Hi, I'm Aubrey in. This is the observation and today we have on Jordan belt for the Wolf of Wall Street, he has some hot takes real fire takes on finance, but even hotter takes on crypto Bitcoin and of T's Leo's dance moves, I can't wait for you to see it. The observation is brought to you by cash app cache app is the easiest way to save send and spend your money. I personally use cash up the most, when I'm sending money back and
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Observation, I'm Aubrey Strobel. And today we have Jordan Belfort here with us in New York in studio. And how are you? Yeah, things are hot. Coming coming to Studio? We met last night, and I'm just so happy to have you on to talk about crypto because we're, that's basically, we were talking about last night and just your feelings towards the industry. And, you know, you've seen a lot of stuff. You have a punk, right as your profile picture you
You're in this space. Yeah. So what it What drew you to it? Because you were a little hesitant at
first. Well I think that I think that you know there's things I love about crypto and Things I Hate About crypto and yeah it's a lot more hate about it than like about it but the things I like about it. I really like about it. Yeah. So it's a kind of a love-hate relationship. I love like, I love Bitcoin. I think Bitcoin is really elegant. I hated it in the beginning and they'll mostly cause I was things that it was being used for.
All of that. And now is dead-on balls accurate. Like it was a 20,000. I knew it was going to get destroyed, and I made a public call almost to the day. I said, it's going to zero, went down to like, 20, whatever,
20:00 some.
Yeah, but, but then it didn't go down to zero which is shocking. I cuz, you know, I've been around a lot of these things that collapse that pump up. I was an expert at pumping things up myself. Yeah, no, right. And when something crashes, it doesn't go down and stop at a 3 billion dollar Mark. Kept it stops. It goes like Luna it goes to 0 again.
That's always how it goes. Like it's a very predictable Playbook once they called Deep egg, whatever. Once once the bubble burst, they don't go and stop at three billion. That was like, what the fuck? They did. Make sense to the right. Same time. A friend of mine introduced me to a really sent. You give me a different view of it because you know, I've always a yelling, oh it's going to a million. It's going to place the dollar and Essex such that I knew was going on. It was like, it was a lot of people, unscrupulous played below it. They were trying to get the soccer as in because it cause you know average people are not going to buy Bitcoin at 18 or
Thousand because it's going to 30. They might as well just buy the S&P 500, the only going by and at that he was going on million. Yeah, so like as Bitcoin started getting up above like a, three or four thousand suddenly to get the same sort of irrational, exuberance, going could no longer be rational moves out of me. Like, it's going to 300,000 like because it didn't make you wear sometimes 500. Okay, it goes for your site's 2000. Like not that much right? Yeah, so it started to get to this point with just was so much nonsense in false narratives out there and self-serving bullshit.
That was one thing and then the explosion of all the other shit coins, right? I mean, this is just fucking nonsense, right? So then when I actually took a close look of Bitcoin after it crashed, I was like, wow, it's like actually really amazing technology. Then my wife's Argentinian, I really secondary sort of, you know, sort of moment where I said, wow, you know, like this, this really has value when I went down to a country without a stable currency. Yeah. And I noticed how people
Zing not Bitcoin, the using stable coins and how, but people will say their money with Bitcoin. So I start to really, you know, warm to the industry like that, and I think it's still in desperate need of Regulation is so many, Bad actors is so much nonsense going on. And that's the problem right now. A crypto like it would be, it would be so much further along, if they would just come in and
regulate it. Yeah, so I comparing the last two cycles. Last two bull markets, right? So the last one was like, ico's were the big thing. Everyone was
Uncapped Ico is was it was nuts. You know, everyone had one and then they were all rugs. And then you see that a lot with the pfp projects now with these with the end of T's like you could have, you didn't launch a, you know, an empty project, you could have done that and I could have made ten twenty million dollars in
a snap. Exactly. I refuse to do because I listen eat this, I would have done, it wouldn't have a rug pull. But I used like, obviously, but like to me, I love entities. But just thought these, these are all stupid, like, 98% of them are just ridiculously
They serve no purpose but I think again the technology is really really cool and I think that, you know, no one really knows exactly where we had three is going. But clearly having the ability to digitally authenticate something matters. It's and it's important and I think that their use cases Way Beyond like scribbles. Gravel art, that doesn't mean anything and then trying to create fake utility around it and like it just like, and just like what I it's like, there's an old movie.
As you're way too, fucking young for this but there was no TV show. Chris Abbott and Costello that favorite I've heard of it come here backyard by like my great-grandparents anyway but they dislike word Niagara Falls every time he heard this word. You like you like slowly with the his trigger. Yeah, I guess and if he's like a trigger for because there's so much shit. Yeah in it but I have no other than I'm a part of this and ft.com. Yeah. Okay, I'm on The Advisory Board. I think there's huge value coming but
it's but it's not yet, it's not here yet, so, and
NYC were here during an of T NYC week. Filming us.
Go and Rome is burning Ralph. I was like fun playing the Fatal and shit like that. I said
to you last night, I forget what it would let them eat cake. If he's like the French Revolution, right? Like it's really weird because I was I was been to so many fucking Galas this week. I've invited to so many fucking gal. I know, I don't really get. I'm actually buddy, 21 tonight with us BF and all these people and just like, what do we, what are we
doing when everyone else is like years? I think the issues like sometimes you have to say Okay. Well
Well, you know, these are sort of a legging indicator Dallas, you plead that six months ago, right? So it's like, you know, a lot of the stuff has been locked in before the crash and before everyone. Like, I mean, how could anyone not know this was this is like a guarantee. It was guaranteed to
get lost in the sauce. They get lost name emotionally. I mean, you've seen this
before. Here's the think it's very, very simple here. Okay, they're like navigating crypto. My mising is incredibly easy. This is very couple ways to make money. Yeah.
Bitcoin, hold up of five years by if they're even holding five years or be an Insider and like do deal yourself and trying to find some, that really has value. And get involved for something starts trading to be chasing things in the aftermarket. I think it's very, very foolish less unless you're buying big one right there and it's just my
opinion. Yeah, well now I'm a big big Corner have been for like 6 years. So I love that you're into Bitcoin something else I've seen you do on social recently is you're talking a lot of people about, you know, you can't be if you think you're going to get rich.
Can your 9 to 5 job? You're actually like you've that's an old narrative, you know, it's not, it's not the case. So like what is the advice that you give people then? Because the people are taught like, they're the old old ways aren't can't even save you that the traditional markets are shit. Like, we're gonna go and turn it also, I mean to your take on the recession and like where we're headed.
So that so this is like, interesting point you bring up like the old Mary. The truth is the old narrative was never real. Yeah. Just used it in travel, quite, as easily back and they so they were able to convince people that if you went to
For a large company and worked for 20 years and retire with the pension between that and Social Security in the house. You bought you'd burn your mortgage book in this right now 1 for some people, but by and large that was really a bankrupt way of attaining. Well, that's why most people when they retire, they have no money, no Financial Freedom and now with inflation and what not shooting up. It's just, you know, it's not never was irrational ways. I think there is this idea that once it made sense, that no, never really made sense. We just kind of they were sold on to this idea than it.
Makes sense, right? I think that to get wealthy to live a financially empowered life. Obviously there's certain things that you would want to do. Number one is not work 9:00 to 5:00 for a paycheck. Now that's not to say that you you're on the world doesn't need people that work, nine to five but your paychecks and you can make in some rare instances you can make some pretty good money, right? But anyone that's working nine to five. It's like then your life can't be about getting rich and that's okay.
Like a matter of what you want, some people are not concerned with getting rich, Let's just assume that the people that watch this Wanna Get Rich, right? So for those people, yeah, that's, that's a really kind of probably the worst way is to work nine to five but for a paycheck and try to slowly save over time and figure somehow you'll get rich by Hail Mary and buying Dogecoin which goes to the moon, right? It's not like a rational way, but far better way would be to, you know, number one, be in your own business. Start a business of some sort on if the quit your job least.
As something that you can start making want to sign us whatever it is and then take that money. Start investing it wisely. Yeah, right. And that could be in a few different things. The single greatest investment that recommend to every single person watching the show, this is one way you can beat Wall Street at their own game and avoid all the bullshit and shenanigans. And that is you simply take the money, you want to invest and by the S&P 500 in a no load fund and hold it and reinvest the dividends and over time you will
Every single hedge fund, every mutual fund everything, you will be everybody, the only promise it's boring as shit. Yeah. So, it's probably not something, you know what to do with all your money, but I would certainly say take the bulk of your money if you're young and stop putting it in there because it because the powers of compounding. And just, yeah, you're buying the collective Ingenuity of the United States of America, and that's worked out pretty well, in the last hundred some odd years, right? So when you buy an ESP, does a couple of things happening. Number one, it's the most tax-efficient way to invest.
Her too. They're actually S&P 500 is not constant. Yeah there's companies being taken out and put back in every single year. Does a committee that meets? So they're doing all the heavy lifting for you. So when companies Fall From Grace has become less relevant. Technology is outdated, competition comes in, they get removed from the index. So your people, so that's actually, they're rolling over this index, but when that happens, you're not supposed to buy and sell. And that would cause you to incur taxes and commissions and that's what fuck's up the whole thing. So by holding it like this,
At the SP, you could have let them do all the freaking you shit and you get the whole tax ring. Let it accrue put in your IRA or 401K, whatever I'm beat and you could literally even with small amounts over 25 years. You'll be shocked. Yeah, what adds up?
So you said something really interesting. There you said it's not entertaining and like this whole generation, right? The millennial generation. They watch The Wolf of Wall Street. They read the book, they grew up on watching, like entertainment value in finance and even you talk about memes stocks,
Dogecoins. There's and of tease, it has become entertainment, value with Wall Street bets,
everything. Nothing wrong with that when. Yeah. And I think that's great. If you can buy those, you can go to the casino and play. Blackjack, you can bet on football games, you can get into cockroaches walking across the floor Thursday. Yeah, I have a friend who's the fucking window? Crazy back when I was, you know, doing cocaine a time today, we throw fucking quarters against the wall and see who got it brother for 25,000 a shot and you can put anything on your
Saying right? When you're buying. And if T's like this and you're buying these meme stops, you're speculating. It's not investing. Yeah, very different thing. There's nothing wrong with it. Yeah, I'm actually read my book. I'm writing. I'm writing about that as well, how to safely speculate. Yeah. How to try to at least tip the odds reasonably. So you're not getting destroyed but that's got to be money. You can afford to lose. Yeah, you buy that stuff. You have to say. Every dollar I put in is probably going to evaporate in any money. I make is like, I'm God I lost last year, 100,000.
Dollars in some shit. Going name, tight a no. Okay, why did you find you a pen? Of course. It was fun. Yeah
just my number by 5
numbers upon someone said buyers I'll put a hundred thousand dollars and then was anything, right? So I stole it so you just bought and I was up five hundred thousand dollars and I watched angle all the way. It was implemented a million dollars and I think know that I'd like, should I sell my thoughts? A fucking science project? I'm gonna hold this thing, he's going to a hundred million dollars is 0 and I held it right back out to 0. But that was like a conscious decision and it's fun. I was tracking my friends. Whatever my wealth.
Friends when we're having fun with the whole thing because it's so stupid. Yeah, but we all knew what it was so like, what a drop to zero was like oh come on, come on, yeah right. Yeah, but it's very different than what I put real money into Bitcoin or the S&P or yeah. Well I'm I'm buying and saying I'm not selling this. Yeah, five years at least like I haven't sold, I haven't sold any, I don't get any any crypto
you never and never sold background and
nothing but the single coin. One thing I just by, I've been buying every single time every time theorem drops.
So 100 I buy 100 of them. Yeah, right. All right, every time bit coin drops, a thousand iy, an equivalent amount, the Bitcoin, just averaging up and averaging down. I have no intention of
selling. Yeah, I love that. Did you buy? I beat. So you're buying the dip right now.
Love it. I'm not buying the dip so to speak. You're getting doghouse averaging down. I just woke up and I think buying a dip is very. I think I want
to catch a falling knife and
that's because just like it's dangerous because you know like you guys have been
Old by like I'll buy the dip. It always works and like one time, it's not going to work. Yeah, right. Like, you know yeah. You'll have a saying I'm you know, back in the day so you your average down. Yeah, okay. Well average up, you know, your average up, you know you're right. Like average cop is a pedophile. Yeah. Tell the whole world. I've been right? That everything down but you know average down also makes sense. I wouldn't get so caught up in what's going on right now in this moment like what's happening right now is pretty easily explained? Yeah, if you look at what's happening, a bit coin in,
Makes perfect sense. It has nothing to do with the long-term prognosis where it's going. Well, therefore the theory that's a different that you're making but in the case of Bitcoin You're simply it should be its trades like a growth stock. Yeah. Like a because it should trade like a growth stock because it's still early in its development to take a lot of times going to take regulation to come in. Yeah. To get more Michael Sailors when most of his own by Michael sailor type seriously. Yeah, that's when you'll see it, start to trade more like this.
Gold until then it's risk-on risk-off people. Get out of Bitcoin. If they could either get a half a percent more interested in fixed income or something else, right? You guys have really been through a high interest rate cycle. So so you've been artificially. Let's say spoil the bit by like in this weird. Think I've never seen in my life, we're introduced don't go back up. I know I was a kid. They go. Oh yeah, down, they go up and they go down, right? And in 1999, you know, you're the.com.
Bubble burst in the planes, flew in the World, Trade Center. And that was like a to pom pom. Boom, double knockout. Punch. And the government just made a decision. We're not going to allow the economy to collapse. We're gonna do whatever it takes. We're going to print money, lower rates, make it easy people and you're George Bush. Got on the TV set. If you don't spend money the terrorists win and that's thought of this sort of hyper consumerism borrowing mentality and then everything started for. Then you are able to leverage of 2008. And again, they didn't let rates go back up, it's like
So you just look at some finally, finally 20 fucking year. 22 years later. Finally rates are going back up the way like level now where they were like, for example, in 2002 when they lowered rates, yeah, to offset the planes flying and they created the refi. Boom. This is what rates went down to six and three quarters on the 30th. Fixed. That's why they wore. When this is this was an oh my God, it's so low. It was like, oh my God, this is so high. It's like yeah,
yeah, I meant freaking out. Yeah.
I'm gonna go back to the book. Can we talk about them? Okay, more. Okay, cool. So, tell us a little bit about it and you were telling me last night but just, you know, for the office knows what your where you going
working on this book for a while and unfortunately for me I don't use a Ghostwriter. I rat myself. That's how I was, I was impressed. Yeah I write myself and I have a specific way of writing which is to make it funny and interesting and like sort of ass narrative talk you talk the way you really? So so that's but it's
Fortunately is easy, it is it is for me to talk. It's not like that. When I write it's the opposite. I just had the words, don't come out the right way so it takes me and my wife is sitting there. She's probably saying, oh my God, he's lying. It's much worse than that. It's far worse than that. Like I'm very, it's very, very difficult, you know, right? But the end product is usually pretty great. So I want to do whatever it takes to get it done. So I've been working on it for many months, I'm still months away but the book is about, it's basically a turn.
Turn-Key insiders Playbook to how to invest your money, whether it's in the stock market, the crypto world, and if T's options of going through all of them, from the perspective, That Wall Street. Basically, and my friends work, there are a bunch of scumbags, not the people the institution of Wall Street. So it's weird how you give this Ultra corrupt system with people that are fucking raping and pillaging The Village but they're actually great people individually. It's not their full, it's a setup. A whole thing is just so fucked.
But yeah, it's just set up that way. So you need to learn. If you really want to invest your money, you have to learn how to beat Wall Street at their own game and it's pretty fucking easy. Once, you know how, but what happens is you just whole complex that exists called, like the called The Wall Street, fee machine, with like everything from fucking gym. Assface Kramer on CNBC telling you every day. What you should buy the guy is to
do the opposite.
Most, I thought it's like he's changed his wife four times this week in the same thing. Bye.
Because it's all about Alaska is a big crime that were 18 people. And they all said because got a zero, today's goes up because a good trail. 30 woman. Is this fucking guy for real? No, it's really fucking bad, right? But that's
part of how did you Kramer have a job? I'll
tell you how. Well, you know, Jim Cramer was manipulating stocks but Goldman Sachs got caught by the way, and that's all public records. I'm it's saying, it's like, they're all, it's all part of this idea. That the listen, if you pick up the Wall Street Journal, or you watch, CNBC, or Bloomberg, you
I'm really relevant information, but within that is hours of fucking nonsense. That's trying to convince you that if you learn about oil, Futures and stocks and that you can trade this shit by yourself and make money. When in fact, it's so much better to just buy the SPO. Need them. You don't need Wall Street? Yeah, you'll need the bullshit. Now, here's the irony. We need Wall Street, without Wall Street. The economy will collapse. So you need a hot, you need a functioning
list money system of money credit the ability to raise money through Corporate Finance. Right. So that's, they serve a really necessary function, but that doesn't give him the right to rip your eyeballs out, but that they do. So, this is sort of your to learn how to take the great things they do and use those to your advantage. While not getting sucked. In with the idea, you can actually go out there and watch a show by an options. They can make fucking money. You can't unless you're a
professional. Yeah, no I mean I agree with you.
So you said in an interview in the New York Times that Leo didn't do drugs and that you and you had to like tell them basically how that was. And that was that interact. Guess. Well Street, The Wolf of Wall Street came out in 2013. Yeah right. So there's this clip that we have of Leo dancing in 2014 and we just want your tag. Does, does Leo not look like he's on drugs in this clip?
Lizzie, it's Em Right There.
Do you think Leo's done drugs? I've been
forced to lose a fucking great. The number one, you think she's about Leah. Number one, there's a fucking awesome dancer. No,
this whole thing that he did,
he was a like a know, he won that contest. What's it called? Scrap break crack, do something at work, crap, what's it called? Snap dancing, something you fucking dance, you can machine this guy i'mi'm, okay? I'm fucking pissed at me. I'll tell you why.
DeLeon fucking pissed at you because you fucked me up. So I try to do what you did by daughter's wedding. I made a fucking ass in myself because I tried to be like, like I said, I'm going to learn what Leo didn't want to make it fun at my daughter's wedding
Tammy's, right? Yeah, yeah.
Holy fucked it up because he does this fucking shit without know how he died. What's cool? Is that panting?
A the wave the were I don't care what it is but it's unreal. It feels like he doesn't have a spine or something would
be done. That's fucking great. Dancer. Soompi you fucked me up because I tried to do it. Like I made an ass of myself. Okay. Secondly, okay. We don't
Does not do drugs but he drinks. He's a drinker. I've seen him fucking. It's never wholly loves to fucking drink fucking drunk. All right. And you know and then, you know, and you know, but by the way, like if he did drugs, so what he does and I know to my knowledge he has never done
drugs great, for the lewd scenes. What did you say? What did you what did
you want? Look you listen, it's to my knowledge. 1000%, Leo does not do drugs. Okay? That's Meyer, firstly, what he does but that's my opinion. Okay, he drinks.
You know, and if he did drugs, God bless them fucking. You know, why wouldn't he but? Who knows. It's his own life. No, but he when I met him he's like he had no knowledge of any drug. So I have to show him like what it was like to look like on cocaine and Quaaludes officer. What
did you imitated her to jump in front of them? No I
did. I was actually this house and I was really funny. I got that on the floor and I was showing him a different phases of a quaalude. High Time crawling around on the floor and he's crying and he's imitate. He's crawling around like the like crawling around in circles. He's tried it. He's imitating.
Me and his father walks in like, what the fuck are you guys doing? Oh no, we're just practicing for the movies. Like what the fuck he's like, but he's like trying to imitate me as I'm going to move these over. I can't
the car scene that I mean, I was real true. Ashley unreal.
Unreal. Yeah. It was pretty the only difference. It wasn't a Lamborghini, was a Mercedes. And that was accurate to this day, though. I could still play pass a lie-detector test. I don't remember having the accident. I know I did because they know the call was smashed and how to play some people money by hitting.
Destroy a property, but I literally I swear to God, when I pulled home and I turned the car, I was like, thank you God for getting me home in one piece without an accident, they just thank you. I was so proud of myself like, like, I was like, grass skirt. I walked out. And then when they came and arrested me, and they looked like, one of those foam, I wouldn't cry. I couldn't quite. And then, like, I was like this damn. I did. I start scaring me. I just can't place it, you know. But
remember, doesn't
count as I know. No, I didn't get in trouble for that.
The way I had to pay some money to the people and he deserved it. But, but because they didn't catch me in the car, I got away with it, they, they can't arrest you because theoretically, like so they came and arrested my house, but how do they know I didn't go home and take the drugs? It's not legal to drugs in your system, so I didn't get in trouble for that.
Cat big cat. No lives.
Yeah. Okay. We're going to do, who's bigger on Google, you versus blank person. So we're going to my Google Trend data who has bigger a search and we're going to put some up on the
screen. I've no idea.
So you verse Leo, Leo
Cracked. Alright. U-verse Margot. Robbie Margot Robbie.
Okay yeah. Margot by a little bit edgy. Yeah U-verse people I know people.
You're bigger than beep. Okay, you verse Martin I can't. I never can say is Josh really shkreli. The you
know I think one nice to God that him but maybe he does. He have something come out. Some of this is probably based on relevant information. Like what time you doing well I do mayor. I me.
Yeah you are okay yeah.
All set you first Trump
Al shape, how big it your hobby, me, right? Yes, you yes. Okay, sorry, Jerome. Sorry. Sorry j pow. Alright. And then the last segment we're doing is one word, so it's just the first word that pops in your head. When you when you hear this word, all right. Got it and of tea.
Scam.
Taft, Correctional Institution
not so bad
ramen. Noodles board. API Club
can't figure it out.
Ludes wish they were legal.
Family, everything. Oh, I love that amazing. Thank you so much. Jordan for coming on the observation. It was an honor. You got it and it observation is sponsored by cash app. Will see you guys back here next time.
Thank you. Thank you so much.
