Chapter 1: What is discussed at the start of this section?
Did you ever think you would make it? I feel I'm supposed to take sweet victory. I know this life meant for me. Adam, what's your point?
The future looks bright. A handshake is better than anything I ever saw. It's right here. You are a one-on-one? My son's right there.
I don't think I've ever said this before.
All right, here we go. Business Wednesdays, a lot to talk about. Tom saw the latest model of the Ferrari that just came out for $640,000. He's been upset for about a couple days. Had to take two days off. But Rob knew Tom wasn't happy. So guess what Rob chose to do? Rob chose to wear a sweater today with the color of the Ferrari. Just to bother Tommy, you guys will see him when we show this car.
And people are wondering, is this a massive flop of a decision Ferrari made? By the way, did you guys see how the chairman, the former chairman and CEO that was the assistant to Enzo of 20 years came out and what he said about it? We have to play that clip, what he said about it.
And this kind of goes with what Porsche did last year when in the first nine months of the year of 2025 versus 2024, in 24, their EBITDA was $4 billion. In 2025, their EBITDA fell from $4 billion to $40 million, 99% drop-off. And some blamed it on the – is it the Taycan and some of the decisions that they made? Of course, there's a tariff and other things. But we'll get into that.
It was exactly that. And then the other part is a guy in New York City, this guy named Zoran. He's kind of a big deal to socialists and communists. Comes out and has given a speech about transferring ownership. of real estate from bad landlords to noble people, maybe even giving it to some charities. Forcing them. Yeah, forcing them. This is what you call not capitalism, not socialism.
This is as close to communism as it gets, and we'll play that clip for you, especially New Yorkers. I know how you feel about it. This guy named Al Green. Remember Al Green that was not happy with Elon Musk and all this other stuff? Guess what? He lost yesterday in the last couple days. And then John Cornyn.
who was there for 40-plus years, who had a massive lead on John Paxton, and all of a sudden, Trump endorses John, I'm sorry, Ken, John Paxton is a shooter, Ken, and Ken ends up beating John Cornyn by 27 points, a massive blowout, and now Ken Paxton's gonna be going up against Tallarico, if I'm not mistaken. Tallarico's the Christian socialist that thinks about transgenders all the time.
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Chapter 2: What are the implications of Ferrari's latest EV model?
What role... Tom, you just offended 36% of our audience that's Catholics, and you're talking like that. I mean, this is just inappropriate right now. So we'll talk about that. That's on page 17. Oil prices. Snyder's not happy. What's going on with oil prices? There's some numbers. Right now we're looking at $88. But the moment Tom said oil is at $88, lowest since April 17th,
And March 23rd, Jeff says, I don't care. It needs to stay there and go lower. That was specifically the words he used. Maybe he'll say it more eloquently. No bounce. That's right. And then in Canada, this guy named... Mark Carney is not happy because the folks in Alberta, Alberta is like the Texas of Canada. They want to separate. They want to be their own country.
And they're kind of putting it in vote. And some people are wondering, is this even possible, Humberto, that this can happen or not? Who knows? Nobody knows. But we'll see. It is definitely a discussion. You know, Tom's got some Canadian blood in him, so he strongly wants to give his thoughts on this. There's some pride there for him.
He won't be voting, rooting for the Canadian soccer team in a World Cup. He'll be rooting for most likely U.S. and a couple other countries. But in this situation, he's not happy with it. And then Trump and Iran, you know, apparently yesterday there was a tax increase.
That took place while the negotiation is going on, multiple attacks, Israel to apparently South Lebanon, if I'm not mistaken, over 100 attacks that they had. I think 31 killed, and people are wondering, why are you doing that? We're holding a negotiation. And then the president saying, in order to get this deal done, I need the Abram Accords to be signed by everybody.
And few people already have, but Pakistan said absolutely not. Saudi's not too interested in doing that, but they haven't publicly said it. There's a few others that are entertaining it. Maybe we'll talk about that. Teens, the worst summer job season ever. They can't find jobs. We'll have that to talk about.
And you got Ben and Jerry's founder, who says one of the worst decisions you can ever make is sell your company. Is he right? Is he not right? We know he's a socialist. We know he likes to go out there and protest and get arrested. He and I did a podcast together, and we actually shared the ice cream. I don't know if you guys saw that closely. Did you remember this? I was there.
I shared an ice cream with a socialist, and we actually had a great time together. We laughed our asses off. And I learned about the Dirt Cake ice cream of Ben & Jerry's, which is ridiculous. The best. The best. And then we got a couple other stories that we'll get into outside of that. One story I got is...
One of Elon's friends, I don't know if you heard about the story or not, Tom, one of Elon's friends decides to lend Elon a million dollars when Elon needs help with Tesla and SpaceX at the beginning stages of it. SpaceX is about to go public. You know what that million dollars turned into? Do you know the number? I want you to take a look at what it turned into.
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Chapter 3: How does Mamdani propose to address bad landlords?
Your calibration wasn't in place. So one of the best things we're going to do this year at the Vault Conference, live in front of 12,000 people, we're going to bring a few of our employees up there and show you how we calibrate quarterly on how we score people on five different metrics.
and why this has helped our company's retention go higher as well as grow exponentially in ways we've never experienced before. And this will only happen at the Vault Conference that we host once a year. 12,000 people from 60-plus countries will be attending the MGM Grand Arena in Las Vegas August 31st through September 3rd, going through this 296-page manual together.
And if you haven't yet registered, click on the link above or below. Get registered. You may want to bring your team with you. It'll be a very special event this year. Looking forward to seeing you there. There you go. Go to vault2026.com. Again, vault2026.com. Speaker Stephen Bartlett from the Diary of the CEO. He'll be there. Logan Paul will be there to talk about how to create a brand.
Then we'll have Joe Montana and Jerry Rice simultaneously interview on how to find a running mate. When you get a running mate, what happens to you? And last but not least, Dan Martell, author of buy back your time, who has exited multiple companies. We'll discuss how to leverage AI today. Go to vault2026.com, get registered. Cannot wait to see all of you guys there.
With that being said, let's get right into the first story. Ferrari two days ago announces their latest car, Luce. And when I saw this car, at first, I thought it was a spoof. I thought it was a joke. But it was real. Rob, if you want to play this clip here while you're playing this clip, I'll kind of give some thoughts on it. $640,000 to get this car.
The interior design is by the former chief design officer of Apple, head of design, John Ive, which worked with Steve Jobs. So that's a big part of the story. 330-mile range. That it goes 0 to 60, I think 2.5 miles, 2.5 seconds, 0 to 100, I think it's 6.8 seconds. Top speed, maybe 194 if I remember these numbers correctly. And it's 100% EV.
This is not the SF90 that they came up with, which was a hybrid. This is 100% EV. And a market is watching and saying, was this the right move? Was this the wrong move? You know, it looks like an i8. There was a bunch of criticism. Why would I buy this? Instead of buying this, I can buy 10 Bitcoins. Instead of buying this, you know, I can buy, you know, 10 Teslas or 7 Teslas or 8 Teslas.
Instead of buying this, I can go do something else with this. Why would I want to buy a Ferrari like this at this price point? Lots of criticism. Tom, as somebody that's owned Ferraris for decades yourself, And you've restored one of them. If I'm not mistaken, back in the days, you restored one of the Ferraris that you had. That's correct.
1989 through 28.
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Chapter 4: What warnings does the Pope give about artificial intelligence?
And I think this was a bad idea, but I think it was already on the product plan. And Pat, you've consulted, we've consulted with companies. You know, sometimes we ask them, why did you do that? Well, we've been planning it for three years. All the effort went into it. We just went through with it. And it's like, but if you knew it was a bad idea, well, we had invested so much.
We just kind of stayed with the plan and hoped. You've heard those kind of words, right? Of course. I think that's what happened. I think this was on the product plan, and it went forward.
That's a very good point. I want to go to this, Tom. The former chairman of Ferrari, who was Enzo's assistant in his 20s, later on becomes the CEO. Rob, if you want to go to the clip of the Ferrari former CEO giving his thoughts on this, they asked him a question. And they said, what do you think about it? And you can tell Italians, they're not very good poker players.
If they don't like you, you can tell. If they're angry, you can tell. If they have a reaction, you can tell. This was him on when he was asked about the Luce. Go ahead, Rob.
If I were to say what I think, I would hurt Ferrari. There is a risk of the destruction of a myth. I am very sorry. But can we give it? I hope that the horse is removed from that car. This is definitely a car that at least the Chinese will not copy us.
The last one just did it.
That's a dig. Go back to it, by the way. He says, this is certainly a machine that the Chinese at least won't copy from us. They won't need to, meaning the product is such a bad product. Now, Tom, to people that don't know who he is, how important was he to the Ferrari brand?
This is Luca Montezemolo. And Luca was absolutely critical to the brand. The return of Ferrari to F1 glory with the signing of Michael Schumacher and then five consecutive championships. They haven't won a championship since 2007. He was kind of moved out by the DEI crowd. And this guy is a legend. And I think that was reserved for...
For Luca, that was a reserve reaction because he could have just gone off. And he knows what's gone on at Cavalino. He knows what the market has been saying. There's no secrets here. And this guy, I put him in one of the top 20 auto executives of all time. So he's a heavyweight.
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Chapter 5: What is Trump's approach to negotiating deals?
Well, Trump is taking the opposite approach, right? What he's saying is I'm not going to just sign a deal. I'm only going to sign the deal that I think works long run. That's why both sides have kind of dug in here and it's a game of chicken right now. Well, the thing is that you can't undo the past. You can't turn time back.
If you do any deal right now, we might end up in a worse position than we started. You know what I mean? So it needs to be a deal that is better than the Obama deal. So that's the baseline, to have a deal better than the Obama deal.
Chapter 6: What are the implications of Iran's current position?
It needs to leave us in a position or leave Iran outside of position of power that they have right now at the Strait of Hormuz. So they need to dismantle that for oil supply. and they need to close the deal. So we're between a rock and a hard place. It's not an easy deal to make.
You know what I mean? By the way, let me just tell you when you're saying this. So May 23rd, Trump says deal largely negotiated. Oil goes down 5.5%. Sunday, May 24th, not even fully negotiated yet.
Chapter 7: How does the youth job market look this summer?
Oil bounces up 1.5%. May 25th, proceeding nicely. New U.S. strikes. Oil spikes 3%. Tuesday, May 26th, good deal or deal another way. Brent goes to 99.58. Now it comes down, there's a deal taking place. Then on top of that, when you're thinking about the Abraham Accords, UAE already signed September 2020. Bahrain already signed September 2020.
Chapter 8: What investment insights are shared about Elon Musk's friend?
So did Morocco, which I hear Morocco's got a pretty good soccer team going into the World Cup. Sudan signed January of 2021. These are Gulf states that we're going through, right, with Abraham Accords. Saudi Arabia not signed, reportedly reluctant. They're the key mediator in the Iran deal, reportedly reluctant. And the bigger producer. That's right. Turkey, not signed. No public response.
So Qatar and Turkey haven't made any response. Iran's deal intermediary is Qatar, and Turkey is a NATO member, Erdogan called. Pakistan rejected under no impulsion. They're saying compulsion. We're not interested for nothing. Whatever you do, we're not even going to deal with this. And Pakistan's the army chief in Tehran.
for the iran talks egypt not signed already they said we already have peace treaty with israel since 79 annoys cairo separate treaty and jordan said we're not signing because we've already had a peace treaty with israel since 1994 so same issue so take egypt and jordan out take turkey out take turkey out yeah maybe you get qatar and saudi then you got pakistan that's saying no
I think you get Qatar and Saudi. Because remember, Qatar cooperated with the U.S. request to freeze assets. They have the largest frozen asset stack at over $6 billion. Qatar cooperating with our government saying, OK, I'll freeze the assets and I'll hold court.
How do you get Pakistan? How do you get Pakistan?
Pakistan and Turkey to me are the two toughest. Turkey doesn't want to talk about Israel going back a million years.
I think it's a no deal for them. For Turkey, no deal whatsoever. They can never do that.
Not under the current government there. Turkey's a no-go. Got it. So then do you think Trump knows this? Of course he does. Okay. So is he just buying time right now? Is that what you said earlier, that he's buying time?
That's what it sounds like to me. He's pushing it off by saying, I have a deal done, but all these other countries are not going along, so I can't sign the deal.
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