Cameron Herold
speaker
284 appearances
2 recordings
2 series
first heard Jan 2025
last heard Mar 2025
Cameron Herold’s voice in public audio — every appearance, attributed to the second.
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Appearances
My dad took me to the golf club when I was 15 and showed me all these people coming in to play golf at 12 o'clock. on a Wednesday, which is when we were playing. And he's like, that guy owns a car dealership. He owns a clothing store. I remember the people, like Bruce McCullough owns a car dealership. Jim Wilkinson owns a clothing store. Freddie owns this other accounting place.
So he was showing me all these entrepreneurs. And we went out and played golf. You know, 5 o'clock, we're sitting on the balcony eating our fries and gravy. I'm drinking my cherry Coke. And he's like, see that guy? He's a teacher. He works for the mine. He works for the car dealership. He works for Freddie.
He said, do you notice the difference between who played golf at 12 o'clock and who plays golf at 5 o'clock? And I said, yeah, entrepreneurs play golf in the middle of the day. He said, entrepreneurs can do whatever they want, whenever they want. And when you're an employee, you have to work for somebody else. So for me, being an entrepreneur was about having the free time.
Okay, so stagflation, the last time it happened was 1974, and it happened up until around 1982. It was a painful eight-year period. It was a recession.
plus inflation at the same time which is exactly what's happening right now we're pretending we're not in a recession but the reality is because the government kept printing money it gave companies a boost with all the the covid spending that happened individuals getting money it happened low interest rates people kind of lived beyond their means we lived with
money that we didn't really even have. 1974, most people weren't living off credit cards. Master Charge, which was now, or ChargeX, which became MasterCard and Visa were just starting around then. So the whole debt cycle and borrowing and living beyond your means started in that period of time.
Right now, companies have been so used to, over the last 15 years, low interest rates, those were artificially low. Six and a half to seven percent as a normal interest rate for a company to borrow money was normal. In 82, 83, it was 18% interest rates. So where we're facing right now is interest rates are probably going to stay where they are.
Government cannot afford to lower interest rates anymore because if they do, they continue to cause more inflation. If they're printing more money, they're dig valuing the currency, everything just starts costing more because there's more. So they can't afford to do that. What they have to do is get rid of waste. They have to get rid of some of the jobs.
And we have AI coming in way faster than we're anticipating. And anybody who's out there saying, oh, well, You know, the jobs are going to get absorbed. No, it's happening way faster than it did when we went from farming to industry and from industry to computers. You know, it didn't happen overnight.
We're gonna lose, in a period of about the next four years, five years, we're gonna lose every taxi driver, every limo driver, every car driver, every shuttle driver, every bus driver, all the parking lots, insurance companies, auto body. When autonomous vehicles come in, all that stuff is gone. when right now 14% of the workforce in Korea is robots, right?
When AI and robotics come in, that replaces stuff too quickly. So I think what's coming right now is we're going to have more inflation, we're going to have more layoffs, we're gonna have companies cutting back,
We've got taxation right now happening globally with these Trump tariffs coming in, which there's arguments for it being good, but most of it is gonna be bad for the individual because companies are just going to charge more. When we have to import all of our goods and services, we're going to have to charge more. So yeah, we might bring back manufacturing to North America,
but not fast enough to make a difference where costs are ever going to go down. So inflation is going to continue. Recession is going to happen, which means for companies, be very careful. Debt is good when the interest rates are really low. But if you can't keep borrowing money to pay for your business, that means your business have to pay for your business. So you've got to make your cuts.
You've got to get rid of the waste. You've got to say no more often than you say yes. You've got to work on the critical few projects with the critical few people. You've got to stay focused on strategy. You've got to grow your leadership team skills and your management team skills so they can get more done with less people. So it's the better run companies that will do well.
But if you're the average company who is able to borrow money to get there or you're working on thin margins, you're pretty much out of business. There was a saying that I heard years ago, if the rate of change outside your business is greater than the rate of change inside your business, you're out of business.
And I think for many businesses, we're going to go through that pain, but that's okay because the good ones are going to be able to do very, very well.
So I think it's right now about making sure that we right-size our organization, get rid of the wrong people, stay focused on the right stuff, make sure that we raise our prices where we can, keep our margins under control, and business can be very good.
Yeah, and it's about being ruthless. You need to come in and be a leader who's willing to make the cuts and say, I need to. We can't afford it. When Elon went into Twitter, he did it in the wrong way. He shouldn't go in with this callous, kind of jokingly, firing 80% of the people, fuck them attitude. But yes, fire 80% of the people. They're not needed. They weren't doing any work.
They weren't doing anything meaningful. But you have to remember, these are human beings with lives and families. You can do it in a nicer way. Government getting rid of the waste. Yes, we should be getting rid of the waste. We can't afford, nor should we be spending $780 million to build a new embassy in South Sudan.
what the we don't need a new embassy in south sudan 780 million dollars what are you building so stop that insanity inside of your businesses saying no being more ruthless focusing on the core projects that drive roi and your business will be very good
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