I was looking at the top 10 jobs that

are most likely to be disrupted by AI

and I really do worry about this.

>> So the nature of the economy is changing

for a long time. Blue collar work like

plumbers, electricians, brick layers has

been devalued. But it could be in the

next couple of years. These are the

roles that are elevated the most and

that plumbers regularly earn more than

lawyers. And for the last 25 years, I've

been building companies from scratch and

I've been through the global financial

crisis and co but I have never

experienced what we're experiencing

right now. I've never seen more fear for

the disruption that is coming. And my

real bare case for AI is that every time

you go on AI, your request is going off

to a big computer in a Walmartized

building somewhere. And those big

ginormous computers, they last 3 to 4

years before they need to be replaced.

And this year ahead, we're going to

spend 650 billion and that could cause a

massive financial collapse. That's the

thing that I'm worried most about.

However, I've never seen more excitement

for the opportunities that are in front

of us. So let's talk about in a world of

AI what are the skills that survive.

>> So I really believe that everyone should

build a little bit of a personal brand

not like to become an influencer but

position yourself with a group of people

who know who you are and know what you

do and could enroll you in their

opportunity. Second one if there's one

skill set that everyone should be

learning at the moment it's how do

entrepreneurs think? How do

entrepreneurs behave? What are the

skills that make an entrepreneur

successful? And entrepreneurs just

simply follow six steps and we do it

over and over and over again. and we'll

go through the six steps.

>> So, are there any particular

opportunities that you think that

anybody listening right now could pursue

to make money?

>> So, I think one of the best

opportunities is

>> that is such good advice that we don't

hear enough.

>> This is super interesting to me. My team

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show.

Daniel, I think we're living in the most

interesting, opportunistic,

terrifying time to be an entrepreneur, a

professional, to really be anybody

because this is a moment of such

fundamental change. And I really wanted

to have this conversation with you today

because I want to understand how you're

thinking about AI from an opportunity

standpoint as an entrepreneur, but also

just for everybody that's working in a

normal job and who is at risk of having

their their career, their livelihood,

their identity, their qualifications

made redundant because there is now an

alien amongst us that can do so much. So

this conversation really is about giving

people answers. It's about being honest

with them about what's coming. And it's

about preparing them, setting them up so

that they have an advantage

in the face of the future we face. So

give me the 30,000 ft view.

>> Well, my background for the last 25

years has been building companies from

scratch. And I've been through the com

and I've been through global financial

crisis and I've been through uh Brexit

and co. I have never experienced what

we're experiencing right now. I've never

seen more excitement for the

opportunities that are in front of us

and I've never seen more fear for the

disruption that is coming. We are living

through transformational times that is

very similar to 250 years ago where the

end of the agricultural age ended and

the beginning of the industrial age

began.

>> I would argue that it's more significant

because there's two forces that kind of

keep me up at night. The first force is

AI, which is you can think of it as just

the replacement of the human brain from

a sort of productivity standpoint. And

then the other is robotics. And the

problem is they're coming in at the same

time. And I was watching I don't know if

you saw this the other day.

>> So I'll put this on the screen for

anyone that's watching the video right

now, but this is a demonstration that

took place in China of how advanced

their robots are. And I had to check

multiple times to make sure that this

wasn't fake. They are doing back flips

and landing perfectly on their feet. And

so when you combine intelligence with

the disruption of our physical form, our

muscles, our body, our ability to pick

things up and move them through through

time and space,

it begs the question like where do we

>> where do we fit in to all of that?

Strangely, there's something called the

Jevans paradox. And the Jevans paradox

is a paradox where when we think

something is going to completely disrupt

the way that we uh live and work. It

often has the opposite effect. We

thought that YouTube was going to

completely wipe out television. And it's

true that Hollywood lost tens of

thousands of jobs, but YouTubing created

500 to 600,000 jobs at the same time.

And it used to take 150 people to make a

a TV show or a movie. And now it's 5 to

10 people making YouTube videos as a

little team. and they can have a wildly

successful YouTube channel. With the

Jebans paradox, if we currently said

that in order to have a successful

software company right now today or in

the last few years, you needed to have

10,000 customers and you needed to have

a team of 50 people and you needed to

raise$1 to5 million to get a software

company off the off the ground. If all

of a sudden the cost and the commitment

drops dramatically to have a software

company and you only need 500 customers

to work it to make it work and you only

need two people on a team to make it

work and you only need a tiny bit of

funding to make it work. What happens is

like YouTube channels you can end up

with literally millions of tiny little

software businesses that are super

successful for 5 to 10 people and they

do something niche and they do something

special. They don't look like

traditional software companies either.

So a traditional software company would

just do the software whereas these

little software companies might do

software plus they might do dinner

parties where the clients get together.

They might have an annual ski retreat.

They might have a podcast and a YouTube

channel that goes with it. And all of

that could be done by 5 to 10 people

using AI tools. So the Jevans paradox

would basically say that there is

millions of unmet needs and that those

unmet needs are not explored because the

cost to explore them is too high. But

because the cost to explore those has

come down, then now we can actually have

millions of businesses that never

existed that we didn't even know we

needed to exist.

>> I was sat here the other day with Dra

who is the CEO of Uber. He turned around

Expedia, made it super profitable,

turned around Uber that was losing 2

billion, made it generate about 9

billion in revenue, 10 billion in

revenue. And uh he sat there and said to

me that their 9,000 couriers and drivers

won't have jobs in the future. And and I

so I sit and go, okay, so what what are

they going to do? Are they all going to

start businesses somewhere? Do they? And

also I think one of the interesting

things about AI is the speed of

transition. With the industrial

revolution, there's a little bit of a

delay because infrastructure took time

to build.

>> Takes a long time to build.

>> But this is the first innovation that

I've lived through that is built on

>> it's instantaneous.

>> The internet.

>> The minute an AI learns how to be a

lawyer in one place, it can be a lawyer

in every place. The minute it learns how

to diagnose a disease in in one

location, in one hospital, it can

diagnose a disease in every hospital in

the world. So, it's this instantaneous

roll out uh because it sits on top of a

network that already exists.

>> This is what actually Boston Dynamics

said to me. I was watching a video of

their new robot that's working in

factories. It's a humanoid robot that

can work in factories, pick things up,

move things around. They said, "The

great thing about robotics is if one of

our robots on a shop floor in Boston

learn something, all of our robots learn

it.

>> It's it's wild."

>> Like, hell. So yesterday Tesla built and

they took this wonderful photo because

they built the world's first Tesla Cyber

Cab. Now if anyone doesn't know what a

Tesla Cyber Cab is, it's the first ever

fully autonomous car that doesn't have a

steering wheel and it doesn't have

pedals.

>> Yeah. You just hop in and there's

there's no steering wheel, no pedals.

You can't take control even if you

wanted to.

>> The Cyber Cab is the company's answer to

vehicles like the Whimo. The two-seater

coupe unveiled in 2024

comes without a steering wheel or

pedals. It's guided by AI and they're

now making them. The first one was made

yesterday. Again, 100 over a 100 million

people's job is to drive and you can get

one of these now for Elon saying

$30,000. Um, you can rent them, lease

them. You can buy a bunch of investment

assets and set them out,

>> set up your own fleet and connect them

to different networks like Uber and all

of those sorts of things. And the cost

to move around is going to go through

the floor because you know my Uber to

come here today was probably $50 uh and

that will probably be $6 or $7 uh once

that is rolled out. So the thing that

with the Jevans paradox is it doesn't

mean that everyone gets the same job and

that they get like uh there's just more

of exactly the same jobs. It means that

the transformation creates exponential

growth as a result of the transformation

in an unexpected way. Mhm.

>> So growing up, my mom worked in

newspapers and there was probably half a

million people working in newspapers as

journalists and all of those sorts of

things and that has dropped by 80% in

the last 25 years. But at the same time,

the number of people who are bloggers,

the number of people who have substacks,

the number of people uh who are doing

the kind of work of journalists and

actually making money as a result of

content creation has gone 100 100x. So,

uh, I think it's something like three to

four times more people now make their

money in a way that kind of looks like a

journalist than there ever were

journalists prior to the technology that

disrupt journalists. So, it's not that

it's not that those exact same jobs uh

are are replicated. It's that something

similar emerges as a result.

>> I understand this and I when I read

about the Jews paradox, I like ran it

through my head multiple times to to

understand like how it fits in different

industries. But there is a part of me

that still thinks this is slightly

different because in the example you

gave where there was a a content

creation industry that was then

disrupted by a content creation

industry. I go yeah this this the skill

of intelligence was still of human

intelligence was still

rare and scarce and only humans had it.

M

>> so the disruption of the content

creation industry to a different content

creation industry was still owned by

humans. That transition was still a

human one. But in such a world where AI

agents can make, if you go on a lot of

social media platforms, I shame which

ones, it's just pure AI slop now. Yes,

it's just people's agents churning out

content that they haven't touched or

done anything about. And then I was I I

started saying to you before we started

recording that what we're going to

experience and what I think a lot of

people don't fully embrace about this

idea of becoming a content creator for a

living or building a personal brand is

when you look at some of the graphs and

I'll throw the graphs from the Financial

Times article on the screen. There's now

a plateau of people spending time online

for the first time in history. Well, in

the first time in internet history,

>> Gen Z especially were the first

generation to plateau. Yeah.

>> In their time spent. But the amount of

content, the amount of AI agents, the

amount of people that are now choosing

to make to do content as a living is

exploding. Yes.

>> So you have a supply and demand issue

where there's a set amount really like a

set amount of hours consu sort of

consumption hours and then you have this

huge exponential explosion in available

content because a kid in Mumbai

>> Yeah. attention is a limited resource

but content is

>> and content is unlimited now.

>> Yeah. and and more so so AI slop is just

rolling in and also AI slop doesn't do

it justice. Some of my favorite things

to watch is AI generated. I'm enjoying

AI. So think about it a little when it

comes to personal brand. Think about it

a little bit like an airport that the

airport has got this fog that is rolling

in. If your airplane is already above

the fog,

>> then you're you can continue to fly. But

if your airplane is not taking off

already, then the fog is going to keep

you on the ground. So like for example,

you've invested so much into your

personal brand and people will come

along to see you live and they would

love to go to dinner party series that

you know involves you and there's a

whole community around DOAC, right? So

all of those things means that your

airplane's already up in the air, you

can continue to fly. But if you were

starting 2 years from now or a year from

now or maybe even 6 months from now and

you weren't smart about it, there's just

too much AI generated content. You won't

get traction. you won't get you won't

get that liftoff moment. Uh the same way

that opportunity is coming to an end

because of that AI generated content

>> what I'm seeing in the algorithm. So we

do some data analysis every year on the

variance of performance of pieces of

content we produce on different

channels. Now I've been making social

media content for 15 years. So I have a

bit of a sort of a mental history of

like every year us doing this this

particular data analysis to see the

variance between the worst thing we post

and the best thing we post. And this

year we did the same we ran the same

analysis with my data science team led

by Austin and my team to see if the

variance between the worst thing we post

and and the best thing we post is

getting bigger because what that kind of

is a proxy of is is the algorithm caring

less and less and less about how many

followers I have and is it caring more

and more and more about whoever posts

the most interesting thing today which

is if I was building a social media

company and my primary objective was to

retain people. I wouldn't care if you

have two followers and Stephen has 500

followers. I would just care about who

post the best thing.

>> So we did that analysis and it's it's an

almost perfect graph that looks like

this.

>> And this is the variance increasing.

>> Y

>> which actually means that okay Steven's

taken off from the sky but every day I

wake up increasingly it doesn't matter

what I did yesterday.

>> What we've seen is the end of social

media and the birth of algorithmic media

>> interest algorithms we call them.

>> Yeah. So, social media was all about

connecting with your friends and finding

out what your friends are doing. Um, and

algorithmic media is just finding out

what the algorithm thinks that you

should be watching today. But with that

said, there's this multi-dimension to

it, which is you've got books, you've

got live events, you've got the podcast,

and it's the multi-dimensional angle

that actually really sets you apart. The

creators that just simply want to put a

piece of content on YouTube and get paid

through AdSense revenue and that really

simple that one-dimensional model,

that's coming to an end. But the

creators that have a community and they

meet up in the real world all of that is

is part of an overall ecosystem that is

very defensible because one you know

people want all of that packaged up

together.

>> Why is it fundamentally defensible from

if we think about first principles or

human masloavian needs. Let me give you

a big answer to that which is if we go

back in time to the agricultural age,

farmers had to know when was a good time

to plant the crops and then they had to

go out and toil the soil and put the

seed in the soil and the soil did most

of the value creation in the economy. At

the end of that process, the farmer had

to know this is the day to harvest and

then we need to harvest that and we need

to turn it into something and take it to

market. And AI is very similar, which is

that it's very good at doing the middle

to the middle. It's not good at knowing

what to do in the very first instance or

knowing when to stop and how to take it

to market. So the the entrepreneurs job

is to do step one and two, let AI do

steps three to eight, and then do steps

9 and 10 and to basically have a

coherent cohesive view as to what you're

trying to get the AI to create.

>> Theoretically though, I could I could

ask an AI agent to think about the goal

that will benefit me the most and make

as many AI agents as it needs to to

fulfill that goal. And then it would

make start one business and that would

start another business. lots of

different businesses,

>> start another business, build another

website, contact a supplier.

>> I think what you're into here is two or

three steps ahead of yourself where, you

know, all of this is theoretically

possible, but we haven't seen those kind

of examples happening yet, right? We

haven't seen whether that will

ultimately unfold. I'm not saying it

won't. I think we are moving into a

completely new economy. Like like when

you lived in the agricultural age, it

was completely like unbelievable to you

what the industrial age would have

looked like. like it's beyond all

comprehension if you had an agricultural

age mindset to imagine factory

production or coal production

>> and the thing the principle there that

allows you to see what the future might

look like when it's exponential and not

linear is imagining any rate of

improvement and so this is how I think

always in my business is when I'm

thinking about which bet to make I

imagine if there's just 5% rate of

improvement per quarter eventually this

happens

>> and so with some things we've done on

this show we started two years ago and

for the first 18 months it didn't work

and then 6 months ago it exploded

because eventually the rate of

improvement got to the point where it

was viable and now it's the single most

important disruptive thing we've ever

done

>> and I think about what I the example I

just gave there of agents I'm like if

you just imagine any rate of improvement

just imagine 1% a year

>> and obviously it's way more than that

but imagine 1% a month eventually we get

to a point where a team of agents

>> if nothing if nothing disrupts it one

thing that is very likely to happen in

the next three years is the whole thing

comes crashing

It doesn't financially make any sense to

build the data centers that we're

building.

>> But you're not saying that AI is going

to disappear.

>> The technology itself is remarkable, but

the financial model just makes no sense

whatsoever at the moment.

>> At the moment, which is kind of typical

of bubbles, right?

>> So over the last 180 years, there have

been infrastructure buildouts that have

bankrupted the economy consistently

again and again and again. In fact,

there's a pattern. Whenever we spend

more than 3% of the overall GDP of the

economy on an infrastructure buildout,

it bankrupts the economy briefly for 10

years. Right? So this happened when we

did railway tracks. In fact, it happened

twice in the UK and twice in um the USA.

Then we bankrupt ourselves putting the

electrification grid in place. We

bankrupted ourselves putting uh highways

in place. Now there's something that

makes this worse than ever before and

that is that when we built train tracks

they lasted for 100 years. When we built

roads they lasted 50 plus years. The

telecommunications g uh fiber optics 30

years. All of these investments were

multi-deade investments that we could

get benefit from and and and leverage

for decades. Data centers last 3 to four

years before they need to be replaced.

So we are building something that has a

3 to four year life cycle that costs

hundreds of billions and it has to be

replaced every few years and there is no

financial model attached to this that

justifies it at all. So one thing that

I'm predicting is that in 2029 100 years

after the great depression we will see a

massive financial meltdown based off the

back of these data centers that have

been um developed at the moment. And for

someone that doesn't know what a data

center is,

>> so it's like a big Walmart or an airport

filled with computers and those

computers are running AI, right? So

every time you go on AI, you're

actually, you know, your request is

going off to a big computer in a

Walmartized building somewhere. But

those GPUs, those uh computer stacks,

those big ginormous computers, they are

like iPhones. They last about 3 years

before they get superseded. This year

ahead, we're going to spend 650 billion.

650 billion sounds like so abstract.

It's the equivalent of giving every

single person in America an iPhone Pro

with AirPods. But here's the crazy

thing. 95% of people who have been given

the the free uh iPhone are not willing

to pay for it. And the tiny number of

people who are willing to pay for it,

they're only willing to pay $20 a month,

most of them. So this $20 a month,

everyone's getting a free iPhone

effectively and then a small 5% of

people are willing to pay $20 a month.

The numbers are just astronomically out

of balance.

>> The numbers are astronomically out of

balance. So what happens next? You're

predicting in 2029 there's a financial

crash.

>> There's not a 0% chance that the

financial model around what what we've

launched with AI is catastrophic. It's a

huge financial problem that very few

people are talking about.

>> So let's talk about in a world of AI.

What are the skills that survive? And

like what what are the professions that

you believe survive? You've got

children, Daniel. When when they come to

you and they say, "Dad, um I'm hearing

about all this AI stuff and I've seen

these robots in China doing back flips.

What should I be learning now to make

sure that the next 20, 30, 40 years of

my career is prosperous?"

>> It's the entrepreneurial skill set that

is the most important skill set. It is

essentially the skills of identifying an

opportunity prototyping fast and cheap

experiments to see if you've got

something that people want, taking it to

market, making your initial sales,

scaling up to your addressable market,

and then exiting and then coming up with

a new idea. Because even if you're in a

big corporate, they're going to want to

prototype things. They're going to want

to spin out new products. They're going

to want to come up with new initiatives.

And we need to step through that process

of is this a good idea or not? Can we

validate it? Can we scale it? Right? And

you want to go through that process as

fast and as cheap as possible the way an

entrepreneur would.

>> And on that first point of identifying a

good idea.

Now is there any way to know if the idea

that I have is a good idea or a bad

idea?

>> Yeah, this is a step that entrepreneurs

call validation. And the rookie

entrepreneurs that fail, they don't do

this step very well, right? So they

don't do market validation. They don't

do product validation. They simply get

excited about an idea and then they go

all in on the idea. And what really

experienced entrepreneurs do is that we

come up with ways to do fast cheap

experiments. So for example, last year I

had two ideas and I I actually kind of

liked one a lot and I liked one a little

bit. And what I did is I set up a

waiting list campaign and I basically

invited people to join the waiting list

for idea number one and about 750 people

joined that waiting list and they filled

in a set set of questions so that I knew

that 750 people were interested in this

idea. This was my favorite idea. And

then the second idea I invited people to

join that waiting list and 4 and a half

thousand people joined that waiting

list. So even though this wasn't my

favorite idea, it was way more exciting

for people and way it was sitting on top

of a much bigger need. So off the back

of collecting 4 and a half thousand

people on the waiting list and

collecting all the data and the

information, we went to some angel

investors about a week later after doing

that and we raised quarter of a million

pounds. So about300 or $400,000

and all of that took about a week or

two. With that example, how do you know

that the business itself and the

delivery of that idea actually meets

their expectation? Because I can think

of multiple examples where someone

clicked on an idea that I had, but

actually the delivery of that idea fell

short of expectation because sometimes

things can sound good when you you see

the flyer or the poster or the advert,

but the reality of the experience is

actually not that great.

>> So, let me walk you through the six

steps quickly. Step one is called

founder opportunity fit and founder

opportunity fit is finding something

that you want to do. Step two is

validation. Right? So this is where we

actually try and see is there a market

could we could we build something? Could

we sell something? Right? So that's two

validation. Can we build it? Can we sell

it? Step three is called product market

fit. And this is the next step where

you're actually trying to figure out can

we actually make this live up to

people's expectations so that they

really like it. Is there a group of

people who buy this and they're happy

with the purchase? And we want to do

that carefully and cheaply. And then

finally once people say well or the next

step once people say yes we can do that

we go to market and go to market is

making sales. And then after going to

market we scale up right step five. And

then the final step is we exit. So we go

through those six steps and we call that

a value creation loop. And that value

creation loop goes through those six

steps and each step has its own little

job. And what we're trying to do is just

validate, go to the next step, achieve

the milestones, go to the next step. And

and that's how we do it as

entrepreneurs.

>> So in a world of AI, are there any

particular opportunities that you think

are um new and exciting that anybody

listening right now could pursue to make

money, whether it's passive income on

the side or to leave their current role

and pursue entrepreneurship for?

>> Well, the starting point is that

everything is an opportunity because

what do entrepreneurs do? we find things

that could be done better, faster,

cheaper or with more emotional benefits.

>> But has AI created any particular

interesting opportunities in your view

that you think that's a a huge arbitrage

opportunity?

>> I think one of the best opportunities is

a small SAS company. So software as a

service was an elite level business

opportunity that very very few people

could enter. That was something that

only maybe tens of thousands or hundreds

of thousands of founders at most

globally could have a software company.

So it was very very elite. And the

reason it was elite is because it was

very very hard to mobilize the talent

required to build a software company.

You probably needed, you know, maybe 10,

20 or 30 uh developers to build a

software product that would actually be

a good software product. You needed to

raise millions of dollars to get through

the costs of developing software uh

companies. And you probably needed

10,000 customers to have a break even

software company. Now, because of AI,

all of those costs have massively come

down. And there are software companies

that are wildly profitable that have 500

customers or a thousand customers. They

service a tiny little niche. Uh they

attach a community and some media and

some training to those little software

niches. So one of the most exciting

things is that if you essentially said

that I would like to take what I know,

turn it into a playbook, take that

playbook, ask AI to advise me on what

software we could create, and then use

AI tools to build out that software.

you're able to get very deep into that

journey for almost no money.

>> I was thinking about this the other day

because in my company, we're rebuilding

our entire ATS ourselves.

>> So, an ATS is basically the system you

use when you recruit people. Everyone's

name goes into the ATS. It's kind of

like a like a search engine. Yeah, like

a database of where candidates who have

applied for your company currently are.

>> And over the last couple of years, I've

paid tens of thousands of dollars every

year for an ATS for my companies. And

this year I thought, you know what,

actually I reckon we could build an ATS

in a couple of weeks ourselves and it

could be bespoke to us. So we started

that project. I saw the the first

version of it yesterday. We started a

week ago

>> and the first version the the version of

it I saw I was like, "Oh, this is

significantly better than what we were

using before because it's bespoke."

>> Yeah. And this made me think about the

the opportunity of creating software

generally, which is that in a world

where it becomes, as you say, like

cheaper, easier, faster, we're all going

to be using more software, but we're

probably not going to be paying

other people for their software,

especially when it's these kind of

tools, productivity tools and systems.

>> It's purely a tool, it's very easy to

replicate. But if it's a tool that comes

with a community, if it comes with

education and training, if it comes with

agents that

>> education and training.

>> Yeah. So like for example, if you were

to do an ATS, right, an applicant

tracking system, a a hiring tool, and

you had the DOAC uh system and method

that I can go and attend the training as

to how you on board people, how you

create culture, how you do things at

DOAC, I'm now interested in the software

because it comes with that exciting

training. if there was also a boot camp

that I could go to that was attached to

that product. If there was also an

annual retreat or a dinner series, if

there was also uh some funding

opportunities that came with that. So

once upon a time you were just simply

going to focus on creating a software

tool because that was so labor intensive

and also it had a natural moat or

protection around it that you didn't

have to get creative. But now we live in

a world where the AI lets you to build

the product pretty quickly. It helps you

to do all these other things that we

talked about and suddenly it's actually

quite a a fun product that you that you

can spin up. What you've already created

would have probably cost 500,000 in 6

months.

>> Oh my god. 6 months. I wish.

>> Not that long ago.

>> Yeah. It would probably cost It would

have probably taken about 18 months

total end to end.

>> And you've done it in a week.

>> Yeah. And so everyone else can do it in

a week. And in fact, if anyone if that's

anyone's business right now, there's

going to be a thousand new ATS systems a

day. One's going to trend on Twitter.

You know, people are going to download

that one and then they're going to jump

ship because a new one emerges and it's

better, it's more agentic, whatever. And

so, again, I think are we seeing

software generally become a commodity?

>> What we're going to see is we're going

to see all business opportunities be

like YouTube content. I mean, if I went

back 25, 30 years ago and said there's

going to be 10 person unfunded little TV

studios that produce content every

single week for almost no money.

You you would think that's crazy. I

mean, Seinfeld used to cost 5 million an

episode. Um, The Simpsons and Friends,

these were all multi-million dollars per

episode. And we've now replicated that

that can be done like by a tiny little

team for free every week. It's

interesting because the minute we say

that the answer is to do these things

that are now easy and free and cheap to

do, it's almost like we we then don't

acknowledge the fact that if everyone's

doing it, it's no longer a valuable

thing to do.

>> It's less valuable.

>> Yeah. As it becomes easier, the other

access is the decline in the value. So,

we're saying we're saying to people go

be a content creator. But the very fact

that they can without needing a CNN size

skyscraper or production equipment also

means everybody can which means that

that that actually is losing value at

the same rate that it's becoming easy

theoretically and and so what I

continually think about from first

principles is what is it that I can bet

on that is irreplaceably human which

only I can do and a kid in Mumbai cannot

do. And so when we say software I go kid

in Mumbai and then we say content I go

kid in Mumbai. Well, uh, physical

experiences in the world, real world, I

agree with you. So, standing on a stage

and telling your story is something I

mean, you already see that thousands of

people show up to see this and to be

part of to be in a room with other

people who are sharing an experience.

See, the thing that the AI version of

you can't do is turn up to an event.

>> I agree. So, I I say what I say because

I genuinely want to be challenged here.

I I'm I sit here with these AI experts

and CEOs because I genuinely I hope that

they say something that

>> tilts the current belief that I have and

like makes me go, "Oh, actually, you

know, that's a good point. I'm in search

of good points on the subject matter."

So, when I said what I just said about

content software becoming increasingly

commoditized and because it's becoming

commoditized, we're like tempting people

to go do more of it without

acknowledging the fact that the very

fact that people are doing more of it

means it's less valuable and it's more

of a commodity. And what I'm saying

though is that these things have to go

together. So simply like anyone who's

doing real world experiences, I think

what's going to happen is you'll go to a

conference and that conference will come

with custom software that lasts 2 or 3

weeks that is really really interesting

and it relates to that conference and

that software was created as a SAS

product for the attendees of that

conference and it kind of pops into

existence very briefly. These things

used to be separate and now they all

cluster together, right? So, it's a

buffet of things that you all put

together. If we take most successful

businesses now, they do social media.

That used to be a standalone business.

It was crazy to think that a hair salon

could also be a media business. I've met

with tens of thousands of entrepreneurs

and the number of people who want to go

big is tiny. It's a fraction of the

entrepreneurial community. What most

people want is a business that provides

an amazing lifestyle. They want to live

and work from anywhere. They want to be

able to travel. They want to do three or

four days a week. They want to drop

their kids off at school. They want to

uh do non-monotonous, interesting work

that is a little chaotic, a little

creative, a little bit fun, a little bit

challenging. They want to work with a

small group of people that they get to

know and enjoy and travel through life

together. And those are the types of

things that the majority of people

actually want. Very few people actually

want big. So, one thing that I'm

noticing is that it's probably harder

than ever to build a big business, but

it's easier than ever to build a small

successful business. So, if we were to

say that a business that does 1 to 5

million of revenue with a team of 10

people, that is like totally

like super uh possible. But once you go

beyond that, it's becoming harder and

harder because you get disrupted more

frequently. So you have to be an elite

athlete of entrepreneurs to withstand

the constant disruption and and um the

the constant change that's coming. So

because your natural mindset is to think

really really big, you're probably

missing that for many people who are

working in a annoying corporate

environment and their job is monotonous

and they feel tethered to a desk or they

feel tethered to a team that doesn't

really care about them. you know, a lot

of those people are going to actually

end up in small dynamic little

businesses that will never be big, but

they'll be great. They'll be fun, you

know, and people will, you know, have

flexibility and they'll have uh, you

know, great, you know, great

opportunities as a result.

>> I think you're right. I do have a bias

towards trying to find, you know, big

opportunities. But actually, I think the

big blue ocean opportunity, which is,

for anyone that doesn't know, I think of

red oceans from the the book called Blue

Ocean Strategy as very competitive,

>> hyper competitive horrible markets where

it's like a race to the bottom. You're

all doing the same thing. Like you're

all saying the same thing, doing the

same thing, and you all think that your

unique positioning is is unique, but

it's actually not. The market doesn't

value it any differently. Like a wine

company saying that their wine is a year

older or that using a fancier word on

the label. It's a red ocean, a blood

bath. A blue ocean is an uncont

uncontested waters where you have room

to grow much less competition and there

is actually something fundamental to

your proposition your business idea the

thing the value you're giving to the

world that is unique

>> I'm looking for blue oceans

>> and yes I will try and build a big boat

in the blue ocean

>> because that's my nature but also life

is easier when you sail in blue oceans

for everybody even if you want a

lifestyle business I think one of the

great examples at the moment is if you

started a marketing agency when I

started In 2014, especially a social

media agency, you were in the blue

ocean.

>> You were briefly

>> briefly. And they say, you know, blue

oceans often last for 10 years. In 2024,

my best friends, I'd say 70% of them run

marketing or brand agencies.

>> Yeah.

>> I'm having the same same therapy session

with them once a month at the moment.

And if you look at the big five, big

four, big five agencies in the world,

the WPPs and Martin Surl's business,

>> they're all

>> they're all competed to way their

margins. They're struggling. Yeah.

>> They're losing their profit. they're

losing their market share.

>> And AI and digital technology means that

this disruption cycle happens in months,

not years anymore. So you said a blue

ocean can last for years or decades. Not

in the world of AI. In the world of AI,

as soon as we've identified that you've

got a blue ocean, we can replicate that

real fast and we can come and fly out to

your blue ocean with with an with lots

of competition. Here's something that's

interesting. Throughout all of history,

whenever you find societies that have

low social mobility and hyper

competition, there's lots and lots of

festivals. So you go into medieval

times, they've got a festival for every

season. They've got a festival for every

life event. There's just constant

festivals. You go into rural Africa,

rural India, and it's festivals,

festivals, festivals, right? Weddings,

funerals, seasonal festivals. It's a

huge part of human culture that we have

lost in big cities. like we don't do a

lot of festival or rare it's rare that

we do a lot of festivals these real

world experiences but I don't

necessarily think it's a blue ocean

because uh as soon as people realize how

much people want to do festivals and

want to do real world experiences a lot

of companies can also add this to the

mix I think what is defensible is

community experience and embracing the

constant chaotic change and coming up

with new stuff all the time

>> one of the bets I'm making and it goes

back to what like again reasoning up

from those principles. If the question

is what can I do that an AI agent or AI

could not do and especially in the

context of what humans will continue to

need.

>> Mhm.

>> When you were born Dan, you're born with

a bunch of needs and those needs like

fundamentally haven't changed. One of

them is like connection.

>> I think you'll always be able to discern

what is real human connection from

artificial connection. I remember being

16 years old and in my psychology class

at the back when they told me about the

recess monkeys experiment where they got

a recess monkey, this little small

little monkey. They pretended that its

mother was a wire mesh. So they made a

wire mesh mother. The recess monkey

grows up to be a psychopath because it's

it fundamental human need of connection

is not met. They then did it with a

cloth and the recess monkey grew up to

be a bit more stable. And then obviously

they showed the examples where the

recess monkey actually had a physical

flesh mother and it was it was fine. So

I say this to illuminate the fact that

we have fundamental needs that if not

met there will be consequences. One of

ours is connection. So, as a content

creator, I can sit here and I can tell

you what happened today, right? I can

say at 6:00 this guy broke into this

bank and then he left. I think that's a

commodity. Now,

>> I think the thing that I can do as a

podcaster, as a behind-the-scenes

content creator, as a streamer,

>> this is why I'm so bullish on streamers

>> is they're making irreplaceably human

content. There's no AI that can an AI

can tell you what menop what happens in

menopause. An AI can't tell you its

experience of menopause. Yes, we need to

find something that only we can say as

humans. And every single person has this

by the way, but a lot of us overlook

what we can say as a human. I recently

came across a financial planner and his

name is Matt Pitcher and he gave a TED

talk and the TED talk is about what it

was like for him to meet 100 people who

had won the lottery. So, he had a

partnership as a financial planner with

the uh British lottery. And every week

someone wins the lottery and then he

goes in and meets them a week later

after they've discovered they've won the

lottery.

>> Wow.

>> But what he did did is he looked back at

his history and he had lots of different

things that he was doing, but he looked

back at his history and he connected

some dots and he said, "Hey, wait a

second. There's something that only I

can talk about. There's something that

is that is my thing that I've

experienced that I live through that

I've sat in those living rooms. I've sat

eye to eye with those people and only I

can talk about that." And because of

that TED talk, he's he's had half a

million views in the first few weeks and

you know, his business is obviously

going to explode and all of those kind

of things because he found something

that only he could say. I believe that

every person has something that's human

that only they can say that's highly

relatable. You shared with me an

interesting philosophy. Uh when we first

met, I did my first episode on Diary of

a CEO and it got millions of views. And

I said to you, why is it that my episode

got millions of views, but a few weeks

ago there was a billionaire CEO who only

got a few hundred thousand views. And a

few weeks before that, there was a

billionaire CEO who only got a few

hundred thousand views. And you said,

Daniel, relatable beats impressive.

>> Yeah.

>> And a lot of people think that they have

to cure cancer or launch a rocket to

Mars or that they have to win a Nobel

Peace Prize or float a company on the

NASDAQ. And actually each individual

person, we have to discover what I would

call your personal intellectual property

or your personal intellectual capital

and your personal story, your personal

playbooks, you know, your your triumphs

and your disasters, the things that

you've done that are interesting to a

certain group of people that you can

quantify, that you can describe, that

you can give me what it was like. Those

are your personal playbooks. Now once

you have personal playbooks, you have

the ability to turn that into all sorts

of products and services through AI. But

you but it starts with having personal

playbooks.

>> I think this is the key mistake that a

lot of content creators are um making,

which is because it's easy to make stuff

now, it's tempting just to churn stuff

out.

>> Yeah.

>> Whereas I'm making less content now in a

world of AI. If you look at my LinkedIn,

I used to post, if you go back like

three or four years, I was just churning

stuff out my quote picture, anything

fluffy, like just fluff

>> data.

>> Yeah. Now I go, well, if everyone can do

it, the reason why my LinkedIn, you'll

see almost every post I post now is a

human story about something I've gone

through, you'll see photos of me, you'll

see photos of my family.

>> You're saying stuff that only you can

say.

>> Yeah. So, we all have to find what is

the thing that only you can say. And no

robot, no AI could ever say that because

it hasn't lived that experience.

>> Yeah, it's got all the data. It's got

all the knowledge, but it's got no lived

experience. And also from a business

perspective, an AI can never stand on a

stage. An AI can never host a dinner

party. Uh an AI can never meet someone

face to face and put their hand on their

shoulder and say, "Hey, I've been

through what you've been through and

you're going to be okay." Right? So all

of those things AI can't do. So once you

discover something that only you can say

it it becomes a superpower.

>> I think my best performing post this

year was actually me proposing to my

fiance a prime prime example of

something that is irreplaceably human

which is getting down on one knee and

telling another human being that you

love them. There's no AI that has ever I

mean listen

>> it's never experienced it.

>> Yeah. Exactly. So and there's something

so human about that.

>> It's relatable. It's not impressive.

It's relatable. Um from first principles

I ask myself which type of content am I

making is creating the the strongest

parasocial relationship

>> with the person on the other end. If I

post on my LinkedIn everything happens

for a reason. Am I how much have I moved

the needle on our our relationship my

relationship with you? Probably zero. If

I talk about something more human, some

struggles that I'm having uh from a

human perspective, if I'm more honest,

authentic, and open or vulnerable about

the experience I'm going through, like

streamers who sit there for seven I

think did I say this last time that I I

asked a streamer a couple of questions.

>> And I asked the streamers like, "What do

you do?" And he was like, "Oh, nothing.

I just sit there and

>> sit for seven hours and watch Judge Judy

with the audience and we chat." I say,

and this is a prime example of

Parasocial.

>> They actually talk to you. They go chat.

Let me know if you think X Y or Z chat.

Drop W's in the chat. That's a friend.

>> That's the closest thing to a friend.

It's the strongest parasocial

relationship.

>> Well, you said about the football game

where the loudest cheers in the audience

came for those streamers who were just

connecting with people.

>> They've built friendships basically with

their audience. So, of all, I think in a

world of AI where justformational

content, which is this thing happened or

this is what the gut microbiome is, is

going to become commoditized. The thing

that isn't commoditized is content that

creates relationships with audiences and

then as you say then converts that

relationship into stronger experiences

like IRL events and so on and so forth.

I've got a couple more ideas that I I

haven't fully shared with the world yet

but I'm just I'll wait for the right

time about all of this stuff.

>> See it's not one piece that is adding

the value. It's the ecosystem of pieces.

So it's having something to say that

only you can say. Let's call that your

personal playbooks. Let's call that your

personal intellectual property. It's

having the people or your community that

you're going through life with, right?

That's called that your ideal customers,

your ideal personas if you want to make

it a clinical definition of in marketing

speak that that gives rise to a personal

brand. When those two things touch, you

then end up with a personal brand,

right? As if by magic, you end up with a

personal brand because you've got

intellectual property and you've got an

ideal customer who connects with that

and then you you are the person who

embodies it. So you you give rise to

that. And then the question is, well,

how do you make money from that? Well,

you productize it. You create products

and services. And it's the product and

service ecosystem that makes money. It's

not one product or service. It used to

be that you could just have a a product

or service that you offer. And now it's

the product and service ecosystem. The

people that I see making the most money

at the moment, they don't do one thing.

You don't do one thing. Right? So, if I

look at uh your personal P&L, you've

probably got 27 different ways that

money came and hit your bank account

last month. There's speaking, there's

podcasting, there's AdSense revenue,

there's sponsors, there's shareholdings

in different companies that you've got.

Um, there might be some one-to-one

coaching that you might have done. There

might be an appearance fee. There might

be some book royalties. There's multiple

books. Uh, there might be some software

that you've launched. So there's all

this stuff that sounds crazy and chaotic

in a pre-AII world, but in a postAI

world, it's not that hard to create all

these different products and services

and to be launching different things and

to be going on a journey with people and

having a product and service ecosystem.

I'm the same, by the way. I've probably

got 20 different things that, you know,

that I'm involved in at any given time.

>> I was reading yesterday that the for the

first time, I mean, I was reading a few

things. One of the interesting things I

read is that Spotify said their best

developers haven't written a line of

code since December thanks to AI, which

again is a whole another conversation.

Maybe we should touch on that. What are

the occupations that you genuinely

believe won't exist 5 years from now as

we know them?

>> People say lawyers are going to be

disrupted.

>> Well, I recently had a law legal case

that I had to resolve and it was going

to cost us £50,000. So, $60,000

uh as a start the process with a law

firm. We took matters into our own hands

and we used Claude and we actually fixed

the process and resolve the process by

spending 20 a month, $20 a month. And

Claude gave us a coaching session on how

to handle it. Gave us multiple decision

tree pathways. Gave us the documents

that we would need. Gave us an Excel

spreadsheet of do say this, don't say

this in the negotiation. And it made me

realize, my goodness, what a lawyer's

going to do. Uh because if all they do

is charge for time for money to

regurgitate contracts, I don't need that

anymore. Right?

>> Multiple reports say legacy legal tech

and data firms have lost roughly 20% of

their value so far in 2026.

>> 280 billion was wiped off the value of

publicly traded companies like that in

the last week. Like it's wild. Um

because we're not going to need that. I

don't believe we're going to need these

business models as they currently stand.

I think they're going to have to change

and adapt. I think a lawyer needs to

take a completely different shape. Part

business coach, part lawyer, part prompt

engineer. They're going to be the key

person of AI in the room who the

lawyer's job will be to work with you on

your AI prompting and help you get the

resolution. You're probably going to

need a lot less of a lawyer's time. Blue

collar work has been devalued. And we've

seen people who work with their hands

and people who uh turn up to your house

and fix your house in a devalued role.

And it could be in the next, you know,

uh, couple of years. These are the roles

that are elevated the most and that

plumbers regularly earn more than

lawyers simply because the nature of the

economy has changed. One thing I've

learned over the last 25 years is the

pendulum swings. Things that very few

things stay the same. There is always

this swinging pendulum. And the swinging

pendulum is like, oh yeah, white collar

work behind a screen is the high value

thing. Oh, no, it's actually blue collar

work with your hands. You talked about

supply and demand. We dis the government

disrupted the natural way children go

out and find opportunities in the world

by making university loans come along.

And they said, "Oh, everyone can just

take out a university loan and go to

university. In fact, you must and you

should go go to university. Get yourself

in debt or else you'll never get a job

anywhere if you don't do a university

degree." And lots of young people who

should have been plumbers, electricians,

and concreers and brick layers went off

and became a m got a master's degree in

the mating habits of butterflies and you

know some random degree that doesn't

have a job attached and they ended up in

60 70 $80,000 worth of debt to get this

degree that no one was asking for. That

market distortion means that we now

don't have many plumbers and

electricians and the blue ocean is now

being a trades person.

There's a phase a lot of companies hit

where they're no longer doing the most

important thing, which is selling. And

they get really bogged down with admin.

And it's often something that creeps up

slowly and you don't really notice until

it's happened. Slowly momentum starts to

leak out. This happened to us and our

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>> Steve, what are you doing?

>> Uh, just making myself a delicious

coffee

>> from the freezer.

>> From the freezer. Have you not heard

about Contier?

>> No.

>> Oh my gosh. This is going to change your

life. A couple of months ago, the

founder of this business called Matt

sent a big shipment of this coffee to

our office in London. What most people

don't know is that the processing of

coffee takes out a lot of the taste. So,

what they do is they flash freeze it at

the optimal moment when it's most tasty

and they send you in the post the coffee

in these little frozen ice cubes. Now,

Matt sent a big shipment to my office. I

moved it to the kitchen. I said to the

team, "Knock yourselves out." And then I

saw so many messages in our Slack

channel of people going, "Oh my god,

what the hell is that? It's so

delicious." All I have to do is pop it

out in the morning using the little

button on the back of this thing. I pour

my hot water in and I mix it and that is

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Try it and please Instagram DM me,

LinkedIn me and let me know if you love

it as much as I do. I was looking at the

um top 10 jobs according to AI that are

most likely to be disrupted and it said

things like drivers with Mackenzie

estimating 30% of them will be automated

by 2030 customer service representative

and call center reps which I used to be.

>> Mhm. Same

>> 50% headcount reductions after AI roll

out according to some estimates some go

up to about 80%. I actually saw a tool

on my timeline yesterday that is real

human voice indistinguishable from

humans that's just launched and is

causing a huge stir. So that they're

thinking that will replace even more of

the customer service roles. I I did

speak to the CEO of Cler TLDDR as he

said we currently have 7,000 employees.

We're going to be able to get down to

3,000. He said after summer because of

um AI and we'll be using our existing

team members that are in customer

service roles to do more sort of bespoke

white glove VIP

>> VIP stuff will go up. In fact, Jean's

paradox would suggest that a lot of the

dehumanizing repetitive work will go

away. But actually, if there are AI bots

that are really good at setting

appointments for a VIP human person to

have a conversation, then that work will

go through the roof. Because one of the

reasons that people, like right now,

most companies wish they could have more

VIP conversations, but the appointment

setting, they don't have a lot of the

low-level appointment setting stuff

happening. And if the appointment

setting stuff, if the cost of that goes

to zero, then the the the affordability

of the VIP level treatment um becomes

you know becomes uh much more feasible.

>> Retail cashes, admin assistants,

bookkeepers and payroll clerk, sales

development reps, warehouse workers with

um Amazon and others reporting that

robots now assist or replace labor in a

roughly 40% of fulfillment tasks. And

that Boston Dynamics video, which I'll

put up on the screen, shows a humanoid

robot working in a factory. What's nice

about some of this is that many of the

jobs here are jobs that a lot of people

don't actually like doing. They are

repetitive and dehumanizing. They're

late night. They're early mornings. So

potentially,

provided there is a Jeins paradox that

something happens that's more fun, more

humanizing, more interesting, more VIP,

more chaotic, and you know, all of that

sort of stuff. It could be a very

positive thing.

>> Fast food workers. Um, or

>> I used to be a fast food worker.

>> So did I in McDonald's? I think it was

two days. I did two years at McDonald's.

>> Oh, really? Because this disruption is

happening at record speeds. Where do all

these people go? Because, you know, even

in examples, oh, they could do AI

labeling. They need to be upskilled and

trained. And I worry that the rate of

disruption isn't going to meet the rate

of creation of new opportunities.

>> And I really do worry about this. Like I

think people wonder why I have these

conversations on this podcast over and

over again. My philosophy to talking

having conversations on this podcast is

basically I'll say to my team I'll say

Steve you want to have a conversation

about

>> you know this particular subject the gut

microbiome and I'll say

>> we've covered it

>> which basically means I'm no longer

curious y

>> I have the answers I know about the

trillions of gut micro and I know how

the gut brain access let's move on

>> I keep having these conversations about

AI because I feel like I'm getting no

good answers

>> okay so here's what's interesting there

is something which you have which is

this elite mindset which is how do I

organize society

so that everyone gets a job and everyone

does stuff right and this is this is the

trap that many people have fallen into

and it's actually at the root cause of

socialism so the root of socialism is

that I know better than everybody else

and I will come up with a way of running

society so everyone gets looked after

that's the top down mindset the crazy

mindset that actually works is if If we

give people education and training and

we make opportunity transparent and we

actually let people know what's actually

happening in the market and we give them

price signal data, they will

selforganize and reorganize and they

will have a bottom-up revolution and

they will find amazing interesting

things to do. The money is in the

economy, right?

>> You think that's true?

>> That's called capitalism.

>> I know, but

>> capitalism works

>> in the UK. Let's take the UK as an

example, cuz we're all just screaming at

each other about brown people. We're not

talking about the the real alien, which

is like the fundamental economic

disruption of AI. Yeah. There's a report

that came out yesterday showing that

unemployment in the UK has hit

>> it's 25% up and youth unemployment has

grown by more than 25%.

>> It's like 16.1% of people that are

between 16 and 24 unemployed now.

>> Yeah.

>> And we're still not talking about the

economy. We're talking about brown

people.

>> When people feel that they can't get

ahead, they look for somebody to blame.

And this is historically consistent.

What is really happening is that the

government has become so big in the

economy. The the UK government is now 45

to 50% of all spending in the UK

economy. That's essentially a socialist

or it's getting socialist. Every amount

of government spend is a market

distortion regardless of what it's for.

And I'm saying there plenty of things

governments should be spending money on,

but all government spending is a market

distortion. It's not market driven. And

there is a monopoly on spend. So

therefore, it is a market distortion.

The more government spending you have,

the more market distortions you have.

>> What do you mean by market distortions?

>> So a market distortion is where the

markets are not really able to function

because there is some big organization

like the government spending money and

taking away price signals and taking

away the realities of the market. So a a

great example is what happened with

student loans. So rather what in a

capitalist society what would have

happened is that young people would have

heard oh my goodness there's a shortage

of brick layers. Have you heard that

brick layers are making £300 a day? Wow,

I would love to make £300 a day. I'm

going to go be a brick layer. Guess

what? It's a brick layers apprentice.

I'm going to go and be an apprentice.

I'm going to get paid to learn this

trade. And there would be a market

driven pull towards being a brick layer.

A young person would get a job at a bank

and the bank would say, "Hey, can we

please pay for you to do a finance

degree because we need more people

who've got a finance degree and we will

actually pay for you to go through

that." So that's a functioning market.

It's basically based on uh needs and

wants and things that are needed within

the economy. What the government did is

they created a what's called a market

distortion. They said to all young

people, we are going to give you as much

uh lending as you like to go out and

take whatever university courses you

want. Um there's no price data, there's

no signaling data. It's just you if you

want to borrow £50,000, you can go to

any course. If you're really interested

in the breeding habits of butterflies,

go and do a master's degree in that. and

um you know, happy days, right? You you

could it doesn't matter whether there

are jobs associated with it, you must go

and get a a university degree. So, they

set up an entire system that pushed

young people to go get £50,000 worth of

debt and do a degree that no one was

asking for. That's a market distortion.

We now have a bubble of over 280 billion

pounds worth of uh debt that will

probably never be repaid. Uh we have a

entire generation of young people who

are saddled with this debt that takes

away all motivation. There's no point in

working because they pay such high taxes

every single time they make a payment to

pay off their student loan. They they

pay 600 but the debt goes up by 650.

Right? It's it's absolutely insane. And

that's a classic example of governments

meddling with the markets creating a

market distortion. And now we have

hundreds of billions of dollars worth of

people who are very angry, very upset uh

because they are trapped in a student

debt that will not go away for decades.

>> Rashi Sunnak, the former prime minister

of the UK wrote an article last week

which you might have seen where he said

that if the UK fails to fix its

productivity problems and seize the AI

opportunity, the country risks becoming

a tourist theme park.

>> Yeah. Not even a good tourist theme

park. you know, there's there's, you

know, there's not a lot, you know, at

least a lot of other countries have

beaches and mountain ranges and ski

resorts and, you know, the UK doesn't

have a lot of that. We have to let

markets function. The issue that we

have, and this is this is actually a

trap that you're falling into is trying

to figure out top down, how do we

organize society, which is socialism,

right? The top down approach of trying

to fix this problem for everybody is the

socialist mindset. And it does it it

doesn't work. If you were the prime

minister

>> Yeah.

>> and you you can see the future that's

coming.

>> Yeah.

>> What would you do?

>> So the number one thing the UK needs to

do is reduce government involvement

where we need to get the government

spending down less than 35%.

>> Where'd you cut?

>> Right. So the key thing that you need is

that you need well there's loads of

places to cut, right? Like getting

involved in trying to do wind farms and

solar farms and all of this 40 billion

and all this sort of stuff. Preventing

companies from accessing natural gas

that is just sitting under our feet is a

crazy thing to do. Spending 20 billion

trying to give away one of our islands

to someone is a crazy thing to do.

There's all sorts of crazy things that

the government is spending money on.

Bureaucracy is a crazy spend. Do you

know that the um Birmingham City

Council, they wanted to migrate from SAP

to Oracle

>> and from a CRM system with SAP to a CRM

system with Oracle, a software system,

right? So they wanted to migrate from

one software system to another software

system. They thought that it would cost

£19 million which in itself is a very

high amount to migrate from one software

to another software. It cost £220

million.

>> So are you saying that you think the

government should just do less stuff?

>> They should be involved in less stuff

because what's happening right now is

that there is so

much government spending that the

benefits for succeeding are being eroded

by taxation and people are just leaving.

See, here's the thing. There's with

capitalism, the only benefit of

capitalism is the creative

entrepreneurial process, right? That

creative entrepreneurial process that

produces amazing companies and amazing

innovations and it creates stuff that is

better, faster, and cheaper for

everybody's lives. That comes from

capitalism. But if you take away the

incentives for doing that, you

essentially don't have that happen

within your country. And then as soon as

you don't have that, you don't have any

economic growth. And then as soon as you

don't have any economic growth, all

you're left with is the debt. And the

debt erodess your economy and kills your

economy and you don't have any growth to

counterbalance the debt. So you enter a

downward spiral. And that is basically

the same socialist scam that happens

over and over again everywhere that it's

tried. You're essentially trying to get

rid of the worst elements of an economy,

which is cronyism and extraction. But

that happens under socialism. you just

simply lose the one thing that doesn't

happen under socialism which is the

creative process, the entrepreneurial

process, the innovative process that

creates new value in the economy. So

what we've currently done in the UK,

we've taken away all incentives for

people to be in the UK and to succeed.

I'm sure you know people personally who

are no longer in the UK as tax

residents, who should be in the UK as

tax residents. They like the UK, they

enjoyed living in the UK, but what

happened? they left. You and I had a

debate with a guy a year ago and he

said, "Oh no, people are not going to

leave the UK. We can tax them as high as

we possibly can. We can ramp up the

taxes."

>> Gary Stevenson.

>> Yeah, Gary Stevenson. And Gary's

prediction was that rich people are not

going to leave. And he also predicted

that the house prices are going to

explode and that we're going to have

these horrible house prices. What's

happened? Housing market has gone flat

because people are leaving. the

economically active produ producers,

providers, they have left in their

droves and the economy is now in real

trouble. If you ask anyone who has left,

what do they tell you is the reason that

they left the UK?

>> Well, it's one of two things. It's

generally, I think they feel a sense of

pessimism about building their future in

a place that that feels like it's

unmanaged decline to some people.

>> And then the other cohort will say tax

reasons,

>> high taxes and and it just feels like

you can't get ahead. And also the third

I'd say is they they think that talent

is elsewhere. So they think they have a

better chance of getting capital and

talent employees if they move to America

or Dubai or wherever else.

>> Yep. And if you go to Dubai low taxes

and if you go to America lower taxes um

more opportunities. So we are living in

a time where you know a lot of countries

are exploring this socialism thing and

unfortunately it's a scam. But even

what's interesting is even your mindset

is we need to fix this top down as

opposed to fix it bottom up. With AI, we

need to give people price data, price

signals.

>> What does that mean?

>> It means that they need to be able to

see what's happening in in the economy.

A young person needs to know that

someone's making a lot of profit. They

need to be able to see there is

opportunities to do this, there's

opportunities to do that. They need to

also see, oh, this is no longer an

opportunity. So, this was great. This

was a great opportunity 5 years ago, but

it's not such a great opportunity now. A

lot of young people are going to

discover, oh, wait a second. I could get

into house renovations because a lot of

houses need renovating. And they go,

"Oh, cool. I've heard about someone

who's making money doing that. I'm going

to go do that." So, that's just having

access to price data.

>> When I look back over the last couple of

years, data from Henley and Partners in

2023, it says 3,200 millionaires net

left the UK. In 2024, 9,500 millionaires

net left the UK. In 2025, projected

16,500

millionaires are expected to leave the

UK, which is a record outflow. And

predictions that have not yet been

published warn that the trend is likely

to continue into 2026. When you think

about this, like I guess there's two

questions, which is why does this

matter?

>> Mhm.

>> And then the next question is what

should I do about it on an individual

level?

>> So why does it matter is because 1% of

people pay for 30% of the bills and uh

10% of people pay 60% of the bills. So

if those people leave then those bills

get passed on to everybody. We've seen

this here in New York. So we're at the

moment we're in New York and this

socialist mayor Mandani has basically

just come out today and said we need to

put everybody's taxes up because we need

to spread the bills of the city across

all the residents um because people are

leaving. Right. So he wants to propose a

9.5% tax rise on all people uh who who

own homes regardless of the value of

those homes. So essentially when rich

people leave they leave behind a lot of

bills that everybody else has to pay

that they were previously paying.

>> In his February 2026 preliminary budget,

New York Mayor Zorhan Mandani proposed a

9.5% property tax increase to address a

projected 5.4 billion budget shortfall.