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Mark Cuban | Pod of Jake

 Check out the Pod of Jake Episode Page & Show Notes

Key Takeaways

  • Mark Cuban is keeping an eye on blockchain, crypto, and smart contracts
    • “Decentralized governance and the ability to handle business differently is the ultimate game-changer” – Mark Cuban 
  • Mark views Bitcoin as digital gold (more used for storing value than for paying with it for goods or services)
    • “Some people think it’s a hedge to fiat, I don’t. I just think it’s an alternative to gold.” – Mark Cuban
  • Mark isn’t sure what the price of these cryptocurrencies will be in the future, but he’s confident they will go up
    • “I don’t know where bitcoin and ethereum are going to be in one year, but I’m pretty confident they’re going to be way up” – Mark Cuban
  • Mark is bullish on AI and has invested in Facebook, Google, Microsoft, Netflix, and Apple
    • “These are all companies that are really, really, really good at artificial intelligence and have been doing it for years. And that’s why they always outperform.” – Mark Cuban
      • He’s especially bullish on Netflix and Amazon
        • “My biggest positions are Netflix and Amazon, and have been for years and I don’t imagine ever selling them.”
  • Figure out something you’re good at and then work to become great at it
    • “Find something you’re good at, and try to be great at it. And when you’re great at something, there’s always a way to monetize it.” Mark Cuban

Intro

Books Mentioned

Lessons From Mark’s Parents

  • Mark’s dad taught him to be nice, to respect others, and to give everybody a chance
  • Mark’s mom taught him to be inquisitive, challenge things, and not take things for granted

Being Ahead of The Curve

  • Mark’s first company MicroSolutions was one of the first three companies in the country to do systems integration for local area networks
    • His next company was the first streaming company and then after that, he started  the first vertically integrated entertainment company  
      • In other words, Mark enjoys being ahead of the curve on technology and either starting a business in new tech or investing in it
  • Mark is keeping an eye on blockchain, crypto, and smart contracts
    • “Decentralized governance and the ability to handle business differently is the ultimate gamechanger” – Mark Cuban
      • Mark is especially watching the insurance industry and believes smart contracts will transform the industry completely
  • New technology takes longer to adapt than most people think. Streaming was created in 1995 and 26 years later in 2021, people still watch traditional television.

Thoughts on Bitcoin & Ethereum

  • Mark views Bitcoin as digital gold (more used for storing value than for paying with it for goods or services)
    • Bitcoin is basically gold for the younger generation
      • “Some people think it’s a hedge to fiat, I don’., I just think it’s an alternative to gold.” – Mark Cuban
  • Mark is bullish on ethereum and its applications such as smart contracts
    • NFTs are already using smart contracts and being bought and sold via ethereum
  • Ethereum does have its shortcomings, but as with all technology, it will only get better over time
  • Mark view bitcoin and ethereum as a way to hedge against a stock market crash
    • Mark isn’t sure what the price of these cryptocurrencies will be in the future, but he’s confident they will go up
      • “I don’t know where bitcoin and ethereum are going to be in one year, but I’m pretty confident they’re going to be way up” – Mark Cuban
  • Cryptocurrencies will work, the big question is which ones will survive and thrive?
    • “The hard part is picking the winners” – Mark Cuban

Risk & Investment Strategies

  • How much you should hedge your investments and the amount of risk to take on depends on your personal financial situation
  • Don’t risk more money than you’re willing to lose. Know how much money you need to be happy first, and then you can play with any additional funds you have.
  • Mark is bullish on AI and has invested in Facebook, Google, Microsoft, Netflix, and Apple
    • “These are all companies that are really, really, really good at artificial intelligence and have been doing it for years. And that’s why they always outperform.” – Mark Cuban
      • He’s especially bullish on Netflix and Amazon
        • “My biggest positions are Netflix and Amazon, and have been for years and I don’t imagine ever selling them.”
  • Big tech companies have an advantage when it comes to applying AI technology because AI is very difficult for small companies to afford experts in the field

Advice To People In Their 20s

  • If Mark was in his 20s today, he would start an AI company
    • He would try to learn everything he could about AI and then start looking at smart contracts and trying to figure out how to apply AI to business applications to leverage smart contracts.
  • Figure out something you’re good at and then work to become great at it
    • However, keep in mind that being great requires constant practice and continuous effort
      • “Find something you’re good at, and try to be great at it. And when you’re great at something, there’s always a way to monetize it.” Mark Cuban

Mark’s Role Models

  • One of the people Mark admires is Ted Turner
    • Ted overcame difficult circumstances, was a great salesperson, and built a great business
  • Mark also admires Warren Buffett
    • Warren never stops reading and learning even though he’s in his 90s, and shares words of wisdom every time he talks

Speed Round: Mark’s Favorite Things

  • Favorite hip-hop album? DMX
  • Favorite stupid movie? American Pie
  • Favorite inexpensive product? Alyssa’s Cookies
  • Favorite place to visit? Montreal
  • Book recommendation from Mark? Entrepreneur to Millionaire by Kent Billingsley
  • Favorite restaurant? White Castle

Additional Notes

  • The way people consume content is changing. Before, people used to read everything (books, articles, etc.). But today, people watch everything (YouTube, Tiktok, etc.).
  • Luck plays a big role in whether or not you become successful. You can’t control the stock market, economy, or pandemic.
  • Mark recently started Lazy.com–it’s a personal gallery for your NFTs 

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Notes By Alex Wiec

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