The Exchanges

Q What, what, what are the causes that led you to, you know, uh, all the changes that you saw in India that led you to believe so much in India, the 20% of your portfolio sitting in India?

A Well, a number of reasons. So first and foremost, it's about growth. Uh, the Indian economy, as you know, is growing at a very fast pace. Uh, one of the highest in the world. And of course, the company that's growing at seven percent, a country that's growing at seven percent means that the companies are growing at 14%. So, uh, that's the first thing, growth, rapid growth. Second, population. Uh, India now has far more people than China. And most importantly, it's a young population. Uh, the average age in India now is about 26, 27, compared to about 37 for China. So that means that you're in a, uh, not only a high-growth economy, but an economy that, because of the young population, will continue to grow at a fast pace. The third thing is, uh, really connected to, uh, Mr. Modi, because he introduced the idea of Digitizing the Indian economy and making digital communications open to all Indians people. What does that do? What it does, it accelerates education. It accelerates productivity. And it provides jobs. I know India is facing a demand for more and more jobs, and I think that, that demand will be, be satisfied as a result of what's happening in terms of the technological growth in India.

AI assessment note: “Well, a number of reasons. So first and foremost, it's about growth.”

Q And Mark, uh, uh, can you describe your journey, uh, that at what age, you know, you started your first work?

A Oh, I started very early when I was in primary school. I delivered newspapers. I mowed lawns of neighbors. I did gardening. And then in high school, I also worked, uh, for, uh, Companies to help them do their paperwork and so forth. Then in college, I worked my way all the way through college, uh, being a waiter, uh, playing piano in, uh, in nightclubs and all kinds of odds and ends in order to make ends meet. So, uh, that was really the journey that I had throughout my education. And in fact, I, I loved being in university so much and learning that I almost became a professional student. I, I started at Boston University, then I went to University of Wisconsin, Syracuse University, I studied in Japan, then I went to University of New Mexico, and then finally ended up with MIT, Massachusetts Institute of Technology. So, um, I enjoyed learning. I think that's another very important point. If you're going to become a successful investor, you've got to have curiosity, and you, you have to, ah, be constantly learning. You can never give up learning.

AI assessment note: “I started very early when I was in primary school. I delivered newspapers.”

Q I say. Uh, and there's also a probability, not, not everyone's, you know, who follows this advice can reach there, but there would be, I believe a certain probability A 10 to 20% probability of reaching there. So how to maximize your probability of reaching there. So, so would love to first hear your story, Mark, right? What's your background? Where were you born? Where did you grew up in?

A Well, I came from a relatively poor family in Long Island, New York. I was born of a German father and a Spanish mother. Uh, they were birth both workers. My father was a baker and, uh, I learned a lot from them in terms of savings because, uh, one of the secrets I believe, uh, to becoming wealthy is learning how to save, um, and, and not borrowing. I remember my father and mother always said, never borrow. If you're going to buy something, uh, earn the cash, save, and then buy, but don't borrow. So that was a big lesson for me, and I think, I think it helped me a great deal in, Uh, having success in the financial field. Uh, the other important point is that, uh, at the beginning of my education, I was not really interested in finance. I was interested in art. Um, in fact, I went to a school of fine arts and there I learned about creativity and creativity is a, really a critical part of earning money because If you're going to be successful in finance, you have to be creative. You have to be able to think of new things. You have to, uh, create new ideas. And so that background in art, you know, a lot of people think, oh, if I, if I study finance, I will become wealthy or it's necessary for me to study finance or to study the stock market. Uh, that's not necessarily the case. The main thing is to become creative. And of course, Be diligent in your work. So, uh, that's what my pa…

AI assessment note: “Well, I came from a relatively poor family in Long Island, New York.”

Q Yeah. Yeah. Uh, but, but how did you kept on like, what were the assets that you were investing in that made you your first 10, ten million dollars?

A Well, first and foremost stocks was I was invested in the funds I was managing. Um, so that's the first thing, because you know, at that time, uh, we, we were not allowed to invest in our own stocks because it'd be a conflict of interest. So that's one thing. Uh, I was investing in my own funds. And secondly, I was investing in property because I was traveling all over the world And I was investing in various properties around the world. So, and also make making deposits in banks in different parts of the world. So all this came together and it compounded, you know, as I, it wasn't a matter of, uh, of gambling in any direction, but saving and, uh, really sitting on those assets.

AI assessment note: “first and foremost stocks was I was invested in the funds I was managing”

Q Got it. And, and where do you think the next 20 years for India are?

A The next 20 years for India means that India will become a global leader in many directions. Right now, India is a global leader in software, but it will become a leader in computer hardware. It will become a major producer of high-end semiconductors. And from that, of course, an entire industry will grow as we've seen in China. So that's the first thing. The second thing is that because of its outreach, India will have an incredible impact on the rest of the world because the, the fact that so many Indians are able to master English and other languages means that they can enter other countries and contribute to the growth of other countries as well. So I think that's another very important factor that we're going to be seeing.

AI assessment note: “The next 20 years for India means that India will become a global leader”

Q And, and what are the factors that you have quoted in your book that prevent wealth creation?

A Uh, first of all, um, gambling, uh, uh, you know, Using your money to gamble in the stock market or in the casino or anywhere else. That is a sure way to lose money and to become poor. So gambling is the first thing. The second is to stop learning. If you close your mind to new ideas, the chances are you're not going to be successful because the world is changing and you've got to be ready For those changes. And thirdly, I would say, uh, being abreast and using technology, uh, with, uh, artificial intelligence, uh, you're able now to do so much more than any time before in the history of mankind. And you've got to take advantage of those opportunities.

AI assessment note: “gambling is the first thing. The second is to stop learning.”