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Category

😹
Fun
Transcript
00:00Difficulties and failures are great teachers. One principle that I've really learned is pain
00:07plus reflection equals progress. I've learned that there are lessons and difficulties and failures
00:16are great teachers. What painful experiences have you been through that have led to your progress
00:21in life? I'd like to tell you about one that really stuck in my mind and changed me in a
00:27really beneficial way, but it was painful. 1980 and 81, a long time ago, I had calculated that
00:35American banks had lent to foreign countries more money than those countries were going to pay back
00:40and that we were going to have a debt crisis. That was very controversial. I got a lot of
00:46attention on that. In August of that year, 82, Mexico defaulted on its debts and I got a lot
00:54of attention, testified to Congress, was on Wall Street week. And I thought we were going to have
00:59a big debt crisis and that every stock market would go down a lot. And I couldn't have been more wrong.
01:06And I lost money for me. I lost money for my clients. This is when my business was small and
01:12starting out. And I had to borrow $4,000 from my dad to pay family bills. I mean, I was broke
01:19and humiliated and it was, it was a bad experience. I paused and I reflected on that experience and I
01:27said, now, how am I going to have the upside without having the downside? What should I do
01:32differently? Because I was faced with a choice. I had my own business and it was what I wanted to do.
01:38So I, I started to think, how do I solve that puzzle?
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