Michael Burrys book shelf, some of the books he has

Book shelf of Michael Burry

You know who Michael Burry is right? The guy that saw the subprime mess coming years ahead and bet against it... and after great patient it eventually paid off.

The movie the Big short is showing what happened in "great brushes drawing".

In 2005, the somewhat eccentric hedge fund manager Michael Burry discovers that the U. S. housing market, based on high-risk subprime loans, is extremely unstable, and he thinks it will tank.

Anyway a interesting person and someone to pay attention to.

Book shelf of Michael Burry, click for bigger picture.

"The Making of an American Capitalist by Roger Lowenstein impressed upon me that Buffett is unique, and so must any investor be. Other books on my shelf." - Michael Burry,  May 20, 2022·(Twitter)

This is some of the books he seems to recommend:

Benjamin Graham: Security analysis

Joel Greenblatt: You can be a stock market genius

Roger Lowenstein: Buffett - The making of an american capitalist.

Roger Lowenstein: When genius failed

Bethany McLean and Joe Nocera: All the devils are here

Ayn Rand: Atlas Shrugged. (I also like this one)

Tavakoli: Credit Derivatives

Buffett Partnership Letters 1957-1970

Berkshire Hathaway Letters 1977-1990

Berkshire Hathaway Letters 1991-2001

Hunter Lewis - Where Keynes went wrong

Mulford Comiskey: Financial Warnings

 Transcript from Johnny Depp Explains How He Got Into Acting & Talks Pirate of the Caribbean

"I ended up acting by accident. I was a musician and I moved out to Los Angeles with my band when I was 20 years old. And then there were a couple of things that happened in the back where the band split up and I remember I was filling out job applications with a friend of mine and who happens to be, he was an actor less known then than he is now; Nicolas Cage. 

I was filling out job applications at any video stores, clothing stores, anything just to be able to pay the rent and Nick Cage said:  "you know why don't you meet my agent because I think you're an actor. I think you could be an actor." 

I said look I'll meet anybody. I'll do anything at this point and so he sent me to his agent Eileen Feldman and I met with her. She sent me to read for a casting director named Annette Benson who was casting a film called the Nightmare on Elm street.

And they brought me back to read for the director Wes Craven. And I read for Wes Craven and somehow got the job but I mean I was by no means an actor. I didn't have any desire to be an actor, I was a musician.

But the fact that these people were going to pay me what I found to be a ludicrous sum of money which was,,,  it was kind of the sag minimum. It was twelve hundred and eighty four dollars a week. Which I mean, you know, I'd never seen that kind of dough before in my life.

So I suddenly,, then I did some other couple of dumb movies because I still in my mind I was a musician and this was just a way to pay the rent, pay the bills, live.

Then suddenly I found myself on that road. I had been placed on that road as an actor and then one thing led to another from film to film and then I was cast in a TV series called 21 jump street when I was 22 I believe." - Johnny Depp

3.30

" It was fun to me but I didn't have any great ambition to be an actor. I'm a naturally normally,,, I've always been quite a shy person. I've always been quite introverted and so there was a very strange metamorphosis from being one of four. That is to say one of four in a band where you have this fraternity or this brotherhood. And you're out there fighting the world together to try to get that record deal or whatever you're looking for. And when I got on this series and my life started to change in various ways, that is to say that people started to, you know,.. You go into a restaurant and you'd see people whispering and pointing and all that. I was very uncomfortable with it. I was very uncomfortable with it and I didn't like it just because..

I never wanted to be the lead singer and the guy out front and get all the attention. Suddenly I was on my own and I was having to deal with this newfound sort of notoriety. It was odd, it was very odd.

Yeah it was a very uncomfortable thing. I mean it, I don't think it's anything that one can get used to. I'm still not used to it now, which I'm actually glad that I'm not used to it, because if I were I don't think I'd be the same person that I am." - Johnny Depp

6.00 

"Once I realized that that's the road that I was on and that any attempt at going back to music would not have been... I hated the idea that since the television series had come out and I had been exposed as this character or this actor, I had to realize in my own mind and heart that there was no going back to music. 

Because I didn't want to use whatever amount of success that I had attained from the TV series and that sort of thing. I didn't want to use that to influence, you know, some career in music. I had far too much respect for music than to just to become what they wanted me to become. Which was a teen idol or a teeny, you know, that sort of thing.

I fought that with everything in my being. So once I realized that music was no longer an option then I began to study at various places. In the Loft Studio which is now long gone, in Los Angeles I studied with some other teachers,  Sandra Seacat. I read all the books that you could read.

All that was great but you realize that the only way to learn or the only way to learn how to,,, it's not act necessarily. The only way to learn how to react and behave because it's just behavior and it's reaction was to do it. It's on the job training, it's trial by fire. So I did my best to work up my own approach towards a character and such." - Johnny Depp

//Question: When did he start feeling like an actor? //

9.00 

"I would say that the first film that I had where I really felt; okay i've done the work, I know what i need to do, where i considered myself an actor I suppose was when Oliver Stone cast me in Platoon, in 1986." 

- How did you come to be cast in Pirates of the caribbean?

Well that's many years later but Disney had offered me a film called hidalgo. It was about a man on his horse in the desert and stuff and I read the screenplay and I just didn't think it was for me. But I wanted to have a meeting with them because at that point I had a two-year-old, yeah, two and a half-year-old daughter or three. And for three years I watched nothing but animated films, cartoons from Texas avery to Bugs Bunny to... That was all I watched with my little girl.

And I received the screenplay for Pirates,  I somehow in my mind saw this opportunity. Like a way to mesh characters like black cartoon characters for example Wiley Coyote gets a boulder dropped on his head and he's completely crushed. But they cut to the next scene and he's just got a little bandage on his head.

So I started thinking about the parameters that were available to cartoon characters. And if they were available to cartoon characters and nobody ever asked a question whether you were 5 or 95 you didn't ask a question. "Oh Wile E Coyote, of course he's still alive", so I tried to incorporate these kinds of ideas into the character of Captain Jack Sparrow. 

So that I could try to push those parameters and control the sort of suspension of disbelief, then to be able to control the characters actions, words, movements, and put them in a place where the things that he would do or say were so either ludicrous or mainly something that also something.. The cartoon characters can get away with things we can't. Captain Jack Sparrow can do things that I could never do. He could say things that I could never say. So it was for me a way to stretch the parameters of a character and take a risk in doing that.

But if it panned out. And I felt I was on a pretty good mission if it panned out. I thought that it might be a character who would be accepted by five-year-olds and 45 year olds and 65 year olds and 85 year olds, and in the same way that Bugs Bunny is.

- When did you first receive the script for Pirates of the caribbean?

"The first screenplay I received was 2002 I believe. Yeah 2002."

- And what did you think of that script when you received it?

"I thought that it had all the kind of hallmarks of a Disney film. That is to say a kind of predictable three-act structure. And the character of Captain Jack was more,,, he was more like a swashbuckler type that would kind of swing in shirtless and be the hero.

And I had quite different ideas about the characters so I incorporated my notes into the character and brought that character to life, much to the chagrin of Disney initially."

- Now when you say you made changes to the character how did you do that?

"Just in preparation, the same the very same way that I've ever approached any character.

You look for a back history you base it on. It could be anything like Edward Scissorhands for example was based on a dog that I'd had and newborn babies my sister had, a couple of new babies and I watched them. Because I thought that Edward would see things from a place of innocence and not knowing exactly what things meant or were. And also that look of a pure innocent child when they experienced something for the first time. Those were the two main ingredients that I thought would serve the character.

And with Captain Jack, again the cartoon Pepé Le Pew, it's like making a soup, you know, it's ingredients. It's just ingredients; there's some Pepé Le Pew in there. There's some Keith  Richards in there, there's a bit of,,, 

I figured this is a guy who's been on the sea for the majority of his life. Quite possibly his brains may have been scrambled a bit by the sun and also I thought that he'd been on the sea for so long that he had his sea legs but when he got on land he just didn't have his land legs so he could never quite stand still."

- How did the film ultimately turn out in your view?

"I didn't see it but I believe that the film did well. I mean the film did pretty well apparently and  they wanted to keep going. Making  more and I was fine to do that as it was,, there's great freedom in being able to.. It's not like you become that person but if you know that character to the degree that I did because he was not what the writers wrote. So they really weren't able to write for him. So once you know the character better than the writers that's when you have to be true to the character and add your words at the rewrites.

Yeah I believed in the character wholeheartedly and initially the disney folks were somewhat upset." - Johnny Depp

- Now you mentioned that the film was to your understanding a great success. How did your life change after the first Pirates of the Caribbean movie came out?

“Though I'd been around for many years already and people knew who I was and all that.  After pirates one came out there was,,,it was a completely different way of life.

My family and I were being plunged into,,, that is to say that at our house in Los Angeles, you would have people trying to climb the gates to get into ses Captain Jack Sparrow 

You would have people trying to bust in the gates dressed as captain jack sparrow.

You would have people follow you or follow you and your family, so that was the moment when there was no other way but we had to hire more security guards and I was certainly worried for my kids safety.

That's when instead of just the one guy there became several security people because I wanted to make sure that my kids were safe when they went to school or when they went to disneyland. Or when they went to the mall or whatever.

So yes more security and you know them just getting followed you know by hordes of paparazzi and things like that.

I've had worse jobs certainly i can't complain about it but yeah after a while you realize that

anonymity has left the building a long time ago. The anonymity is gone and that's it. That's an odd thing to deal with when you just,,, I mean you can't just drive down to the diner and get a cup of coffee or something . It's not possible it turns into something else altogether so it's acceptance and there's of course there's a bit of sacrifice involved. I can't complain about the work that I've been given, I can't complain about any of that.

I have no right to, but it does make you have to think very creatively when you've got little kids about how to take them to the park, or the swings or to this or that movie. It becomes a strategic mission and that's what happened after Pirates." - Johnny Depp

Reference:

Law&Crime Network [YouTube Channel], (apr. 2022). Johnny Depp Explains How He Got Into Acting & Talks Pirate of the Caribbean. YouTube: https://www.youtube.com/watch?v=b6yt8aWPiIE

 Johnny Depp's Updated Tattoo

Johnny Depp has again teased his Amber Heard-inspired knuckle tattoo.

The actor originally had the word 'SLIM' across his knuckles - his nickname for ex-wife Heard (from the movie To Have and Have Not - which he had changed to 'SCUM' in the aftermath of their nasty divorce.

Now it seems the star wasn't content with the update as he's now had a large red anarchy symbol inked to tweak the word to 'SCAM'.

Pretty creative I must say.

The picture is from July 2018 after Miss Heard said he abused her.

From SLIM, to SCUM to SCAM

Interview date with former Amber Heard Assistant personal assistant Kate James

 Interview date with former Amber Heard Assistant

Kate James during the trial between Johnny Depp and Amber Heard, testified at the actress' defamation trial on Thursday 2022-04-21.

Kate says Amber told her she took Mushrooms, Ecstacy and Cocaine.

The recording done 2022-02-18 with Kate James:

Kate does not speak of her former employee with love in her voice, on the contrary she thinks she was very poorly paid:

2.00 (Amber Heard SPAT IN THE FACE Of Her Personal Assistant)

 ”She paid me 25 dollars and hour to start off with. And she finally agreed after screaming abuse  to me that she would pay me 50 000 a year once I went to full time. And this was after me working for well over 10 years as a personal assistant. So it was very insulting to me but I did it anyway because I had grandfather in the ability to pick up my son from school and bring him to work with me at 3 a clock.”

Lawyer: ”All wasn't right in the relationship between her and Mr. Depp”

2.45 ”I don't recall exactly when it started but it was usually her complaining and crying due to I would say insecurities within the relationship more than anything else. She would be very very insecure a lot of the time. And she would call me up crying.

"I remember one time she called me when she was alone in New York City and she was crying walking around the street crying. And he wasn't there, she was alone. But I said she needed to go inside because I was worried that the paparazzi might take a photo of her and she was in a very dysregulated state. And so just out of kindness i i said to her it was better if she went inside rather than walking around crying in public. I remember that but i don't remember exactly when that was, it might have been 2012 or 2013.

As the job went on we called each other less and less and did mostly text messaging. It was all text messaging we did."

Lawyer: "Did you ever believe that mr mistreated her?"

Kate: "No"

Lawyer: "Why not?"

Kate: "Just never any evidence of that at all. I was there almost daily in both her place and then eventually at his place in west hollywood and then ultimately at the lost downtown. It was a daily basis experience morning, noon, night all days of the week so you know I mean I never once saw any evidence of anything."

 Lawyer: "Did Miss her ever tell you that Johnny had hit her? Did she ever tell you that Johnny had pulled her hair or pushed her?"

Kate: "No."

Lawyer: "Let me ask you a little bit differently. You never believed Miss heard that mr. Depp had mistreated her, is that correct?

Kate: "At the time or after? I never believed.. in what context are you talking about during my employment or afterwards?"

Lawyer: "During"

Kate: "No never. And there was never any damage to the apartment that I witnessed there was never any aftermath of anything ever that I ever saw.

Lawyer: "Now you of course have no personal knowledge one way or the other whether um johnny was abusive to her correct?

Kate: "Well I don't know if that's necessarily true because if it was true I would have seen the damage even if I wasn't physically present in the moment of these alleged arguments."

 Lawyer: "And what's your basis for that statement?"

Kate: "Well if someone's being vicious there's generally physical evidence."

Lawyer: "So your testimony is that if there's was no physical evidence that you observed then it couldn't have happened, the domestic violence by Johnny toward Amber is that your testimony?"

Kate: "No."

----------  ---------

8.20 (Amber Heard SPAT IN THE FACE Of Her Personal Assistant)

Lawyer: "Did Miss Heard ever ask you to monitor press for her?"

Kate: "Yes"

Lawyer: "What specifically did she ask you to do?"

Kate: "I had a newsstand guy that was instructed to hold two couples of every magazine she appeared in. Was a newsstand on Sherbourne avenue just off la cienega and he would hold them for me and I would go there once a week to pick up whatever magazines Amber was featured in two copies of each which i would then store in her garage."

Lawyer: "Why would you store them in Miss Heard's garage?"

Kate: "Because she didn't want Mr. Depp to see them."

Lawyer: "Did she tell you why she didn't want Mr Depp to see them?"

Kate: "No she just got very angry with me one day because I hadn't quite made that. Made it downstairs to put them in the garage when she came home and she went absolutely ballistic over that."

Lawyer: "When you say she went absolutely ballistic over that, can you please describe what you mean?"

Kate: "Screaming yelling abuse"

Lawyer: "Do you remember what she said to you?"

Kate: "No"

Lawyer: "But it was abusive in your opinion?"

Kate: "Blind rage."

Lawyer: "Over the three-year period in which you worked for Miss Heard were you ever with

Miss Heard when she was getting dressed or undressing?"

Kate: "All the time."

Lawyer: "How often were you present when Miss Heard was getting dressed?"

Kate: "Every time she was getting dressed for a fitting i was i would say 90 percent of the time I was there."

Lawyer: "And just to clarify was it just when miss heard was in fittings that you would see her in states of undress?"

Kate: "No it was it was also in her apartment. She had no issue with walking around naked quite often."

Lawyer: "And i believe you previously testified to this so I'm sorry for asking you again but while you worked for miss her did you ever see any types of injuries on her?"

Kate: "No."

Lawyer: "Did you ever see any cuts?"

Kate: "No"

Lawyer: "Did you see bruises?"

Kate: "No"

Lawyer: "Did you see swelling no redness in her face?"

Kate: "No"

Lawyer: "How about miss heard having black eyes?"

Kate: "Never"

Lawyer: "Did you ever see ms heard cry?"

Kate: "Yes"

Lawyer: "How often did you see her cry?"

Kate: "Hard to put a number on it sometimes she would cry on the phone. I think at least

once or twice she might have cried on the phone. You know and then as far as seeing her personally crying you know she was a pretty dramatic person it's hard to really put a number on it." 

----------

13.30 

Lawyer: ""Did you ever witness Mr. Depp be rude to anyone?"

Kate: "He's such a gentleman he's like a total southern gentleman."

Lawyer: "Did you ever see Mr. Depp lose his cool?"

Kate: "No"

Lawyer: "Do you ever see him screaming anyone? Did you ever see him break something?"

Kate: "Only in a video." 

Lawyer: "In your presence did you ever see mr depp break something intentionally?"

Kate: "Never break anything, never throw anything always completely passive."

Jumping a big jump in the interview

18.45

Lawyer: "You said you felt that Miss Heard was verbally abusive to you, can you provide me with any specific examples of this behavior?"

19.10

Kate: "It was just so random and ongoing you would never know when it was going to come left or center. I do remember one occasion when we were moving from part to full time. And then the salary negotiations became a real loan of contention and I specifically remember standing in her office where she leapt up out of her chair put her face approximately

four inches from my face. She was spitting in my face and telling me how dare I ask for the salary I was asking for which was in fact approximately half of my regular annual salary. I was offering her that as a favor and she felt that gave her the right to spit in my face.

And there was a witness in the apartment at that time by the way.

Lawyer: Who was at the apartment at the time?"

Kate: "The handyman Hector Galindo."

20.00

Kate: "He was so mortified, he was so embarrassed to hear her speaking to me like that."

--------------  ---------

1.32.00 (Day3 Live)

Lawyer: ”Miss James, did you ever observe her drink alcohol?”

Kate: ”Yes I did.”

Lawyer: ”How often did you observe Miss Heard drink alcohol?”

Kate: ”Don’t recall”

Lawyer: ”What alcohol did you observe Ms Heard drink in your prescence?”

Kate: ”Red Wine”

Lawyer: ”Did Ms Heard ever appear intoxicated to you?”

Kate: ”Yes, she often did.”

Lawyer: ”While you work for Ms Heard were you aware what if any prescription drugs she was taking?”

Kate:  ”Yes, because I had to pick it up. And I often had to deliver it to her.”

1.34.00 (Day3 Live)

Lawyer: ”What prescription drugs do you remember picking up for Ms Heard.”

Kate:  ”Provigil.”

//Provigil improves wakefulness and decision making but does not make you any smarter. improves alertness, enhances thinking and perception, in addition to helping to keep people awake.

Modafinil (Provigil) was first approved by the FDA in 1998 to treat narcolepsy, and is also used to treat excessive sleepiness caused by obstructive sleep apnea (OSA) or shift work. //

Lawyer: ”Any other prescription drug you remember picking up for Ms Heard

Kate: ”Accutane”

// drug used in the treatment of acne //

Lawyer: ”Any others?

Kate: ”Not specificly”

Lawyer: ”To your knowledge, did Ms Heard ever stop taking Provigil or Accurane while you were working for her?”

Kate: ”No.”

Lawyer: ”Did Ms Heard tell you she was experiencing any side effects from Provigil?”

Kate: ”She didnt say it, but I observed it.”

Lawyer: ”Did Ms Heard tell you she was experiencing any side effects from Accutane?”

Kate: ”No”

20.15 (Amber Heard SPAT IN THE FACE Of Her Personal Assistant)

Lawyer" You previously testified that you observed miss Heard having certain side

effects from for Provigil, yes?"

Kate: "Yes."

Lawyer: "What side effects did you observe Miss Heard exhibiting?

Kate: "Manic episodes."

Lawyer: "Can you tell me what you mean by manic episodes."

Kate: "Similar to if someone was on some sort of amphetamine drug. Moving very fast, not making a lot of sense, hyper organizing, hypertasking. Just very, very hyper."

Lawyer: "Besides prescribed medication did you ever observe Ms Heard ingest any illicit drugs while you worked for her?"

Kate: "No

Lawyer: "Didn't Miss Heard ever tell you that she had ingested illegal drugs?"

Kate: "Yes."

Lawyer: "When did Miss Heard tell you that she had ingested illegal drugs?"

Kate: "Sporadically here and there."

Lawyer: "What drugs did miss her tell you she had ingested?"

Kate: "Mushrooms, ecstasy and cocaine."

Lawyer: "If you remember how many times did miss herd tell you that she had ingested

illegal drugs?"

Kate: "I can't remember."

Lawyer: "Based on your personal observations did it ever appear to you that ms heard was

under the influence of illegal drugs?"

Kate: "Yes."

Lawyer: "How many times?"

Kate: "I don't know."

Lawyer: "Less than five?"

Kate: "It's so long ago it's hard for me to remember."

Lawyer: "Why did it appear to you that misheard was under the influence of illegal drugs."

Kate: "Disoriented partying with friends lots of heavy drinking laughing dancing

playing all the sorts of things that go hand in hand with imbibing in drugs."

Lawyer: "Would miss herds treatment of you change when she was intoxicated?"

Kate: "Yes."

Lawyer: "How so?"

Kate: "She became more and more belligerent inclusive."

Kate stopped working for Ms Heard as her personal assistant in February of 2015. 

Ms Heard let Kate go upon her return from the Bahamas in February of 2015.

Reference:

Day 3 april 12 Trial "Live".

Mr H Reviews [YouTube Channel], (apr. 2022), Amber Heard SPAT IN THE FACE Of Her Personal Assistant! ABUSE! Sings Johnny Depp's Praises. YouTube: https://www.youtube.com/watch?v=GcFuMsNSm1I

Johnny Depp about his childhood and raising his own children

Johnny Depp about his late mother Betty Sue Palmer (born 1935)

Johnny had a pretty tough childhood, constantly moving around, couldn't settle the roots. Having an unpredictable mom, unstable. Being the new kid on the block. Not feeling inside but more of an outsider.

April 2022. In this trial with Johnny Depp where cameras are allowed in court we can follow him in his defamation case against his ex-wife Amber Heard. The lawyer asks him about his childhood.

”My mom,, her feet’s were on fire. So we had to move constantly. So you were always the new kid. And that wasn’t ever particular pleasant.” - Johnny Depp

“My mother was quite unpredictable, she was very unpredictable. She had the ability to be as cruel as anyone could be. With all of us, that is to say my sister Christie and my brother Danni and my sister Debbie and also my father. Essentially she could become quite violent and she was quite cruel. There was physical abuse certainly. Which could be in the form of an ashtray being flung at you, hit you in the head or you get beat with a high heel shoe or a telephone or whatever is handy.

So in our house there was no... We were never exposed to any type of safety. Or security. The only thing that one could do really, was to try to stay out of the line of fire.

I started to be able to observe. I could start to see when she was about to head into a situation where she was going to be riled up, and somebody was going to get it.” – Johnny Depp

5.00

“There’s physical violence of course, there’s physical abuse. That was constant. That was just a constant you know. We were all somewhat shell-shocked. When she walk passed we sort of shield you self //Mr. Depp covers his head with his arm as a shield // because you didn’t know what was gonna happen. So there was this physical abuse which was a constant. There was quite a lot of verbal abuse. There was quite a lot of name callings. Bullying you know. Making fun of whatever defect one might have. My brother wore glasses so of course he was four eyes. And he had his teeth messed up in the front, so he was “bug tooth”. My sister Christi, this is such a hideous psychological play... My fathers parents were quite refined. My mother comes from eastern Kentucky which is where you grow up in shacks and hollers, you know. And my mother despised my father’s parents, and my grandmother's name was Violett. And every now and again you would here my mother just scream across the house. >>Come here Violett, get in here Violett<<. And Christi, my sister knew very well that that was a deep cog psychologically and emotionally. But we had to take it, I mean you just had to take the pain.” – Johnny Depp

Psychological pain worse than physical pain.

"I was born with a very strange, a very rare thing in my eye. The back of the lens is spherical normally. This eye isn't normal, //he points to his left eye// this eye I was born with a more conical lens so my brain never learned to see out of my left eye. And they noticed it when i was about three four that I had a lazy eye, a wandering eye. And she would call me cockeye, one eye any anything she could get to to demean, humiliate. I even had to wear, I had to wear an eye patch on my good eye to strengthen my bad eye so that it would cease to wander. It was exercising the muscles of the eye though the brain had never learned to see. So I still,, my vision on my left eye is,,I'm legally blind in my left eye.

So yeah the the the verbal abuse the psychological abuse was almost worse than the the then the the beatings because the beatings were just physical pain. And the physical pain you learn to deal with you learn to accept it you learn to deal with it.

But the psychological and emotional abuse that's what kind of tore us up I think." - Johnny Depp

When Johnnys father had enough of the madness and decided to leave Betty Sue she got in a dark place, depressed and swallowed a multitude of pills and tried to kill herself. Johnny saw her in this bad shape. His uncle and two paramedics managed to take her to the hospital and pump her stomage.

Johnny is 15 years old at the time and he's father said, >>You're the man now".

She survived.

32.00

"When she got out of the hospital she was a small firecracker of a woman. She was about five foot two, but when she got out of the hospital the depression was so deep she was down to like.. She lived on the couch and she weighed about 70 pounds. And all that imagery spun into my head at the time, "[. . .]" In my head at the time I thought that was a cowardly way for my father to have left and I was deeply upset by that. Until my father and I had a conversation years later, where I asked him >>What really happened, how did it happen?<< When I was older. //Johnny gets interrupted by the lawyer //

We don't get to know what really happened.

When Johnny and Vanessa gets their first child Johnny explains

37.00

"I knew exactly how to raise children. Which was the opposite of what they did, of what Betty Sue did. Never raise your voice in front of the children. Never screaming out the word "No" to them. I never wanted to tell my kids "No". I wanted to tell them that there were options, you don't have to stick the coat hanger in the electrical socket.

Saying no is an abrubt thing, but to talk to them and say >>If you understand the repercussions of somthing then you wont go there so maybe think about this as opposed to this. Give this some thought, you know. But that will clearly,, that could kill you<<. So I would ease them away from things of that nature with a more of of an conversation as opposed to a flat out >>don't you ever do that again!<<, and threats and things of that nature. I did not raise my children that way." - Johnny Depp

Reference:

Mr H Reviews [YouTube Channel], (apr. 2022). Amber Heard Took Adavantage Of Johnny Depp's Childhood Trauma. YouTube: https://www.youtube.com/watch?v=RFHysFaVdXo

Law&Crime Network [YouTube Channel], (apr. 2022). Johnny Depp Testifies Under Direct Exam - Part One (Johnny Depp v Amber Heard Trial). YouTube: https://www.youtube.com/watch?v=YIRXsgDZP1o

Sam Zell about equal risk and trust in relationship

"If you need to quote refer to a document in order to define the rules of your relationship you dont got much of a relationship."

//Sam Zell om sitt partnerskap med Bob, där dom ägde 50 procent, om förtroende, trust och relationer, relationship //

 

From Podcast:

Momentum Audio [Podcast], (2021-03-22). 019: Sam Zell on Seeing the Solutions. 

33.40 ”I was mostly the guy who did the traveling so I used to call him from all kinds of places and filling him in. It was being able to wrestle with problems with somebody who had the same risk that you had. And the same exposure that you had. And having that leds to a level of trust. And a level of kind of mutual understanding. I mean when he was building a house we were cash poor. When I was building a house he was cash poor. You know we lived out of the same checkbook. You know after he died, and he died in 1990 the lawyer came to me and said >> You know I’ve been looking through all the documents and there’s no partnership agreement between the two of you<<. And I said >>We never even talked about that, the need for an agreement between us. We resolved issues and there were obviously issues where we didn't agree on everything. But we resolved them by talking about them, not by reading the fine print.

Now I don't recommend an oral agreement as a method of doing business but I certainly think that if you need to quote refer to a document in order to define the rules of your relationship you dont got much of a relationship.” – Sam Zell

Reference:

Momentum Audio [Podcast], (2021-03-22). 019: Sam Zell on Seeing the Solutions. Website: https://www.podbean.com/site/EpisodeDownload/DIRDCB4DABHVFE4

Sam Zell about Simplicity and Downside Risk

Sam Zell about Simplicity and Risk, and importance of high standard education

”Guts and instinct are all simplicity. I went to Harvard Business School in 1988 and I spoke to three hundred of them and I just beat the s—t out of them... it’s all about what’s simple. What’s the shortest distance between two points.” – Sam Zell, Bloomberg 2014

Sam get to comment on Tom Perkins letter to (Wall Street Journal) regarding attention to the parallels of Nazi Germany to its war on its "one percent," namely its Jews, to the progressive war on the American one percent, namely the "rich."

3.00 ”I get the feeling that he’s right. The quote 1 % are being pummeled because it’s politically convenient to do so. The problem is that the world and this country should not talk about envy of the 1 %. It should talk about emulating the 1 percent. The 1 percent work harder. The one percent are much bigger factors in all forms of our society.” – Sam Zell, Bloomberg 2014

”The politics of envy, the politics of class warfare are what has separated America from many part of the rest of the world. And we have benefited dramatically from not having class warfare, from not having envy.” – Sam Zell, Bloomberg 2014

5.00 ”I think that is a function of policies. And I think that overall that we passed for the last 50 years, whether it be unfunded social security or other issues, have all contributed to this disparity. And we need to fix our government. We don't need 17 000 new pages of federal regulations in the last five years. So I think all those things contribute to this disparity. And the more complicated our government makes our world, the more the one percent can afford to hire somebody to figure it out and the other guy can't. But if you simplify government neither one of them is required and therefore the disparity slows down.” – Sam Zell, Bloomberg 2014

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51.00

”When I took Econ 101 at the University of Michigan I walked into the first classroom and written on the blackboard was Supply and Demand. And I have to be honest with you, I am not sure that there was ever anything else in Econ 101 that I learned that was relevant. And if you understand and are focused on how supply and demand affects pricing, how it affects decision making, how it affects risk. It’s the governing principles of everything. But it’s also simple.” – Sam Zell, (#407 Tim Ferriss Show, 2020)

 

”At that time there were a lot of quote on quote income producing assets that were available. I’ve always believed that there’s a lot of quote on quote execution risk that has to be fit into your thought process, when you’re making a decision. In that particular time, again keeping it very simple, if I could establish a definition of cash flow. In effect I would literally,, I remember going to a developers and saying, >>It’s real simple. Take the bottom line multiply by 6 and that’s what I’ll pay<<. Now I didn't know that that was a very high price. That I was creating a price structure that was very attractive to me. I just thought gee I wouldn't do this unless I got a 16 percent return, so 6 times cashflow made perfect sense. And that’s the way I thought about it. That’s the way I thought about how do I raise money. In the same manner. What was attractive enough to get somebody to entrust their money to me.”  – Sam Zell, (#407 Tim Ferriss Show, 2020)

53.20 ”I thought about the fact that somebody had to cut the lawn. And I knew that if I grew the size of the business it wouldn't be me who had to cut the lawn. And not being the one cutting the lawn or cleaning the hallways or whatever what certainly as much of an objective as making money.” –  – Sam Zell, (#407 Tim Ferriss Show, 2020)

//Developer, construction risk, he later met with Jay Pritzker And hit it off //

 

54.10 ”I did that in the late 60’s when I built my first apartment project in Lexington Kentucky and where I also built the project that ultimately led to my relationship with the Pritzkers which was this project in Lake Tahoe. In both cases they were development projects and they were from the ground up. And in both cases I was very disappointed at how difficult it was. And I kept looking and thinking this doesn't make any sense; you are taking on all this risk. You starting to build something when you don't know what the markets are gonna be like when you finish it. Either you’re putting it up for rent or you putting it up for sale depends on what the condition are when you finish. Your subject to very incessant cost, I mean there’s no greater lesson of inflation than designing a project and finding out that it cost 20 percent more than you thought it was going to cost because the cost have gone up in the meantime. So all the variables, and the weather and all the things that happen and contractors making mistakes. And when they made a mistake there was nobody else to blame it on. And the fact that they made a mistake was to bad but I was the guy who had to live with that mistake and live through it. So I kept looking at all the variables and saying ”I don't understand why would anyone be a builder when you’re taking on all these variables and the best that could happen is that at the end you produce the same thing you got when you bought an existing stream of cashflow”.” – Sam Zell, (#407 Tim Ferriss Show, 2020)

55.30 ”I had a friend of mine who was a national broker of real estates,” [. . .]”He called me one morning. I was in ?Etlama? yesterday with Jay. And I said, Jay who? And he said Jay Pritzker. And I said >>Oh yeah, I’ve heard of them, they are very wealthy people in Chicago<<. He said >>Jay is really extraordinary, and Jay is looking for somebody who can come work for him who is under 30, a lawyer and a successful real estate entrepreneur<<. And I said to this guy >>If somebody actually met those criteria, why would they wanna work for Jay? Or frankly work for anybody else?<<. He said >>you’re being too glib, this is an extraordinary guy, you really need to meet him<<.”  – Sam Zell, (#407 Tim Ferriss Show, 2020)

Next morning he went over to Jay and they ”just hit it off”. - Sam Zell

56.30 ”I sat at his desk from 9 a clock to 4.30.” – Sam Zell, (#407 Tim Ferriss Show, 2020)

They then did a lot of deals together.

57.00”That was the first of maybe ten or fifteen deal that we did over the years in various different places and different kinds of structures that led me to spend a lot of time with him. And found him to be one of the most intriguing individuals and frankly the smartest risk guy I ever met.” – Sam Zell, (#407 Tim Ferriss Show, 2020)

57.40 ”You had to be realistic, you had to be able to look at it and say what could go wrong. If I learn anything from him I learn that everything that went too well you could survive. The only time you couldn't survive is if it didn't go so well. So focusing on the upside was interesting but not productive. Focusing on the downside was what risk was all about. And to the extent that you could quantify the downside, to the extent that you understood what the risk it was you were taking, you chances of survival were much better.” – Sam Zell, (#407 Tim Ferriss Show, 2020)

58.40

”And what he taught me more than anything else was look at the deal and figure out where is the vulnerability. Where is the assumption you’ve made that has to be right in order for the deal to work.” – Sam Zell, (#407 Tim Ferriss Show, 2020)

More about the risk and the one-percenters, the politics of envy and subsidizing

”I’m a very wealthy man. I could literally put my money into the bank and play golf every day. God forbid, but I could do that. Instead I’m taking risks every day. Why? Why should I if the game is being stacked against me? So what this country needs is an ”All clear” sign. And the ”All clear” says, ”Let’s get back to business”. That’s what made this country great, that’s what creates jobs. Let’s get back to business. Stop this class warfare crap. Stop this politics of envy and in effect deliver a position to the American people that says” we have to drive the center”, which is what we have done since the beginning of this country and what has led to its success.” – Sam Zell, (Legendary Tirade About Class Warfare)

 

Sam: ”The whole focus has been on how the quote one-percenters or the ten-percenters, whatever these top earners have moved ahead of everybody.. I wonder if there’s any correlation between while they were moving ahead, the rest of the government was subsidizing more and more people in disincentivizing them. Why is it always assumed that somebody doesn't succeed because he cant as opposed to he doesn't want to or isn't incentivized.” Sam Zell, (Legendary Tirade About Class Warfare)

Talkhost: ”The opportunities is not there and it’s not a fair playing field which I’ve heard for the last two year.”

Sam: ”I’m sorry, I live with the playing field every day. I finance people starting new businesses taking all kinds of risks. Their motivation are the same as everybody's since the beginning of time.” Sam Zell, (Legendary Tirade About Class Warfare)

Sam about the education system

Sam Zell continues:

7.00 ”Instead of saying the standard must be the highest education level in the world. The standard is how do we keep the greatest number of failing teachers in place so we can be //Sam makes a quote sign with his hands// fair. Well that’s not fair. If you’re educating a kid from the hood and he wants to learn and instead of getting a teacher who wants to teach him. He gets a teacher who uses her or his job as a custodian, that’s not fair. That’s what is happening at the educational level of our country, particularly in the have-nots. It’s racist, it’s unfair, it’s everything you could imagine because you’re dooming these children, you’re dooming them.” – Sam Zell, (Legendary Tirade About Class Warfare) 

 

References:

Bloomberg Quicktake: Original [YouTube Channel], (feb. 2014). Sam Zell: The 1% Work Harder and Should Be Emulated. YouTube: https://www.youtube.com/watch?v=I96LY6x3FKw

 

The Tim Ferriss Show (2020-01-23). #407: Sam Zell — Strategies for High-Stakes Investing, Dealmaking, and Grave Dancing. Website: https://www.podbean.com/site/EpisodeDownload/DIR7D190C5P9RGI

NationalGoldGroup [YouTube], (oct. 2012). Sam Zell Goes On Legendary Tirade About Class Warfare, And He Thinks A Recession Is Coming - Part 2. YouTube: https://www.youtube.com/watch?v=8cPyMe2xOK0