Feb 16, 2026 · 1h 10m · my-first-million
Scott Galloway: Why I'm selling my American stocks
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gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions
NYU Stern Professor Scott Galloway joins hosts Sam Parr and Shaun Puri for a wide-ranging, candid discussion covering his decision to divest from overvalued U.S. equities, actionable frameworks for personal wealth and fulfillment, intergenerational economic policy, and pragmatic advice on modern relationships.
How this conversation actually went
Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. The hosts hold 13.8% of the talking time here. How this is scored →
The hosts as informed peer 3.8 Guest teaching 4.1 Guest disagreement 2.5 The hosts pushing back 2.1
speaking balance: gold is the hosts, purple is the guest (3 minute bins)
Sharpest disagreement ▶ 23:55 Galloway denouncing intergenerational economic policy
Galloway forcefully condemns generational wealth hoarding, arguing older demographics have systematically voted to strip capital from younger citizens.
Hardest push from the hosts ▶ 16:05 Sam Parr reframing S&P 500 tech dominanceSam rejects Galloway's domestic valuation framing by pointing out that major US index components like Apple function as diversified multinational corporations.
Biggest teaching moment ▶ 14:50 Galloway on cyclical market valuations and the Buffett IndicatorGalloway educates the hosts on historical equity cycles and macroeconomic valuation ratios, citing the Buffett Index at 210% to justify asset reallocation.
The host holds their own ▶ 29:18 Shaun Puri presenting retail real estate compounding thesisShaun counters venture tech hype by breaking down his 44% annual compounding in supply-constrained, unsexy retail shopping centers.
the scores for every segment, with the reasoning behind each
| Chapter | Topic | The hosts as informed peer | Guest teaching | Guest disagreement | The hosts pushing back | Why |
|---|---|---|---|---|---|---|
| Reflections on Davos and Gravitas Among the Elite | 3 | 4 | 2 | 2 | Sam Parr asks Galloway about social dynamics and gravitas at Davos. Galloway shares personal observations of Gavin Newsom versus Lindsey Graham and offers contrarian takes defending billionaires against populist criticisms. | |
| HubSpot Playbook Sponsor Announcement | 2 | 3 | 1 | 1 | Shaun opens with a sponsor plug before asking Galloway what unfulfilled desires remain despite his wealth. Galloway reflects vulnerably on parental loss, raising sons, and historical financial trauma. | |
| Reaching 'The Number' and Developing a Philosophy on Spending | 2 | 4 | 2 | 1 | Galloway describes establishing a net worth threshold and ruthlessly spending or donating excess capital. The hosts express amusement at his colorful turns of phrase rather than challenging his framework. | |
| Maximizing Quality of Life: Private Aviation vs. Experiential Spending | 3 | 4 | 2 | 1 | The discussion covers high-yield lifestyle spending, where Galloway advocates for fractional private jet ownership and family travel over luxury possessions like art and wine. | |
| Why Galloway Is Selling American Equities for International Assets | 6 | 5 | 4 | 5 | Galloway explains why he is rebalancing into international equities due to elevated US market valuations. Sam counters by noting that dominant US tech companies like Apple operate as global multinationals. | |
| Evaluating GLP-1 Medications as a Transformative Technology | 5 | 3 | 2 | 3 | Sam reviews Galloway's past predictions, leading into a discussion on GLP-1 drugs. Sam shares extensive firsthand experience microdosing semaglutide to reduce addictive behaviors. | |
| Economic Dictator Policy: Reversing the Generational Wealth Gap | 4 | 6 | 6 | 4 | Galloway passionately argues for ending preferential capital gains and mortgage interest deductions to reverse wealth transfer from young people to seniors. Shaun asks for clarification on how capital gains tax policy intersects with asset ownership. | |
| Addressing Male Loneliness and Investing in Unsexy Businesses | 6 | 4 | 2 | 2 | Galloway outlines business models around third places and male loneliness, cautioning against investing in sexy consumer ventures. Shaun demonstrates his own investment thesis by detailing high returns in unsexy retail strip malls. | |
| Relationship Advice and Fundamental Rules for Marriage | 3 | 5 | 2 | 1 | Galloway provides direct relationship rules, emphasizing emotional vulnerability, physical intimacy, and financial alignment, while Sam commends his concise framing. | |
| The Mechanics of Communication, Storytelling, and Team Operations | 3 | 4 | 1 | 1 | The hosts inquire into Galloway's storytelling craft and team infrastructure. Galloway demystifies his output by crediting rigorous editorial processes, genetic inheritance, and his 28-person team. | |
| Creative Flow States, Executive Leadership, and Managerial Growth | 4 | 3 | 1 | 1 | Galloway discusses nocturnal creative routines, relinquishing operations to trusted partners, and maturing out of abrasive executive behaviors. Sam relates to the freedom of nonstandard entrepreneurial paths. | |
| Mortality, Eliminating Obligations, and Defining Financial Security | 4 | 4 | 2 | 2 | Galloway shares observations on mortality among peers and defines economic security mathematically as 25 times annual burn. Sam adds realistic context about exorbitant living costs in Manhattan. | |
| Uncomfortable Advice: Dating Etiquette and Male Codes of Conduct | 4 | 4 | 5 | 3 | Galloway insists men must always pay on dates and explains his campaign urging consumers to cancel big-tech recurring subscriptions. The hosts probe the efficacy and scale required for a consumer boycott. |
Statements from this episode (30)
Galloway: Gavin Newsom has hands-down unmatched star power
“Governor Newsom has that star power. Hands down, star power.”
Galloway: The US brand has fallen far and fast globally
“The things I walked away from Davos with is that the last time I was there in 99, it was about e-commerce, and the U.S. Brand was capitalism consumption and Bill Clinton. Now it's about AI. Everyone was talking about AI, and it's about the American brand is ch…”
Galloway: Billionaires are generally high-character people who build allies
“I personally have found that billionaires are generally very high character people because the key to being really successful is to create allies along the way such that you're put in a room of opportunities when you're not physically there.”
Galloway: Money is for protecting people, not living an awesome life
“Money is a means of protecting people, not of having an awesome life”
Galloway: Any wealth above my net-worth target is spent or donated
“Whenever I meet with my financial advisors and I do this once a year, they tell me, this is your net worth. And if it's above that number, which it has been the last. 12 years cause it's been an amazing economy. I do one of two things with the incremental numb…”
Galloway says fractional private jet ownership beats full ownership or chartering
“Hands down, fractional is the way to go, because you essentially can arbitrage scale up or down based on the mission.”
Galloway spends $1.5M to $2M annually on fractional private jets
“It's about, I spend about one and a half or two million dollars a year, but a friend of mine from high school I really like,
A Mormon kid getting married in a weird place.
I'm gone.
Why?
Because I have a f***ing private plane.”
Galloway says billionaires buying art and wine remain uncultured douchebags
“Art and wine. Art is I'm trying to buy culture. I've been a boring douchebag my whole life. So all of a sudden I'm going to start overspending on art and it makes me interesting. No, it doesn't. You're still the same douchebag.”
Galloway is selling his American stocks to diversify and avoid losing
“Yeah, I'm selling down my American stocks, mostly because I'm diversifying, because I don't want to lose.”
Galloway notes Buffett index is 210% and S&P trades near peak valuations
“The Buffett index, stock market valuation versus GDP, he likes it at about 90%. It's at 210%. The S&P is trading at historic highs. 97% of the time, the S&P has traded at lower valuations relative to earnings.”
Galloway: American equities are too expensive while Europe is on sale
“I think America's too expensive right now. I think Europe's on sale.”
Galloway: GLP-1 drugs are more transformative than AI
“I think GLP-ONE is a more transformative technology than AI.”
Sam Parr periodically microdoses GLP-1 drugs out of personal curiosity
“And I'll microdose it every once in a while because I just think it's interesting.”
Galloway: $40B child tax credit was stripped while $120B Social Security COLA passed
“Forty billion dollar child tax credit that would benefit young families stripped out of the infrastructure bill, but the hundred and twenty billion dollar cost of living adjustment for Social Security flies right through.”
Galloway predicts a massive U.S. counter-cyclical movement against NIMBY housing laws
“I think you're going to see a huge counter-cyclical movement against NIMBY laws, and that the government will probably come out with subsidies.”
Galloway says most profitable companies exploit immature prefrontal cortexes of young men
“The most profitable companies are going to be the ones tapping into an immature prefrontal cortex of an American male.”
Galloway: Investment returns inversely correlate with an industry's sexiness
“Your return on your invested capital is inversely correlated to how sexy and cool an industry sounds.”
Galloway sold his marketing intelligence company L2 for eight times revenue
“We ended, ultimately ended up selling for eight times revenues.”
Shaan Puri compounds millions in retail shopping center investments at 44% annually
“I'm basically compounding like 44% a year. And I get the tax benefits of real estate, and it's passive, and I don't like, and it's like retail, which everyone thinks is dead, there's, I think, less than four percent vacancy rates, like nationally.”
Galloway: Strong writing ability is the core driver of effective communication
“I think if there's one secret sauce to communicating is that if you can write well, you're going to be a decent communicator.”
Galloway publishes 7 weekly podcasts, a newsletter, and books every 18 months
“I write a book every 18 months. I do seven podcasts a week. I put out a newsletter every week.”
Galloway: Turning a practice into an enterprise requires hiring people for leverage
“The key between a practice and an enterprise that creates real money is to find outstanding people and get them to leverage your time and your talent.”
Galloway says tech executives wrongly idolized Steve Jobs's asshole behavior as genius
“I was raised in a generation in San Francisco where Steve Jobs is our mentor and there was this terrible gestalt that infected a bunch of young tech executives, including myself, that if you were talented and nice, you were talented. If you were talented and a…”
Galloway accepted a $200,000 fee for a single Jackson Hole speaking engagement
“I just flew to Jackson Hole because I got offered 200,000 dollars to speak.
What?
And I said yes.”
Galloway: True economic security means eliminating the 'should' bucket
“The real power of economic security is, like, eliminate the should bucket.
There's things you want to do.
There's things you have to do.
Get rid of the should.”
Galloway spends $400K monthly and needs $125M to feel economically secure
“I spend three to 400,000 dollars a month, so if you take that at five million times 25, I need one hundred and twenty-five million to be economically secure.”
Galloway: Unsubscribing from Big Tech is the fastest way to pressure Trump
“What I've noticed is the Trump administration only walks back things when the markets move, and the fastest way to make the markets move right now is to go after the companies that are 40% of the S&P by unsubscribing from Amazon, from Apple, from Microsoft pla…”