How to Sell Anything: Wall Street Pro Reacts to Billions TV Show: Episode 12

Summary

The video script offers a comprehensive guide on sales techniques and finance lessons, drawing from the final episode of the TV show 'Billions' and the presenter's experiences at Goldman Sachs and top hedge funds. It emphasizes the importance of appearance, preparation, and understanding the client in the sales process. The presenter shares 16 valuable sales tips, including dressing appropriately, creating a professional online presence, knowing your client, and building confidence. The script also covers the significance of timing in sales, the value of transparency, and the art of creating urgency. It concludes with a 'buy' rating for the episode's realism in depicting Wall Street dynamics and a teaser for upcoming spin-offs of the show. The presenter, Chris Haroun, also introduces an online MBA program that integrates his extensive business experience to help viewers achieve their financial and career goals.

Takeaways

• 👔 **Clothing and Cosmestics**: Dressing appropriately signifies seriousness and can influence how others perceive and treat you.
• 💡 **Zoom Setup**: Good lighting and setup for video calls can have a similar impact on your career as dressing well does.
• 🎧 **Audio Quality**: High-quality audio equipment like the SM7B microphone can enhance your professional image during calls.
• 📈 **Quantifying Achievements**: Brag about your accomplishments by quantifying them to remind people of your success.
• 🤝 **Building Trust**: Transparency about risks and challenges can build trust with clients and investors.
• 🕵️‍♂️ **Knowing Your Client**: Understanding who you are selling to allows you to communicate more effectively and tailor your pitch.
• 📊 **Financial Literacy**: Be knowledgeable about financial terms like the Sharpe Ratio to discuss risk and performance with clients.
• 💼 **Preparation**: Always come prepared with a clear, concise summary of your proposal or ideas, such as a one-pager.
• 🤝 **Adding Value**: Show how you can help the interviewer or client achieve their goals, such as making more money or getting promoted.
• 🦁 **Sales Techniques**: Use various sales tactics like creating a sense of urgency, leveraging body language, and focusing on the benefits of the product.
• 👂 **Listening and Bonding**: Before diving into business, take time to connect with the client on a personal level to build rapport.

Q & A

What is the significance of wearing ties in a professional setting according to the video?

Wearing ties signifies seriousness of purpose. It is a way to present oneself as a person who is ready to take on a higher level of responsibility, and it can influence how others perceive and treat you in a professional context.

What does the presenter suggest for dressing before a meeting or interview?

The presenter suggests dressing in a manner that reflects the style of someone one level above you in your current job. This includes looking at LinkedIn profile pictures of people at the company you're meeting with to get a sense of the dress code.

How does the presenter recommend setting up a Zoom meeting environment?

The presenter recommends having good lighting with one light on each side of the face and standing about five feet away from the wall to avoid casting shadows. Additionally, using a high-quality microphone like the Shure SM7B and potentially adding curtains to block out sound and light can enhance the audio and visual quality.

What is the Sharpe ratio in finance and what does it indicate?

The Sharpe ratio is a measure of the performance of an investment compared to the risk-free rate, representing the return of an investment over and above the risk-free rate, per unit of risk or standard deviation. A higher Sharpe Ratio indicates better risk-adjusted performance.

What is the 'mosaic theory' mentioned in the video and why is it important?

The mosaic theory refers to the process of piecing together various pieces of information to form an investment idea. It's important because it demonstrates a systematic approach to investment decisions rather than relying on insider information or impulsive choices.

Why is it crucial to understand who you are selling to, and what does the presenter suggest to achieve this?

Understanding who you are selling to is crucial because it allows you to communicate in a way that resonates with the client. The presenter suggests knowing your client's needs, motivations, and the language they use, which can be achieved by researching and asking the right questions.

What is the importance of creating a sense of urgency in a sales pitch?

Creating a sense of urgency is important because it encourages potential customers to make a decision quickly rather than delaying or not making a decision at all. It capitalizes on the prospect's interest and can prevent loss of opportunity.

How does the presenter suggest building confidence before a sales pitch or an interview?

The presenter suggests telling oneself before the meeting that they don't care if they get the job or the customer. This mindset can alleviate pressure and allow a person to be more authentic and persuasive.

What is the 'benefit of the benefit' strategy mentioned in the video?

The 'benefit of the benefit' strategy involves selling not just the product, but the benefits that come with the product, and then further elaborating on the implications of those benefits. It's a layered approach to selling that addresses both tangible and intangible advantages.

Why is it advised to 'brag by quantifying your achievements' during a sales pitch?

Quantifying achievements provides concrete evidence of one's capabilities and successes. It helps to build credibility and trust with the prospect, as it demonstrates a track record of performance and results.

What does the presenter mean by 'treat people like celebrities and celebrities like people'?

This advice means that you should make everyone feel special and important, regardless of their status. For regular people, this can mean showing interest and making them feel valued. For those who are used to attention ('celebrities'), it means treating them as regular individuals, which can be a refreshing change.

What is the final and most important sales tip provided in the video?

The final and most important sales tip is to bond before business. It emphasizes the importance of establishing a personal connection with the prospect before diving into business discussions, which can set the tone for a positive and lasting business relationship.

Outlines

00:00

😀 Introduction to Sales and Finance Lessons

The video script begins with an enticing offer to join the speaker on a financial journey, promising lessons on finance based on their experience at Goldman Sachs and hedge funds. The speaker encourages viewers to engage with the video and teases a Wall Street realism rating at the end. The focus is on sales, with 16 tips to be shared, emphasizing the importance of clothing and presentation in the sales process. The summary also touches on the psychological impact of dress and how to adapt one's appearance to different professional settings, including tips for a good Zoom setup and audio recommendations for effective communication.

05:01

💼 Understanding the Client and Quantifying Achievements

This paragraph delves into the importance of knowing one's client and tailoring the sales pitch accordingly. It discusses financial concepts like the Sharpe ratio and the process of turning ideas into investments. The speaker provides advice on presenting a structured investment process and emphasizes the significance of being able to quantify and summarize one's selling points. Additionally, it talks about the importance of helping others during the sales process and leaving a positive impression by being oneself and understanding what motivates the client.

10:06

🤝 Building Confidence and Trust in Sales

The speaker shares strategies for building confidence before a sales pitch, suggesting a mindset of non-attachment to the outcome. It highlights the importance of addressing the decision-maker and qualified leads to avoid wasting time. The paragraph also covers the art of quantifying achievements to subtly brag about successes and the role of transparency in building trust with clients. It concludes with a real-life example of how a company's transparency can inadvertently build brand trust and awareness.

15:06

🎯 Creating Urgency and Reading Body Language

The speaker discusses the importance of creating a sense of urgency during a sale, using time sensitivity to encourage prompt decisions. It then transitions into the impact of body language in sales, emphasizing openness and confidence. The paragraph provides a scenario where sensing the prospect's interest, the speaker advises to stop selling to avoid overselling. It also covers the approach of treating people like celebrities and celebrities like people, and the significance of personal connections in business relationships.

20:07

💰 Selling the Dream and the Benefit of the Benefit

This section focuses on selling not just the product but the dream and the intangible benefits associated with it. It illustrates the tactic of casting doubt on the prospect's current situation and painting an appealing picture of what could be. The speaker explains the concept of selling the benefit and the benefit of the benefit, using emotional appeal to close sales. It concludes with a powerful scene from the show 'Billions' that encapsulates this sales tactic.

25:07

🤔 Bonding Before Business and Personal Connections

The final paragraph emphasizes the importance of bonding before conducting business. It advises against jumping straight into business discussions and instead suggests getting to know the client on a personal level. The speaker provides strategies for finding common ground, such as checking social media profiles or discussing current events. It underscores the significance of creating a strong first impression and building a relationship based on trust and understanding.

📈 Grading the Episode and MBA Program Introduction

The speaker provides a critique of the episode from the show 'Billions' for its realism in depicting the process of raising capital and investor relations meetings. Despite some dramatic license, the episode is praised for its accurate portrayal of sales techniques and investor behavior. The speaker gives it a 'buy' rating. The video concludes with a brief introduction to an online MBA program offered by the speaker, highlighting its comprehensive nature, flexibility, and the speaker's extensive business experience.

Keywords

💡Sales Tips

Sales tips are strategies or advice given to improve the ability to sell products or services effectively. In the video, the speaker provides 16 sales tips based on the 12th episode of 'Billions', which are meant to help viewers sell anything, from a job interview to a product. These tips are crucial to the video's theme of enhancing one's sales skills.

💡Clothing and Cosmetics

Clothing and cosmetics refer to the attire and personal grooming products used to present oneself professionally. The video emphasizes the importance of dressing to impress and appropriately for the occasion, which is tied to the concept that one's appearance can influence how others perceive their seriousness and professionalism.

💡Zoom Setup

A Zoom setup refers to the technical and visual arrangement for participating in a video conference through the Zoom platform. The video mentions the necessity of a good Zoom setup for online meetings, equating it to the impact of dressing well, and provides recommendations for lighting and audio equipment to ensure a professional presentation.

💡Sharpe Ratio

The Sharpe ratio is a measure used in finance to determine the performance of an investment compared to a risk-free asset, taking into account the volatility of the investment returns. In the context of the video, it is mentioned as a key metric that investors consider when evaluating the potential of an investment fund, reflecting the fund manager's ability to generate returns relative to the risk taken.

💡Mosaic Theory

The mosaic theory, as mentioned in the video, refers to the process of piecing together various bits of information to form a coherent investment idea. It is a method of due diligence that involves gathering and analyzing disparate data points to make an informed investment decision, which is a critical concept when discussing investment strategies.

💡Confidence

Confidence is a self-assured belief in one's own abilities, talents, or qualities. The video discusses how projecting confidence can lead to the perception of competence, which is vital in sales and interviews. It is highlighted as a key factor in establishing credibility and persuading others to trust one's judgment or recommendations.

💡Transparency

Transparency in the context of the video refers to the openness and honesty in communication, particularly when discussing risks or issues related to a product or service. The video uses the example of Dr. Andy Grove's handling of a crisis at Intel to illustrate how transparency can build trust and even create positive brand awareness.

💡Body Language

Body language consists of the gestures, postures, and movements that accompany speech and that can communicate nonverbal information. The video emphasizes the importance of positive body language in sales, such as maintaining an open posture, as a means to convey confidence and approachability to potential clients or investors.

💡Urgency

A sense of urgency is the feeling that action must be taken immediately to avoid negative consequences or to capitalize on opportunities. In the video, the speaker advises creating a sense of urgency during sales pitches to encourage prompt decisions from prospects, leveraging the psychological impact of time-sensitive offers.

💡Bonding Before Business

Bonding before business is the process of establishing a personal connection with someone before engaging in any professional or business discussions. The video stresses the importance of this approach, suggesting that it can lead to better first impressions and stronger, more trusting relationships, which are beneficial for long-term business success.

💡Benefit of the Benefit

The 'benefit of the benefit' is a sales technique where the seller not only highlights the direct benefits of a product or service but also the indirect or secondary benefits that may accrue as a result. The video uses this concept to illustrate how to deepen the appeal of an offering by connecting it to wider life improvements or aspirations that the prospect may have.

Highlights

The video provides 16 sales tips based on episode 12 of the show 'Billions', focusing on how to sell anything effectively.

Emphasizes the importance of clothing and cosmetics in creating a professional image, suggesting to dress one level above your current job position.

Recommends observing LinkedIn profiles or asking security personnel about dress codes to align your appearance with company culture.

Advises on setting up a good lighting for video calls, comparing it to the impact of a well-fitted Italian suit.

Suggests using the SM7B microphone or a Blue Yeti for better audio quality during video calls.

Mentions using curtains or other sound-absorbing materials to improve the audio and visual quality of video meetings.

Provides a tip on using makeup and powder to avoid a shiny appearance under video call lighting.

Discusses the significance of the Sharpe ratio in finance and how it's used to evaluate an investment's risk-adjusted performance.

Stresses the importance of knowing your client and understanding their motivations, needs, and language.

Advises job seekers to bring one-page write-ups to interviews that can help the interviewer in some way.

Talks about the mosaic theory, which involves piecing together information to form an investment idea.

Highlights the need to create a sense of urgency in a sales pitch, emphasizing the potential growth the customer might miss out on.

Demonstrates the impact of body language in a sales context, showing how openness can influence a prospect's decision.

Cautions against selling past the point of closure, as it can lead to doubts and a loss of trust in the product or service.

Suggests treating people like celebrities and celebrities like people to build rapport and strong relationships.

Provides a strategy for selling oneself effectively in a job negotiation, especially in volatile industries.

Discusses the tactic of casting doubt on the prospect's current situation and selling the dream of improvement.

Introduces the concept of selling not just the product, but the benefit and the benefit of the benefit to close a sale.

Encourages salespeople to focus on building a bond before conducting business to establish a strong first impression.

Concludes with a 'Buy' rating for the episode's depiction of Wall Street realism, commending its accurate portrayal of sales techniques and investor behavior.

Transcripts

Everyone wants to be lion.

Most people just never get the chance.

I'm offering you one now.

I'm about to go on the run of a lifetime, but in 10 seconds,

the bullet train leaves.

And if you want to make money, climb the board.

Let's talk about finance lessons from the 12th and final episode of billion

season one based on my experience at Goldman Sachs in New York city.

And based my work experience at the top hedge funds in the world.

Now, please be sure to like comment and subscribe and stick around because

at the end of this video, I'm going to grade the episode for wall street

realism with a buy, hold, or sell rating.

This episode is all about sales.

Now, in this video, I'm going to teach you 16 sales tips based on episode 12 on how

to sell anything, meaning selling yourself for a job or selling a product as Bobby

shows us that he can sell in this episode.

And tip number 16 is the most important sales tip you can ever learn.

Now, Bobby and Wags are about to meet with investors.

So sales tip number one is clothing and cosmetics.

Do you know why we wear ties?

To signify seriousness of purpose.

Ours is not to question why but to do.

Be the person you want to become and the way you carry yourself is the way others

will treat you and people will respect you if you take the time to dress well.

And so dress the way a person would one level above you in your job.

And before you get promoted you actually have to prove that you

can do the job one level above you.

And the way you dress is important, as strange as that sounds

from a psychology perspective.

Now, if you don't know what to wear, then look at the LinkedIn

profile pictures of people at the company you're about to meet with.

Or do what I do, which is I wear a tie, And then at the front desk on

the ground floor, when I check in with security for the meeting, I ask the

security person if they wear ties.

If not, I take the tie off.

Now, because we sell ourselves using zoom and interviews, and when meeting

with customers, a good zoom setup will do the same thing for your career that

a good Italian suit will do as well.

And so make sure you've got good lighting, you know, one light on each side here and

stand about five feet away from the wall.

So you don't cast shadows.

And if you're just getting started, I recommend using Westcott basics lighting,

and I'll put the links to all this stuff in the description of this video.

And please type any questions you have about audio, video, et

cetera, and I'll answer all of them.

Now, in terms of audio, I recommending using the sure.

SM7B microphone you see right here, which is what Joe Rogan uses.

Let me put this back up here.

Okay, good.

And you also need two other boxes and a cable to hook it up to your computer

per this graphic you see right here.

Or what you can do is you can get a Blue Yeti if you have a smaller budget.

And what you can also do is you can put these cheap curtains on the wall that

I bought over Amazon And you can put them on top of the windows, of course

to block out the sound and light Or you can put these things on the wall.

They they stick to the wall and they absorb the sound as well And your iphone

or your android handset might be better to use than your webcam Now, when I've done

TV interviews, someone always puts makeup on me because we're all shiny with lights.

So what I recommend doing is go to the drugstore and ask somebody to get

powder that matches your skin color.

And then what you can do is you can, first of all, throw on a towel.

I'm brutal at this.

Throw on a towel and then you put this on your face.

Maybe I'm beautiful.

Maybe it's Maybelline.

Please somebody tell me you got that joke.

And I run out of these things quickly because my nose is huge, eh?

Also, get one of these things to get rid of lint, especially if you wear

something dark like I am right now.

Now if your voice is not perfect that day, then what you can

do is you can use VocalZone.

And sometimes life all comes down to a few short moments.

So nailing the meeting is crucial for your career.

Now, is this the right time for Bobby to raise money?

Bud.

Your life, Axe, the fund's profile, you went from managing 10 billion

in outside money to half that.

All of it yours.

That's true.

A year like that makes you question everything.

Not accurate.

There's no way Axe would try to raise money after losing a lot of

money in Episode 11, and after the 9 11 scandal from Episode 8, and the

arrest of Dollar Bill in Episode 5.

You always want to strike when the iron is hot, right?

That's when you sell.

Like when your boss tells you, hey, you're doing a great job.

Then you ask to meet with them to ask for a raise or promotion as

I explained in this video here.

Now, when you're selling, understand who you are selling to.

So you can talk their language, so to speak.

And so tip number two is to know your client.

That it's all about my why.

I don't get to think about business in such an esoteric manner.

I have to evaluate risk, reward, return.

That's it.

And to that end My people have a few questions.

Your Sharpe ratio is very low.

How does an idea turn into an investment in your shop?

What's a mosaic theory at Axe Capital?

Know your client and think like the customer does and

Axe certainly does not hear.

So what is a Sharpe ratio in finance?

Well, it means what your performance is relative the amount of risk

that you took on in your portfolio.

And a higher Sharpe Ratio is better.

A Sharpe Ratio above 1 is good.

And if your Sharpe Ratio is above 2, then you're a rock star.

And please see this graphic here for the math behind the Sharpe Ratio.

Separately, this dude here mentioned, How does an idea turn into an investment?

When you're selling, always bring your laptop and keep it in your bag.

If they ask you for more details, like what is your investment

process, Then pull out your laptop or a binder to show your process.

For example, I have a 100 step process for analyzing stocks that I give my

students, and it's important to always quantify anything that you're selling.

So I have a financial model here, and we value companies using

multiple valuation methodologies.

Now, many people will ask you, what is the bottom line?

So make sure you can summarize your thoughts quickly and on a one pager,

if you can, a one page executive summary, which I do on this tab here.

And what you can do is you can print this out and this is dummy data here.

But here you have a summary of your target price, the fundamentals, the

valuation, and the technical analysis.

And if you're interviewing for a job, then you can put this one pager or something

like this on the back of your resume.

In fact, have many one page templates in your bag in case

you want to pull out and exhibit.

And every battle is won before it's been fought.

Now if you're selling yourself in a one on one interview, Then keep in mind

that you want to help the other person.

So how do you add value and help them when you're interviewing with them?

Well, people are usually motivated by three things.

Number one, they want to make more money.

Number two, they want to get promoted.

And number three, they want to enjoy the people that they work with.

So in your interview, be yourself.

And pretend you're meeting with your aunt or your uncle that

you haven't seen in a long time.

And be yourself because everybody else is taken.

And your friends and family love you for being you.

So just be you.

Now, how do you help the interviewer make more money or get promoted?

Well, bring one page write ups that help them.

And right here are some examples that I give to my students in addition to

the one pager for pitching a stock.

And if you're meeting with somebody in sales, then before you're

meeting network and meet with them.

Five new potential customers of theirs and give them a piece of paper that

has the five potential customers listed how Use LinkedIn to meet five potential

customers before this meeting and you might be thinking hey Chris This is

a lot of work for an interview or an informational interview Then I ask

you I ask you this and I say this with love my heart is always How badly do

you want that job or that customer?

Now, if you're meeting with someone in operations or any other job function,

then give them a one pager on a cool new AI product that you've beta

tested that might make their jobs easier, like a chatbot, for example.

Separately, in the meeting Axe is having, an investor asked

him about the mosaic theory.

And what this means is how do you piece together information to come

up with an investment idea, like the use of channel checks that we

spoke about in this episode here.

And this is a trick question for Axe, because the investor wants

to know if Axe has a process or does he just trade on insider

information, which we know he does.

So, what's Axe's response to the sharp ratio question?

I'm sharp enough, but when I'm making decisions for you as well as me,

that's when I'm twice as careful, twice as focused, because I cannot

live with losing somebody else's money.

That's my why.

Have you had your Carter's daily meeting yet?

Is he allocating to you?

Accurate.

The investor asked if another investor is allocating money to X capital yet.

And investors only want to invest if others do.

And the same thing with an IPO, you know, investors only want to invest

if others do, meaning how many times oversubscribed is that IPO tip number

three is mentioning, if you can reference customers, And for many startups, if you

have one really well known bank as an investor or a customer, then this really

helps you sell your product and it gives you instant credibility and it might

heavily influence other customers that want to buy your product to buy from you.

Sales tip number four, confidence leads to perceive competence.

So how do you build confidence before a sales pitch or an interview?

Will you tell yourself right before the meeting?

I don't care if I get this job or this customer and that

will put your mind at ease.

Now, I'm not saying to be rude or disingenuous, but

do you remember that time?

that you went on a date, and you were not yourself?

It didn't really work out well, did it?

But remember that time that you were so confident that you really didn't

care if the person you asked out would say yes or no, and it worked out?

And I know that sounds strange, but in sales or in dating, if you come across

as desperate, it doesn't work out.

So you are that confident you can get back to the numbers you were at?

No doubt.

I have meetings lined up all week.

Terrific.

Now, when you're selling, always talk to the decision maker and qualified leads.

Otherwise, you're wasting your time.

Another whiff.

It's that easy.

You know they're not coming in.

Nope.

Just there for the story.

Accurate.

Many investors will take meetings with you, but you might be wasting your time.

Why is that?

Because very large investment allocators like pension funds or

endowments have analysts whose jobs are to take three meetings per day.

For the 250 days, they work each year, meaning 750 meetings per year.

So that meeting is just a checkbox for them and you're wasting

your time with that meeting.

So always talk to the, to the decision maker.

And this is why I always recommend that if you're just getting started and you

want to raise capital, meet with high net worth investors and not an institution

because with high net worth investors, the sales cycle is much shorter.

Because the rich person is the decision maker.

Separately, Wags is the COO and he wouldn't be carrying binders.

The investor relations person at Axe Capital would.

And the binders wouldn't be that big.

In fact, as I explain in this episode about how to start a hedge fund.

You want to bring a one to 10 page slide deck only as less is more.

Sales tip number five, brag by quantifying your achievements.

And if it feels uncomfortable for you to do so, you can always say, I

humbly accomplish this, this, and this.

And Bobby's not so humble, but he certainly brags.

Here's how simple it is.

I've outperformed the S& P by 38.

7 percent over the past 15 years.

Now, if you don't remind people of your accomplishments, they soon forget.

Now, in reality, Axe would have said, we've generated 38.

7 percent in alpha over the past 15 years.

And alpha means how much you outperform your benchmark by.

Sales tip number six, transparency builds trust.

The issue is the turmoil, the aspersions cast on my fund and me.

I'm talking about 9 11 arrests.

Whether I run a clean shop.

Always mention the risks, as this builds trust with your customers.

In fact, you can use ChatGPT to help you turn your weaknesses

into a strength before your sales meeting or before your interview.

For example, let's say that you got bad grades in school.

And you think that might be a weakness that it's going to

stop companies from hiring you.

Well, your weakness is a strength.

Watch this in chat.

GPT.

I'm going to type this.

I got bad grades in school because I had to work part time

jobs to pay for my tuition.

Turn this weakness into a strength in 25 words and chat.

GPT says here, balancing part time work and studies demonstrates strong time

management, resilience, And a strong work ethic providing my capability to

thrive under challenging conditions.

And you can also say that you learned how to accomplish so much more with less.

And you can multitask as well.

And my favorite qualities in somebody that I want to hire are

they are poor, smart, and hungry.

And everybody loves an underdog and not the entitled person.

Quick side note, in my hand, I'm holding a semiconductor that almost destroyed Intel

back in 1994, because there was an issue.

With calculations that had many decimal points that were wrong

and transparency builds trust.

And so the late, great Dr.

Andy Grove, the former CEO of Intel in 1994 immediately told the media

and everybody about this problem.

He went on all the finance talk shows to discuss the problem and

he offered an immediate refund or replacement for customers.

And the unanticipated brilliance of this transparency strategy was that

in 1994, People are watching this honest man on television talking about

an issue with a product that powers computers that we never see because

people didn't open computers back then.

So he created free brand awareness and trust for a product that you can't see.

And that was the first time many people ever heard of the Intel processor.

Now to learn more about this, please read my favorite strategy book

called Only the Paranoid Survive.

By dr.

Andy Grove sales tip number seven creating a sense of urgency when selling in the

span of say what a year Nobody's gonna give any of that but the growth that

you will have missed out on that's gonna eat you from the inside Now bobby did

a great job of passionately creating a sense of urgency to the prospect.

Now here's the prospect's response.

In a year's time, I'd be happy to revisit.

So when discussing a sense of urgency, we need to bring up the

urgency of time, which is why online sales work well as coupons expire.

And Bobby does this in this next clip, which is tip number eight, body language.

And notice how Bobby is open.

And not, uh, not closed by crossing his arms.

In a year's time, you're not going to be able to get me on the phone.

I'm about to go on the run of a lifetime.

I am aligned.

I feel it.

And I know you can see it.

I'm here.

But in 10 seconds, the bullet train leaves.

And if you want to make money, climb the Tip number nine.

The second you sense that the prospect is interested in buying, Please stop

selling immediately, meaning do not sell past the close because this is what

they're thinking when you sell to them.

Oh, I like this product.

What he's saying makes a lot of sense to me.

Wait a second.

Why does he keep selling?

I mean, am I a sucker?

Why am I so lucky to be given this opportunity?

What am I missing?

I'm not buying.

And as we saw earlier this season, When Chuck sold Bobby the plea

deal and Bobby was about to agree to become a family office, meaning

he can only manage his own money.

Then Chuck kept talking after the sale was almost closed.

And this happens, but you never trade securities again.

Tip number 10, treat people like celebrities and celebrities like people

like Chuck does here with a new employee.

Welcome back.

Can't thank you enough.

Please.

Now, in 2016, when I worked in venture capital, I had dinner with

the head of IBM government sales as I was introducing him to the CEO

of one of my portfolio companies.

And this IBM executive worked in the White House for President Bush's

White House in the early 1990s.

And so I asked this person, what made President Bush Sr.

so successful?

And for President Bush, as it is with all successful politicians, it comes

down to having superb relationships.

He told me that President Bush treats people like celebrities

and celebrities like people.

So learn as much as you can about people, uh, that you meet

with by asking them questions.

You know, let them talk about themselves and smile.

People remember their, people love it when you mention their names too.

And people love talking about themselves and they really appreciate it when

you use their name in conversations.

And treat all people you meet in business like good lifelong friends.

And never, never jump right into business topics in a conversation.

Especially when you first meet them.

And so always start with personal questions like how was your weekend

or do your children enjoy their new school or something that people

love talking about, like their favorite sports teams, et cetera.

Treat everybody like they're your friends and treat people like

celebrities and celebrities like people.

Tip number 11, when selling yourself to get better compensation.

If you work in a volatile industry, like a hedge fund, Once you already plan on

leaving, you have nothing to lose when asking for a material increase in salary.

I am so sorry to have doubted you.

What else are you prepared to do?

Your bonus.

I was planning to give you two million.

It just went up to five.

Accurate.

This is how some people get paid in finance.

And I know this episode is a bit dramatic, but don't feel guilty about job turnover.

As you are loyal to your family first and remember close mouths don't get fed.

Tip number 12 think like the customer and find something in common with them when

bonding as Bobby does in this next scene when trying to recruit Chuck's employee.

You're driven the way only someone brought up from nothing the way we were can be.

Chuck Rhodes, for all his ambition, he can never need it the way we do.

The guy's had a safety net all his life.

You and me, we never had that.

So sales tip number 13, and I don't like doing this, but one thing that Bobby does

is he casts doubt in the current situation the prospect is in and sells the dream of

improvement if the prospect buys what he is selling in order to destroy that doubt.

That attitude, that focus, that ability, it's not being

fostered where you're at, is it?

It's being thwarted.

In fact, and eventually, what you're feeling will turn to disgust and

self hatred, and in the end, empathy.

Then after defying the pain, Bobby mentions the product that he is selling.

What's your cure?

You know what it is.

I'm offering challenging work.

You'll be allowed to win, expected to, on your own terms.

And of course, you'll be rewarded.

Seven figures starting.

Bobby then goes into overdrive by not just selling the tangible product, which

is money, but more importantly, he sells the intangible product, which is emotions.

And this is a classic sales tactic.

So for sales tip number 14, you say the benefit, which is money, and

then the benefit of the benefit.

And an ability to help your family, really help them.

Your mom, she won't have to work so hard.

Not at all, unless she wants to.

And never just sell the product.

Also sell the benefit of that product.

Again, meaning the benefit of the benefit.

And very seasoned sales reps also consider selling the benefit of the benefit of

the benefit in order to close the sale.

An example of this could be, if you buy the product, not only will it help you

get a raise, but it will also give you the freedom to spend more time with your

loved ones so you can get back time, which is the most valuable asset we have.

Now, Bobby then sells the final benefit of the benefit, which

is power, the ultimate currency.

And this next scene is my favorite scene from season one.

I stared the lions at the zoo too.

Doesn't mean I want to be one.

Sure it does.

Everyone wants to be a lion.

Most people just never get the chance.

I'm offering you one.

Genius scene.

Tip number 15 is all I heard was not no.

Didn't

hear no.

Remember that when selling, when you're selling yourself or a company,

You keep selling and telling yourself over and over and over again.

All I heard was not no.

And if you hear no, it means not yet.

Lastly, the most important tip, which is tip number 16 is to bond before business.

You never get a second chance to make a first impression.

And remember that person you met once and you were in a very

serious and not a social mood.

And that really set the tone of the entire business relationship

or lack thereof with that person.

Now, a rookie mistake in business and in sales is to be too serious and

start talking about business or the reason for your meeting right away.

If you do that, then you lose that priceless chance of bonding with them in

order to set the perfect first impression.

And don't forget to smile.

You know, Mother Teresa once said, let us all meet each other with a smile

for smile is the beginning of love.

So in this first meeting, what do you talk about?

Go to their ex or Instagram, Instagram profile.

And see who they follow.

If they follow baseball, then find a way to discuss baseball.

If they follow comedians or entertainers, you know, bring that

up in a natural and non obvious way.

Of course, if they follow something that you're passionate

about, then bring that up too.

And you can also go to their LinkedIn profile.

file and see if you have any connections in common with them or

check out who they follow on LinkedIn or what groups are in on LinkedIn.

And I promise you, I promise you that you will find something in common with them.

And if you can't do this, then just read the top news websites that day.

So you can familiar familiarize yourself with current events and

talk about that during your first meeting with them, or just talk about

the weather and your best customers can become great friends of yours.

And so get to know them well before conducting business.

You know, ask them where they're from and what they love in life, and

create a personal bond with them.

And don't talk business until you get to know your customer or business partners.

And relationships are always more important than product knowledge.

Now, once you understand your customers and what their needs are,

then you can tailor your product or service to fit their needs

and help them with their goals.

And you need to genuinely believe that your product or service will

help them achieve their goals.

Let's talk about grading of this episode for Wall Street Realism

with a buy, hold, or sell rating.

Now, the episode did a great job.

Of showing us the process of raising capital.

And although it's unlikely that a hedge fund would try to raise capital after

incurring a massive loss and several PR scandals, the investor relations

meetings were more or less realistic in terms of the questions asked about Risk

management, the sharp ratio, et cetera.

And the episode was also accurate about the lemmings nature of

investors following each other.

And the episode also did a great job of highlighting various sales

techniques in investor meetings and in recruiting meetings, especially

when it comes to pitching the benefit of the benefit strategy.

As a result, I'm going to give this episode a buy rating.

Please like, comment, and subscribe, and I will see you soon in our next

reaction video when we react to episode one of season number two.

Quick side note also, I just found out that Billions, uh, they're going

to be making a bunch of spin offs.

They're looking at four right now.

I think one of them is going to be called Trillions, another one's going to be

called Millions, one is going to be based in Miami, and another one based in London.

We don't know yet if the same cast is going to come back.

Thank you.

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