Source — Kevin O’Leary — YouTube
I’ve written about Kevin O’Leary several times.
He’s an interesting character.
You may recognise him as the guy who was a paid public spokesperson for FTX, set to receive an astronomical 15 million dollars to endorse the now-bankrupt Crypto exchange.
He supposedly lost every penny.
I like O’Leary, his tone and how he comes across in interviews. He can explain complex financial topics and make them incredibly easy to understand.
Kevin O’Leary’s financial skills come from his mother.
After she passed away, his family discovered that she had invested a third of her weekly paycheck in large-cap, dividend-paying stocks, which yielded significant returns.
O’Leary believes that his mother’s saving and investing strategy significantly influenced his early success in business and investing.
One of the essential pieces of advice he often gives to people who want to invest their money is always to send your money into battle prepared and supported.
In other words, you should always understand what you’re investing in and have a solid plan before putting your money into anything.
Kevin O’Leary — Source
“I never send my money into battle unprepared and undefended.
I send it to conquer, take currency prisoner, and bring it back.
So much of life is a negotiation — so even if you’re not in business, you have opportunities to practice.”
Controversy’s
You might know Kevin O’Leary as a sound financial advisor and a personable communicator.
However, he’s been in the media spotlight for the wrong reasons.
His investment in the trading firm FTX turned out, as he says, “A very bad investment”.
FTX, at worst, was a fraudulent exchange and, at best, mishandled its customer’s funds.
O’Leary lost the entire $15 million he was set to receive, including $1 million in equity from FTX.
He and other celebrities like Tom Brady and Larry David are supposedly getting sued by FTX investors who say that the exchange’s ambassadors should have been more cautious and researched before promoting the platform.
O’Leary admitted to falling victim to “groupthink” and not properly assessing the risks associated with investing and promoting FTX.
When a group of people make investment decisions, they can fall into a “groupthink” trap.
It happens when they prioritise being friends and agreeing with each other instead of being critical and making intelligent decisions.
It leads or can lead to bad investments.
In Kevin O’Leary’s case, he lost $9.7 million in cryptocurrency and $1 million in equity from FTX (which is now worthless because of bankruptcy)
He’s paid a further $4 million in taxes and fees, which all happened because he didn’t think critically and made a wrong investment decision.
When you experience catastrophic failure like this, it’s easy to see how a man with an estimated net worth of $400 million would view his business and investing career like war.
In a recent post called “Money Mondays with Kevin”, he says that if you don’t think business is war, you’ll be the loser.
Kevin O’Leary — Source
“Tell me you get this because if you do, you have what it takes.
Business is a competition — that’s what it ultimately comes down to.
You’re constantly competing for the best ideas and the brightest minds, and the most market share.
It’s always war.
Invest time to strategise and develop your gameplay.
You have to understand that you are constantly marching to the orders of your shareholders, employees and customers.
If you’re successful with that, You’ll win.”
Final Thoughts
Kevin O’Leary presents himself as a nice person in interviews.
You can sense his humility when he answers difficult questions.
Like, “Why did you promote FTX, a complete scam?”
Or as John Ray, who oversaw the bankruptcy process for FTX, put it.
“Never in my career have I seen such a complete failure of corporate controls and a complete absence of trustworthy financial information as occurred here.”
Someone of O’Leary’s skill level should have seen this coming, war mentality or no war mentality.
You may also believe — Businesses can achieve success while promoting each other by working together, collaborating, and fostering a sense of community.
It doesn’t all have to be war.
This article is for informational purposes only; it should not be considered financial, tax or legal advice. You can consult a financial professional before making any significant financial decisions.
This article is for informational purposes only; it should not be considered financial, tax or legal advice. You can consult a financial professional before making any significant financial decisions.