth, let's assume this election is gonna be challenged by everybody. So say by November 10, between now and November 10, Donald Trump media, I which think is around $30, will be below
Kara Swisher · 1:04:29
At 29.
Scott Galloway · 1:04:30
Will either be below 10 or above 80. This thing has become a... Literally, the tail of the whip on the prospects of Donald Trump recapturing the White House. The most volatile stock over the next few weeks is gonna be Donald Trump media, which attempts to absorb a million points of light and guess as to whether he's gonna be in the White House. This is gonna... This thing, 30 now. It's gonna be below 10 or above 80 within three weeks.
Kara Swisher · 1:04:56
Alright. So just for people to understand, the range is fifty two week range is $11.75 to $79.38. It was way, way, way, way up in... When Biden was after the debate.
Scott Galloway · 1:05:08
Hit a 100 at one point.
Kara Swisher · 1:05:09
Yeah. Well, I don't know it got quite there. I'm trying to look. The range doesn't seem say that. $79.38 for fifty two weeks. But it was down in... When she was doing really about the debate in September down to 12. It's now at 29, but it's dipped 5%. Actually, it's down to 5% in the last six months Down... It's down for the year to... No. It's up year to date, but it's down... It's it's it's up six months. It's down 20% in the last three months just for people to understand how
Scott Galloway · 1:05:41
It hit 98 in March 2022.
Kara Swisher · 1:05:45
Five days, it's up 22%, but today, it's down 10... Six, 7%. So if she goes on Rogan and does well, it's going down further.
Scott Galloway · 1:05:52
Oh, yeah. Yeah. You could be watching Rogan, and if you get the sense she's doing well, it'll close down 10% the next day. It's... I I find it just super interesting to why it's it's literally... In my opinion, it's a more robust poll than than Quinnipiac or any of these other guys.
— Predictions segment ends —
Kara Swisher · 1:06:06
Alright. Well, that's that. Okay, Scott. That's the show. We'll be back on Tuesday with more pivot. I would love you to read us out.
Scott Galloway · 1:06:13
Today's show was produced by Lara Nayman, Zoe Marcus, and Taylor Griffin. Ernie Indertod engineered this episode. Thanks also to Drew Burrows, miss Severio, and Dan Chalon. Nishat Currois is Vox Media's executive producer of audio. Make sure you subscribe to the show wherever you listen to podcasts. Thanks for listening to Pivot from New York Magazine and Vox Media. You can subscribe to the magazine at nymag.com/pod. We'll be back next week for another breakdown of all things tech and business care. Have a great weekend.
[Ad break]
