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BIT-BUY-BIT's podcast
PMM005 A Bitcoin mining podcast focused on the Pleb Miner, the stalwart that defends the Bitcoin Network.

BIT-BUY-BIT's podcast

Play Episode Listen Later Apr 25, 2023 80:34


Pleb Miner Monthly Episode 4  A Bitcoin mining podcast focused on the Pleb Miner, the stalwart that defends the Bitcoin Network. Listen and Boost the show on Fountain App    Statistics by Lincoin Pool and Lincoin Lens   Statistics has been brought to you by Lincoin Pool. Lincoin has a new product! Revolutionize #Bitcoin mining with Rails. Compatible with all major ASICs   Boty Joke – My wife said I should do lunges to stay in shape. That would be a big step forward.   Bitesize Bitcoin by FixRigs Ship It, Test It, Price It, Fix It, Plug It, then HASH IT!!!!   Bitesize Bitcoin on Mining with unreliable power by Tensai Bankai     Action News! by Kaboomracks Kaboomracks Alex is a great friend of the show and a Pleb Miner Month Founding Father, he's also a great friend IRL. If you need mining gear or just have questions, he is the perfect person to reach out to.   Nico Smid's Bitcoin Mining Block Post   Bassload's Update: Roses are red Violets are blue  Energy is regulated What choose you?   Understand or not Who all know Electricity's cheap As electrons flow   Demand and supply Not eye for an eye What cents you have? Says Elon ‘you lie'   Why should this be The people choose? If they do It's win or loose   Follow me down A road of terms and conditions It's on you Pleb Turn the key in the ignition    Love, Bass   Bitcoin Bugle - Dirty Shotya is Chris Cornell   Pleb Miner in the Wild by Peach Bitcoin Peach Bitcoin is in open beta! Congrats Peach Team! Use shill code “plebminer”   JP Watts    Also, get your Ungovernable asses over to Fountain and BOOST THE SHOW! ☺        

Locked On Badgers
Dillon Graff jumps on to talk Graham Mertz, Wisconsin Badgers football and the 2023 recruiting class.

Locked On Badgers

Play Episode Listen Later Apr 26, 2022 33:44


Dillon Graff from USA Today joins the show to talk about which off-season coaching moves from the Wisconsin Badgers football team he likes the most, did Paul Chryst maximize those moves and will Graham Mertz make a big jump? This was an off-season of change for the Badgers coaching staff. We talk about Bobby Engram and what he might bring to the offense, and are there any concerns with so many new coaches in spots they haven't coached before. Dillon and I agree on moving Bostad over to the oline position and we talk about the impact it will have on Graham Mertz. Next we discuss the 2023 HS football recruiting class, and once again we pivot to Tackett Curtis! We lay out the case that Mickey Turner is the perfect fit as recruiting coordinator. Finally on Locked On Badgers - we talk about the Badgers football offense, how confident Dillon is in Graham Mertz - could he be benched this year ? We get into the WRs and which player has Dillon excited ? Today's show is brought to you by: Athletic Greens So What is this stuff? With ONE, delicious scoop of Athletic Greens, you're absorbing 75 high-quality vitamins, minerals, whole-food sourced superfoods, probiotics, and adaptogens to help you start your day right. This special blend of ingredients supports your gut health, your nervous system, your immune system, your energy, recovery, focus, and aging. All the things. Health Facts: It's lifestyle-friendly — whether you eat keto, paleo, vegan, dairy-free or gluten-free. Contains less than 1 gram of sugar, no GMOs, no nasty chemicals or artificial anything, while still tasting good Supports better sleep quality and recovery Supports mental clarity and alertness It's the one thing with the best things: Athletic Greens uses the best of the best products based on the latest science, with constant product iterations and 3rd party testing. Importance of a multivitamin: Tons of people take some kind of multivitamin, and it's important to choose one with high-quality ingredients that your body will actually absorb. AG1 is a small micro-habit with big benefits: it's one thing you can do every single day to take great care of yourself. Your subscription comes with a year's supply of Vitamin D, which is so important to add in these winter months when we don't get as much sunlight. Price: It costs you less than three dollars a day: you're investing in your health and it's cheaper than your cold brew habit. It's cheaper than getting all the different supplements yourself You're investing in an all-in-one nutritional insurance Founder's Story Athletic Greens was created when the founder experienced a ton of gut health issues, and ended up on a complicated supplement routine to recover. It cost him $100/day He created Athletic Greens after experiencing how difficult it was to create an optimal nutrition routine on your own. Reviews + Testimonies: Athletic Greens has over 7,000 5-star reviews Recommended by Professional Athletes Trusted by leading health experts such as Tim Ferriss and Michael Gervais Learn more about your ad choices. Visit podcastchoices.com/adchoices

Locked On Badgers
Wisconsin Badgers football QB depth chart is scary, will Graham Mertz and Chase Wolf be enough and should we be concerned with Deacon Hill ?

Locked On Badgers

Play Episode Listen Later Apr 7, 2022 31:47


Why you need to buy stock on Graham Mertz, Jay Shaw and Jack Nelson right now. These three Wisconsin Badgers football players are going to blow up this season! Why Mertz will benefit from a better offensive system, why Jay Shaw reminds of us Nick Nelson and why Jack Nelson is Wisconsin's next great LT. We also talk about players that have been hurt by missing spring football and which positions are impacted the most. Why is that the TE position is snake-bit? Can Issac Gurrendo get healthy and provide big play ability that this offense needs? Locked on Badgers also dives into the QB depth chart and why behind Graham Mertz the position is a potential nightmare and could derail this season. Should Badgers fans be concerned about Deacon Hill's weight gain ? Today's show is brought to you by Athletic Greens; So What is this stuff? With ONE, delicious scoop of AG1, you're absorbing 75 high-quality vitamins, minerals, whole-food sourced superfoods, probiotics, and adaptogens to help you start your day right. This special blend of ingredients supports your gut health, your nervous system, your immune system, your energy, recovery, focus, and aging. All the things. Health Facts: Importance of a multivitamin: ● It's lifestyle-friendly — whether you eat keto, paleo, vegan, dairy-free or gluten-free. Contains less than 1 gram of sugar, no GMOs, no nasty chemicals or artificial anything, while still tasting good Supports better sleep quality and recovery Supports mental clarity and alertness It's the one thing with the best things: Athletic Greens uses the best of the best products based on the latest science, with constant product iterations and 3rd party testing. Tons of people take some kind of multivitamin, and it's important to choose one with high-quality ingredients that your body will actually absorb. AG1 is a small micro-habit with big benefits: it's one thing you can do every single day to take great care of yourself. Your subscription comes with a year's supply of Vitamin D, which is so important to add in these winter months when we don't get as much sunlight. ● Price: It costs you less than three dollars a day: you're investing in your health and it's cheaper than your cold brew habit. It's cheaper than getting all the different supplements yourself You're investing in an all-in-one nutritional insurance Founder's Story Athletic Greens was created when the founder experienced a ton of gut health issues, and ended up on a complicated supplement routine to recover. It cost him $100/day He created Athletic Greens after experiencing how difficult it was to create an optimal nutrition routine on your own. ● Reviews + Testimonies: Athletic Greens has over 7,000 5-star reviews Recommended by Professional Athletes Trusted by leading health experts such as Tim Ferriss and Michael Gervais ● ● Sustainability & Values:*** Athletic Greens is a Climate Neutral Certified company. In 2020, AG purchased carbon credits that support projects protecting old growth rainforests. ● For every purchase, we donate to organizations helping to get nutritious food to kids in need, including No Kid Hungry here in the US. ● In 2020, AG donated over 1.2 Million meals to kids in 2020. Today's show is also brought to you by BetOnline. 1) BetOnline.net is your #1 source for all your betting needs and sports info. 2) Find all of the latest Sports developments, including this weeks Masters Championshis odds, podcasts and reviews for all the different leagues this season. 3) BetOnline is your continued source for all your sporting wagering information, including Live Betting, eSports and scores. 4) Head to the website today or use your mobile device to learn more about the trends and action. 5) BetOnline – Where The Game Starts! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Small Business Big Challenge
5- Startup - Selecting new technology

Small Business Big Challenge

Play Episode Listen Later Feb 7, 2022 26:27


#startup #Lean #Technology #Disaster Recovery #Smallbusiness Join us at SmallBusinessBigChallenge.com Today, we'll review the 3 pitfalls and 5 questions you need to ask when acquiring a new piece of software or piece of hardware, and I explain why the price should be your last consideration! Pitfalls: 1- No support 2- No Upgrade/ or infrequent upgrades 3- Difficult Conversion to another vendor 5 Questions to ask when selecting a new technology: 1- The company (you are trying to find out if they will be around in 5 years) 2- Is this application a standard for my company size and industry? 3- Does it have all the features I need? (Ask for a demonstration or free trial) 4- What is the level of support? 5- What is the Price (It should represent how critical the app is in your process) What is Open-source, what are the pros and the cons? Importance of a good backup strategy Join us at SmallBusinessBigChallenge.com and leave us a message! --- Send in a voice message: https://anchor.fm/smallbusinessbigchallenge/message

Refusing to Settle
The BEST Greens Powder - Organifi Greens Juice *REVIEW*

Refusing to Settle

Play Episode Listen Later Jun 13, 2018 8:49


In this video, I’m going to show you how to STOP EATING VEGETABLES …. and drink them instead, without juicing, without expensive ingredients, without even leaving your house. Try Organifi and claim your FREE bonus with this link: ►https://tinyurl.com/y8al2y3q (affiliate) Hey, Refuser - Clark from refusingtosettle.com back again. Today we got a unique, but important video. I want to tell you about new opportunity -- something I’ve been using this year that has revolutionized my day, mood, and energy. AND if you stick around to the end of this video I want to GIVE you an exclusive bonus I made JUST for you in this video. One thing I struggled with: eating more vegetables So I tried juicing. Almost went broke. I’ll be first to admit… I’m LAZY. Don’t want to wash fruit and vegetable for 20 min. I stopped juicing…. TOO much equipment! I felt guilty ALL day. Could not fit in as many vegetables as I needed. Stopped feeling guilty by drinking Organifi. Became my all on one nutritional insurance policy. Backup for rest of day. I want you to picture having unlimited energy. That feeling you get when you eat a healthy meal? The energy and mental focus. What if you could consistently get that without the meal prep, hard work, and time it takes? Until I discovered this product. Organifi! I want to give you an honest review of Organifi after using it for over a year and really experiencing the benefits first hand. Here are 4 PROS and 3 CONS of Organifi Try Organifi and claim your FREE bonus with this link: ►https://tinyurl.com/y8al2y3q (affiliate) ► Free 11 Questions to Change Your Life http://refusingtosettle.com ► Join The Refusing to Settle Mastermind https://goo.gl/wsNnwu PROS 1. Health — call this thing my insurance policy — make SURE I get all vitamins and minerals You are NOT what you eat! Biggest myth out there. You are what you digest and absorb! Need to absorb smaller particles into body - complex complete packages of foods/fruits/vegetables into smallest particles with enzymes/co factors to metabolize. Can’t always do that chewing. Too big / food don’t contain other enzymes / etc. Why JUICING is so beneficial! 2. ENERGY — Sustainable energy. No crash at 2PM - no glass of wine after work. No 5th cup coffee. 3. Fat Loss — Helps eliminate bloating / puffy belly. Slimmer waist. Alkalize body and boost metabolism making it easier to burn fat or maintain body. 4. DETOX -- special Superfood Blend — here’s just one example of an ingredient you get when you buy this product:Ashwaganhda - reduce stress. Weight gain always an imbalance of stress. Fight for you. Kinda like your support buddy who goes in there and blocks fat cells and stress hormones making you fat. Ashwagandha is an adaptogen. That means it’s one of a unique group of herbs that actually help strengthen your body’s adrenal system. CONS 1. Refrigeration — first world problem. On tour was hard to use. Not sure if you NEED to refrigerate, but I do anyway. 2. Sales — constantly trying to get you to buy MORE. Little annoying. Lots of emails…. 3. Price It’s around $2 per day to use this. However “small investment in your health” priorities. Buy dinner out one night or month of this every day. OR compare to bring all the vegetables in this. OR Whole Foods Juice for like, $8!! You can pay the farmer more now or the doctor more later. SPECIAL BONUS: 1. Buy Organifi through this affiliate link: ►https://tinyurl.com/y8al2y3q (affiliate) 2. Email your receipt to support@refusingtosettle.com 3. We'll send you a free copy of the "10 Stupid Easy Health Hacks That stop settling start living clark YOU MAY ALSO LIKE: Money Monday Series ► https://goo.gl/7mMxgL The BEST OF Series ► https://goo.gl/5Spvy6 Journaling Series ► https://goo.gl/e6j6H6 How to Get Rich Series ► https://goo.gl/Q7wbc5 SOCIAL: Twitter ► @clarkdangerous Facebook ► /clarkdangerous Instagram ► @refusingtosettle Instagram ► @clarkdangerous MY COURSES: MyBestJournal 2.0 ► http://mybestjournal.com Video Breakthrough Academy ► https://www.myvideobreakthrough.com MY FAVORITE GEAR: (affiliate links) Camera 1 ► http://amzn.to/2AEGHUA Camera 2 ► http://amzn.to/2AFPyW8 Lighting ► http://amzn.to/2zDquyH Computer ► http://amzn.to/2hv4FwB Music ► https://goo.gl/OoPgFA TubeBuddy ► https://www.tubebuddy.com/clarkkegley Journal ► http://amzn.to/2huhU0O The App I used to save $11,000 in 6 Months without noticing ► https://goo.gl/FRuXC4 (get $5 FREE when you download/use that link)

Fort Worth Real Estate Podcast with Gerald Durham
Why Do Half of All Homes Nationwide Fail to Sell?

Fort Worth Real Estate Podcast with Gerald Durham

Play Episode Listen Later Jun 28, 2017


Would you believe that half of all houses that come on the market fail to sell? There are three top reasons that any home might fail to sell in any market, not just here in the Weatherford area. Price: It’s a lot like pricing clothing in a retail store. If it doesn’t sell at first, it goes to the sale rack because it’s been rejected by the market due to price or style. You need to price your property correctly to begin with or it might go to the sale rack—or not sell at all. Condition: Price may get buyers in the door, but poor condition can send them right back out. When preparing your house for sale, remember that buyers might have a problem with the three Cs: color, clutter, and cleanliness. You need to keep it clean while it’s on the market. Marketing: This is the last item on this list, which is ironic because most sellers expect this first from their real estate agent. However, it’s oftentimes one of the last things they receive if they receive it at all. Marketing tells a story of the property, and it needs to get out to the buyer. If a buyer doesn’t know the price or condition, it really doesn’t matter. “Home prices are a lot like clothing prices at a retail store.” If you’d like to learn more about what it takes to successfully market and sell your home, you can always give us a call or send us an email. We’re here to help.

Congressional Dish
CD145: Price of Health Care

Congressional Dish

Play Episode Listen Later Feb 26, 2017 114:27


Former Congressman Tom Price is our new Secretary of Health and Human Services, making him the chief law enforcement officer of health care policy in the United States. In this episode, hear highlights from his Senate confirmation hearings as we search for clues as to the Republican Party plans for repealing the Affordable Care Act. We also examine the 21st Century Cures Act, which was signed into law in December. Please support Congressional Dish: Click here to contribute with PayPal or Bitcoin Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! Recommended Congressional Dish Episodes CD048: The Affordable Care Act (Obamacare) CD123: Health or Profits Bill Outline H.R. 34: 21st Century Cures Act Bill Highlights Title I: Innovation Projects & State Response to Opioid Abuse Authorizes funding for research programs, if money is appropriated Authorizes $1 billion for grants for States to deal with the opioid abuse crisis The effects of this spending on the Pay as you Go budget will not be counted Title II: Discovery Creates privacy protections for people who participate as subjects in medical research studies Orders the Secretary of Health and Human Services to a do a review of reporting regulations for researchers in search of regulations to cut, including regulations on reporting financial conflicts of interest and research animal care. Allows contractors to collect payments on behalf of the Secretary of Health and Human Services Title III: Development Gives the Secretary of Health and Human Services additional data options for approving drug applications Expedites the review process for new "regenerative advanced therapy" drugs, which includes drugs "intended to treat, modify, reverse or cure a serious or life-threatening disease or condition" or is a therapy that involves human cells. Allows antibacterial and antifungal drugs to be approved after only being tested on a "limited population" The drugs will have have a "Limited Population" label Speeds up the FDA approval process for new medical devices that help with life-threatening or irreversibly debilitating conditions and that have no existing alternatives. Devices addressing rare diseases or conditions are allowed be approved with lower standards for effectiveness; this provision expands the definition of "rare" by doubling the number of people affected from 4,000 to 8,000. Each FDA employee involved in drug approvals will get training for how to make their reviews least burdensome. Title IV: Delivery The new Secretary of Health and Human Services will have to develop a strategy to "reduce regulatory and administrative burdens (such as doucmentation requirements) relating to the use of electronic health records" Prohibits health information technology developers from certification if their system allows information blocking. Developers, networks, or exchanges caught blocking information can be fined $1 million per violation. "Public-private partnerships" will develop the rules for exchanging health record information. Creates a job in the Medicare & Medicaid Services department for an investigator of pharmaceutical and medical device manufacturer complaints. Title V: Savings Reduced funding for the Prevention and Public Health Fund Sells more oil from the Strategic Petroleum Reserve Title VII: Ensuring Mental and Substance Use Disorders Prevention, Treatment, and Recovery Programs Keep Pace With Technology Authorizes money to be used for mental health services and substance abuse treatment Title IX: Promoting Access to Mental Health and Substance Use Disorder Care Creates a telephone and online service to help people locate mental health services and substance abuse treatment centers. Title XIV: Mental health and safe communities Creates a pilot program to test the idea of having court cases with mentally ill defendants heard in "drug or mental health courts" Title XVII: Other Medicare Provisions Prevents the government from canceling contracts with Medicare Advantage organizations due to their failure to achieve a minimum quality rating before 2019. Additional Reading Article: Trump's HHS Nominee Got A Sweetheart Deal From A Foreign Biotech Firm by Jay Hancock and Rachel Bluth, Kaiser Health News, February 13, 2017. Article: Tom Price belongs to a doctors group with unorthodox views on government and health care by Amy Goldstein, The Washington Post, February 9, 2017. Article: New stock questions plague HHS nominee Tom Price as confirmation vote nears by Jayne O'Donnell, USA Today, February 8, 2017. Article: HHS Pick Price Made 'Brazen' Stock Trades While His Committee Was Under Scrutiny by Marisa Taylor and Christina Jewett, Kaiser Health News, February 7, 2017. Article: Tom Price, Dr. Personal Enrichment by David Leonhardt, The New York Times, February 7, 2017. Article: Donald Trump's Cabinet Pick Invested in 6 Drug Companies Before Medicare Fight by Sam Frizell, TIME, January 17, 2017. Article: First on CNN: Trump's Cabinet pick invested in company, then introduced a bill to help it by Manu Raju, CNN, January 17, 2017. Publication: How Repealing Portions of the Affordable Care Act Would Affect Health Insurance Coverage and Premiums, Congressional Budget Office, January 17, 2017. Article: Under 21st Century Cures legislation, stem cell advocates expect regulatory shortcuts by Kelly Servick, Science, December 12, 2016. Article: Highlights of Medical Device Related Provision in the 21st Century Cures Act by Jeffrey K. Shapiro and Jennifer D. Newberger, FDA Law Blog, December 8, 2016. Article: Republicans reach deal to pass Cures Act by end of year, but Democrats pushing for changes by Sheila Kaplan, STAT, November 27, 2016. Article: Introduction to Budget "Reconciliation" by David Reich and Richard Kogan, Center on Budget and Policy Priorities, November 9, 2016. Article: PhRMA companies push hard on House bill to ease testing of new drugs by Alex Lazar, OpenSecrets.org, June 16, 2015. References Financial Disclosure: Periodic Transaction Report: Thomas Price, United States House of Representatives, September 6, 2016. OpenSecrets: Senator Mitch McConnell 42 U.S. Code: Office of the National Coordinator for Health Information Technology, Cornell University Law School. Senate Vote: H.R. 34: 21st Century Cures Act Innate Immunotherapeutics:Top 20 Shareholders Innate Immunotherapeutics: Company Overview GovTrack: H.R. 4848 (114th): HIP Act Sound Clip Sources Hearing: Health and Human Services Secretary Confirmation, Senate Health, Education, Labor and Pensions Committee, January 18, 2017 (Part 1) and January 24, 2017 (Part 2). Watch on CSPAN Part 1 Part 2 Timestamps & Transcripts Part 1 47:45 Senator Patty Murray: I want to review the facts. You purchased stock in Innate Immunotherapeutics, a company working to develop new drugs, on four separate occasions between January 2015 and August 2016. You made the decision to purchase that stock, not a broker. Yes or no. Tom Price: That was a decision that I made, yes. Murray: You were offered an opportunity to purchase stock at a lower price than was available to the general public. Yes or no. Price: The initial purchase in January of 2015 was at the market price. The secondary purchase in June through August, September of 2016 was at a price that was available to individuals who were participating in a private-placement offering. Murray:It was lower than was available to the general public, correct? Price: I don’t know that it was. It was the same price that everybody paid for the private-placement offering. Murray: Well, Congressman Chris Collins, who sits on President-elect Trump’s transition team, is both an investor and a board member of the company. He was reportedly overheard just last week off the House floor, bragging about how he had made people millionaires from a stock tip. Congressman Price, in our meeting, you informed me that you made these purchases based on conversations with Representative Collins. Is that correct? Price: No. What I— Murray: Well, that is what you said to me in my office. Price: What I believe I said to you was that I learned of the company from Congressman Collins. Murray: What I recall our conversation was that you had a conversation with Collins and then decided to purchase the stock. Price: No, that’s not correct. Murray: Well, that is what I remember you hearing it—say—in my office. In that conversation, did Representative Collins tell you anything that could be considered “a stock tip?” Yes or no. Price: I don’t believe so, no. Murray: Well, if you’re telling me he gave you information about a company, you were offered shares in the company at prices not available to the public, you bought those shares, is that not a stock tip? Price: Well, that’s not what happened. What happened was that he mentioned—he talked about the company and the work that they were doing in trying to solve the challenge of progressive secondary multiple sclerosis which is a very debilitating disease and one that I— Murray: I’m well aware of that, but— Price: —had the opportunity to treat patients when I was in practice. Murray: I’m aware— Price: I studied the company for a period of time and felt that it had some significant merit and promise, and purchased the initial shares on the stock exchange itself. Murray: Congressman Price, I have very limited time. Let me go on. Your purchases occurred while the 21st Century Cures Act, which had several provisions that could impact drug developers like Innate Immunotherapeutics, was being negotiated, and, again, just days before you were notified to prepare for a final vote on the bill. Congressman, do you believe it is appropriate for a senior member of Congress actively involved in policymaking in the health sector to repeatedly personally invest in a drug company that could benefit from those actions? Yes or no. Price: Well, that's not what happened. 1:06:50 Senator Bernie Sanders: The United States of America is the only major country on earth that does not guarantee healthcare to all people as a right. Canada does it; every major country in Europe does it. Do you believe that healthcare is a right of all Americans, whether they’re rich or they’re poor? Should people, because they are Americans, be able to go to the doctor when they need to, be able to go into a hospital, because they are Americans? Tom Price: Yes. We’re a compassionate society— Sanders: No, we are not a compassionate society. In terms of our relationship to poor and working people, our record is worse than virtually any other country on earth; we have the highest rate of childhood poverty of any other major country on earth; and half of our senior, older workers have nothing set aside for retirement. So I don’t think, compared to other countries, we are particularly compassionate. But my question is, in Canada, in other countries, all people have the right to get healthcare, do you believe we should move in that direction? Price: If you want to talk about other countries’ healthcare systems, there are consequences to the decisions that they’ve made just as there are consequences to the decision that we’ve made. I believe, and I look forward to working with you to make certain, that every single American has access to the highest-quality care and coverage that is possible. Sanders: “Has access to” does not mean that they are guaranteed healthcare. I have access to buying a ten-million-dollar home; I don’t have the money to do that. Price: And that’s why we believe it’s appropriate to put in place a system that gives every person the financial feasibility to be able to purchase the coverage that they want for themselves and for their family, again, not what the government forces them to buy. Sanders: Yeah, but if they don’t have any—well, it’s a long dissert. Thank you very much. Price: Thank you. 1:46:34 Senator Michael Bennet: So, I ask you, sir, are you aware that behind closed doors Republican leadership wrote into this bill that any replacement to the Affordable Care Act would be exempt from Senate rules that prohibit large increases to the deficit? Tom Price: As you may know, Senator, I stepped aside as chairman of the budget committee at the beginning of this year, and so I wasn’t involved in the writing of— Bennet: You have been the budget committee chairman during the rise of the Tea Party; you are a member of the Tea Party Caucus; you have said over and over again, as other people have, that the reason you’ve come to Washington is to reduce our deficit and reduce our debt. I assume you’re very well aware of the vehicle that is being used to repeal the Affordable Care Act. This is not— Price: Yes. Bennet: —some small piece of legislation. This is the Republican budget. Price: Yes, I'm aware of the bill. Yes. Bennet: But do you support a budget that increases the debt by $10 trillion? Price: No. What I support is an opportunity to use reconciliation to address the real challenges in the Affordable Care Act and to make certain that we put in place at the same time a provision that allows us to move the healthcare system in a much better direction— Bennet: Do you support the budget that was passed by the Senate Republicans— Price: I support— Bennet:—to repeal the Affordable Care Act that adds $10 trillion of debt to the budget deficit? Price: Well, the reconciliation bill is yet to come. I support the process that allows for and provides for the fiscal year ’17 reconciliation bill to come forward. 2:38:37 Senator Chris Murphy: But do you direct your broker around ethical guidelines? Do you tell him, for instance, not to invest in companies that are directly connected to your advocacy? Because it seems like a great deal: as a broker, he can just sit back, take a look— Tom Price: She. Murphy: —at the positions that you’re taking— Price: She. She can sit back. Murphy: She can—she can sit back— Price: Yeah. Murphy: —in this case—look at the legislative positions you’re taking, and invest in companies that she thinks are going to increase in value based on your legislative activities, and you can claim separation from that because you didn’t have a conversation. Price:Well, that’s a nefarious arrangement that I’m really astounded by. The fact of the matter is that I have had no conversations with my broker about any political activity at all, other than her— Murphy: Then why wouldn’t you tell her— Price: —other than her congratulating— Murphy: Why— Price: —me on my election. Murphy: But why wouldn’t you at least tell her, “Hey, listen; stay clear of any companies that are directly affected by my legislative work”? Price: Because the agreement that we have is that she provide a diversified portfolio, which is exactly what virtually every one of you have in your investment opportunities, and make certain that in order to protect one’s assets that there’s a diversified arrangement for purchase of stocks. I knew nothing about— Murphy: But you couldn’t have— Price: —those purchases. Murphy: But you couldn’t have a diversified portfolio while staying clear of the six companies that were directly affected by your work on an issue? Price: Well, as I said, I didn’t have any knowledge of those purchases. Murphy: Okay. 2:54:20 Senator Elizabeth Warren: One of the companies—it’s the company raised by Mr. Franken, Senator Franken—and that is Zimmer Biomet. They’re one of the world’s leading manufacturers of hip and knees, and they make more money if they can charge higher prices and sell more of their products. The company knows this, and so do the stock analysts. So on March 17, 2016 you purchased stock in Zimmer Biomet. Exactly six days after you bought the stock, on March 23, 2016, you introduced a bill in the House called the Hip Act that would require HHS secretary to suspend regulations affecting the payment for hip and knee replacements. Is that correct? Tom Price: I think the BPCI program to which I think you referred I’m a strong supporter of because it keeps the decision making in the— Warren: I’m not asking you about why you support it. I’m just asking, did you buy the stock, and then did you introduce a bill that would be helpful to the companies you just bought stock in? Price: The stock was bought by a direct—by a broker who was making those decisions. I wasn’t making those decisions. Warren: Okay, so you said you weren’t making those decisions. Let me just make sure that I understand. These are your stock trades, though. They are listed under your name, right? Price: They’re made on my behalf, yes. Warren:Okay. Was the stock purchased through an index fund? Price: I don't believe so. Warren: Through a passively managed mutual fund? Price: No. It’s a broker— Warren: Through an actively managed mutual fund? Price: It’s a broker-directed account. Warren: Through a blind trust? So, let’s just be clear. This is not just a stockbroker, someone you pay to handle the paperwork. This is someone who buys stock at your direction. This is someone who buys and sells the stock you want them to buy and sell. Price: Not true. Warren: So when you found out that— Price: That’s not true, Senator. Warren: Well, because you decide not to tell them—wink, wink, nod, nod—and we’re all just supposed to believe that? Price: It’s what members of this committee, it’s the manner of which— Warren: Well, I’m not one of them. Price: —members of this committee—Well, I understand that— Warren: So, let me just keep asking about this. Price: —but it’s important to appreciate that that’s the case. Warren:Then, I want to understand. When you found out that your broker had made this trade without your knowledge, did you reprimand her? Price: What—what I did was comply— Warren: Well, you found out that she made it. Price: What I did was comply— Warren: Did you fire her? Did you sell the stock? Price: What I did was comply with the rules of the House in an ethical and legal and— Warren: I didn’t ask whether or not the rules of the House— Price: —above-board manner— Warren: —let you do this. Price: —and in a transparent way. Warren: You know, all right. So, your periodic transaction report notes that you were notified of this trade on April 4, 2016. Did you take additional actions after that date to advance[audio cuts out] the company that you now own stock in? Price: I’m offended by the insinuation, Senator. Warren: Well, let me just read what you did. You may be offended, but here’s what you did. Congressional records show that after you were personally notified of this trade, which you said you didn’t know about in advance, that you added 23 out of your bill’s 24 co-sponsors; that also after you were notified of this stock transaction, you sent a letter to CMS, calling on them to cease all current and future planned mandatory initiatives under the Center for Medicare and Medicaid Innovation; and just so there was no misunderstanding about who you were trying to help, you specifically mentioned— Unknown Speaker: Your two minutes are up, Senator Warren. Thank you. Warren: —hip and knee replacement. 2:58:20 Senator Johnny Isakson: This is very important for us to all understand under the disclosure rules that we have and the way it operates, any of us could make the mistakes that are being alleged. I’m sure Senator Franken had no idea that he owned part of Philip Morris when he made the statement he made about tobacco companies, but he has a WisdomTree Equity Income Fund investment, as disclosed in his disclosure, which owns Philip Morris. So, it’s entirely possible for any of us to have somebody make an investment on our behalf and us not know where that money is invested because of the very way it works. I don’t say that to, in any way, embarrass Mr. Franken but to make a point that any one of us who have mutual funds or investment managers or people who do that, it’s entirely possible for us not to know, and to try and imply that somebody’s being obfuscating something or in otherwise denying something that’s a fact, it’s just not the fair thing to do, and I just wanted to make that point. Senator Al Franken: This is different than mutual funds. Isakson: It’s an investment in Philip Morris. Unknown Speaker: Alright. Unknown Speaker: Thank you. Warren: And my question was about what do you do after he had notice. Unknown Speaker: Senator Warren, your time has been generously… Senator Kaine. 3:21:09 Senator Tim Kaine: Do you agree with the president-elect that the replacement for the Affordable Care Act must ensure that there is insurance for everybody? Tom Price: I have stated it here and— Kaine: Right. Price: —always that it’s incredibly important that we have a system that allows for every single American to have access to the kind of coverage that they need and desire. Kaine: And he’s— 3:31:52 Senator Patty Murray: You admitted to me in our meeting that you, in your own words, talked with Congressman Collins about Innate Immuno. This inspired you to you, in your own words, study the company and then purchase its stock, and you did so without a broker. Yes or no. Tom Price: No. Murray: Without a broker. Price: I did not. Murray: You told me that you did this one on your own without the broker. Yes? Price: No, I did it through a broker. I directed the broker to purchase the stock, but I did it through a broker. Murray: You directed the broker to purchase particularly that stock. Price: That's correct. Murray: Yeah. 3:34:42 Senator Patty Murray: Will you commit to ensuring all 18 FDA-approved methods of contraception continue to be covered so that women do not have to go back to paying extra costs for birth control? Tom Price: What I will commit to and assure is that women and all Americans need to know that we believe strongly that every single American ought to have access to the kind of coverage and care that they desire and want. 3:36:38 Senator Patty Murray: The Office of Minority Health was reauthorized as part of the ACA. So will you commit to maintaining and supporting this office and its work? Tom Price: I will commit to be certain that minorities in this country are treated in a way that makes certain—makes absolutely certain—that they have access to the highest-quality care. Murray: So you will not commit to the Office of Minority Health being maintained. Price: I think it’s important that we think about the patient at the center of all this. Our commitment, my commitment, to you is to make certain that minority patients and all patients in this country have access to the highest-quality care. Murray: But in particular—so you won’t commit to the Office of Minority— Price: We—Look, there are different ways to handle things. I can’t commit to you to do something in a department that one, I’m not in—I haven’t gotten it yet— Murray: But you will be. Price: —and— Murray: You will be, and— Price: Let me put forward a possible position that I might find myself in. The individuals within the department come to me and they say, we’ve got a great idea for being able to find greater efficiencies within the department itself, and it results in merging this agency and that agency— Murray: I think—I think that— Price: —and we’ll call it something else. Murray: Yeah. I—okay. Price: And we will address the issues of minority health— Murray: I just have a minute left, and I hear your answer. Price: —in a big, big way— Murray: You’re not committed, okay. Price: —and make certain that it is responsive to patients. Part 2 14:50 Senator Ron Wyden: Congressman Price owns stock in an Australian biomedical firm called Innate Immunotherapeutics. His first stock purchase came in 2015 after consulting Representative Chris Collins, the company’s top shareholder and a member of its board. In 2016 the congressman was invited to participate in a special stock sale called a private placement. The company offered the private placement to raise funds for testing on an experimental treatment it intends to put up for FDA approval. Through this private placement, the congressman increased his stake in the company more than 500 percent. He has said he was unaware he paid a price below market value. It is hard to see how this claim passes the smell test. Company filings with the Australia’s stock exchange clearly state that this specific private placement would be made at below-market prices. The treasury department handbook on private placement states, and I will quote, they “are offered only to sophisticated investors in a nonpublic manner.” The congressman also said last week he directed the stock purchase himself, departing from what he said was typical practice. Then, there’s the matter of what was omitted from the congressman’s notarized disclosures. The congressman’s stake in Innate is more than five times larger than the figure he reported to ethic’s officials when he became a nominee. He disclosed owning less than $50,000 of Innate stock. At the time the disclosure was filed, by my calculation, his shares had a value of more than $250,000. Today his stake is valued at more than a half million dollars. Based on the math, it appears that the private placement was excluded entirely from the congressman’s financial disclosure. This company’s fortunes could be affected directly by legislation and treaties that come before the Congress. 30:49 Senator Orrin Hatch: First, is there anything that you are aware of in your background that might present a conflict of interest with the duties of the office to which you have been nominated? Tom Price: I do not. 51:36 Senator Ron Wyden: Will you commit to not implementing the order until the replacement plan is in place? Tom Price: As I mentioned, Senator, what I commit to you and what I commit to the American people is to keep patients the center of healthcare, and what that means to me is making certain that every single American has access to affordable health coverage that will provide the highest-quality healthcare that the world can provide. 1:24:34 Senator Richard Burr: Are you covered by the STOCK Act, legislation passed by Congress that requires you and every other member to publicly disclose all sales and purchases of assets within 30 days? Tom Price: Yes, sir. Burr: Now, you’ve been accused of not providing the committee of information related to your tax and financial records that were required of you. Are there any records you have been asked to provide that you have refused to provide? Price: None whatsoever. Burr: So all of your records are in. Price: Absolutely. Burr: Now, I’ve got to ask you, does it trouble you at all that as a nominee to serve in this administration that some want to hold you to a different standard than you as a member of Congress, and I might say the same standard that they currently buy and sell and trade assets on? Does it burn you that they want to hold you to a different standard now that you’re a nominee than they are as a member? Price: Well, I—we know what’s going on here. Burr: Oh, we do. Price: I mean— Burr: We do. Price: It’s—and I understand. And as my wife tells me, I volunteered for this, so… 1:26:49 Senator Richard Burr: As the nominee and hopefully—and I think you will be—the secretary of HHS, what are the main goals of an Obamacare replacement plan? Tom Price: Main goals, as I mentioned, are outlined in those principles, that is imperative that we have a system that’s accessible for every single American; that’s affordable for every single American; that is incentivizes and provides the highest-quality healthcare that the world knows; and provides choices to patients so that they’re the ones selecting who’s treating them, when, where, and the like. So it’s complicated to do, but it’s pretty simple stuff. 1:34:58 Senator Johnny Isakson: Any one of us can take a financial disclosure—and there’s something called desperate impact, where you take two facts—one over here and one over there—to make a wrong. Any one of us could do it to disrupt or misdirect people’s thoughts on somebody. It’s been happening to you a lot because people have taken things that you have disclosed and tried to extrapolate some evil that would keep you from being secretary of HHS when, in fact, it shouldn’t be true. For example, if you go to Senator Wyden’s annual report, he owns an interest in BlackRock Floating Rate Income Fund. The major holding of that fund is Valeant Pharmaceuticals. They’re the people we jumped all over for 2700 percent increases last year in pharmaceutical products. But we’re not accusing the ranking member of being for raising pharmaceutical prices, but you could take that extrapolation out of that and then indict somebody and accuse them. Is that not true? 1:51:30 Senator Michael Bennet: I wonder whether you also believe that it’s essential that there be a floor for insurance providers. You know, some of the things that the Affordable Care Act require for coverage include outpatient care; emergency services; hospitalization; maternity and newborn care; prescription drugs; rehab services; lab services; preventative care, such as birth control and mammograms; pediatric services, like vaccines; routine dental exams for children younger than 19. I’m not going to ask you to go through each one of those, but directionally, are we headed to a world where people in rural America have to settle for coverage for catastrophic care; are we headed to a place where there is regulation of insurance providers that say if you are going to be an insurance market, you need—particularly if we’re in a world where your son had crossed state lines —there has to be a floor of the services you’re willing to pay for? Tom Price: I think there has to be absolutely credible coverage, and I think that it’s important that the coverage—that individuals ought to be able to purchase this coverage that they want. 1:56:45 Senator Pat Toomey: When we talk about repeal, sometimes I hear people say, well, we’ve got to keep coverage of pre-existing conditions because, you know, we’ve got to keep that. And when I hear that, I think that we’re missing something here, and here’s what I’m getting at. There’s obviously a number of Americans who suffer from chronic, expensive healthcare needs. They’ve had these conditions sometimes all their lives, sometimes for some other period of time. And for many of them the proper care for those conditions is unaffordable. I think we agree that we want to make sure those people get the healthcare they need. Now, one way to force it is to force insurance companies to provide health-insurance coverage for someone as soon as they show up, regardless of what condition they have, which is kind of like asking the property casualty company to rebuild the house after it’s burned down. But that’s only one way to deal with this, and so am I correct: is it your view that there are other perhaps more effective ways—since, after all, Obamacare’s in a collapse—to make sure that people with these pre-existing chronic conditions get the healthcare that they need at an affordable price without necessarily having the guaranteed-issue mandate in the general population? Tom Price: I think there are other options, and I think it’s important, again, to appreciate that the position that we currently find ourselves in, with policy in this nation, is that those folks, in a very short period of time, are going to have nothing because of the collapse of the market. 2:18:05 Tom Price: Every single individual ought to be able to have access to coverage. 2:29:45 Senator Tim Scott: My last question has to do with the employer-sponsored healthcare system that we’re so accustomed to in this country, that provides about 175 million Americans with their insurance. In my home state of South Carolina, of course, we have about two and a half million people covered by their employer coverage. If confirmed as HHS secretary, how would you support American employers in their effort to provide effective family health coverage in a consistent and affordable manner? Said differently, there’s been some conversation about looking for ways to decouple having health insurance through your employer. Tom Price: I think the employer system has been absolutely a remarkable success in allowing individuals to gain coverage that they otherwise might not gain. I think that preserving the employer system is imperative. That being said, I think that there may be ways in which individual employers—I’ve heard from employers who say, if you just give me an opportunity to provide my employee the kind of resources so that he or she is able to select the coverage that they want, then that makes more sense to them. And if that works from a voluntary standpoint for employers and for employees, then it may be something to look at. Scott: That would be more like the HRA approach where— Price: Exactly. Scott: —employer funds an account, and the employee chooses the health insurance, not necessarily under the umbrella of the employer specifically. Price: Exactly. And gains the same tax benefit. 2:58:00 Tom Price: What I’m for is making certain, again, that the Medicaid population has access to the highest-quality care possible, and we’ll do everything to improve that because right now so many in the Medicaid population don’t have access to the highest-quality care. 3:20:50 Tom Price: Our goal is to make certain that seniors have access to the highest-quality healthcare possible at an affordable price. Senator Bob Menendez: Well, access without the ability to afford it, and I’ll end on this— Price: That's what I said, affordable price. 3:28:45 Senator Sherrod Brown: If you and he are working together, are you going to suggest to him that we find a way in repeal and replace to make sure there is guaranteed healthcare for our nation’s veterans? Tom Price: Well, I think it’s vital, again, as I’ve mentioned before, that every single American have access to affordable coverage that’s of high quality, and that’s our goal, and that’s our commitment. 3:30:52 [regarding a disabled child coverd by Medicaid] Tom Price: We are absolutely committed to making certain that that child and every other child and every other individual in this nation has access to the highest-quality care possible. Senator Bob Casey Jr.: Okay, so not an access—he will have the medical care that he has right now or better—if you can come up with a better level of care, that’s fine—but he will have at least the coverage of Medicaid and all that that entails that he has right now. And that’s either a yes or no; that’s not— Price: No, it’s not a yes or no because the fact of the matter is that in order for the current law to change, you all have to change it— Casey: No, but here’s— Price: —and if I’m given the privilege of leading at the Department of Health and Human Services— Casey: Here’s why it’s yes— Price: and I respond to— Casey: You should stop talking around this. You have led the fight in the House, backed up by Speaker Ryan, for years— Price: To improve Medicaid. Casey: —to block grant Medicaid, okay? Price: To improve Medicaid. Casey: To block grant Medicaid. What that means is, states will have to decide whether or not this child gets the Medicaid that he deserves. That’s what happens. So you push it back to the states and hope it works out… Cover Art Design by Only Child Imaginations

OptionSellers.com
OptionSellers.com's Michael Gross Interviews Price Headley about Professional Option Traders Revealing their Favorite Strategies

OptionSellers.com

Play Episode Listen Later Apr 27, 2016 37:50


Michael: Hello everybody, this is Michael Gross of OptionSellers.com here with your Option Seller Radio Show. We have a very special guest for you this month. This month’s guest is Price Headley. Price is the founder and president of BigTrends.com. He is one of the nations most well known experts on options trading and technical analysis. Price was also inducted into the trader’s hall of fame in 2007. Price, welcome to the show. Price: Thanks Michael, great to be here. Michael: Price, I know you’re very familiar with many different types of options strategies. I’m sure several of our listeners have been to BigTrends.com. It’s a very informative website. Maybe we can start out, Price, by you just telling us a little bit about your background and how you got started in the trading industry. Price: Sure. I was a student at Duke University, actually, studying to be an equine veterinarian. My family’s been in the thoroughbred horse business for generations, and I think I was going to go down that path and then got hooked into a trading contest, a collegiate contest, where ironically I was in the bottom quartile of participants in a four month contest with a month to go, and realized I needed to do something different. So I started actively trading it every day. This is just paper money back in the late 80’s. Turned around and finished in the top 1% of participants and said “Yeah, I think there’s some opportunity here, something I’m really good at, so I told my dad I wanted to do something more conservative than thoroughbred horse breeding. I wanted to trade stocks and options. He thought I was a little crazy, but actually it worked out really well. That was kind of a formative point for me of realizing I really enjoyed more active trading and saw lots of opportunities there. That was back in the day before the Internet, just reading the paper and seeing things that were happening. Now, of course, there’s just even more at all of our fingertips with the Internet, and the ease of access of information. Michael: Okay. So tell us about BigTrends. What do you provide there? How can investors benefit from that? Price: Yeah, sure. I launched BigTrends.com back in 1999 and did it because I thought such a push for information on the web. At the BigTrends.com site, for starters, a lot of free educational information about active trading, and, in particular, you allude to option trading. I’ve always felt like once you learn the core principals of how to find the right stock or market to trade, you of course then can learn option strategies to figure out how to trade that with a lot less capital and a lot more potential return on your investment and still control your risk. We teach people all kinds of strategies, not just in technical analysis, which is pretty much a driving factor for active traders, but then also aspects related to the psychology of trading related to how to build your trading plan. Really just all the different aspects that a trader’s going to go through to assess how to create essentially a business plan to be successful in trading over time. Michael: So, if somebody wanted to be a self-directed trader or, especially, self-directed options trader, your site would really show them a system of a way to get set up to do that. Price: Exactly. Whether you trade stocks, options, even futures, you can apply those principals, but yes, the options is really our focus so that you can really take more control over that part of your portfolio that you want to control. We don’t tell people that you shouldn’t put all of your money into options strategies. We recommend diversification across a lot of different vehicles, but for that piece that you want more of a kicker on your portfolio for additional growth, and then come opportunities. We see more and more people taking that step to empower themselves, and, of course, education is really the starting point to have the proper knowledge to then do things correctly over time. Michael: Okay. You authored a book, Price, called Big Trends in Trading. It’s an Amazon.com investing bestseller. Can you explain a little bit about what that title means and what type of an approach you recommend in the book? Price: Absolutely. So, Big Trends in Trading, I really wanted to take a more quantitative approach in terms of showing people. I wasn’t just talking the talk but actually backing up what I was suggesting as the appropriate strategies to have a meaningful edge by actually showing a lot of systematic trading that I had done and testing that I had done, so actual results based testing. Everything we do here at BigTrends is really geared around that philosophy, which is it has got to have a meaningful edge, not just a little edge, because you’ve got to, obviously, as a trader overcome the cost side in terms of the commissions that you pay, plus any of your other setup costs for your computer and what not. Basically, our view is looking at systems that had a meaningful edge. I started BigTrends in trading with really the overall market-based systems how to really effectively time the market. A lot of the conventional literature says you can’t time the market, but my experience has said that there are a lot of opportunities where you can time the market. More importantly, all of the big mutual funds will tell you that you can’t because they want to have you keep your money with them so they can keep collecting fees on your mutual fund money, but the reality is that would have you miss the best twenty days how much return you give up. But actually, if you miss the best twenty days and the worst twenty days, you’re still ahead of the game because of how painful those crashes can be if you’re invested. Of course, we also like to teach people on options, you know, how to profit from the downside as well as the upside. So, to me, options open you up to a lot more opportunities. We take big trends in trading from the overall market to then stock selection trading, including some indicators I’ve developed, like one called Acceleration Bands, which of course is, as the name sounds, geared around finding faster moving situations which is pretty much how I built my capital to be able to start BigTrends from money I made myself in the 90’s. Basically, from that point, taking you into options strategies and then some people even say the last chapter is the best one, which is the trading psychology money management piece, where there’s a lot of smart minds on Wall Street that have blown themselves up because they basically flew too close to the sign, had too much leverage, got too aggressive. So, it’s about how to keep yourself balanced through the invariable winning and losing trades and how to stick with the game for the long haul. Michael: You made some great points there, Price, and anybody listening, if you want to take some notes there there’s some great insights to any type of trading there that Price just mentioned. Price, one of those things, the reason I bring it up is because we preach a lot of those same principles when we’re talking about applying options in the commodities markets. Two things that I wanted to touch on that you made a good point of there: One is the importance of systems, which we talk about a lot. I think a lot of people, especially investors I talk to, they start out on options “Oh, I’m going to try one here, try one there”, and a lot of people that just dabble end up losing initially because they’re just testing it out. The people that really benefit over the long haul use a system. They have system, they have rules they follow, and it sounds like that’s one of the big things that you’re talking about in your book. Price: Absolutely. Those systems can be critical. If you’re just kind of saying “which way did you wake up on which side of the bed this morning”, and kind of just trying to react to the news, that reactivity is what gets a lot of traders in trouble. You really have to take a more proactive approach and, as you said, Michael, that’s what the systems approach will help you with. Michael: Price, there was another point there that’s very interesting you brought up. Tell me if you agree with this. It’s been my experience that a lot of investors that aren’t real familiar with options yet, they tend to have a biased to the upside, where we have to buy and hope the price goes up. One of the biggest adjustments, or benefits, you could possibly make for any type of options trading really is it doesn’t matter which way the market is going. If you have the right options strategy on, you can benefit if it’s going up, sideways, or down, just depends on the strategy you have on. Price: Absolutely. Like we were saying, it just opens you up to so many more scenarios. That was always the attraction to me to options. I’d say tell me which scenario you want- up, down, or sideways and under what timeframe, and we can construct an options strategy that will succeed if that basic view plays out. You can start cash-flowing markets that are going nowhere. You can, like you said, make money on the downside. As we all know, stocks fall faster than they rise. So, when you catch it correctly, there’s even more money to be made more quickly in put options, which are essentially rights to sell a security, which will become more valuable as the market drops. It really does open people up to a lot more opportunities, but as you said, the typical beginning trader comes in and maybe does some cover call options on stocks they own, still essentially neutral to both bullish types of strategies or just looks to buy calls, so I’m betting on the upside. You’re right, it’s a big conversion in mindset. You can’t just buy low with options, you can’t just think, “Well, stocks are down, so therefore I’ll buy some calls and it should start working it’s way back up”. You’ve got that time component on options are a limit life asset. So, basically, if you just sit still in a stock, it’s not going down anymore, but if it’s not going up and you bought calls betting on it going up, a lot of people, of course, buy the at-the-money calls that are about where the current price of the stock is, those are most vulnerable to the passage of time. So you really need to get speed of movement, which is why the techniques like the acceleration bands are so important to catch. That phase of a trend that’s moving faster than essentially what the market expects. Michael: Sure, those are all great points as well. I’m going to talk to you a little bit about your preferences in trading here. I know you’re both an expert in technical timing as well as options, but in reading some of your blog entries and articles, CBOE and on your website, you also provide an incredible amount of fundamental data on stocks, the economy as a whole. Do you feel fundamentals play a role in technical trading? Price: Certainly, fundamentals really create the backdrop. If you think of it as kind of a time frame sort of a differentiation, the fundamentals create your long-term backdrop and your technicals are much more of the short-term, sort of how your zigging and zagging within what kind of an environment fundamentally you’re in. Remember, also, it’s not just the environment we’re in, but the markets are going to anticipate when the environment is due to change. You know, if we’re talking about changes in interest rates, obviously interest rate policies had a huge impact on the bull market that we’ve had in the last seven years or so. Basically, you’re looking at that quantitative easing, creating that kind of easy money approach where really made stocks the only game in town, comparatively at least. From that perspective, that pushed a lot more money into stocks. When that starts to shift and you start to see when and if higher rates ever do come around, that obviously will change that fundamental, and not become more of a monetary landscape, but it’s still part of this bigger picture of fundamentals you allude to. You’ve got to be careful though about certain fundamentals like if you look at, say, the unemployment rate and the jobs data, that’s a very lagging kind of indicator. So yes, the unemployment rate’s been cut in half over the last seven or eight years, but basically if you say “buy because they unemployment rate’s low”, you’ve got to make sure those fundamentals are really catalyst in drivers of future impact. We put a lot of energy into things like earnings, because earnings are very important in determining the ultimate value of a stock, as essentially the amount of anticipated cash flow, not just now what it’s generating, and how it’s anticipated to generate in the future. From that perspective, I’d say if there’s one fundamental that I constantly look at, it’s earnings and how not just the actual earnings but how the stock is behaving after those earnings reports. So that’s a really good one to keep in mind, because good news tends to beget more good news, and ones will tend to pile on to positive news and start upgrading the stocks, so those things kind of almost become self-fulfilling prophecies when you’ve got a really positive earnings surprise. On the other side, when it’s starting to roll over and you start to miss earnings estimates, you really do see the analysts jump ship a lot and you see a lot of pressure on stocks that are missing their estimated earnings. Watch the news and, of course, watch how the stock behaves after that news with different rallies, after earnings news it also can be a pretty good sign that there’s still more institutions that want to be a part of that earnings story going forward. So, you get kind of an extended catalyst that can last from quarter to quarter and even from year to year. Michael: Okay. Yeah, that’s very similar what we do over here on the commodities side, Price. We’re using the fundamentals as the background, maybe leaning on them a little bit more because we’re focusing on supply/demand here. From what you’re saying, it sounds like the fundamentals are the backdrop, and if you do get, say, a stock that gets a positive earnings, maybe you’re watching technical signals a little bit closer for buy signals at that point. Would that be fair to say? Price: It would be fair to say that, assuming you’ll align your technicals with that backdrop of the fundamentals. If they don’t align, you’ve got good fundamental news but you’re seeing things that look bad technically, we kind of will pay attention to that, but maybe just not try to take those trades where you don’t have that alignment between the technicals and the fundamentals. So, to us, a lot of traders think, especially newer traders, when they get into the game they’ve got to trade every day to justify their choice to be a more active and more involved trader a big part of their time, but, actually, a good thing to remember is that being a good trader means you’re first a good observer of what’s going on. You know when the odds are in your favor versus if they’re not in your favor, you get these cross currents between those technicals and fundamentals, and you learn to back off and that it’s okay to have a good portion of cash if you don’t have a clear edge, and wait until you have your edge to start to then make your investments accordingly. Michael: Okay. Let’s talk about technicals for a minute. I’m sure you could probably talk to us for the next eight hours about technical trading. From a real technical guy like yourself, do you have any favorite indicators that you like to lean on? Price: Absolutely. There are several that I go back to again and again. I’ve mentioned my Acceleration Bands, which people always ask “Is that like a Bollinger Band”, you know, John Bollinger developed a standard deviation band that’s become a real staple in a lot of people’s analysis. There are some similarities to it. The difference I would say with Acceleration Bands is they factor in the trend component more, in addition to the volatility component. We want to know what the expected range of prices should be for a stock or a market, but then we want to know when it moves out of that expected area. That’s when you see shifts in people’s perceptions of value, that’s when you see major trends develop to the upside or to the downside. We’ve added in other indicators, some of which are out there on most platforms, for example, Larry Williams developed an indicator called the Percent Range Indicator, or often just called %R, and it measures where the stock is in it’s existing range from typically a low to high range, 0-100%, essentially is what we look at. We’ve found that actually stocks that continually stay in the upper quintile, that is, the upper 20% of their readings, are stocks that are usually continued to make higher and higher prices. So, therefore, it becomes almost a trend definer when something is staying in that “over bought” area. A lot of people have been trained in the technical world that over bought is a very bad word- that you should be looking for the downside. We found that, actually, over bought can be very good if it fits a certain profile. Does that idea that in an uptrend, sure, strength begets strength, but people want to be a part of things that are going up and want to bail on things that are going down. So, sometimes in the bottom 20% where you see some of the crash-type scenarios happen for stocks and markets, or the institutions keep saying no, they don’t want to be a part of that, they want out. From that perspective you’ve got to sometimes retrain yourself, and that’s what we’ve ended up doing at BigTrends a lot is retraining newer traders that come to us or traders that think they know how it works from other things they’ve been doing, and saying yes, in a trading range, over bought/over sold, it’s kind of just going to chop around, up and down. We’re looking for the more meaningful moves where you get really a flush. For example, January of 2016, beginning of this year, you had just a quick initial gap down in the markets very first day- very unusual. Usually that’s a positive day, more often than not, to try and see if we can get off to a good start for the new year. It gaps down and then we fall through the downside right behind that, and that led to really several weeks of persistent selling pressure in January. That created a real opportunity for downside traders in put options or, you know, other strategies geared toward the bearish side for options. So, my view is that you have to see something like that through the Acceleration Bands or through the %R, what we call the BigTrends way, which is just looking at those top 20 and bottom 20 percent areas where something can really start to really move more dramatically. Make sure, if you’re the typical trading range trader, that you don’t get caught trying to fade or bet against those over bought periods and think it’s going to come down or in over sold periods think it’s going to bounce back up, because as the old trading motto goes “the markets can remain ‘irrational’ longer than you can remain solvent”. So, the idea becomes see what the wind up trend opportunity is and learn how to take advantage of it. One of the nice things too, Michael, that we have showed people within say a %R trend phase is re-entry strategies. Once you see that first break down point, how do you get back on the wagon to play it for another pot down after a bounce? What we have taught and found quite useful is finding these what we call “re-tests”, and variably, of course, you’re in a downtrend, you will get a bounce. It might be a one or two day kind of a bounce on a daily chart, the short-covering rally kind of phase, and the question is, is that the bottom or is that just a quick short list sort of flush of some of the we cans, and then you see it stop, and you see it go into another leg down. That retracement phase is really where we find some really good, especially on a risk-adjusted basis, a really good opportunities to hop on board a train. If we’re wrong, and it does violate that little retracement area, then we’ll get right back out, but if we’re right about it kind of retracing and holding into that support of resistance, then we get the wonderful entries within a trend. That’s something a lot of trader’s miss, is they think “Oh, I missed the first breakout move, therefore I’ve got to watch from the sidelines. I can’t chase it now, it’s too late.” Yet, you’ll go back and look later and see wow, there’s a lot more life in that trend. We show people those retracement points to get back on the horse. Often times two, three, four, five times in a daily chart trend we’ve seen some that have lasted up to as many as ten really good re-entry points before that trend will finally fade. So, if you’ve got multiple times you can hop on effectively and then you finally get stomped out on a trend, it gives you a lot of confidence to say “okay, I can keep my risks low. If I’m wrong, I’ll be out quickly”. Especially with options that’s important because you don’t lose a lot of time, and if I’m right I catch a wonderful spot to hop on board for the next trend phase. Michael: Thus the term Big Trends. Price: Exactly. That’s what we’re looking for. Leave the little trends to everybody else and focus on the bigger trends for sure. Michael: Okay. Let’s talk about options strategy a little bit. Most of our listeners here, Price, are options sellers, but I’m sure a lot of them are interested in all different types of options strategies. I noticed BigTrends offers quite a bit of information, courses, and resources on trading options in general. Having experience in so many kinds of options trading, do you have one or two favorite bread and butter options strategies that you tend to favor in your personal trading? Price: Well, the first step would be to identify that there are opportunities, I believe, on both the selling side of options and the buying side of options. We know markets don’t trend the majority of the time, although there’s always a bull market and a bear market somewhere. That’s why we look at, of the 4,000 plus optionable stocks in the ETS, we probably look at several hundred of them we consider to be liquid and active enough to handle plenty of volume for our subscribers. On the sell side, we tend to prefer the credit spread approach where you’re sewing an option out-of-the-money, so you’re benefitting from that time erosion. Then, at the same time you sell one option, you’re buying another option a little further out, a cheaper one to protect yourself, so you’re still getting that credit, that initial premium, in that an option seller wants, but you’re also protecting yourself and defining what your worst-case risk is. We just found that we just like the credit spreads better for the defined protected risk. You know, if the market has a crazy gap or stock has a crazy gap, then you’re on the wrong side of it. You’re avoiding that bigger hit in the case of some kind of really bad news day that goes against you. So, defining your risk is very important, and we always want to go into a trade knowing what our maximum risk is on the trade. So, that’s why credit spread’s a favorite neutral to time-based strategy to collect premium. Michael: Okay, so your preferred selling strategy is the vertical selling spreads. Price: That’s right. Michael: Sure. Okay, that’s some great insight, Price. Let’s shift gears here a bit and talk about today’s market. There seems to be just kind of a general sense of anxiety right now about the state of the world and the markets. Are you seeing that reflected in stock option values you follow? Is anxiety still driving the VIX or do you see it calming down now? Price: Well, certainly the VIX has really plunged back down, you know, as the markets have rallied back up here and by mid-April the volatility indexes have really fallen. You know, those things tend to move kind of in opposite fashion as the stocks were dropping. In January, you saw that big volatility spike upwards, so those things and patterns really haven’t changed, in my view. We do expect to see a lot of second half volatility in 2016 as we head into and even after the presidential election coming up in November. We would expect, as you look back when we elected new presidents back in 2008 and also in 2000, those were pretty rough times for the markets there in the second half, and into really even the beginning of the next year, if not further. So, our view would be that, not to say we’re expecting there has to be another great recession and another 2008 necessarily to kind of collapse, but we are expecting that we will see more volatility. Of course, that’s where you can kind of use options accordingly. One caution of course would be some people will look at the VIX and look at the VIX options and think, “well, the VIX is at 13. If I’m buying a 13 call or a 13 put it should be the same price”. Well, it’s not, because the VIX is priced against the futures on volatility, which are expecting that we will see a snap back in volatility in the second half. So, I’m not necessarily saying anything the market’s not already expecting to some degree, the question is can we get more volatility than what the markets expect? So, just be careful on that when you look at your options. You’ve got to make sure you’re pricing against the proper vehicle on volatility levels. Bottom line, we think that there is some bit of resonance, even as the market’s snapped back towards these highs, we see that people are kind of worried with the way the markets started in January this year, and worried about if that’s a pattern that is going to be played out again like what we saw in 2008. I would say, that’s a real simple, technical indication that you can keep an eye on with the 200 day moving average. That’s just a simple trend line looking back to the last 200 day closes. If you look back in 2008, we never retook that after the break down early that year. We got back up into it about April/May, tested it, and then failed there. This year, we’ve actually retaken it on the major averages, at least on the SNP, the Dow, the NASDAQ 100, the rest of 2000 has not retaken it, so the small caps are lagging here. We said stay away from those. Some other areas like Biotech and Healthcare have been lagging, you know, so if you watch just that simple trend line, that will tell you, in the longer term sense, kind of who’s winning the war between the bulls and the bears in that bigger picture battle. So for now, we’re back above it. We’ll see if we can hold it here, which will be a good sign if we can, and if we can’t, that’s probably where you’ll see a lot more caution starting to develop if things start to unravel below that support line, which is maybe a couple percent below current levels right now. Michael: Price, do you have any gut feel for the year 2016 and the big election coming up? Do you see stocks continuing higher or do you feel like there may be another correction? Price: I’m kind of at two camps there. I kind of gave you that little overview that we’re expecting more volatility in the second half. I think certainly in the short term, we’ve been rioting the up-trend signal that we got on %R and from the other tools back in late February, and basically have been benefitting from that kind of steady adjustment back up. I am expecting, based on history, the uncertainty, the fear factor, of who the president’s going to be. You know, we know we’re going to get a new one, one way or the other, but we don’t know which one, per say. A lot of potential of adjustments that can happen there, so basically I’m expecting that we’ll probably see some selling pressure in the second half. So, with that in mind, it wouldn’t surprise me to come back and eventually retest the lows some 10% lower than current levels right here in mid-April. My view would be that, short-term, we think we can get a little bit more out of the market on the upside, but, longer term, we’re expecting that the markets will probably have some adjustment down in the late summer through the fall, and then we’ll see what happens, how the markets behave after the election. The big thing, regardless of what you kind of lean towards on some of those longer term expectations, is you still have to trade what you see not what you believe, right? So, you can’t start to buy a bunch of put options here betting on it, and then, meanwhile, watch those get eroded further because we’re in a short-term up-trend, and then basically blow them out because you just couldn’t take the pain, kind of a thing. Of course, like in life, timing in trading is everything. Our view is pretty much short-term. We’re riding the up-trend while we can, but kind of keeping maybe a little smaller allocation, maybe a little less exposure than we might otherwise have with those longer-term concerns. Again, like we said before, you don’t have to try to hit a home run on every trade, you don’t have to be allocated heavily on every trade. You can, certainly, if you have those lingering concerns in your mind, you can always take smaller positions. You can always sit on the sidelines if you’re really not sure, but if you’ve got some opportunities happening in the short-term, you can still trade them, you might just trade them a little smaller. So, that’s part of trading too, is knowing when to pressure bets, when things will wind up short-term and longer-term, versus if you have some of those crosscurrents, when to maybe trade smaller and be a little quicker to tighten your stop or pull the trigger on a trade at a smaller profit target if you’re just feeling like, “Well, we’ll take it and be happy with it and move back to cash, and wait for the next low risk entry point”. That’s the big part of it, right now, expecting some of those crosscurrents we’re going to trade a little smaller and try to wait until we really see things line up, if we move into the second half in front of and after the election. Michael: Okay. Price, I know you’re not a commodities guy, per say, but a lot of stock guys follow some commodities like gold and oil because it can have an impact on overall global economy. Do you follow any commodities prices like that? Price: Certainly oil and gold have been ones that have been on our radar for a long time. Oil is one that we were real bearish on in the middle of ’14 and as we got some of our really major breakdown signals. Those downtrends, in the longer-term, still remain in place. We’re getting some stabilization in oil here, but certainly nothing that I would view as any kind of a longer term buy signal yet. So, we continue to side with being cautious on oil and meanwhile, gold though, the other big one that would fall into the commodities space, you know, that saying that started this year, we had some wonderful breakouts. So, my view would be that, yeah, that looks like it’s an improving trend that might create some real nice opportunities perhaps in the near term as we stay in this very accommodative monetary policy, not just in the U.S., but around the world. So, paying very close attention to gold here as we go through the rest of the year and into next year. Michael: Okay. Alright, Price, it’s just kind of a personal interest question, but do you have a personal favorite investment book? Not counting yours or mine. Price: Yeah, what I always tell people, I mean, there’s so many great ones, but Reminiscences of a Stock Operator by Lefevre. It’s based on the life of Jesse Livermore, the famed trader who lived some hundred years ago. Those principals still apply. I always have myself and my staff read that book at least once a year, because it’s just, more than anything, about the psychology of trading, how the crowd kind of reacts during different stages of a move, how Livermore essentially was trading it in the day and it’s a fascinating read and it’s one that those timeless psychological principles still apply, not just for stocks, but for any type of trading. I just think there’s something great about reading about what was going on a hundred years ago and seeing this stuff even with all the changes in technology, even with all the changes in computers, and what not, and hey, we can have a systematic approach, and guess what? Somebody’s still programming the computers, and that’s humans. There’s still a human element and you can’t eliminate emotions, but it’s like learning how to manage those emotions in your trading will, I think, give you a big leg up on the rest of the crowd. Michael: It’s a great book and it’s still in print and they still reprint it today. It’s certainly a classic and any investor should read if you’re really considering being a trader. Price, as far as your website goes as somebody just coming there, just looking at BigTrends, where would you recommend they start? What resources would you recommend first? Price: I mean, obviously, on the BigTrends.com site there’s so much free content there. That’s a great way to just kind of dive into the educational link on the top. I’ll walk you through a lot of free educational articles and content. Then there’s a way that people can, with my compliments, become a BigTrends insider. There’s a sign-up box you can just put in your name and e-mail, and basically you can get on our list for, not just the newest articles, but also other special education events. We do a lot of complimentary webinars, depending on the time of year and where we see things we want to point out to people that might be opportunities to consider. So, getting into becoming a BigTrends insider on that little sign-up box there, on the top right of the site there on BigTrends.com, gives people the ability to get invitations to those complimentary events from time to time. So, that’s become a real popular starting place and we realize that everybody’s educational journey is different. Some people can absorb a lot real fast, other people want to take it a little slower, and we tend to encourage people to make sure that you get educated first before you try to rush into trading, because, of course, you rush into trading without the proper education, the markets will give you an education of it’s own that probably won’t be as favorable to your portfolio as if you actually get properly educated first and really make sure you understand risk as well as the right way to trade going forward. We’re big believers that education is critical. A lot of people think they get out of school, when they’re done with school, for their life. I think that’s the exact wrong approach. I always say it’s better to be grieving growing than ripe and rotting. So, you want to make sure that you always feel like you’re looking to add that next edge into your portfolio, that next opportunity. I’ve been trading for more than 25 years and still always looking and testing for additional edges, additional things to add, because that just keeps you sharp. That way, you don’t get complacent, and the markets have a way of humbling those that get a little bit too overconfident in their ability. So, we always want to stay humble and stay in that constant learning mode. I think it’s a really powerful value that can serve you for the rest of your life, in trading and in life in general. Michael: Great points, Price. One thing I want to mention to our readers and listeners is one of the things we talk a lot about is, not only diversification of strategy, but diversification of asset class. Both of those things are important. If you’re listening to our radio show here or reading our newsletter and you probably have an interest in either commodities or selling commodities options, a lot of people want to diversify into stock or stock options, or vice versa. That’s what Price does. That’s what BigTrends does. If you want to learn more about it, it’s a great website to learn more about stock options, stock option trading, and I looked at it and I certainly recommend it to anyone interested in that aspect of that asset class of stock and stock options. Price, I want to thank you. This has been a great interview. You got some good information to share with our listeners here, and we hope to have you back again at some time in the future, if you’re willing. Price: Oh, anytime Michael. I really look forward to it. It was a lot of fun and I enjoyed it as well. Look forward to staying in touch and wish everybody great trading in the rest of 2016 and beyond. Michael: Perfect. Thank you, Price, for everything.

Player One Podcast
479: Respect the Mean Bean Machine

Player One Podcast

Play Episode Listen Later Jan 11, 2016 100:19


This week! Kevin Larrabee joins us to talk Oculus Rift pricing, Assassin’s Creed Empires, NX news, and the games we played in the last week. Join us, won’t you? Links of interest: Oculus Rift Pre-order Pricing - $599.99 Wired: The Oculus Rift’s Problem Isn’t Price - It’s Perfection Kotaku reports on Assassin’s Creed Empires and Watch Dogs 2 Assassin’s Creed Chronicles for Vita Nomura Securities: NX will be unveiled in June Magic Girl Cascade Greg Sewart’s YouTube Channel Metal Gear (MSX) LEGO Dimensions 8-4 Play: YACHT ROCK Legend of Zelda: Majora’s Mask 3D Pokemon X Fire Emblem Awakening Splatoon Super Mario Maker Captain Toad Treasure Tracker Digital Writes podcast “Dark World” by The Consouls Check out Back In My Play at backinmyplay.com, The Fitcast at thefitcast.com, and follow Kevin Larrabee on Twitter @kevinlarrabee. Check out Greg's web series Generation 16 (Episode 16 now available) - click here. And take a trip over to Phil's YouTube Channel to see some awesome retro game vids. Own an iPhone/iPod touch? We've got an app for that--the Player One Podcast player app is available now. Play shows new and old, read show notes, access the show Twitter, website, email, and more! Click here to download. Got an Android device? You can now download our app on the Amazon Android Appstore. Find out all about it here. Follow us on twitter at twitter.com/p1podcast. Thanks for listening! Don't forget to visit our new web site at www.playeronepodcast.com. Don't forget to join our forums if you haven't already! Running time: 1:40:18

running respect generation android assassins pricing legend of zelda oculus rift dark world nx zelda majora iphone ipod mean bean machine player one podcast fitcast creed chronicles kevin larrabee price it
Social Media Business Hour with Nile Nickel
132 – The 5 Undisputable Laws Of Business Success with Bob Burg

Social Media Business Hour with Nile Nickel

Play Episode Listen Later Jan 4, 2016 56:37


Sales doesn’t have to be hard.  It can be easy, but only if you know the secrets of building profitable relationships. Join us for this incredible interview and discover the time-tested strategies and tactics for how to handle people in a way that excites them and leaves them asking for more. Bob Burg is a sought-after speaker at company leadership and sales conferences sharing the platform with everyone from today’s business leaders and broadcast personalities to even a former U.S. President. Bob is the author of a number of books on sales, marketing and influence, with total book sales of well over a million copies. His book, The Go-Giver, coauthored with John David Mann has sold over half a million copies and it has been translated into 21 languages. It is now being released in a new, expanded edition, with a foreword by Huffington Post founder and publisher, Arianna Huffington. Bob is an advocate, supporter and defender of the Free Enterprise system, believing that the amount of money one makes is directly proportional to how many people they serve. He is also an unapologetic animal fanatic, and serves on the Board of Trustees of Furry Friends Adoption & Clinic in his town of Jupiter, Florida. How To Say No When You Just Don’t Want To Do Something? Do you want to always please others? Are you afraid of hurting other people’s feelings? Are you afraid to say “NO”? What is it really about saying no that we try to avoid? As human beings, we always seem to have that instinct to please others. We often think that by saying “No” we are going to offend some one…and that it’s not appropriate or nice. It is not congruent in today’s society and our value system, to treat people with disrespect. We’re afraid of losing an important person in our life or even miss out on an opportunity. We don’t want to say “No” because others might think that we’re being unproductive. Believe it or not, we are taught to say No, and the word “No” is already a complete sentence. We are more happy and productive when we do the things that we want to do and not the things we are compelled to do. “Unless you want to do something or there is a compelling reason for you to do it, then you shouldn’t” -Bob Burg Bob Burg shares with us the secrets of being polite in this extremely valuable interview. For instance, if you don’t want to do something for whatever reason, maybe it’s due to lack of time, lack of knowledge or inclination, then just say “no” politely and thank whoever it is for asking. The reasons for saying no are your reasons and yours alone. The Results Of Saying No Politely You can say “No” and still feel good after saying it. Better yet, you can also leave the person you’re talking to with a good feeling, too – even though you’re declining their offer or request. If you don’t want to do something, you can just simply say no politely. Make sure to thank them for asking you and say how honored and humbled you are by being asked. Unless the person you’re talking to is the kind of person who gets angry for any reason, they probably can’t afford to get mad at you. If you do it right, they might even thank you for the way you turned them down. The 5 Undisputable Laws Of Business Success The Law Of Value – Your true worth is determined by how much more you give in value that you take in payment. Most people will think that this is a recipe for bankruptcy, but it’s not. To really get the concept, you might first need to understand the difference between price and value. Price - It is a dollar figure, an amount. It is finite. Value - It is the relative worth or desirability of something from the end user’s point of view. It is how you might desire a product, service, concept or idea that brings so much worth or value that you are willing to exchange your money, your time and your energy. The Law Of Compensation – Your income is determined by how many people you serve and how well you serve them. Your income is determined not just by the value you provide but how many lives you impact with value. The Law Of Influence – Your influence is determined by how abundantly you place other people’s interest first. The greatest leaders, top influencers, and the most profitable sales people run their lives and their business through the power of influence. It is all about you looking for ways to place the interest of others first. When you place other people’s interest first, it doesn’t mean that you will become a doormat, martyr or that you even have to sacrifice yourself for them…but it is seeing all things as equal. It is moving from an “I Focus” to “An Other’s Focus”. “Golden rule of business is to see all things and people as being equal, it is moving from an “I Focus” to “An Other’s Focus” Bob Burg “Be the Protégé, making your win all about the other person’s win” Bob Burg Building A Bigger, Stronger More Responsive List Of Subscribers Is The Fastest And Easiest Way To Add More Profits To Your Bottom Line.   The Law Of Authenticity – The most valuable gift you offer is yourself. Bob mentioned one of his mentors, Debra Davenport. She explained that all the skills in the world like sales, technical and people skills, as important as they are, they are all for naught if you don’t come at it from your true, authentic core. When you show up as yourself, day in and day out, week after week, month after month, you can expect that people will feel good about you. They will feel comfortable with you because they know, either in a personal or business relationship, they can like and trust you. The Law Of Reciprocity – The key to effective giving, is to be open to receiving. All the giving in the world won’t benefit you if you are not willing and able to allow yourself to receive as well. You want a sustainable life? You’ve got to breathe in and breathe out. Life is all about giving and receiving. “The key to effective giving is to be open to receiving” -Bob Burg Being A Go-Giver The common misconception about being a go-giver, especially to those who haven’t read the book yet, is that Go-Givers are just always giving themselves away. As if those people don’t care about making a profit. This is just not true. A Go-Giver type of person, gives value constantly and not just gives themselves away. In fact, Go-Givers tend to make a much larger profit that others because they sell high value rather than low price. They know that when you sell “Low price”, you become a commodity. When you sell on value, you become a resource. “A Go-Giver knows that when you sell “Low price”, you become a commodity but when you “Sell value”, you become a resource” Another misconception is that Go-Givers don’t know how to say “No”. Go-givers actually say “No” a lot. Most go-givers are very successful. Typically, they are very busy and they don’t have much time say “yes” to everyone and everything. One great thing about being a Go-giver is, they know how to say “no” in a way that honors the other person. Increase Your Income by Building Relationships with Influencers, VIPs, and Top Performers, Even If You Hate Networking 4 Master Level Lessons To live by If you want to make a lot of money in business or make a lot of money in sales, then do not use “making money” as your sole goal. Your goal should be serving others. When you achieve your goal, you’ll receive a reward. That reward can be money or an opportunity that leads to money. Of course, you can use that money in whatever way that you want - but never forget, money is NOT only the reward for hitting your target. It’s not the goal itself. The goal should be in serving others. Selling is not about you, it is always about the customer. Selling is discovering what somebody wants, what they need or desires and helping them to get it. Great leadership is never about the leader, great influence is never about the influencer and great salesmanship is never about the sales person. It is always about the other person. It is about everyone whose lives you chose to touch and lives you chose to add value to.     [content_toggle style="1" label="Click%20Here%20To%20Read%20The%20Full%20Show%20Transcript" hide_label="Hide"] Bob: Hi, I’m Bob Burg, coauthor of the Go-Giver and tonight we’ll look at how a small shift in focus can have significant results for your business. Woman: Are you in business or thinking about starting a new business and could do with a bit of help and guidance when it comes to social media? Then you’re in the right place. Social media can seem daunting and even frustrating but it doesn’t have to be. That is why we offer insights and experience from social media experts from around the world. Discover tips, tricks and information that will help you leverage the power of social media so you can start growing your business today. Welcome to social media business hour with your host Nile Nickel. Jordan: Hello and thank you again for joining us. This is Nile’s trusty sidekick and cohost Jordan and I’d like to take a moment to share with you how you could benefit from Nile’s incredible experience using social media for real business success. If you’re an entrepreneur or thinking about starting your own business then using social media might be the most cost effective and time effective way to get your business real results. That’s not to mention much of what you could do to get those terrific results on social media is even free. Take Linked In for example. Nile always says it’s the best social media platform for business today. And that’s why I recommend you go to linkedinfocus.com and start your social media education today. Sign up for Nile’s free tips, tricks and strategies. Once again, it’s free and it only takes a few seconds. Go to linkedinfocus.com today. You’ll be glad you did. Nile: Hey, welcome back and we are so excited tonight. We have a return guest Bob Burg. He was with us in episode 33. Jordan: Yes, the infamous episode 33. Nile: The infamous. As a matter of fact, we get more questions about that episode than any other episode. Jordan: That’s right. And accusation. Nile: Because everybody thinks we baited them. Jordan: That’s right. That’s right. Nile: We didn’t do that, didn’t we Bob? Bob: No, not at all. Nile: Yeah, we just haven’t got back together to sort of complete that interview but just to give everybody a little bit of recall Bob is really a very sought after speaker at company leadership and sales conferences sharing the platform with everyone from today’s business leaders, broadcast personalities even to a former US president. He’s the author of a number of books on sales, marketing and influence with the total book sales of well over a million copies. His book the Go-Giver coauthored with John David Mann has sold over a half million copies and has been translated into 21 languages. It’s now being released in a new expanded edition with a foreword by Huffington Post founder and publisher Arianna Huffington. Bob is an advocate, supported and defender of the free enterprise system believing that the amount of money one makes is directly proportional to how many people they serve. He’s also an unapologetic animal fanatic and serves on the board of trustees of Furry Friends, Adoption and Clinic in his home town of Jupiter, Florida. We make fun of Florida a lot Jordan but we’re there and so -- Jordan: Well, that gives us license. Nile: That gives us license I guess. So, Bob welcome back. Bob: Well, thanks. Great being back with you guys. Nile: It is awesome to have you back. It’s always a pleasure. You just always have so many great insights and really valuable information but we’re going to go back to the end of episode 33 now and we were talking about how people don’t have time and some of the answers that they give and you were giving an answer and last time technology wasn’t our friend and it cut off in the middle of the answer and people think that we did that intentionally. So, let me take you back to that and let’s just sort of replay that a bit. So, if you don’t have time and you really want to give an honest answer. You were starting to give some recommendations so let’s jump back into that and then we’ll jump into today’s interview. Bob: Sure. Well, it was really about how to say no when you just don’t want to do something. Whether you have time or not it may not be the question. It’s typically we have time to do those things we want to do or feel drawn to do. we never have time to do something we don’t really want to do so it really comes down to is it something you want to do or not and unless there is a compelling reason for you to do it in your mind’s eye then if you really don’t want to then you shouldn’t. Now, the problem is with telling people no, I don’t want to do it. Why? Because as human beings we want to please others. We want to come through for people assuming it’s not a -- assuming that it’s something that’s worthy or something that’s not inappropriate but let’s say for example and I think we used the example of being asked to serve on a committee. Nile: Exactly. Bob: And it’s -- yeah. And it’s something you don’t want to do for whatever reason. You may not feel like you have the time or the knowledge or the inclination, whatever. That’s your business. One way people are taught to kind of say no is to well, just say no. no is a complete sentence and so forth. And people fell often empowered when they hear that but very rarely is someone going to do that. Is someone going to say no, I don’t want to? Because it’s not nice, it’s not congruent with your value system of treating people with respect and you’re probably going to lose a friend or a potential friend or other opportunities when you do it that way so it’s really -- saying no that way isn’t necessarily appropriate and it’s not particularly productive. So, the other way people do it is to say they don’t have time. Oh, I’d really like to but I’m sorry. I just don’t have time. Well, again, the challenge with doing that is you do have the time if you want to do it. You probably don’t want to do it which again is fine. That’s okay. But the challenge with saying I don’t have time is that the other person comes across this all the time and they know how to answer that objection if you will. And when they do so compellingly then you’re in a position where you either have to admit that really I just don’t want to and so you’re kind of saying I lied which doesn’t make them feel good about you and you don’t feel good about yourself or in order to save face you need to take on the assignment or accept the -- their request which you really don’t want to do and then that’s a losing situation for you. So, rather than doing either of those we can say no in way that respects the other person and honors the other person while also respecting our boundaries. And so the way I would suggest is this and that’s very simple. When -- and again, let’s say you’re being asked to serve on a committee you don’t want to serve on. You simply say to the person thank you so much for asking. While it’s not something I’d like to do please know how honored I am to be asked. And that’s it. Okay. And what you’ve done is you’ve answered the question in a way that’s not only polite. It’s very respectful. You’ve honored this other person. You’ve thanked them for asking. You’ve let them know it’s not something you’d like to do or something you choose to do but that you’re honored to have been asked. And unless this person is really someone who is going to be mad at someone for whatever reason they can't be mad at you. In fact, they’re going to feel good about you and they’re going to -- they may even thank you for the way you turned them down. I’ve had that happen to me and others have said the same. So, again, it’s simply thank you so much for asking. While it’s not something I’d like to do please know how honored I am to be asked. Nile: And now we’ve got that great answer to close out episode 33 so adversity to allies. Go back to episode 33 and listen to that. It’s really great stuff. Bob: Thank you. Nile: But tonight you’re touching my heart a bit here. I don’t know how long ago it was that I actually started listening to the Go-Giver on Audible and I enjoyed it so much I actually then got the book sort of backwards of what a lot of people do. But you and John David Mann published that back in 2007. That’s for all practical purposes nine years ago. What has motivated you to take that book which is a great book? If people haven’t read it we’re going to have a link up on the website and of course the expanded edition as well of course. But for the people that haven’t read that what was really the inspiration for that? Bob: Well, years ago, many years ago I had a book out called Endless referrals, network your everyday contacts into sales which was really for people in sales who didn’t necessarily feel comfortable with the selling process or with meeting people and developing the relationships that it took to really have a steady stream of qualified prospects and referrals and the premise of the book was that all things being equal people will do business with and refer business to those people they know, like and trust. The way you develop these relationships is to really take the focus off of yourself. Move from what we call an eye focus or me focus and move to an other focus always looking for ways to add value to their lives. You could even say placing their interests first. And so I through the years -- and it was a how to book and through the years I’ve read a lot of business parables, short books that had an impactful message and were entertaining and fun to read. Books such as Ken _____23:30 Spencer Johnson’s One minute series, the One minute manager, the One minute sales person, the One minute apology. Spencer Johnson had -- and Ken _____23:41 had a number of other books through the years and there were many other people who wrote parables and I always enjoyed them. I thought what a great way to learn an important message. Nile: Sure. Bob: And to do it in a short period of time. And I thought wouldn’t it be neat if we could take the general underlying message, the premise if you will from endless referrals and put it into a parable. And so I had the basic idea in the title the Go-Giver but that was pretty much it. and so I asked John David Mann who was the editor and chief of a magazine I was writing for at the time or I had written for in the past and I knew John to have an amazing reputation as a writer and at that time -- now John is in demand everywhere. At that time only people within a certain niche market really knew of his genius and I knew that I wanted him to be the lead writer and major storyteller of the book because I knew I couldn’t do it justice myself. I’m a how to author. I’m not really a parable writer. And so John and I got together and collaborated on it and thanks to his expert writing the book really turned out to have an emotional appeal with people and it’s something that we both believe very strongly in the message and we continue to promote it and it’s been sort of like the ever ready the energizer bunny, whatever it was. That just keeps on going and we’re very grateful for that. Nile: Well, and it is such a beautiful story. It’s easy to get into the story and you’re weaving just invaluable business messages and life lessons into the story. In fact, one of the things that I like as you get into the story, you had a gentleman that just really wasn’t happy with his life. We’re not talking about business. We’re just talking about his life. And with the changes that he learned over time not only did his life change but his business changed dramatically as well. It’s really just a fantastic parable as you said. Bob: Oh, thank you. Nile: And I love the -- and it’s a short read. I think it’s 127 pages and those are small pages. And you end up with the five laws of stratospheric success. That was hard to say. Bob: It is hard to say. Nile: But just valuable lessons. One of the things you do is you talk about the entrepreneurial spirit. But what about those people who aren’t entrepreneurs? Does that message in the Go-Giver still apply to them? Bob: It really does because even if someone is not an entrepreneur in terms of starting their own business they still need to think entrepreneurially even when they are simply an employee within a small or major corporation because remember, in this case you still have your own business and that business is you and you’re selling your time, you’re selling your knowledge, your wisdom, you’re selling your services, you are selling your value to your employer and the only reason that they are going to have you in their company is because they feel they’re receiving more in use value from you than what they’re paying and that only makes sense. Otherwise why would they shell out money, right, to have you working in their organization? By the same token it works the other way too. The employer can add great value to their employees over and above their -- the paycheck by creating an environment where people feel valued, where they look forward to coming to work, where they feel as though they’re making a difference, where they’re learning things that can help them progress in their life after that particular job, what have you. So, it’s really a two way street. Everyone can be entrepreneurial in terms of looking for ways to focus on the other person, on adding value to others and that’s why that shift in focus makes all the difference in the world. When you’re an employee who’s focused truly on providing exceptional value to your employer when the layoffs come you’re still going to have your job. Nile: It’s so, so right and so valuable. Well, we’re going to talk about the five laws and all of that right after we take this short break. Jordan: All right. It’s time for another social media marketing moment. Nile, do me a favor. Talk to me about headshots in Linked In. yeah, I hear you talking to people about that all the time. Nile: Well, one thing that’s so funny is so many people don’t take that headshot seriously. They’ve got their arm around somebody that’s not in the picture or they’re deep in the background you could barely see who they are. Want to know an interesting fact? People that look at your Linked In profile spend 80 percent of their time looking at your profile, looking at your headshot. Why is that? It’s because people like to look into your eye. They feel if they look into your eye that they could see what you’re about. They get an understanding of who you are and that’s important before they move anywhere else. Jordan: Another great pearl of wisdom. Thanks Nile. For more just like that join us at linkedinfocus.com, sign up. You’ll be glad you did. Nile: Hey, welcome back to the social media business hour where we’re talking with Bob Burg, the author of the Go-Giver and there’s a new expanded edition that Bob’s just put out. We talked a little bit about that in the first segment but one of the things that we talked about is the five laws and can you maybe give us a quick review of the five laws that you and John share in the book? Bob: Sure. The five laws themselves are the laws of value, compensation, influence, authenticity and receptivity. The law of value says your true worth is determined by how much more you give in value than you take in payment. Now, this sounds like a recipe for bankruptcy when you first hear it but it’s not because we need to simply understand the difference between price and value. Price is a dollar figure, a dollar amount. It’s finite. It is what it is. Value on the other hand is the relative worth or desirability of a thing of something to the end user or the holder. In other words what is it about this thing, this product, service, concept, idea that brings so much worth or value to it that someone will willingly exchange their money for it or their time or their energy, what have you, in order to obtain this value and feel great about it while you make a very healthy profit? And this can be anything from someone selling accounting services to someone owning a pizza restaurant. When someone buys a pizza for 15 dollars and the pizza is absolutely delicious; they’re really hungry so that pizza has even more value to them; they’re eating it with their family and they have a great family experience; your pizza restaurant -- everyone there makes them feel just fantastic for being there, valued and appreciated and you do this consistently with excellence. You’ve give this person well over 15 dollars in value. Okay, so they feel fantastic about it. They receive much more in value than what they paid but because the pizza and your employees and everything else probably cost you about three dollars per pizza you also made a very, very healthy profit. So, both parties come out ahead and that’s why understanding the difference between price and value is so very important but it all starts with that focus on providing value to that other person which is why John and I both say that money is simply an echo of value. It’s the funder if you will to values lightning which means the value must come first and the money is simply a very natural and direct result of the value you’ve provided. That’s the law of value. The law of compensation says your income is determined by how many people you serve and how well you serve them. So, where law number one says to give more in value than you take in payment law number two tells us that the more people whose lives you touch with the exceptional value you provide, the more money with which you’ll be rewarded. The pizza restaurant owner -- I’m not sure how we got into that but that’s how -- who we used it for so let’s continue with that. Nile: Sure. Bob: The pizza restaurant owner, it’s not enough just to provide value to one person. They have a lot of guests in every single night and so the income is determined not just by the value they provide but how many lives they impact with that value. So, law number one represents your potential income. Law number two, the number of lives you impact with that value. That equals your actual income. Now, law number three is the law of influence. This says your influence is determined by how abundantly you place other people’s interests first. Again, this sounds counter intuitive but it’s really -- it makes a lot of sense because when you think about it the greatest leaders, the top influencers, the most profitable sales people, this is how they run their lives and conduct their businesses. They’re always looking for ways to place the interest of others first. Now, when we say this and let me qualify this. When we say place other people’s interests first we certainly don’t mean you should be anyone’s doormat or a martyr or self-sacrificial in any way. Not at all. It’s just that as we mentioned earlier in the show, the golden rule of business is that all things being equal people will do business with and refer business to those people they know, like and trust and there’s no faster, more powerful or more effective way to elicit those feelings toward you from others than by -- again, moving from an I focus to an other focus as Sam, one of the mentors in the story told Joe, the protégé, making your win about the other person’s win. And then you have number four. Law number four is the law of authenticity which says the most valuable gift you have to offer is yourself. One of the mentors, Debra Davenport explained that all the skills in the world, the sales skills, technical skills, people skills, as important as they are and they all are very, very important, they’re all for naught if you don’t come at it from your true authentic core. When you do however, when you show up as yourself day after day, week after week, months after month, people feel good about you, they feel comfortable with you, they know, like and trust you. They want to be in a relationship with you. They want to do business with you and refer you to others. And law number five, the law of receptivity says the key to effective giving is to stay open to receiving. All the giving in the world is all for naught if you’re not willing and able to allow yourself to receive as well. In the story we use the example of breathing out and breathing in. it’s not just the matter of doing one or the other. In order to sustain life you’ve got to breathe out and breathe in. we breathe out, we breathe in, we give, we receive. Giving and receiving, contrary to popular belief and popular culture; giving and receiving are -- they’re not opposite concepts. They’re simply to sides of the very same coin and they work best in tandem. Nile: As you go through your description there; sort of distancing myself from the story because I can do this now this sounds very spiritual. In fact, I feel almost like I’m being churched. But one of the things that I noticed in the book was the way that you weave it into the story and into the lives in the story. As I said earlier on it really becomes more than a business story. I mean, it sounds like we’re talking about business here because we’re relating it to business but it was really all about life in general and business just became a natural part of it. Is that a fair assessment? Bob: Yeah, I think that life and business -- all the aspects, all the areas of life are intertwined. People talk about balance, work and life balance or work life and personal life. I’m not sure balance -- and I’m certainly not the first one to say this but I’m not sure balance is the right word as much as harmony is maybe more -- Nile: I like that. Bob: Yeah. Again, I didn’t make that up. That’s something I’ve heard. I’m not that smart. I don’t have a whole lot of original thoughts. John does. I don’t. Nile: Well, I know that you listen well and you collect those thoughts and you repeat them well so there’s value that you’re giving there so I appreciate it. Bob: Thank you. And so I’ve never believed in that story about the person who could be one way at work and another way at home. I’m all nasty, so and so at work but oh, when I get home I’m kind and I’m gentle and -- people pretty much are what they are. I remember reading a great book by _____37:07 called secrets of the millionaire mind and the theme that went through his book -- I just love this -- was that how you do anything is how you do everything. Nile: Exactly. Bob: And I think that’s basically true and I think because of that universal laws and principles, work across the board, _____37:25 anything that works in life is pretty much going to work right across the way in business and vice versa. Nile: Absolutely. Well, again, knowing how you received the messages that are sent to you there -- I’m curious and we’ve got about three minutes or so before the break. If there’s a piece, one piece of advice that maybe you received before you knew anything about what being a Go-Giver entailed that really was a difference maker for you. Bob: When I was just starting to get my legs in sales, just starting to produce a little bit, I remember coming back to the office after what I will call a non-selling appointment. In other words, the sale did not happen and -- Nile: So, that’s what we call those now? Non selling appointments? Bob: Right. Nile: I like that. Bob: That’s like misremembering something, right? And I remember one of the older -- I guess he was a guy who was about to retire and he kind of took me aside. I think he saw me as sort of like Joe in the story and saw me as a guy with good potential but who really needed to adjust his focus and he said to me something like Burg if you want to make a lot of money in business, if you want to make a lot of money in sales, do not have making money as your target. Your target is serving others. Now, when you hit the target, he continued, you’ll receive a reward and that reward will be money and you can do with that money whatever you want but never forget that the money is only the reward for hitting the target. It’s not the target itself. The target is serving others. And I just was hit right in the heart by that advice and for me it was really a difference maker. What it told me is that selling is not about me. It’s always about the customer. And I personally define selling as -- simply as discovering what somebody wants, needs or desires and helping them to get it. And I think in all sorts of instances -- I think great leadership is never about the leader. Great influence is never about the influencer and great salesmanship is never about the sales person. It’s always about the other person. It’s about everyone whose lives you choose to touch. It’s about everyone whose lives you choose to add value to. Nile: Well, I know we don’t have a great deal of time in the segment but what you just said really resonated with me because I’ve been in sales for quite a number of years as well and I’ve always considered myself a consultive seller meaning that I really want to listen and I want to consult with the clients and if there’s something that I have to offer them that offers them value then certainly I’d like to have them consider that but my big question is do you really need what I’m selling. There may be a better solution for you. And I remember going through that a number of times in the past and sometimes my recommendation was you don’t need my product. You may want it and somewhere down the line I hope that you use my product but this is what you need today. And I remember with some associates some time they’d say what are you doing? And I’m saying don’t worry. That always comes back. They either find somebody that needs exactly what I have and they refer me to them because I wasn’t trying to sell them. I was trying to help them. I was trying to give them value and what you said really just struck me so I think there’s just such a powerful message there and sometimes we miss it and I know that that’s the part of the message of the Go-giver as well. There’s so much more to talk about. We’ve got one more segment to share but what we’re going to do is we’re going to take a short break, do a couple of the commercials that pay for things and we’ll be right back after this short break. Jordan: All right Nile. I think it’s time for another social media marketing moment. Do me a favor. Talk to me about key words in Linked In. Nile: Linked In is a very high authority site. In fact, most people say it’s the fourth highest site for authority that you could go to. Well, you’ve got your own personal web page on that and as everybody knows in web page strategies you want key words so that when people search those key words anywhere on the internet you’re found. Linked In, because of its high authority transfers all of that authority to you so if you take your profile, you key work optimize it, making sure you use key words that users are using to search for you. Not the ones you like. You’re going to get tremendous results. Jordan: Thanks Nile. For more tips just like that join us at linkedinfocus.com, sign up for more tips and tricks. You’ll be glad you did. Nile: Welcome back. And as you know I’m so excited that we have Bob Burg here, the coauthor of the Go-Giver and Bob, I’ve been waiting for this interview for so long because the book has meant so much to me and I know that you’ve got an expanded edition. Before we get too far into our last segment, what was the motivation about that expanded edition and what’s the expansion, what’s the impact? Bob: Sure. Once the book hit the 500000 mark in sales the publisher asked John and me if there was something that we wanted to do in order to celebrate that and to -- if there was any additional value we could put into the book and so forth and we thought about it and obviously with the story being a parable you can't change that. But we could add something at the end of the book that we felt would be of significant value to our readers. We had always heard and well, we had discovered that people were -- we knew businesses were using the book in their sales meetings, their leadership meetings and so forth and discussing certain ideas from the book. We certainly knew schools were doing this from colleges to high schools to -- and churches and other religious institutions. Book clubs were using it and discussing it so we thought well, why don’t we give them a discussion guide. So, at the end of the book we have a discussion guide at the back where they can utilize those discussion points in order to lead study on the book. We also have been asked so many questions throughout the years. Good questions. Just a lot of times the same questions that we figured if one person or if many people are asking probably a whole lot of people who read the book ask and so we put a question and answer section in there as well. We also have a new foreword by -- well, it’s not a new foreword. It’s the only foreword by Arianna Huffington who’s the great entrepreneur and very nice person and the founder and publisher of the Huffington Post so all in all it -- we feel very happy, very excited about this expanded edition. Nile: I can't wait to get my hands on it. And when is that available by the way? Is it on shelves now? Bob: Yeah, yeah. It’s out. Nile: Oh, well, I’m slipping. That’s something I got to get the latest, greatest copy of. Bob: Thank you. I hope you enjoy it. Nile: I absolutely will. I know that there’s one line in the book that’s raised quite a few eyebrows and it’s where you and John wrote does it make money. It’s not a bad question. It’s a great question. It’s just a bad first question. And I think a lot of entrepreneurs especially when in the startup phase might disagree with you just a bit. They might say it’s the only question when it comes to business. Otherwise you’re just naïve. So, what do you two mean? Bob: Well, actually we would say that if you -- and I think history has born this out that if the first question you ask is will it make money you’re focused in the wrong direction and it’s less likely to make money because if it doesn’t provide value to others, if there’s not a market for this either an already made market or one that you can create and that’s always created by providing value, then the second part, the money part is moot. So, we sort of mean that in a -- on a couple of levels. One is just as we mentioned. First ask does it serve. And when we say does it serve that simply means is there a market for it or could there be. Do people want it? You can create the best widget in the world and you might be thinking oh, man this is fantastic. We’re going to make a lot of money with this. But if there’s no market for it you’re not making money from it. You basically are just investing in something fantastic that’s a hobby. On the other hand if you determine first if there is a market in other words does it serve, now you can say will it make money. Is there a way we can take this product or service that really does serve and market in such a way that there’s a lot of money to be earned from it. On a bit deeper level we say well, first ask if it serves because we always want to add value to people’s lives by the very nature of what we do. We want to find a way to add value to others. Back in the -- I think it was the 1950s a young MIT student by the name of Amar _____47:11 went into a radio shack store and bought a pair of headphones and -- or speakers. Excuse me. Not headphones. Speakers. And he was very, very disappointed by the sound quality and he felt this is something that consumers should not have to have. And so he basically devoted his life to making great speakers, right, and creating great sound quality. We all are familiar with _____47:41 speakers. And he became a billionaire because he first asked does it serve, will it serve, how will it serve others. Now, don’t get me wrong. I’m sure he deposited every single one of those checks and he should. He earned them. But his focus was not on the money. His focus was on providing value. His focus was on does it serve. Then it was will it make money. Nile: Yeah, and I love that story. It’s a great one because obviously he didn’t like it and he knew if he didn’t a lot of other people didn’t either and it starts out. Throughout the book -- in fact, I’d say the book is really about mentorship so what do you think is the best way to find a mentor and perhaps most importantly what should an up and comer not do when trying to find one? Bob: Oh, that’s a great question. Both questions are excellent. What I would suggest not doing is approaching someone and simply asking them to be your mentor. I mean, you could admire someone and you can study that person and then you approach that person and say hey, will you be my mentor. And basically, when there’s no relationship there what you’re basically asking this person is hey, would you share your 40 or 50 years of experience with me and just let me know everything it’s taken for you to be successful even though we don’t even know each other. And so typically that’s not going to work. What I would suggest is when there’s someone whose work you admire is to contact that person and first study their stuff. If they’re an author or whatever they do, read their books. What have you. Watch their videos. Or read the articles they’ve written. Just learn about what they’ve done first so you’re not asking questions that you should know the answer to already because you don’t want to waste their time. But you can ask. You can let them know that you admire their work, that you’re studying to or that you’re looking to so and so and if it wouldn’t be inappropriate may I ask you one or two very specific questions. Boom. So, now what you’ve done is you’ve communicated in a way that says to them hey, I honor your time, I respect you and your time, I’m not just looking to waste your time and want something for nothing, that sort of thing. Now, once they do and if they do answer your questions whether it’s letting you take them to lunch or just a cup of coffee or answering a couple of questions on email or over the phone, make sure you send them a hand written note afterwards thanking them. Just a short note thanking them, letting them know you’ll take action on their ideas and so forth. You can report back to them. You can determine or discover what their favorite charity is and make a small donation in their name. that will get back to them and basically again what you’re letting them know is even though I certainly am not in the position to add the kind of value to your life as you are to mine I want to let you know I’m not taking it for granted and I’m looking to add value to you in some way. You can add -- if you’re close enough geographically you can ask to drive them around, be their chauffer and so forth. That way you can be around them and maybe ask them some questions. I mean, there are all sorts of ways that may not apply to some people and will apply to others but the point is this. A mentor/protégé relationship is just that. It’s a relationship. And it usually takes time to develop. It’s much less likely to happen when you come right out and ask a person who doesn’t know you will you be my mentor. It’s more likely to happen when you build a relationship always looking for ways to express gratitude and add value to that person’s life. Nile: I love that answer because it reminded me of what you said as you went through the laws. Breathing is an in and out thing and so you get somebody that’s giving you value as a mentor, as a protégé you’re able to give value back to them. It might be at a different level but they’re recognizing the value that you’re giving. And I know we’ve got just a couple of minutes left and before I get through the final interview I’m going to ask one question but I also want to be able to ask and save some time if people want to know more, how they could get in touch and some other things you’re doing because I know you do a whole lot more than just write books so here’s the question. Are there misconceptions about being a Go-Giver? I mean, the name itself almost implies that you give constantly. Can you be taken advantage of that way? For example, does a Go-Giver tell people no, I don’t want to do that? Bob: Well, okay. So, these are great questions and it -- and there are misconception, misperceptions about what being a Go-Giver means and I think that happens when people see the tittle of the book or they hear about the title from someone and they haven’t read the book. Naturally the mind goes to oh, the Go-Giver. They’re just giving themselves away, right? Or they’re -- they don’t care about making a profit or -- and of course none of that is true. As a Go-Giver you don’t -- you give value constantly, certainly. But you don’t give yourself away. In fact, Go-Givers tend to make a much larger profit than most others because a Go-Giver sells on high value rather than low price. They know that when you sell on low price you’re a commodity. When you sell on value, you’re a resource. So, typically a Go-Giver makes more money and they have a higher profit. Of course, their focus is on the other person. Do they say no? Yeah. Go-Givers need to say no a lot. Just like we talked about at the beginning of this -- at the -- of the show. Go-Givers are typically very successful so they’re typically very busy and if you were to say yes to everyone and everything you wouldn’t -- you really wouldn’t have the time to say yes to those and to that which you should say yes to. But what a Go-Giver would do is they would say no in such a way that honors the other person. Nile: Again, I appreciate that and I appreciate you being a giver that decided to give so much value to all of our listeners tonight. Bob: Oh, thank you. Nile: But one of the things that I’d really like to ask though -- you do a whole lot more. Can you tell the listeners a little bit about what you do and if they’re interested in finding more how do they get in touch? Bob: Well, the easiest way to get in touch is just to visit burg B-U-R-G.com and as you know I speak at a lot of corporate and organizational sales and leadership conferences. We also have a Go-Giver certified speaker program where we actually train people how to become a professional speaker and deliver the Go-Giver message as well as my other intellectual properties that I’ve developed over the last 27, 28 years or so and how to actually market themselves as a speaker and they can get all that information as well as information on the book, the Go-Giver by visiting www.burg B-U-R-G.com. Nile: And we’ll make sure that all of those links are one the Social Media Business Hour page so as always we encourage you to download our episodes on iTunes. Subscribe there. That way you get all the episodes delivered right to you. But we have show notes and links and all of that on the socialmediabusinesshour.com. This is episode 132 just to make it real easy. If we were one more episode in we would be exactly a 100 episodes from our first interview that we did Bob. That’s sort of amazing. Bob: Wow. Nile: Yeah, I agree. Well, listen, to all of you and especially you Bob, I want to thank you for joining us on the Social Media Business Hour. To our listeners I hope you learned a few new ideas or concepts. Maybe you were just reminded of a few things you already know but you haven’t been doing to improve or grow your business. You know that my desire is that you take just one of the things that you learned or were reminded of today and you apply it to your life or business this week. We know that a small change will make a big difference and I’m committed to bringing you at least one new idea each week that you can implement. So, go back and identify just one small change that you could make to your life or business and see what a big difference it will make for you. So, until next week, this is Nile Nickel. Now, go make it happen. Woman: Thanks for listening. Social Media Business Hour is sponsored by linkedinfocus.com. Be sure to get the latest social media business tips and tricks plus free tips on how you can use Linked In to help your business today. Visit socialmediabusinesshour.com. [/content_toggle]       Facebook: https://www.facebook.com/burgbob Twitter: @bobburg Website: www.burg.com