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The James Altucher Show
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00:24:32 1/8/2014

Transcript

Alright. On the hotline, we have our guest of the hour. James Altucher is managing director of Formula Capital and the founder of Stockpicker. James, welcome to the show. Thanks for having me on the show. I'm really, I'm really glad to be here. A lot of our listeners will know you because you guys had you and Porter Stansbury had a spirited debate. I don't know. Was that about a year ago or so where you guys were debating where the Dow was headed on, Yes. I believe it was the, Yahoo. Right? Right. On Yahoo Finance. Yeah. And he hates to miss you this week, but we'll have you on in the future. But for the listeners that are new to our show that haven't, you know, really gotten the groove of, you know, listening to Porter and you debate, I wanna kinda get jump into a little bit of background on you because you're a very interesting character. Thank you very much. Yeah. I actually, it's a very big compliment. So if you don't mind, let's start with a little background. According to your bio, you had roughly, I guess, what, 15,000,000 in a bank, and within 2 years, you lost it all, which led you to reevaluate your approach to business and life. Will you tell our listeners a little bit about that and and how it affected you and how you rebounded? Sure. I was a a product of the Internet. I knew nothing of the about business. I built up a a software business in the nineties, which I sold. And it's funny. I made every decision correctly, you know, through 1999. I I hedged all my stock positions. And then finally, the bubble fever got to me. And right at the top, I said, you know what? I'm gonna buy Internet stocks. And here, I had already just made enough money to not worry about anything, and, I figured, okay. I not only got rich, I'm gonna get rich twice. And then, of course, when you when you try it when you think like that, you lose everything, which is what happened to me. So I ended up going from about 15,000,000 to 0 very quickly. I think I lost about a1000000 a week in the summer of 2000, and, I had to start from scratch, which I did. I completely, reinvented my my career and and started new. Now let me ask you this. Is it was it one of those things where were you playing, like, options and that's why? Or was it you just had no trailing stops? Because these these are things that we try to preach discipline on Stansbury radio. What kind of lessons do you have there? In 2000, nobody had trailing stops. Okay? Like, there was so much volatile. I mean, I just remember, like, the summer of 1999, I also flirted with going broke, and then I tripled my money because the market came back. And so people had no memories of a market crash at that point. Like, the last series was 1980 7, so or or whatever it was. So, everybody kept thinking, okay. Just wait for the fall. It's all gonna come back. Well, in the fall, there was a fall, and things kept going down more. And then, of course, you had 2,001 and you had 911 and then you had in 2002 Enron and WorldCom. Like, things just kept getting worse and worse and worse. There was a recession. You know, specifically in the Internet space, it wasn't just a recession. It was a depression. I mean, everybody lost their job. Right where I was living, and let's say in a 10 block radius, probably every single Internet company went out of business. So, it was really unpleasant, and it was unexpected. So I didn't have any discipline at all. It was hero. You you're an you're a very emotionally honest person, and and your blog reads with that. And and I like that. I like that you tackle subjects that people don't really like to talk about. This had to have devastated you, somewhat emotionally. How do you change your mindset, and how do you come back from something like that? Well, it did devastate me incredibly. I mean, I lost my home. I lost everything really. I I had and I thought, you know, you you money gives you this false sense of immortality, so I also lost that sense. In fact, it becomes the exact opposite. Suddenly, you feel like you're going to to die every day or or lose a loved one every day, and it just was a really horrible feeling and you're you're on the floor. Like, you you know, I thought I had gotten lucky with the Internet and I felt the Internet was over, so there was no way to come back. I was never ever gonna come back and I just kept telling myself that in my head. But the way you get up off the floor is very, you know, as as they say, one step at a time. So I determined for myself on 4 different levels physical, emotional, mental, and spiritual. I was gonna set small incremental goals for myself every day and I was gonna hit all of those goals. So, physical, it might be as simple as just simply sleep the night like don't pace at 3 in the morning, Maureen. So try to sleep 8, 9 hours a day or eat a little better or exercise a little. So bit by bit, I was trying to get my health back physically. Emotionally, don't be around people who are going to be jealous of you. Be around people who are gonna be positive or inspiring. Mentally, I sat down with a pad every single day and I started writing down new business ideas for myself. For the 1st month or 2 or for the 1st 6 months, I must have written down 2,000 bad ideas, but then I started coming up with good ideas. The mental muscles atrophies if you don't if you don't use it, so I had to rebuild it. And then finally, the spiritual muscle. Instead of regretting my losses every day, I had to learn to be to be grateful for what I had and to to be thankful for what I had. So it doesn't mean thankful to a higher power, it just means being being thankful even to yourself. So so these these steps, these categories got me off the floor and finally got me after probably about a year and a half, 2 years starting new businesses and coming up with new ideas and and getting success back. Yeah. I I've experienced some of those times in my life, and and I always go back to one thing whenever things fall apart, and that's get into action mode. You know? Don't feel sorry for yourself. You gotta you gotta work your way back into it and build that confidence back up. So that's good advice for our listeners. Yeah. You know what, Aaron? I and this is Frank Curzio here, and I definitely agree. One of the things that it's a great story. One of the things that you said is 1999. There was a lot of false false negatives where people thought, okay. This was it. This was it. Like you said, you know, the market roared back until, like, 2,000. How do you compare that to today's market where so many people, you know, you got the Rubinis and Dentists saying, you know, the ultimate crash is coming. It's gonna be worse than 2,008, 2,009, and I'm sure you you've you're doing real well now. I know you are based on on some of the business you started that I'm familiar with because I worked with you, at thestreet.com. What are you seeing in the market conditions now that's comp is it compared to 1999, 2000 where investors should be real worried here? Well, you know, it's funny. Roveini and I were both on CNBC's Squawk Box. I think it was July 5, 2010 when the market was falling apart, and that was the low of the market at that time. Like like and he was saying the market was gonna crash another 20%. I said it was gonna go straight up, and the market did go straight up. And even right now, even though it's had a lot of volatility this year, we're kinda near, you know, multiyear highs. So, you know, sometimes the market doesn't always correspond with the economy. Like, by many metrics, stocks are cheap. You know, you have companies like Apple. If you back out the cash and you look at next year's probable earnings, it's trading for 9 times earnings. I mean, should a company that's growing earnings a 100% a year, trade for 9 times earnings? Probably not. But what people are going through is different than 2,000. What we're seeing here is not just kind of a a sort of muddle through economy, but we're also experiencing a decade of post traumatic stress syndrome as a society. So we've been through 911, the dotcom bus, corporate corruption, then the 2008 financial crisis, which was just horrific, and even minor incidents like the flash crash. You know, why would anybody have confidence in stocks at this point? There's, you know basically, most people making money in stocks are criminals, you know. So unless you hold for a really long time like a Warren Buffett or a Bill Gates or unless you trade trillions of trades a second like these high frequency traders, it's you're gonna get chopped up in the middle, and that's where most people find themselves. Now, James, you're an advocate of the idea that parents shouldn't send their kids to college, and we talk about on series radio a lot how it's a complete racket that, you know, they change the bankruptcy laws in 05 and just miraculously, the government started taking over all the loan programs, and now they're you know, they handle, like, 98% of all the loans. But you have some other kind of compelling reasons other than money holding them back. Tell us our listeners as to what those reasons are. Well well, first and foremost, so let's discuss not that college and education is a financial decision, but every dollar spent is an investment. You wanna make sure you get more than a dollars worth of value back. Everybody wants a deal and wants to make a good investment. Buy low, sell high. So when you do spend or borrow $200,000 to go to college, how many 18 year olds are really equipped to make the decision that, okay, I'm gonna decide now to go into debt for the rest of my life, in pursuit of an education I don't know if I'm gonna use to try to get a career that I'm probably gonna train change 20 times by the time I'm 40, which is just a normal way of life is that people change careers throughout their life. No 18 year old is equipped for that. So what happens is these 18 year olds graduate at the age of 23 because, by the way, the average number of years to get through college is 5. They they graduate when they're 23, and now they're indentured servants to the US government for the rest of their lives because you're no longer allowed to, write off your student loan debt in a bankruptcy. The government who which lends you the money has blocked you from declaring bankruptcy to get rid of that, debt. So people are just people graduating now are really in big trouble. They they are not gonna be able to pay back their debt. The other day, I went all over NYU interviewing, college students, actually. I haven't written about this yet. And I spoke to one girl who was graduating with a degree in philosophy, and she said her goal was to get a great job and use half her paycheck to pay back her debt for the next 30 years. So huge assumptions. A, that she was gonna get a great job. She wasn't gonna get a great job. Nobody's getting a great job. And, b, that she was gonna be able to use half her paycheck to pay down her debt. That's completely unreasonable. You know, you all you know, there's nothing left to live on. And then when I asked her, what her ideal job would be, she described it a job that she said her brother had, and it turns out her brother didn't go to college. So her actual ideal job was being held by somebody who didn't even get a college degree and had no debt. So that's the direction the world is gonna go in, is that you need to people need to learn how to learn on their own. College won't teach you how to learn how to learn. College won't teach you how to fail. College won't teach you how to have ideas. College won't teach you how to sell those ideas. So these are the things you need to learn to be a success in life. Not, you know, what year was Charlemagne born or, you know, the the complete works of Shakespeare. None of these things will help you in in life, and you can go to a library and read those things on your own. More importantly is to learn how to learn and then start your life, start your career, start having adventures, which you could talk about and give you experiences. Start experiencing life, and that's where the real education is. Yeah. I was gonna add a part c. She had a philosophy degree, and I'm pretty sure you don't get paid to be sophists anymore like, you know, back in the days of Socrates. Right? Well, you know you know, a philosophy degree is often like a precursor to a law degree, but we're we're led by lawyers already in the society. So even lawyers don't make enough money to pay back their their debt, and they have 100 and 100 of 1,000 of dollars in debt by the time they graduate law school. And let me tell you, I've written I've I've been involved in lots of deals. I've written the legal agreements on my last 5 deals. I wrote the legal agreement on my divorce, and I wrote my own will. So the the only time I think I need a lawyer is if I'm ever actually in front of a a judge and jury, and hopefully that never happens. If I get divorced with my wife, I I could use you as a lawyer? Yeah. As long as long as, as long as I don't have to file it actually with the judge, I could certainly, tell you what I did and share my agreement. Alright. Cool. Let's get some stock stuff here. Big controversy with Google. You've you've been riding Google saying that, you know, I've read that you think stocks can go to 1500. In March, you wrote that the stock could go to 0 was the headline. Explain this a little bit because and it's not that, you you know, you use drastic news to change your mind, which is perfectly fine. But why why are you changing your mind? Why do you think Google could be in big trouble here? Well well, by the way, I didn't change my mind. I said why Google could go to 0, and I don't think that's what will happen because I think, you know, I'll obviously describe what my reasoning was. There's a company called Bringo, VRNG, which, holds the patent on essentially, what we could call what we now call Google AdSense and AdWords and so they're quite correctly suing global for a percentage of their profits that they've gained that global has gained over the past 10 years and they're also suing 4 of Global's customers, AOL, Target, Interactive Corp, and one other whose whose name escapes me. So if if Google, so I do think my own personal opinion and I'm not a lawyer as I just mentioned, but I've done a lot of research on the case. I've talked to patent lawyers. I've been I've gone through all the dockets on the case. I've gone through the history of the court and so on. My personal opinion is Global is going to lose this case. They lost drastically on the Markman hearings. AOL has already settled, part of the case, which essentially says AOL CEO Tim Armstrong, who's from Google, has agreed that these patents are valid. So Google's gonna settle. The question is, how much are they gonna settle for? I I don't think Google is gonna go to 0 because I think Google is gonna go to to is gonna settle with the company. Now if Google allows themselves to lose this case and allows all of their customers to be sued, that would put Google in trouble, but common sense suggests that Google is not gonna do that. They're they're a smart company. Now you're looking at Varengo, and the first thing that stands out to me is, you know, stocks 375 here. It has a $22,000,000 market cap. I mean, for someone that's suing Google that you think, you know, could have a lot of success, I mean, it has to be a screaming buy here. Right? We talk about Google, and we talk about a $22,000,000 market cap company. Right? Yeah. It it's a screaming buy because they're gonna they're gonna make potentially, you know, a1000000000 plus from Google. And if you look at other patent cases like ZHC, which won a 125,000,000 from Microsoft in a patent case, and the stock went instantly to 1,250,000,000. So it's a screaming buy here. They just completed the merger with the company that held the patents. So the market cap is a little higher than 22,000,000 but not, you know, it's not over a 100,000,000 I don't think, but I still think this could be a 10x from here once once Google actually settles the case. And I do think it should be, you know, it's it has been kind of on and off moving up, you know, particularly since I originally pointed out the patent lawsuit in an article. But, you know, the other important thing to remember is that a very large shareholder and part of the Ringo legal team is Don Stout. The the individual who won, in his old company, NTP, he won 625,000,000 in a patent lawsuit with RIM that nobody thought he was gonna win, but he did. And he pocketed that money. So he's come out of retirement, and Bringo is is his case. Yeah. Sounds like a nice spec of the stock. Great information. I did read you your article on your blog, which is fantastic, and, yes, just everybody go ahead and do that. Now let's turn to to Apple here. Apple, you've had a $1,000 target on it. I'm gonna give you a lot of credit here because you said a $1,000 when the stock is at 3, 400, where, you know, it's a a double just about now. It's 6 and change. What is your your your view in the future? You talked about Apple earlier. We all know about cash position. We all know about the products coming out, the the new iPhone, the new iPad, but yet you also have to be aware, which I know you are, that once companies hit this $500,000,000,000 mark, this market cap, whether it's Microsoft was was believe it or not, people forget Microsoft was was, I won't say they're the Apple, but at this time, you know, Cisco as well, these were the big companies that looked like they were gonna grow forever, and Apple's approaching that where will the company see solo growth maybe 3, 4 years from now, or do you think, you know, a1000 is definitely on its way? Well, you know, the difference between let's take Cisco as an example. When Cisco hit a $500,000,000,000 level, it was probably trading for 200 times earnings. Apple is trading for something like 9 times forward earnings when you back out the cash. So I it's a very different picture. If it were to trade at 200 times forward earnings, I don't know what that makes it. It's a 20 x from here. So, you know, we're talking ridiculous numbers then. That's why I almost think a trillion is not so ridiculous because you can't make an argument for 2, 3, 4,000,000,000,000. I'm just saying a a trillion and then let's everybody will calm down. Now I do think the one the one problem I do see in Apple's strategy is that they won't admit that a hybrid, laptop tablet is kind of coming sooner or later, whether they make it or not. And we're starting to see signs of this with the Microsoft Surface. Like, why don't you make a MacBook Air that has a touchscreen 3 g and you could fold in the keyboard and suddenly you have a laptop tablet. They won't do that because they don't want to cannibalize, either laptop or iPad sales and this is my one concern that is going to to hurt them. That said, I think in the short term, we have the mini iPad probably coming out in September. That's gonna be a huge win. I'm probably gonna buy 2 of them just for myself. You have the iPhone 5 that's gonna eventually come out. So I think there's a lot of short term reasons to think that earnings are going to again grow somewhere between 50 a 100%. And how much cash can a company have? I mean, eventually, it'll have a $1,000,000,000,000 in cash, so it'll be worth a $1,000,000,000,000. No. It's a good point. Also, it's a good point about the Surface because that was something I noticed. That that's something that that I would like to buy. I don't know if it's specifically the Surface, but just something that does have the keyboard or capability of having a keyboard. I think that's an interesting idea, really. But, I mean, I I have I have an iPad and a Bluetooth keyboard for it, but it's just not as good as if you have the full, you know, operating system working for you. I mean, the iPad operating system is is good for a tablet, but not for a laptop, whereas the Surface is gonna have, you know, Windows 8 on it. The last question here is what is your best technology idea? Not necessarily a stock, but maybe a theme. You know, I mean, we see big data developing into, you know, business intelligence. Amazing how they you know, all this data coming in from social media, people are using, putting algorithms, and able to predict future spending patterns. I mean, amazing stories on that. Now we have a cloud computing as well. I mean, what what are the big themes for in technology from someone who who's been, you know, investing in technology stocks for almost all your career and has started technology companies? Well, you know, it's funny. I am a big investor in some big data companies. In fact, a company where I did the I was a one of the seed investors Vinod Khosla, who's a big data investor, just put in $15,000,000 a company called Bitly, which does the URL shortening, but they account for about 1% of all traffic on the Internet right now. So they're they have enormous data in their in their database. And to be honest, I'm not sure about big data. Like, big data has been around for a while, and I haven't seen anybody do anything interesting with it. I I I ask people, just tell me what next week's box office numbers will be, and nobody can do it. Tell me who's gonna win the election. Nobody really can do it. So what good is all this data? So I'm not as hugely convinced on big data as many other people are, but I do think we are in any one of how social media is going to affect and change our lives. And so, it's not a rocket science play, but I do, invest in a lot of companies that provide social media services to, let's say, Fortune 500 companies or small businesses. Like companies are just beginning to realize like in 1995 they needed a website, now you need a Facebook presence. Now you need techniques to develop engagement with your customers. Now you need analytics to understand the relationships with your customers and and so on. So I think we're in inning 1, inning 2 of that, which is why you're seeing Oracle buying companies like Vitru, salesforce.com, buying Buddy Media, which I was an investor in. Oracle bought Involver. Google just bought Wildfire, which is amazing. Wildfire specializes in Facebook marketing. Google's buying it to kind of hedge their Google plus bet. So I think this is an interesting space right now. And if you're looking to start a company, I think it's an interesting space because it doesn't cost that much to basically go to your next the the businesses next door and say, hey, I'll set up a Google fan page for you and maintain it. Alright. We have one more question for you, James, and then we'll let you on. We really appreciate your time. You're a publishing machine, and your latest effort is FAQme, f a q m e. Yes. And, essentially, what it is is a compilation of tweets of the best questions of your followers. Yes. What give a couple examples of some of the things that you you expand upon and and how people can, find this and buy it? So so yes. So the the, the book's called FAQ Me, FAQ Me. And, I hold a q and a session every Thursday from 3:30 to 4:30 PM on Twitter. What I call appointment tweeting, and people can ask me any question they want. So whether it's about the economy, finance, marriage, divorce, depression, dating, anxiety, whatever. And I don't say I'm an expert at any of these things, but I've been through just like all of us, we've been through it all. So I just give my own answers as long as people are asking questions during that time. And then I expand on them in blog posts and expand on them further in, that book, for instance. And I'll probably do, another another book that's a sequel to that. So, basically, I answer everything. And, you know, there's similar questions to how you just asked, like, how do you get off the floor after getting hurt by a series of failures? Or how do you what do you do if, your spouse, male or female, is is cheating on you? Or where's the economy going? It feels really scary to me. Or what do you think of global warming? So I'll I'll answer my opinion, give my opinions on on anything. And then in blog posts, I'll usually back it up with some facts and research that I do. Alright. And I'm sure people can go to your blog or your website, jamesaltature.com. Is that where people can buy it? Yes. Yes. That's great. We'll also put that link up on our site that will have your bio. I will definitely buy this book. Excellent. Well well, good. And, thanks again for having me on the show, and, I look forward to my next appearance here. Sure. We'll have you back Stansbury radio is a purely public broadcast and is not intended to be personalized financial advice for any individual specific situation. Each individual's financial situation is unique, and Stansberry radio should not be relied upon and or considered as personalized advice. Stansberry radio is not licensed to render personalized advice and should be considered simply the public opinions of Stansberry radio and its guests. Recommendations on specific financial securities are not intended to address any listener's particular financial situation.

Past Episodes

Notes from James:

I?ve been seeing a ton of misinformation lately about tariffs and inflation, so I had to set the record straight. People assume tariffs drive prices up across the board, but that?s just not how economics works. Inflation happens when money is printed, not when certain goods have price adjustments due to trade policies.

I explain why the current tariffs aren?t a repeat of the Great Depression-era Smoot-Hawley Tariff, how Trump is using them more strategically, and what it all means for the economy. Also, a personal story: my wife?s Cybertruck got keyed in a grocery store parking lot?just for being a Tesla. I get into why people?s hatred for Elon Musk is getting out of control.

Let me know what you think?and if you learned something new, share this episode with a friend (or send it to an Econ professor who still doesn?t get it).

Episode Description:

James is fired up?and for good reason. People are screaming that tariffs cause inflation, pointing fingers at history like the Smoot-Hawley disaster, but James says, ?Hold up?that?s a myth!?

Are tariffs really bad for the economy? Do they actually cause inflation? Or is this just another economic myth that people repeat without understanding the facts?

In this episode, I break down the truth about tariffs?what they really do, how they impact prices, and why the argument that tariffs automatically cause inflation is completely wrong. I also dive into Trump's new tariff policies, the history of U.S. tariffs (hint: they used to fund almost the entire government), and why modern tariffs might be more strategic than ever.

If you?ve ever heard that ?tariffs are bad? and wanted to know if that?s actually true?or if you just want to understand how trade policies impact your daily life?this is the episode for you.

Timestamps:

00:00 Introduction: Tariffs and Inflation

00:47 Personal Anecdote: Vandalism and Cybertrucks

03:50 Understanding Tariffs and Inflation

05:07 Historical Context: Tariffs in the 1800s

05:54 Defining Inflation

07:16 Supply and Demand: Price vs. Inflation

09:35 Tariffs and Their Impact on Prices

14:11 Money Printing and Inflation

17:48 Strategic Use of Tariffs

24:12 Conclusion: Tariffs, Inflation, and Social Commentary

What You?ll Learn:

  • Why tariffs don?t cause inflation?and what actually does (hint: the Fed?s magic wand).  
  • How the U.S. ran on tariffs for a century with zero inflation?history lesson incoming!  
  • The real deal with Trump?s 2025 tariffs on Mexico, Canada, and chips?strategy, not chaos.  
  • Why Smoot-Hawley was a depression flop, but today?s tariffs are a different beast.  
  • How supply and demand keep prices in check, even when tariffs hit.  
  • Bonus: James? take on Cybertruck vandals and why he?s over the Elon Musk hate.

Quotes:

  • ?Tariffs don?t cause inflation?money printing does. Look at 2020-2022: 40% of all money ever, poof, created!?  
  • ?If gas goes up, I ditch newspapers. Demand drops, prices adjust. Inflation? Still zero.?  
  • ?Canada slaps 241% on our milk?we?re their biggest customer! Trump?s just evening the score.?  
  • ?Some nut keyed my wife?s Cybertruck. Hating Elon doesn?t make you a hero?get a life.?

Resources Mentioned:

  • Smoot-Hawley Tariff Act (1930) ? The blanket tariff that tanked trade.  
  • Taiwan Semiconductor?s $100B U.S. move ? Chips, national security, and no price hikes.  
  • Trump?s March 4, 2025, tariffs ? Mexico, Canada, and China in the crosshairs.
  • James' X Thread 

Why Listen:

James doesn?t just talk tariffs?he rips apart the myths with real-world examples, from oil hitting zero in COVID to Canada?s insane milk tariffs. This isn?t your dry econ lecture; it?s a rollercoaster of rants, history, and hard truths. Plus, you?ll get why his wife?s Cybertruck is a lightning rod?and why he?s begging you to put down the key.

Follow James:

Twitter: @jaltucher  

Website: jamesaltuchershow.com

00:00:00 3/6/2025

Notes from James:

What if I told you that we could eliminate the IRS, get rid of personal income taxes completely, and still keep the government funded? Sounds impossible, right? Well, not only is it possible, but historical precedent shows it has been done before.

I know what you?re thinking?this sounds insane. But bear with me. The IRS collects $2.5 trillion in personal income taxes each year. But what if we could replace that with a national sales tax that adjusts based on what you buy?

Under my plan:

  • Necessities (food, rent, utilities) 5% tax
  • Standard goods (clothes, furniture, tech) 15% tax
  • Luxury goods (yachts, private jets, Rolls Royces) 50% tax

And boom?we don?t need personal income taxes anymore! You keep 100% of what you make, the economy booms, and the government still gets funded.

This episode is a deep dive into how this could work, why it?s better than a flat tax, and why no one in government will actually do this (but should). Let me know what you think?and if you agree, share this with a friend (or send it to Trump).

Episode Description:

What if you never had to pay personal income taxes again? In this mind-bending episode of The James Altucher Show, James tackles a radical idea buzzing from Trump, Elon Musk, and Howard Lutnick: eliminating the IRS. With $2.5 trillion in personal income taxes on the line, is it even possible? James says yes?and he?s got a plan.

Digging into history, economics, and a little-known concept called ?money velocity,? James breaks down how the U.S. thrived in the 1800s without income taxes, relying on tariffs and ?vice taxes? on liquor and tobacco. Fast forward to today: the government rakes in $4.9 trillion annually, but spends $6.7 trillion, leaving a gaping deficit. So how do you ditch the IRS without sinking the ship?

James unveils his bold solution: a progressive national sales tax?5% on necessities like food, 15% on everyday goods like clothes, and a hefty 50% on luxury items like yachts and Rolls Royces. Seniors and those on Social Security? They?d pay nothing. The result? The government still nets $2.5 trillion, the economy grows by $3.7 trillion thanks to unleashed consumer spending, and you keep more of your hard-earned cash. No audits, no accountants, just taxes at the cash register.

From debunking inflation fears to explaining why this could shrink the $36 trillion national debt, James makes a compelling case for a tax revolution. He even teases future episodes on tariffs and why a little debt might not be the enemy. Whether you?re a skeptic or ready to tweet this to Trump, this episode will change how you see taxes?and the economy?forever.

What You?ll Learn:

  • The history of taxes in America?and how the country thrived without an income tax in the 1800s
  • Why the IRS exists and how it raises $2.5 trillion in personal income taxes every year
  • How eliminating income taxes would boost the economy by $3.75 trillion annually
  • My radical solution: a progressive national sales tax?and how it works
  • Why this plan would actually put more money in your pocket
  • Would prices skyrocket? No. Here?s why.

Timestamps:

00:00 Introduction: Trump's Plan to Eliminate the IRS

00:22 Podcast Introduction: The James Altucher Show

00:47 The Feasibility of Eliminating the IRS

01:27 Historical Context: How the US Raised Money in the 1800s

03:41 The Birth of Federal Income Tax

07:39 The Concept of Money Velocity

15:44 Proposing a Progressive Sales Tax

22:16 Conclusion: Benefits of Eliminating the IRS

26:47 Final Thoughts and Call to Action

Resources & Links:

Want to see my full breakdown on X? Check out my thread: https://x.com /jaltucher/status/1894419440504025102

Follow me on X: @JAltucher

00:00:00 2/26/2025

A note from James:

I love digging into topics that make us question everything we thought we knew. Fort Knox is one of those legendary places we just assume is full of gold, but has anyone really checked? The fact that Musk even brought this up made me wonder?why does the U.S. still hold onto all that gold when our money isn?t backed by it anymore? And what if the answer is: it?s not there at all?

This episode is a deep dive into the myths and realities of money, gold, and how the economy really works. Let me know what you think?and if you learned something new, share this episode with a friend!

Episode Description:

Elon Musk just sent Twitter into a frenzy with a single tweet: "Looking for the gold at Fort Knox." It got me thinking?what if the gold isn?t actually there? And if it?s not, what does that mean for the U.S. economy and the future of money?

In this episode, I?m breaking down the real story behind Fort Knox, why the U.S. ditched the gold standard, and what it would mean if the gold is missing. I?ll walk you through the origins of paper money, Nixon?s decision to decouple the dollar from gold in 1971, and why Bitcoin might be the modern version of digital gold. Plus, I?ll explore whether the U.S. should just sell off its gold reserves and what that would mean for inflation, the economy, and the national debt.

If you?ve ever wondered how money really works, why the U.S. keeps printing trillions, or why people still think gold has value, this is an episode you don?t want to miss.

What You?ll Learn:

  •  The shocking history of the U.S. gold standard and why Nixon ended it in 1971
  •  How much gold is supposed to be in Fort Knox?and why it might not be there
  •  Why Elon Musk and Bitcoin billionaires like Michael Saylor are questioning the gold supply
  •  Could the U.S. actually sell its gold reserves? And should we?
  •  Why gold?s real-world use is questionable?and how Bitcoin could replace it
  •  The surprising economics behind why we?re getting rid of the penny

Timestamp Chapters:

00:00 Elon Musk's Fort Knox Tweet

00:22 Introduction to the James Altucher Show

00:36 The Importance of Gold at Fort Knox

01:59 History of the Gold Standard

03:53 Nixon Ends the Gold Standard

10:02 Fort Knox Security and Audits

17:31 The Case for Selling Gold Reserves

22:35 The U.S. Penny Debate

27:54 Boom Supersonics and Other News

30:12 Mississippi's Controversial Bill

30:48 Conclusion and Call to Action

00:00:00 2/21/2025

A Note from James:

Who's better than you? That's the book written by Will Packer, who has been producing some of my favorite movies since he was practically a teenager. He produced Straight Outta Compton, he produced Girls Trip with former podcast guest Tiffany Haddish starring in it, and he's produced a ton of other movies against impossible odds.

How did he build the confidence? What were some of his crazy stories? Here's Will Packer to describe the whole thing.

Episode Description:

Will Packer has made some of the biggest movies of the last two decades. From Girls Trip to Straight Outta Compton to Ride Along, he?s built a career producing movies that resonate with audiences and break barriers in Hollywood. But how did he go from a college student with no connections to one of the most successful producers in the industry? In this episode, Will shares his insights on storytelling, pitching, and how to turn an idea into a movie that actually gets made.

Will also discusses his book Who?s Better Than You?, a guide to building confidence and creating opportunities?even when the odds are against you. He explains why naming your audience is critical, why every story needs a "why now," and how he keeps his projects fresh and engaging.

If you're an aspiring creator, entrepreneur, or just someone looking for inspiration, this conversation is packed with lessons on persistence, mindset, and navigating an industry that never stops evolving.

What You?ll Learn:

  • How Will Packer evaluates pitches and decides which movies to make.
  • The secret to identifying your audience and making content that resonates.
  • Why confidence is a muscle you can build?and how to train it.
  • The reality of AI in Hollywood and how it will change filmmaking.
  • The power of "fabricating momentum" to keep moving forward in your career.

Timestamped Chapters:

[01:30] Introduction to Will Packer?s Journey

[02:01] The Art of Pitching to Will Packer

[02:16] Identifying and Understanding Your Audience

[03:55] The Importance of the 'Why Now' in Storytelling

[05:48] The Role of a Producer: Multitasking and Focus

[10:29] Creating Authentic and Inclusive Content

[14:44] Behind the Scenes of Straight Outta Compton

[18:26] The Confidence to Start in the Film Industry

[24:18] Embracing the Unknown and Overcoming Obstacles

[33:08] The Changing Landscape of Hollywood

[37:06] The Impact of AI on the Film Industry

[45:19] Building Confidence and Momentum

[52:02] Final Thoughts and Farewell

Additional Resources:

00:00:00 2/18/2025

A Note from James:

You know what drives me crazy? When people say, "I have to build a personal brand." Usually, when something has a brand, like Coca-Cola, you think of a tasty, satisfying drink on a hot day. But really, a brand is a lie?it's the difference between perception and reality. Coca-Cola is just a sugary brown drink that's unhealthy for you. So what does it mean to have a personal brand?

I discussed this with Nick Singh, and we also talked about retirement?what?s your number? How much do you need to retire? And how do you build to that number? Plus, we covered how to achieve success in today's world and so much more. This is one of the best interviews I've ever done. Nick?s podcast is My First Exit, and I wanted to share this conversation with you.

Episode Description:

In this episode, James shares a special feed drop from My First Exit with Nick Singh and Omid Kazravan. Together, they explore the myths of personal branding, the real meaning of success, and the crucial question: ?What's your number?? for retirement. Nick, Omid, and James unpack what it takes to thrive creatively and financially in today's landscape. They discuss the value of following curiosity, how to niche effectively without losing authenticity, and why intersecting skills might be more powerful than single mastery.

What You?ll Learn:

  • Why the idea of a "personal brand" can be misleading?and what truly matters instead.
  • How to define your "number" for retirement and why it changes over time.
  • The difference between making money, keeping money, and growing money.
  • Why intersecting skills can create unique value and career opportunities.
  • The role of curiosity and experimentation in building a fulfilling career.

Timestamped Chapters:

  • 01:30 Dating Advice Revisited
  • 02:01 Introducing the Co-Host
  • 02:39 Tony Robbins and Interviewing Techniques
  • 03:42 Event Attendance and Personal Preferences
  • 04:14 Music Festivals and Personal Reflections
  • 06:39 The Concept of Personal Brand
  • 11:46 The Journey of Writing and Content Creation
  • 15:19 The Importance of Real Writing
  • 17:57 Challenges and Persistence in Writing
  • 18:51 The Role of Personal Experience in Content
  • 27:42 The Muse and Mastery
  • 36:47 Finding Your Unique Intersection
  • 37:51 The Myth of Choosing One Thing
  • 42:07 The Three Skills to Money
  • 44:26 Investing Wisely and Diversifying
  • 51:28 Acquiring and Growing Businesses
  • 56:05 Testing Demand and Starting Businesses
  • 01:11:32 Final Thoughts and Farewell

Additional Resources:

00:00:00 2/14/2025

A Note from James:

I've done about a dozen podcasts in the past few years about anti-aging and longevity?how to live to be 10,000 years old or whatever. Some great episodes with Brian Johnson (who spends $2 million a year trying to reverse his aging), David Sinclair (author of Lifespan and one of the top scientists researching aging), and even Tony Robbins and Peter Diamandis, who co-wrote Life Force. But Peter just did something incredible.

He wrote The Longevity Guidebook, which is basically the ultimate summary of everything we know about anti-aging. If he hadn?t done it, I was tempted to, but he knows everything there is to know on the subject. He?s even sponsoring a $101 million XPRIZE for reversing aging, with 600 teams competing, so he has direct insight into the best, cutting-edge research.

In this episode, we break down longevity strategies into three categories: common sense (stuff you already know), unconventional methods (less obvious but promising), and the future (what?s coming next). And honestly, some of it is wild?like whether we can reach "escape velocity," where science extends life faster than we age.

Peter?s book lays out exactly what?s possible, what we can do today, and what?s coming. So let?s get into it.

Episode Description:

Peter Diamandis joins James to talk about the future of human longevity. With advancements in AI, biotech, and medicine, Peter believes we're on the verge of a health revolution that could drastically extend our lifespans. He shares insights from his latest book, The Longevity Guidebook, and discusses why mindset plays a critical role in aging well.

They also discuss cutting-edge developments like whole-body scans for early disease detection, upcoming longevity treatments, and how AI is accelerating medical breakthroughs. Peter even talks about his $101 million XPRIZE for reversing aging, with over 600 teams competing.

If you want to live longer and healthier, this is an episode you can't afford to miss.

What You?ll Learn:

  • Why mindset is a crucial factor in longevity and health
  • The latest advancements in early disease detection and preventative medicine
  • How AI and biotech are accelerating anti-aging breakthroughs
  • What the $101 million XPRIZE is doing to push longevity science forward
  • The importance of continuous health monitoring and personalized medicine

Timestamped Chapters:

  • [00:01:30] Introduction to Anti-Aging and Longevity
  • [00:03:18] Interview Start ? James and Peter talk about skiing and mindset
  • [00:06:32] How mindset influences longevity and health
  • [00:09:37] The future of health and the concept of longevity escape velocity
  • [00:14:08] Breaking down common sense vs. non-common sense longevity strategies
  • [00:19:00] The importance of early disease detection and whole-body scans
  • [00:25:35] Why insurance companies don?t cover preventative health measures
  • [00:31:00] The role of AI in diagnosing and preventing diseases
  • [00:36:27] How Fountain Life is changing personalized healthcare
  • [00:41:00] Supplements, treatments, and the future of longevity drugs
  • [00:50:12] Peter?s $101 million XPRIZE and its impact on longevity research
  • [00:56:26] The future of healthspan and whether we can stop aging
  • [01:03:07] Peter?s personal longevity routine and final thoughts

Additional Resources:

01:07:24 2/4/2025

A Note from James:

"I have been dying to understand quantum computing. And listen, I majored in computer science. I went to graduate school for computer science. I was a computer scientist for many years. I?ve taken apart and put together conventional computers. But for a long time, I kept reading articles about quantum computing, and it?s like magic?it can do anything. Or so they say.

Quantum computing doesn?t follow the conventional ways of understanding computers. It?s a completely different paradigm. So, I invited two friends of mine, Nick Newton and Gavin Brennan, to help me get it. Nick is the COO and co-founder of BTQ Technologies, a company addressing quantum security issues. Gavin is a top quantum physicist working with BTQ. They walked me through the basics: what quantum computing is, when it?ll be useful, and why it?s already a security issue.

You?ll hear me asking dumb questions?and they were incredibly patient. Pay attention! Quantum computing will change everything, and it?s important to understand the challenges and opportunities ahead. Here?s Nick and Gavin to explain it all."

Episode Description:

Quantum computing is a game-changer in technology?but how does it work, and why should we care? In this episode, James is joined by Nick Newton, COO of BTQ Technologies, and quantum physicist Gavin Brennan to break down the fundamentals of quantum computing. They discuss its practical applications, its limitations, and the looming security risks that come with it. From the basics of qubits and superposition to the urgent need for post-quantum cryptography, this conversation simplifies one of the most complex topics of our time.

What You?ll Learn:

  1. The basics of quantum computing: what qubits are and how superposition works.
  2. Why quantum computers are different from classical computers?and why scaling them is so challenging.
  3. How quantum computing could potentially break current encryption methods.
  4. The importance of post-quantum cryptography and how companies like BTQ are preparing for a quantum future.
  5. Real-world timelines for quantum computing advancements and their implications for industries like finance and cybersecurity.

Timestamped Chapters:

  • [01:30] Introduction to Quantum Computing Curiosity
  • [04:01] Understanding Quantum Computing Basics
  • [10:40] Diving Deeper: Superposition and Qubits
  • [22:46] Challenges and Future of Quantum Computing
  • [30:51] Quantum Security and Real-World Implications
  • [49:23] Quantum Computing?s Impact on Financial Institutions
  • [59:59] Quantum Computing Growth and Future Predictions
  • [01:06:07] Closing Thoughts and Future Outlook

Additional Resources:

01:10:37 1/28/2025

A Note from James:

So we have a brand new president of the United States, and of course, everyone has their opinion about whether President Trump has been good or bad, will be good and bad. Everyone has their opinion about Biden, Obama, and so on. But what makes someone a good president? What makes someone a bad president?

Obviously, we want our presidents to be moral and ethical, and we want them to be as transparent as possible with the citizens. Sometimes they can't be totally transparent?negotiations, economic policies, and so on. But we want our presidents to have courage without taking too many risks. And, of course, we want the country to grow economically, though that doesn't always happen because of one person.

I saw this list where historians ranked all the presidents from 1 to 47. I want to comment on it and share my take on who I think are the best and worst presidents. Some of my picks might surprise you.

Episode Description:

In this episode, James breaks down the rankings of U.S. presidents and offers his unique perspective on who truly deserves a spot in the top 10?and who doesn?t. Looking beyond the conventional wisdom of historians, he examines the impact of leadership styles, key decisions, and constitutional powers to determine which presidents left a lasting, positive impact. From Abraham Lincoln's crisis leadership to the underappreciated successes of James K. Polk and Calvin Coolidge, James challenges popular rankings and provides insights you won't hear elsewhere.

What You?ll Learn:

  • The key qualities that define a great president beyond just popularity.
  • Why Abraham Lincoln is widely regarded as the best president?and whether James agrees.
  • How Franklin D. Roosevelt?s policies might have extended the Great Depression.
  • The surprising president who expanded the U.S. more than anyone else.
  • Why Woodrow Wilson might actually be one of the worst presidents in history.

Timestamped Chapters:

  • [01:30] What makes a great president?
  • [02:29] The official duties of the presidency.
  • [06:54] Historians? rankings of presidents.
  • [07:50] Why James doesn't discuss recent presidents.
  • [08:13] Abraham Lincoln?s leadership during crisis.
  • [14:16] George Washington: the good, the bad, and the ugly.
  • [22:16] Franklin D. Roosevelt?was he overrated?
  • [29:23] Harry Truman and the atomic bomb decision.
  • [35:29] The controversial legacy of Woodrow Wilson.
  • [42:24] The case for Calvin Coolidge.
  • [50:22] James K. Polk and America's expansion.
01:01:49 1/21/2025

A Note from James:

Probably no president has fascinated this country and our history as much as John F. Kennedy, JFK. Everyone who lived through it remembers where they were when JFK was assassinated. He's considered the golden boy of American politics. But I didn't know this amazing conspiracy that was happening right before JFK took office.

Best-selling thriller writer Brad Meltzer, one of my favorite writers, breaks it all down. He just wrote a book called The JFK Conspiracy. I highly recommend it. And we talk about it right here on the show.

Episode Description:

Brad Meltzer returns to the show to reveal one of the craziest untold stories about JFK: the first assassination attempt before he even took office. In his new book, The JFK Conspiracy, Brad dives into the little-known plot by Richard Pavlik, a disgruntled former postal worker with a car rigged to explode.

What saved JFK?s life that day? Why does this story remain a footnote in history? Brad shares riveting details, the forgotten man who thwarted the plot, and how this story illuminates America?s deeper fears. We also explore the legacy of JFK and Jackie Kennedy, from heroism to scandal, and how their "Camelot" has shaped the presidency ever since.

What You?ll Learn:

  1. The true story of JFK?s first assassination attempt in 1960.
  2. How Brad Meltzer uncovered one of the most bizarre historical footnotes about JFK.
  3. The untold role of Richard Pavlik in plotting to kill JFK and what stopped him.
  4. Why Jackie Kennedy coined the term "Camelot" and shaped JFK?s legacy.
  5. Parallels between the 1960 election and today?s polarized political climate.

Timestamped Chapters:

  • [01:30] Introduction to Brad Meltzer and His New Book
  • [02:24] The Untold Story of JFK's First Assassination Attempt
  • [05:03] Richard Pavlik: The Man Who Almost Killed JFK
  • [06:08] JFK's Heroic World War II Story
  • [09:29] The Complex Legacy of JFK
  • [10:17] The Influence of Joe Kennedy
  • [13:20] Rise of the KKK and Targeting JFK
  • [20:01] The Role of Religion in JFK's Campaign
  • [25:10] Conspiracy Theories and Historical Context
  • [30:47] The Camelot Legacy
  • [36:01] JFK's Assassination and Aftermath
  • [39:54] Upcoming Projects and Reflections

Additional Resources:

00:46:56 1/14/2025

A Note from James:

So, I?m out rock climbing, but I really wanted to take a moment to introduce today?s guest: Roger Reaves. This guy is unbelievable. He?s arguably the biggest drug smuggler in history, having worked with Pablo Escobar and others through the '70s, '80s, and even into the '90s. Roger?s life is like something out of a movie?he spent 33 years in jail and has incredible stories about the drug trade, working with people like Barry Seal, and the U.S. government?s involvement in the smuggling business. Speaking of Barry Seal, if you?ve seen American Made with Tom Cruise, there?s a wild scene where Barry predicts the prosecutor?s next move after being arrested?and sure enough, it happens just as he said. Well, Barry Seal actually worked for Roger. That?s how legendary this guy is. Roger also wrote a book called Smuggler about his life. You?ll want to check that out after hearing these crazy stories. Here?s Roger Reaves.

Episode Description:

Roger Reaves shares his extraordinary journey from humble beginnings on a farm to becoming one of the most notorious drug smugglers in history. He discusses working with Pablo Escobar, surviving harrowing escapes from law enforcement, and the brutal reality of imprisonment and torture. Roger reflects on his decisions, the human connections that shaped his life, and the lessons learned from a high-stakes career. Whether you?re here for the stories or the insights into an underground world, this episode offers a rare glimpse into a life few could imagine.

What You?ll Learn:

  • How Roger Reaves became involved in drug smuggling and built connections with major players like Pablo Escobar and Barry Seal.
  • The role of the U.S. government in the drug trade and its surprising intersections with Roger?s operations.
  • Harrowing tales of near-death experiences, including shootouts, plane crashes, and daring escapes.
  • The toll a life of crime takes on family, faith, and personal resilience.
  • Lessons learned from decades of high-risk decisions and time behind bars.

Timestamped Chapters:

  • [00:01:30] Introduction to Roger Reaves
  • [00:02:00] Connection to Barry Seal and American Made
  • [00:02:41] Early Life and Struggles
  • [00:09:16] Moonshine and Early Smuggling
  • [00:12:06] Transition to Drug Smuggling
  • [00:16:15] Close Calls and Escapes
  • [00:26:46] Torture and Imprisonment in Mexico
  • [00:32:02] First Cocaine Runs
  • [00:44:06] Meeting Pablo Escobar
  • [00:53:28] The Rise of Cocaine Smuggling
  • [00:59:18] Arrest and Imprisonment
  • [01:06:35] Barry Seal's Downfall
  • [01:10:45] Life Lessons from the Drug Trade
  • [01:15:22] Reflections on Faith and Family
  • [01:20:10] Plans for the Future 

Additional Resources:

 

01:36:51 1/7/2025
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