1 00:00:00,000 --> 00:00:03,000 Heat. 2 00:00:03,930 --> 00:00:05,950 [applause] 3 00:00:25,120 --> 00:00:28,120 Heat. 4 00:00:45,360 --> 00:00:49,757 For the following interview, Francis Suarez, mayor of the city of Miami, 5 00:00:49,840 --> 00:00:54,600 takes the stage of America Business Forum. 6 00:00:57,840 --> 00:01:01,160 You got it. 7 00:01:01,680 --> 00:01:03,457 >> He's unflapable. He didn't even move 8 00:01:03,540 --> 00:01:07,517 [laughter] when the the smoke went up. 9 00:01:07,600 --> 00:01:10,077 So, Eric, this is the second time that I 10 00:01:10,160 --> 00:01:12,637 have the privilege to be able to 11 00:01:12,720 --> 00:01:15,037 interview you. So, uh, I'm very excited 12 00:01:15,120 --> 00:01:20,077 about this. Um, by the way, mayor, I I have to 13 00:01:20,160 --> 00:01:23,357 interrupt. I'm very interested in Shakespeare 14 00:01:23,440 --> 00:01:27,037 sonnetss. So, I just wrote one. It's about you. 15 00:01:27,120 --> 00:01:32,397 >> Okay. >> It's entitled Upon the Excellence of Mayor Suarez. 16 00:01:32,480 --> 00:01:32,797 >> Please. 17 00:01:32,880 --> 00:01:36,797 >> When first Miami's helm he took in hand, 18 00:01:36,880 --> 00:01:40,717 a city poised between oceans azure deep 19 00:01:40,800 --> 00:01:43,117 and futures promise vast throughout the 20 00:01:43,200 --> 00:01:46,317 land. He swed where others scarce had 21 00:01:46,400 --> 00:01:48,557 dared to reap. 22 00:01:48,640 --> 00:01:52,157 With vision bold as concistadors of old, 23 00:01:52,240 --> 00:01:54,397 he brought forth commerce, tech, and 24 00:01:54,480 --> 00:01:57,757 innovations art, made Miami shine as 25 00:01:57,840 --> 00:02:01,117 cities rot of gold, and placed our fair 26 00:02:01,200 --> 00:02:05,037 metropolis apart. It continues, don't worry. 27 00:02:05,120 --> 00:02:07,357 >> Okay. 28 00:02:07,440 --> 00:02:10,077 >> Through tempest rage and plague's most 29 00:02:10,160 --> 00:02:13,517 grievous tests, he stood as a bull work 30 00:02:13,600 --> 00:02:15,677 against adversity's tide. led his 31 00:02:15,760 --> 00:02:18,717 citizens with courage in his breast and 32 00:02:18,800 --> 00:02:22,477 made our city known far and wide. So 33 00:02:22,560 --> 00:02:26,397 shall his legacy in marble stand. The 34 00:02:26,480 --> 00:02:29,677 mayor who raised Miami's fortune grand. 35 00:02:29,760 --> 00:02:33,980 Mayor Suarez, [applause] 36 00:02:35,840 --> 00:02:39,037 >> this is the kind of stuff we can do with AI. 37 00:02:39,120 --> 00:02:43,517 >> I was going to say I was going to say >> it took me about two seconds. 38 00:02:43,600 --> 00:02:45,357 >> Okay. So, so now you're gonna make me 39 00:02:45,440 --> 00:02:46,877 tell a story. This is completely off 40 00:02:46,960 --> 00:02:51,277 script. So, I was asked to 41 00:02:51,360 --> 00:02:55,037 open the consulate of Morocco. Now, 42 00:02:55,120 --> 00:02:59,037 usually, as you know, Eric, we get when we go to events, we get talking points. 43 00:02:59,120 --> 00:03:02,477 People give us talking points and all that. [snorts] And so, I had not been 44 00:03:02,560 --> 00:03:05,837 reading my talking points lately. So, I had been telling my staff, "Why don't 45 00:03:05,920 --> 00:03:09,037 you just give me one or two bullet points wherever I go, and I'll weave a 46 00:03:09,120 --> 00:03:12,557 story into it." Well, I go to um you 47 00:03:12,640 --> 00:03:17,757 know, open up the consulate of of Morocco and there's only two bullet 48 00:03:17,840 --> 00:03:20,717 points. Bullet point number one is that there's direct flights to Casablanca. 49 00:03:20,800 --> 00:03:22,637 Bullet point number two is that it's the 50 00:03:22,720 --> 00:03:25,197 third consulate in America for Morocco. 51 00:03:25,280 --> 00:03:28,397 Not that much to go on, right? So, as 52 00:03:28,480 --> 00:03:30,077 I'm being introduced, I literally pull 53 00:03:30,160 --> 00:03:32,477 my phone out of my pocket and I have the 54 00:03:32,560 --> 00:03:37,117 chat GPT prompt on the phone and I speaking to the phone. 55 00:03:37,200 --> 00:03:38,957 >> I would use Gemini. Of course I have the 56 00:03:39,040 --> 00:03:43,357 Gemini prompt. That's what I meant. Uh, yes, of course I meant I I meant Gemini. 57 00:03:43,440 --> 00:03:45,517 Of course, I have the Gemini prompt and 58 00:03:45,600 --> 00:03:50,077 I speak clearly into the Gemini prompt. 59 00:03:50,160 --> 00:03:52,717 Stand correctly. [applause] 60 00:03:52,800 --> 00:03:55,837 Know your audience. KYC. So, I have the 61 00:03:55,920 --> 00:03:59,917 Gemini prompt and I say, "Pretend you're the mayor of Miami and you're about to 62 00:04:00,000 --> 00:04:02,717 open the Moroccan consulate and you only 63 00:04:02,800 --> 00:04:07,037 have two facts. Fact [laughter] number one is there's direct flights to Monaco. 64 00:04:07,120 --> 00:04:08,317 Pretend you're the mayor of Miami. 65 00:04:08,400 --> 00:04:10,797 >> Pretend you're the mayor of Miami, [laughter] right? Fact number one is 66 00:04:10,880 --> 00:04:14,317 direct flight to Casablanca. Fact number two, it's a third consulate opening in 67 00:04:14,400 --> 00:04:17,437 the US. What would you say? Before they 68 00:04:17,520 --> 00:04:19,357 finished introducing me and before I 69 00:04:19,440 --> 00:04:22,717 walked the stage, Gemini had written 70 00:04:22,800 --> 00:04:25,037 this entire speech for me. I read it 71 00:04:25,120 --> 00:04:28,637 word for word. People were crying, 72 00:04:28,720 --> 00:04:31,597 laughing, hugging me. You know our 73 00:04:31,680 --> 00:04:34,077 country so well, Mr. Mayor. How have you 74 00:04:34,160 --> 00:04:37,117 known about us so much and so deep? So 75 00:04:37,200 --> 00:04:41,277 yes, thank you for that incredible >> so 76 00:04:41,360 --> 00:04:44,237 >> true story by the way. >> And one more piece of congratulations 77 00:04:44,320 --> 00:04:46,797 which I'm sure you'll appreciate. No one 78 00:04:46,880 --> 00:04:49,037 has ever done an American business forum 79 00:04:49,120 --> 00:04:51,517 at this scale in America. This is an 80 00:04:51,600 --> 00:04:57,117 innovative mayor as well. Um, and I I I 81 00:04:57,200 --> 00:05:01,037 really want you to think about doing this all around America because business 82 00:05:01,120 --> 00:05:04,797 is what we do and America's growth depends on the kind of things we're 83 00:05:04,880 --> 00:05:08,477 talking about today. What's interesting is that about three, three and a half 84 00:05:08,560 --> 00:05:11,037 years ago, maybe four years ago, there's 85 00:05:11,120 --> 00:05:13,837 a moment in San Francisco where people 86 00:05:13,920 --> 00:05:17,277 realized that these models could write. 87 00:05:17,360 --> 00:05:20,077 And boy, could they write. >> Oh, yeah. 88 00:05:20,160 --> 00:05:22,477 >> That's a real discovery moment. It's one 89 00:05:22,560 --> 00:05:27,277 of those historic moments in history similar to physics and chemistry and 90 00:05:27,360 --> 00:05:30,717 things like that. >> It's incredibly disruptive and uh and I 91 00:05:30,800 --> 00:05:34,237 appreciate the the comments and of course it's a it's a team effort. Nacho 92 00:05:34,320 --> 00:05:38,157 who vision it was to bring it from Uruguay Sergio who's our big investor. 93 00:05:38,240 --> 00:05:42,157 Where are you Sergio? You're here somewhere. I'm sure um he'll be here any 94 00:05:42,240 --> 00:05:45,597 minute. Steve who helped me my cousin who helped me put this together. But 95 00:05:45,680 --> 00:05:47,677 let's get back to the interview. Um, you 96 00:05:47,760 --> 00:05:53,197 know, Eric, you're obviously a world-renowned figure and tech pioneer. 97 00:05:53,280 --> 00:05:57,677 Did you have an inkling that you were destined for greatness? Um, what was it 98 00:05:57,760 --> 00:05:59,837 about you, about your DNA? Was it your 99 00:05:59,920 --> 00:06:04,797 tenacity? I mean, what is the sort of the components of you that made you 100 00:06:04,880 --> 00:06:07,917 supersede? >> I think the most important thing to say 101 00:06:08,000 --> 00:06:10,317 anyone who's on stage here start with 102 00:06:10,400 --> 00:06:13,437 luck. I was lucky to be born now. I was 103 00:06:13,520 --> 00:06:18,477 lucky to be born in America. My parents were academics. uh I had an awful lot of 104 00:06:18,560 --> 00:06:22,557 people who helped get me through the various stages of life. One of the 105 00:06:22,640 --> 00:06:25,437 things that we who are now older owe the 106 00:06:25,520 --> 00:06:27,917 younger people is to give them the same 107 00:06:28,000 --> 00:06:32,637 opportunity, right? It's really important and and I 108 00:06:32,720 --> 00:06:34,797 was thinking about what what should be a 109 00:06:34,880 --> 00:06:37,917 theme for this audience and the everyone 110 00:06:38,000 --> 00:06:40,317 in America is obsessed about everything 111 00:06:40,400 --> 00:06:42,877 except for one thing which is the human 112 00:06:42,960 --> 00:06:45,357 talent and the human talent of America 113 00:06:45,440 --> 00:06:50,477 is why we are exceptional. Focus on humans. Focus on their education and 114 00:06:50,560 --> 00:06:53,357 their culture and their development and their curiosity and their energy and 115 00:06:53,440 --> 00:06:56,797 their tenacity and so forth and help them with the various travailes that 116 00:06:56,880 --> 00:06:58,957 happen in life. Focus on the humans of 117 00:06:59,040 --> 00:07:03,197 America. It's the only answer. 118 00:07:03,280 --> 00:07:07,197 >> You know, [applause] you're a great leader. You've been a 119 00:07:07,280 --> 00:07:10,877 great mentor to me and friend >> and you're an incredible coach and I 120 00:07:10,960 --> 00:07:14,397 think and you've I've read some books on some of the people who coached you. Um, 121 00:07:14,480 --> 00:07:19,197 what's the coaching habit that you think you consistently use to raise a level of 122 00:07:19,280 --> 00:07:22,797 the team? >> So, I wrote a book about So, I had a coach name 123 00:07:22,880 --> 00:07:23,837 >> This is the book I read, by the way. 124 00:07:23,920 --> 00:07:26,237 >> Yeah, that's right. We we actually talked about it. I had a I had a coach 125 00:07:26,320 --> 00:07:30,877 named Bill Campbell. And when I started at Google, the venture capitalist, John 126 00:07:30,960 --> 00:07:33,997 Door, said, "You need a coach." And I said, "I'm a big boy. I've run a lot of 127 00:07:34,080 --> 00:07:38,237 companies. I don't need a coach." And he said to me, "Do tennis players have 128 00:07:38,320 --> 00:07:43,437 coaches?" >> Absolutely. >> And I I knew he had trapped me, right? 129 00:07:43,520 --> 00:07:46,717 Because the answer is, of course, they do, even though they may not be as good 130 00:07:46,800 --> 00:07:49,677 as the actual tennis player. Coaches do 131 00:07:49,760 --> 00:07:53,757 different things. And so we we hired retained, if you will, Bill Campbell for 132 00:07:53,840 --> 00:07:56,157 free. U became my best friend at the 133 00:07:56,240 --> 00:07:59,517 time. And what he coached was not an 134 00:07:59,600 --> 00:08:02,637 individual but a team. And the thing I 135 00:08:02,720 --> 00:08:05,757 learned from Bill is as a CEO you manage 136 00:08:05,840 --> 00:08:09,677 the team. You don't manage the individuals. And you work on the team 137 00:08:09,760 --> 00:08:13,757 dynamics, but fundamentally it's a team sport. He was a football coach and a and 138 00:08:13,840 --> 00:08:17,117 not a particularly good one. But he was an extraordinary human leader. And 139 00:08:17,200 --> 00:08:21,437 there's a book trillion dollar coach. If we were to write the book today, he died 140 00:08:21,520 --> 00:08:26,557 unfortunately some years ago. Uh, it would be called the $7 trillion coach 141 00:08:26,640 --> 00:08:30,397 because he was the coach for Apple and Google. Think about it. 142 00:08:30,480 --> 00:08:31,997 >> I think it was a Princeton coach, right? 143 00:08:32,080 --> 00:08:34,877 >> No. >> Colia. >> Colia. >> And his [clears throat] winning record 144 00:08:34,960 --> 00:08:36,957 was terrible. >> Like 0 and 10 or something like that. 145 00:08:37,040 --> 00:08:37,597 Yeah. 146 00:08:37,680 --> 00:08:40,957 >> So, but but leadership but but I now 147 00:08:41,040 --> 00:08:44,477 understand that I needed coaching, my 148 00:08:44,560 --> 00:08:46,317 team needed coaching, and the way I 149 00:08:46,400 --> 00:08:51,597 manage is I manage as sort of CEO and coach. and you watch what's going on and 150 00:08:51,680 --> 00:08:55,117 you try to get people to work together and there are various techniques like 151 00:08:55,200 --> 00:08:58,877 let tell the people who talk too much so let the people who don't talk as much 152 00:08:58,960 --> 00:09:03,037 talk more I mean stuff like that >> you know I also didn't believe that much 153 00:09:03,120 --> 00:09:06,077 in coaching and my coach is probably somewhere here in the audience Louis 154 00:09:06,160 --> 00:09:07,837 Arau I don't know if Louis is here 155 00:09:07,920 --> 00:09:09,997 somewhere there he is there's my coach 156 00:09:10,080 --> 00:09:14,477 right there he's a he's a great guy so 157 00:09:14,560 --> 00:09:18,877 for someone that's starting out in tech what's sort of the mindset or the 158 00:09:18,960 --> 00:09:23,197 practice that you think is going to compound the most over the next decade. 159 00:09:23,280 --> 00:09:25,757 >> So if you look at success, it's a 160 00:09:25,840 --> 00:09:27,997 combination of intelligence that is 161 00:09:28,080 --> 00:09:31,117 ability to do the work and grit. And I 162 00:09:31,200 --> 00:09:35,837 would add intelligence, grit and curiosity. When I was young, I was a 163 00:09:35,920 --> 00:09:39,117 sponge for everything because I didn't seem to know anything or I thought I 164 00:09:39,200 --> 00:09:43,757 knew nothing. And the internet had not really been invented yet. It was just 165 00:09:43,840 --> 00:09:47,837 getting started. And so we didn't have the resources we have today. If I were a 166 00:09:47,920 --> 00:09:52,237 16 or 18year-old or 20-year-old, whatever right now, I would be online 167 00:09:52,320 --> 00:09:55,517 all the time just learning because I would be curious and I want to know 168 00:09:55,600 --> 00:09:58,957 everything. Mayor, tell me about yourself. Tell me about your family. 169 00:09:59,040 --> 00:10:00,317 Tell me what you did. How did you get 170 00:10:00,400 --> 00:10:02,957 here? What are the problems? 171 00:10:03,040 --> 00:10:06,077 >> And I train myself to to look at 172 00:10:06,160 --> 00:10:08,637 businesses and say, "How do they work?" 173 00:10:08,720 --> 00:10:10,077 Right? Like, "How does this place work? 174 00:10:10,160 --> 00:10:13,117 How did you fund this? What was it your idea? Who did you work with?" 175 00:10:13,200 --> 00:10:17,917 >> Pain, right? But but that's grit, >> right? So you have to have the 176 00:10:18,000 --> 00:10:21,437 intelligence. I have all sorts of friends who are brilliant who can't get 177 00:10:21,520 --> 00:10:25,277 through the day, right? They wake up, they have an idea, they have another 178 00:10:25,360 --> 00:10:29,277 idea. Nothing happens with them. It's the people who have an idea that's very 179 00:10:29,360 --> 00:10:33,277 clever and they have the tenacity to push it. Those things come from 180 00:10:33,360 --> 00:10:38,637 curiosity. Another example, and this I think the technology that we're in is so 181 00:10:38,720 --> 00:10:41,357 extraordinary and I'm so excited about it, but there are some things we've 182 00:10:41,440 --> 00:10:44,077 lost. One of them is that we've lost is 183 00:10:44,160 --> 00:10:46,557 the looking out the window phenomena. 184 00:10:46,640 --> 00:10:50,477 And there's some evidence that looking out the window is fundamentally 185 00:10:50,560 --> 00:10:54,397 important for curiosity. So here's an example for all of you. When you're 186 00:10:54,480 --> 00:10:58,957 leaving here today sometime, turn off your phone, tell everyone who's 187 00:10:59,040 --> 00:11:01,357 around you to shut up in a nice way and 188 00:11:01,440 --> 00:11:04,557 look out the window and daydream. 189 00:11:04,640 --> 00:11:08,477 That daydream is is important, too, because that's how the creative thoughts 190 00:11:08,560 --> 00:11:12,157 come. >> Yeah. Amazing. I mean look, I think for 191 00:11:12,240 --> 00:11:14,797 me failure uh has always been a great 192 00:11:14,880 --> 00:11:19,837 teacher. Pain as you as we said, what are the sort of high quality failures 193 00:11:19,920 --> 00:11:23,197 that you've had in your life that you think have sort of permanently changed 194 00:11:23,280 --> 00:11:26,877 how you think about the world or how you lead? 195 00:11:26,960 --> 00:11:28,637 >> I think when you're when you're running 196 00:11:28,720 --> 00:11:31,517 stuff, you make lots of mistakes. So I 197 00:11:31,600 --> 00:11:36,477 hold myself responsible for not getting ahead. We had the technology to do what 198 00:11:36,560 --> 00:11:40,877 Meta is doing now and we didn't implement it fast enough, right? That's 199 00:11:40,960 --> 00:11:42,717 what I hold myself responsible. 200 00:11:42,800 --> 00:11:46,077 >> Sure. >> Um but in general, if you just keep 201 00:11:46,160 --> 00:11:48,557 pushing it works and one of the key 202 00:11:48,640 --> 00:11:52,477 ideas about success is just keep doing 203 00:11:52,560 --> 00:11:55,357 stuff. Um what happens in organizations 204 00:11:55,440 --> 00:11:57,197 especially if I can be honest in middle 205 00:11:57,280 --> 00:11:59,917 age is every everything becomes sort of 206 00:12:00,000 --> 00:12:04,397 normal. And uh I was interested in in in 207 00:12:04,480 --> 00:12:07,197 the innovation culture of America. Uh I 208 00:12:07,280 --> 00:12:10,077 was Ken Burns is a friend of mine and I 209 00:12:10,160 --> 00:12:12,477 was watching him and he was he was asked 210 00:12:12,560 --> 00:12:15,597 is America in crisis and he said oh I 211 00:12:15,680 --> 00:12:18,237 think it's in perpetual crisis. We've 212 00:12:18,320 --> 00:12:19,997 always been disagreeing and our 213 00:12:20,080 --> 00:12:23,277 revolution is the thing. So when you 214 00:12:23,360 --> 00:12:25,917 understand when you understand that the 215 00:12:26,000 --> 00:12:29,117 system is not designed to be static, 216 00:12:29,200 --> 00:12:31,517 it's designed to be dynamic and it's a 217 00:12:31,600 --> 00:12:33,597 jump ball, then you can do it. I've 218 00:12:33,680 --> 00:12:36,557 consistently been slow to see that if I 219 00:12:36,640 --> 00:12:41,757 do self-criticism and I've consistently assumed that stable systems were always 220 00:12:41,840 --> 00:12:45,597 stable. Humans can always change the system if 221 00:12:45,680 --> 00:12:47,757 you need to figure out a way to change 222 00:12:47,840 --> 00:12:50,797 it to make it a better place, 223 00:12:50,880 --> 00:12:54,930 >> you know. >> [applause] 224 00:12:55,760 --> 00:12:58,797 >> You've run a big company. I'm running a billion and a half dollar company, which 225 00:12:58,880 --> 00:13:03,837 is the city of Miami with 5,000 employees and four labor unions. 226 00:13:03,920 --> 00:13:07,917 The decisions that we make and that we've made affect thousands of people. 227 00:13:08,000 --> 00:13:13,197 >> How do you deal with doubt in the face of understanding the implications of 228 00:13:13,280 --> 00:13:16,077 those decisions and how they impact people? 229 00:13:16,160 --> 00:13:19,357 I was talking to um um I've I've talked 230 00:13:19,440 --> 00:13:23,757 to the various presidents that I've had an an honor to meet and when you 231 00:13:23,840 --> 00:13:27,517 actually talk to how the president operates, there are moments in a 232 00:13:27,600 --> 00:13:29,277 presidency when the president makes a 233 00:13:29,360 --> 00:13:32,157 decision where they have no idea what's 234 00:13:32,240 --> 00:13:34,797 going to happen and yet they make the 235 00:13:34,880 --> 00:13:39,917 decision anyway. Uh that's I think how you have to operate. Obviously not uh 236 00:13:40,000 --> 00:13:41,117 none of us have that kind of 237 00:13:41,200 --> 00:13:44,157 responsibility, thank God. Um, but 238 00:13:44,240 --> 00:13:49,437 fundamentally if it gets to you, it shouldn't be an easy decision. The 239 00:13:49,520 --> 00:13:52,877 people who work for you should be able to handle these things. One way to think 240 00:13:52,960 --> 00:13:57,037 about it is the really complex problems are ones that you participate in. You 241 00:13:57,120 --> 00:14:01,837 lead the the you lead the team and you make a bet and you iterate and iterate 242 00:14:01,920 --> 00:14:05,917 and iterate. All success is fundamentally a genius and then 243 00:14:06,000 --> 00:14:10,317 iteration and and essentially just constant evolution. Um, and you're 244 00:14:10,400 --> 00:14:14,157 always failing. are always trying things that didn't work and so forth. One of 245 00:14:14,240 --> 00:14:16,557 the geniuses of America is that people 246 00:14:16,640 --> 00:14:21,277 who can go bankrupt can be rehired and become hugely successful. Many of my 247 00:14:21,360 --> 00:14:25,117 favorite entrepreneurs, the first I didn't work, the second I didn't work, 248 00:14:25,200 --> 00:14:27,037 the third I didn't work, and the fourth, 249 00:14:27,120 --> 00:14:31,277 boom. Right? So, never stop trying. 250 00:14:31,360 --> 00:14:36,397 On a similar note, when a project is deeply uncertain but potentially 251 00:14:36,480 --> 00:14:40,557 transformative, how do you communicate your vision 252 00:14:40,640 --> 00:14:44,397 and guide your team through that uncertainty? 253 00:14:44,480 --> 00:14:47,037 Um, what I try to do is I try to frame 254 00:14:47,120 --> 00:14:51,037 the question correctly. Usually, if you 255 00:14:51,120 --> 00:14:53,677 can ask, so let's start with the basic 256 00:14:53,760 --> 00:14:55,997 principle. Don't tell people to do, ask 257 00:14:56,080 --> 00:14:59,037 what people want to do, right? But frame 258 00:14:59,120 --> 00:15:03,357 the question. Okay, this is what we want to do. What is the best idea? Because 259 00:15:03,440 --> 00:15:06,717 frankly, people don't like to be told what to do. They like to be asked, 260 00:15:06,800 --> 00:15:09,277 right? And the key leadership is to 261 00:15:09,360 --> 00:15:13,837 frame the question or the goal in such a way that everyone kind of gets it. A 262 00:15:13,920 --> 00:15:17,597 simple rule is you have to repeat it at least 20 times before people believe 263 00:15:17,680 --> 00:15:20,237 you. So I I become very repetitive. 264 00:15:20,320 --> 00:15:24,157 Another thing I do, which may be going out of of favor because nobody uses 265 00:15:24,240 --> 00:15:28,477 email anymore, is I'm constantly writing down this is what I think, this is where 266 00:15:28,560 --> 00:15:32,077 we should do, what do you guys think, and so forth. So, it's it's much more 267 00:15:32,160 --> 00:15:36,877 interactive. Um, and the and the strategies evolve and then you get some 268 00:15:36,960 --> 00:15:40,957 great product manager who can brilliantly expose the result of this 269 00:15:41,040 --> 00:15:45,517 process, but it fundamentally starts from saying, what is our goal? So, we 270 00:15:45,600 --> 00:15:47,357 want to win. Okay, what does that mean? 271 00:15:47,440 --> 00:15:50,477 Another thing I do that works well is I 272 00:15:50,560 --> 00:15:53,277 start by saying where will we be in five 273 00:15:53,360 --> 00:15:56,877 years? Humans are terrible at predicting 274 00:15:56,960 --> 00:16:02,157 past the next six 6 12 months. Right? If you force people to say what will be 275 00:16:02,240 --> 00:16:06,637 true in five years, you get a very different answer. So here's an example. 276 00:16:06,720 --> 00:16:11,197 Uh the cost of AI tokens that is the delivery of queries is going down by a 277 00:16:11,280 --> 00:16:13,277 factor of 10 every year. 278 00:16:13,360 --> 00:16:16,397 >> Amazing. So 5 years 10 you know 10 to 279 00:16:16,480 --> 00:16:19,037 the 5th or sorry five to the what you 280 00:16:19,120 --> 00:16:21,357 you can do the math uh it's a very large 281 00:16:21,440 --> 00:16:27,277 number what happens when the cost of my little sonnet is so cheap it's just 282 00:16:27,360 --> 00:16:30,717 everywhere right >> right all in praise of you mayor >> of course 283 00:16:30,800 --> 00:16:34,397 >> um >> what does that mean think backward 284 00:16:34,480 --> 00:16:41,080 almost every business fails to understand the compounding of these technologies 285 00:16:41,200 --> 00:16:45,757 >> you know innovation is often referred to has managed chaos. 286 00:16:45,840 --> 00:16:49,437 >> How do you explain that sort of juxtaposition, that tension between 287 00:16:49,520 --> 00:16:51,597 managing and something that's somewhat 288 00:16:51,680 --> 00:16:55,037 organized or ordered and chaos? 289 00:16:55,120 --> 00:16:57,117 >> Um, it has to do with the structure of 290 00:16:57,200 --> 00:17:00,637 goals. You want to sit think a lot about 291 00:17:00,720 --> 00:17:05,277 goal alignment. In corporations, it's pretty easy because everybody has stock 292 00:17:05,360 --> 00:17:09,437 options. They have a common goal. It's much harder in what you do because 293 00:17:09,520 --> 00:17:13,837 there's multiple goals. So if I were you, if I were running running the the 294 00:17:13,920 --> 00:17:17,917 city, which fortunately you're doing and I'm not, I would sit down and say, "What 295 00:17:18,000 --> 00:17:20,797 are the real goals?" >> Priorities, >> right? 296 00:17:20,880 --> 00:17:23,997 >> Healthcare, safety, economic growth, 297 00:17:24,080 --> 00:17:27,117 welfare, uh inward, and I'd measure 298 00:17:27,200 --> 00:17:30,717 them. Set the goals, measure them, 299 00:17:30,800 --> 00:17:34,477 articulate them, repeat, repeat, repeat. 300 00:17:34,560 --> 00:17:37,677 So how do you protect true innovation 301 00:17:37,760 --> 00:17:40,797 from the bureaucracy that inevitably 302 00:17:40,880 --> 00:17:46,077 grows around that success and can stifle that same innovation 303 00:17:46,160 --> 00:17:50,397 >> in software which is what [clears throat] I've done from 50 years 304 00:17:50,480 --> 00:17:55,197 which is I think largely going away because AI is beginning to write software 305 00:17:55,280 --> 00:17:57,277 my simple rule was that three people 306 00:17:57,360 --> 00:17:59,597 would invent something new like the 307 00:17:59,680 --> 00:18:02,797 Chrome browser or you know the Android 308 00:18:02,880 --> 00:18:04,957 operating system or so forth and then it 309 00:18:05,040 --> 00:18:07,277 would take a thousand people to finish 310 00:18:07,360 --> 00:18:10,317 it and I kept thinking why do we need so 311 00:18:10,400 --> 00:18:12,957 many people and there's this constant 312 00:18:13,040 --> 00:18:16,077 problem of every team engineering team 313 00:18:16,160 --> 00:18:20,797 management team getting bigger and bigger you want lean teams the lesson 314 00:18:20,880 --> 00:18:25,277 over and over is lean teams another example I have a rule with the companies 315 00:18:25,360 --> 00:18:29,437 I'm running now that if we do new things you can only have 10 people you can't 316 00:18:29,520 --> 00:18:33,917 have 11 when we go into a new country you can have 10 people but not 11 317 00:18:34,000 --> 00:18:37,277 because I figure 10 people is a group that's kind of a manageable group. It's 318 00:18:37,360 --> 00:18:38,797 self-managing. They know each other. 319 00:18:38,880 --> 00:18:43,677 They can figure it out and so forth and you can judge the team. So what happens 320 00:18:43,760 --> 00:18:48,477 in in if you're if you're not disciplined about that is you get uh who 321 00:18:48,560 --> 00:18:50,557 people who I call glue people and I mean 322 00:18:50,640 --> 00:18:55,677 this in the most affectionate way. They are very nice people. They glue person A 323 00:18:55,760 --> 00:18:59,437 to person B and you discover you don't need them. Person A can talk to person B 324 00:18:59,520 --> 00:19:03,117 without the person in between. Yeah. And that glue person slows everything down. 325 00:19:03,200 --> 00:19:07,997 So time to decision, quickness, small teams and agile thinking is important. 326 00:19:08,080 --> 00:19:09,757 My experience in talking about this 327 00:19:09,840 --> 00:19:11,917 around the world is everyone goes like 328 00:19:12,000 --> 00:19:15,197 this. And this means I'm a human and I'm 329 00:19:15,280 --> 00:19:17,357 breathing and I'm listening to you. It 330 00:19:17,440 --> 00:19:19,517 does not mean I'm going to do anything. 331 00:19:19,600 --> 00:19:22,717 So if you hear these ideas, unless you 332 00:19:22,800 --> 00:19:27,757 implement the things I'm talking about, you won't get the benefit. Knowledge is 333 00:19:27,840 --> 00:19:31,677 not sufficient. you actually have to take the leadership and that's and 334 00:19:31,760 --> 00:19:33,917 that's when it gets tough because you're 335 00:19:34,000 --> 00:19:37,037 talking about uh very protected groups, 336 00:19:37,120 --> 00:19:39,597 protected individuals and so forth. The 337 00:19:39,680 --> 00:19:45,117 great business people know when to push those and when not to and that's a 338 00:19:45,200 --> 00:19:50,717 judgment. >> So, of course, moving on to AI. 339 00:19:50,800 --> 00:19:55,517 AI is going to be the most powerful tool humanity's ever created. It's also 340 00:19:55,600 --> 00:19:56,797 potentially going to be the most 341 00:19:56,880 --> 00:20:00,157 dangerous. Let's watch this clip. 342 00:20:00,240 --> 00:20:04,397 >> A new age has begun. One not written in ink but in code. 343 00:20:04,480 --> 00:20:09,357 >> This innovation, this arrival of this new alien incredible intelligence. 344 00:20:09,440 --> 00:20:11,357 >> Artificial intelligence. The most 345 00:20:11,440 --> 00:20:13,197 powerful tool humanity has ever [music] 346 00:20:13,280 --> 00:20:16,397 created and perhaps its greatest test. 347 00:20:16,480 --> 00:20:21,197 >> The most important thing that's going to happen in about 500 years, maybe a 348 00:20:21,280 --> 00:20:25,197 thousand years in human society. Few understand it better than Eric Schmidt, 349 00:20:25,280 --> 00:20:29,357 the man who helped shape the digital world as we know it. Today, he stands at 350 00:20:29,440 --> 00:20:33,357 the frontier of innovation and [music] responsibility, asking the question that 351 00:20:33,440 --> 00:20:36,077 will define our future. Can we control 352 00:20:36,160 --> 00:20:38,537 what we've created? The next revolution 353 00:20:38,620 --> 00:20:43,400 [music] isn't coming. It's already here. 354 00:20:46,160 --> 00:20:48,717 >> So, >> wow, that's that's as good as my son. 355 00:20:48,800 --> 00:20:52,237 >> Thank you. Good job. So I I'm going to go a little off script, more 356 00:20:52,320 --> 00:20:54,877 provocative, I told you. So is this sort 357 00:20:54,960 --> 00:20:58,717 of AI race really a race between 358 00:20:58,800 --> 00:21:02,557 hopefully the good guys outprogramming the bad guys? Is that what this race 359 00:21:02,640 --> 00:21:05,677 going to be? With more power, more 360 00:21:05,760 --> 00:21:10,477 compute, more sort of programming knowledge. Is that is that how this is 361 00:21:10,560 --> 00:21:12,077 going to go down? 362 00:21:12,160 --> 00:21:14,877 Well, the the race to build a nonhuman 363 00:21:14,960 --> 00:21:17,597 intelligence that we collaborate with is 364 00:21:17,680 --> 00:21:20,717 the defining event of our generation of 365 00:21:20,800 --> 00:21:24,237 our lifetimes. It will color everything. 366 00:21:24,320 --> 00:21:27,837 U the gains will be phenomenal. Uh one 367 00:21:27,920 --> 00:21:30,237 of my friends is dying of ALS. Can you 368 00:21:30,320 --> 00:21:33,597 imagine the value of a solution to that? 369 00:21:33,680 --> 00:21:38,637 It's horrible to see. And he's a great human being. Uh I I can go on and on 370 00:21:38,720 --> 00:21:40,477 about the tragedies that humans 371 00:21:40,560 --> 00:21:42,717 experience that these technologies can 372 00:21:42,800 --> 00:21:45,757 address. Healthcare is one obvious one. 373 00:21:45,840 --> 00:21:48,557 Um the arrival of intelligence for every 374 00:21:48,640 --> 00:21:52,797 single human being, right? Having an assistant that's as smart or smarter 375 00:21:52,880 --> 00:21:55,277 than you, the Einstein in the pocket. 376 00:21:55,360 --> 00:21:58,637 Just just imagine all of that. Um these 377 00:21:58,720 --> 00:22:03,997 things it's very hard to predict what will happen with this amount of new 378 00:22:04,080 --> 00:22:07,197 intelligent. Remember I said the most important are humans? Well, now we have 379 00:22:07,280 --> 00:22:12,237 humans plus the AI. There are plenty of downsides, right? And we can talk about 380 00:22:12,320 --> 00:22:14,157 them, but the most important thing is 381 00:22:14,240 --> 00:22:16,877 this stuff needs to be built in America 382 00:22:16,960 --> 00:22:19,517 on our values with our views. [applause] 383 00:22:19,600 --> 00:22:21,517 And I feel very very strongly about 384 00:22:21,600 --> 00:22:25,117 this. I want American I'll use the word 385 00:22:25,200 --> 00:22:28,077 liberalism in the classic sense. Um, 386 00:22:28,160 --> 00:22:32,397 America's rule of law, its individual freedom, its distrust of the government. 387 00:22:32,480 --> 00:22:34,877 Sorry. uh the the com the combination of 388 00:22:34,960 --> 00:22:38,637 that individualism the frontier um 389 00:22:38,720 --> 00:22:41,597 belief is really really important and 390 00:22:41,680 --> 00:22:45,197 we're on a revolutionary frontier here a 391 00:22:45,280 --> 00:22:49,757 simple example is imagine if the internet had been invented in China 392 00:22:49,840 --> 00:22:53,757 just think about it just think about how different it would be and how your 393 00:22:53,840 --> 00:22:57,517 different your experience would be on it >> by the way after that sonnet there's no 394 00:22:57,600 --> 00:23:03,037 offense taken whatsoever um so okay so first question was was a 395 00:23:03,120 --> 00:23:07,437 little bit provocative. I think my second question is the following. 396 00:23:07,520 --> 00:23:11,517 The acceleration of the intelligence is so profound 397 00:23:11,600 --> 00:23:15,197 that the question becomes are these systems going to have their own 398 00:23:15,280 --> 00:23:17,997 consciousness? >> And if they have their own 399 00:23:18,080 --> 00:23:21,357 consciousness, are they going to be able to make decisions independent of the 400 00:23:21,440 --> 00:23:25,197 prompting? Which means if they're smarter than us and they're 401 00:23:25,280 --> 00:23:27,917 independently prompted, can they figure 402 00:23:28,000 --> 00:23:32,717 out more intelligently than we can how to prevent us from turning them off? 403 00:23:32,800 --> 00:23:36,317 >> Yes. You're now writing a movie script that I think we're going to see a lot of 404 00:23:36,400 --> 00:23:40,877 movies written about. So for a bit of background right now, these AI systems 405 00:23:40,960 --> 00:23:45,277 are prompted by humans. The technical term is called prompt engineering. And 406 00:23:45,360 --> 00:23:48,717 young people in college will go to prompt engineering class where they'll 407 00:23:48,800 --> 00:23:53,517 learn how to manipulate these models in really, really powerful ways. That's not 408 00:23:53,600 --> 00:23:58,077 general intelligence. That's special intelligence. So if I'm a physicist, 409 00:23:58,160 --> 00:24:00,957 which I'm not, I'll have my physics assistant and I'll say, "I have the 410 00:24:01,040 --> 00:24:04,477 following idea." And the physics assistant will say, "Well, I I've 411 00:24:04,560 --> 00:24:06,477 analyzed that. Here's a better idea for 412 00:24:06,560 --> 00:24:08,557 you." But the invocation or the 413 00:24:08,640 --> 00:24:12,557 initiation occurs from the human. The 414 00:24:12,640 --> 00:24:17,037 question is when do these systems when are they able to initiate on their own? 415 00:24:17,120 --> 00:24:20,397 The technical term for that is called recursive self-improvement. They just 416 00:24:20,480 --> 00:24:22,717 naturally learning and getting smarter. 417 00:24:22,800 --> 00:24:26,717 And there are all sorts of terrible scenarios. It discovers that the only 418 00:24:26,800 --> 00:24:28,717 thing the computer needs is electricity. 419 00:24:28,800 --> 00:24:32,237 So it decides to shut down a hospital to get more electricity for itself. Those 420 00:24:32,320 --> 00:24:34,957 are the kind of movie scenarios. To me, 421 00:24:35,040 --> 00:24:37,837 all of these are red lines. The point at 422 00:24:37,920 --> 00:24:40,637 which we humans give agency to these 423 00:24:40,720 --> 00:24:44,557 computers for what they do is a mistake. 424 00:24:44,640 --> 00:24:47,837 And I think collectively we need to define those red lines. Another example 425 00:24:47,920 --> 00:24:51,757 would be access to weapons. The last thing I want is an AI system making 426 00:24:51,840 --> 00:24:53,677 decisions about nuclear war. Nor do any 427 00:24:53,760 --> 00:24:57,517 of us. That kind of thing. 428 00:24:57,600 --> 00:24:59,357 >> I have a bunch of questions from that. 429 00:24:59,440 --> 00:25:03,197 >> Because the problem is with that is is is certainly and we see this sort of 430 00:25:03,280 --> 00:25:08,637 play out geopolitically. The US we presume will be responsible. The 431 00:25:08,720 --> 00:25:11,597 question is how do we deal with people who may have this that are not 432 00:25:11,680 --> 00:25:15,837 responsible number one and and I and I I'll give a little bit of hope to 433 00:25:15,920 --> 00:25:18,957 humanity. This is the second time I interview Eric by the way 434 00:25:19,040 --> 00:25:22,397 >> and we we talked about this the first time just to give humanity a little bit 435 00:25:22,480 --> 00:25:24,317 of hope. Obviously nuclear weapons have 436 00:25:24,400 --> 00:25:27,517 been around for a generation and but for 437 00:25:27,600 --> 00:25:29,757 the first time that they were employed 438 00:25:29,840 --> 00:25:32,637 thankfully you know they we've limited 439 00:25:32,720 --> 00:25:34,557 this technology to something that has 440 00:25:34,640 --> 00:25:38,877 not so far destroyed us. So I guess my 441 00:25:38,960 --> 00:25:43,037 question is we can potentially have faith in our country hopefully to do the 442 00:25:43,120 --> 00:25:44,877 right thing and draw those red lines. 443 00:25:44,960 --> 00:25:47,437 How do we deal with the nefarious actors 444 00:25:47,520 --> 00:25:51,997 who may not be so ethical? >> We're going to have this problem. every 445 00:25:52,080 --> 00:25:55,997 technology. I mean, when Alexander Graanbell invented the telephone, it 446 00:25:56,080 --> 00:25:59,597 didn't occur to him that criminals would use it. I remember one day people said, 447 00:25:59,680 --> 00:26:03,197 "Did you know that there are criminals on the internet?" And I said, "Who let 448 00:26:03,280 --> 00:26:05,517 them in?" >> Right? [laughter] 449 00:26:05,600 --> 00:26:10,397 We didn't design the internet for criminals and they showed up. Right? So, 450 00:26:10,480 --> 00:26:13,677 you have to assume the same thing is going to happen with with this 451 00:26:13,760 --> 00:26:17,597 technology. And I think the most important thing is to put in the the 452 00:26:17,680 --> 00:26:19,597 observational systems to watch for it. 453 00:26:19,680 --> 00:26:22,717 And we should be able to create surveillance systems within the internet 454 00:26:22,800 --> 00:26:25,117 to watch for bad actors, at least in the 455 00:26:25,200 --> 00:26:27,597 extreme cases. Um, I'm worried about it 456 00:26:27,680 --> 00:26:29,997 for the following reason. In our 457 00:26:30,080 --> 00:26:33,437 lifetimes, in the next 5 or 10 years, 458 00:26:33,520 --> 00:26:35,917 every single human on the planet who has 459 00:26:36,000 --> 00:26:38,397 a mobile phone, cell phone, will have 460 00:26:38,480 --> 00:26:41,517 access to Einstein, Leonardo, da Vinci, 461 00:26:41,600 --> 00:26:44,557 you know, whomever in some form. We've 462 00:26:44,640 --> 00:26:47,277 never had that devolution of power. 463 00:26:47,360 --> 00:26:49,277 We've never had that decentralized 464 00:26:49,360 --> 00:26:52,557 empowerment of humans. Now, this group I 465 00:26:52,640 --> 00:26:55,197 trust. There's an awful lot of wacky 466 00:26:55,280 --> 00:26:59,757 countries and wacky cultures and wacky religions. Sorry, where I'm not so sure 467 00:26:59,840 --> 00:27:03,277 I would trust their collective action being consistent with our values. 468 00:27:03,360 --> 00:27:07,037 >> For sure. >> Right. And I think history will judge us 469 00:27:07,120 --> 00:27:12,157 based on how we make this how we handle the humans as this intelligence 470 00:27:12,240 --> 00:27:16,157 evolution occurs and empowers individuals. 471 00:27:16,240 --> 00:27:19,277 So the most famous use case obviously of AI right now is the large language 472 00:27:19,360 --> 00:27:23,197 models. I mean they're the ones that are being used day in and day out. What 473 00:27:23,280 --> 00:27:27,517 would you say are probably going to be let's say the top one or two or three 474 00:27:27,600 --> 00:27:31,357 next use cases that you think are going to change things and maybe one or two 475 00:27:31,440 --> 00:27:32,637 that people aren't thinking about? 476 00:27:32,720 --> 00:27:37,037 >> Well, so today there are sort of three things going on. I'll simplify language 477 00:27:37,120 --> 00:27:40,557 stuff. That's what we were joking about with large language models. 478 00:27:40,640 --> 00:27:44,397 >> There's something called the agentic revolution where you have agents. An 479 00:27:44,480 --> 00:27:48,637 agent takes language in, it has memory and it produces something. So it says, 480 00:27:48,720 --> 00:27:52,957 "I want to do a conference in Miami and it selects a venue and then it calls the 481 00:27:53,040 --> 00:27:56,877 mayor and the mayor says yes." Because the mayor is very pro business and then 482 00:27:56,960 --> 00:28:00,237 it calls the security people and then it calls the contractors and then it 483 00:28:00,320 --> 00:28:03,117 designs the stadium. Each of these is a 484 00:28:03,200 --> 00:28:07,757 work plan, right? Um over and over again 485 00:28:07,840 --> 00:28:10,397 that's workflow. Workflow is what 486 00:28:10,480 --> 00:28:15,117 happens in business. The technical industry believes two things. First, the 487 00:28:15,200 --> 00:28:17,117 scaling laws, which are the laws of 488 00:28:17,200 --> 00:28:20,477 improvement, are not slowing down. The 489 00:28:20,560 --> 00:28:23,037 crazy investment that you see is there 490 00:28:23,120 --> 00:28:25,597 for a reason. They're seeing the kind of 491 00:28:25,680 --> 00:28:30,157 gains, this factor of 10 every year are continuing to come. It's pretty amazing. 492 00:28:30,240 --> 00:28:34,237 Um, and and most importantly, with that investment comes everything else that we 493 00:28:34,320 --> 00:28:36,157 talked about. It's enormously expensive. 494 00:28:36,240 --> 00:28:39,037 And by the way, we're going to run out of electricity before we run out of 495 00:28:39,120 --> 00:28:41,357 money, which is a separate discussion. 496 00:28:41,440 --> 00:28:44,157 But the important thing is you have language. The next thing and then you 497 00:28:44,240 --> 00:28:46,717 have agents. And these agents do everything. There's something called 498 00:28:46,800 --> 00:28:48,237 agent orchestration where you can move 499 00:28:48,320 --> 00:28:51,197 the agents around. And the third one is 500 00:28:51,280 --> 00:28:53,837 essentially reasoning. You now have 501 00:28:53,920 --> 00:28:58,397 systems that can pass math tests, chemistry tests, biology tests, and so 502 00:28:58,480 --> 00:29:03,197 forth at the graduate level and beat the humans. That's really remarkable. And 503 00:29:03,280 --> 00:29:06,237 I've watched them and I have no idea what problems they're solving. And you 504 00:29:06,320 --> 00:29:08,077 can watch them go forward. It doesn't 505 00:29:08,160 --> 00:29:09,917 work. They problem solve like a human 506 00:29:10,000 --> 00:29:14,477 being. The union of those is the power 507 00:29:14,560 --> 00:29:18,637 that will give us the power to innovate to address our problems. And the the 508 00:29:18,720 --> 00:29:23,277 thought experiment that I would give you is let's imagine that one of the 509 00:29:23,360 --> 00:29:26,717 American companies I obviously have my own bias but we'll pick somebody else 510 00:29:26,800 --> 00:29:30,077 you whoever manages to get to the point 511 00:29:30,160 --> 00:29:32,237 where these systems can solve problems 512 00:29:32,320 --> 00:29:34,477 that humans have never been able to 513 00:29:34,560 --> 00:29:37,917 solve. What is the value of that 514 00:29:38,000 --> 00:29:43,197 company? How many trillions of dollars >> in one company? 515 00:29:43,280 --> 00:29:45,757 >> Infinity, >> right? It's just it's literally I mean 516 00:29:45,840 --> 00:29:49,037 um think about all the problems you face every day and it can solve every one of 517 00:29:49,120 --> 00:29:52,157 them and you can sit there and drink coffee and you know sort of 518 00:29:52,240 --> 00:29:54,157 >> my wife just solves most of them but that's okay. 519 00:29:54,240 --> 00:29:56,877 >> That's right. Uh the important thing is 520 00:29:56,960 --> 00:29:59,197 that we're on the threshold of being 521 00:29:59,280 --> 00:30:02,557 able to have truly new innovation and 522 00:30:02,640 --> 00:30:04,877 that's the that's the hype. That's the 523 00:30:04,960 --> 00:30:07,437 promise. If we don't get there people 524 00:30:07,520 --> 00:30:12,157 will be destroyed just from their own hype. I mean it's extraordinary. I'm 525 00:30:12,240 --> 00:30:15,997 going to ask one last question. It's a follow-up to the the problem that you 526 00:30:16,080 --> 00:30:20,717 presented. Is SMRS, which are a smallcale modular reactors, is that the 527 00:30:20,800 --> 00:30:22,637 solution for that energy gap that you're 528 00:30:22,720 --> 00:30:24,637 talking about or be something else? 529 00:30:24,720 --> 00:30:28,157 >> We need more energy in America. We need 530 00:30:28,240 --> 00:30:31,997 every kind of energy. Um, we need uh 531 00:30:32,080 --> 00:30:34,397 nuclear, we need fusion, we need natural 532 00:30:34,480 --> 00:30:37,517 gas, we need renewables, we need wind, 533 00:30:37,600 --> 00:30:40,557 we need solar, we need it all. Why? 534 00:30:40,640 --> 00:30:42,317 Because those data centers which account 535 00:30:42,400 --> 00:30:45,677 for 1% of GDP growth this year in 536 00:30:45,760 --> 00:30:49,517 America need power. If you want that 3% 537 00:30:49,600 --> 00:30:52,717 growth that the president and others have talked about, you need to solve the 538 00:30:52,800 --> 00:30:56,317 energy problem. >> Eric, thank you so much. What a provocative conversation. 539 00:30:56,400 --> 00:30:58,237 >> Thank you. >> Appreciate that. 540 00:30:58,320 --> 00:30:59,437 >> Can I read one thing? 541 00:30:59,520 --> 00:31:02,637 >> Oh, of course. [applause] 542 00:31:02,720 --> 00:31:05,277 I I I was thinking a lot about you gave 543 00:31:05,360 --> 00:31:07,197 me the honor to talk to this incredible 544 00:31:07,280 --> 00:31:10,317 group about the frontier. 545 00:31:10,400 --> 00:31:12,637 Um in 1893 546 00:31:12,720 --> 00:31:15,197 a fellow named U. Frederick Turner 547 00:31:15,280 --> 00:31:19,437 talked about the frontier and he said 548 00:31:19,520 --> 00:31:21,917 to the frontier the American intellect 549 00:31:22,000 --> 00:31:26,797 owes its striking characteristics. This is 150 years ago. That coarseness and 550 00:31:26,880 --> 00:31:30,797 strength combined with acuteness, inquisitiveness, that practical 551 00:31:30,880 --> 00:31:33,437 inventive turn of mind, quick to find 552 00:31:33,520 --> 00:31:35,917 expedience, that masterful grasp of 553 00:31:36,000 --> 00:31:38,877 material things, lacking in the artistic 554 00:31:38,960 --> 00:31:41,357 but powerful to affect great ends, that 555 00:31:41,440 --> 00:31:44,317 restless nervous energy, that dominant 556 00:31:44,400 --> 00:31:47,117 individualism, working for good and 557 00:31:47,200 --> 00:31:49,597 evil, and with all that buoyancy and 558 00:31:49,680 --> 00:31:51,997 exuberance which comes with freedom. 559 00:31:52,080 --> 00:31:54,717 These are the traits of the frontier. 560 00:31:54,800 --> 00:31:58,317 This is America. This is us. This is why 561 00:31:58,400 --> 00:32:00,317 we're here. This is why you're a great 562 00:32:00,400 --> 00:32:05,780 leader. Thank you very much. >> That was [applause] 563 00:32:07,200 --> 00:32:11,837 that was in 1893. >> 1893. >> You know what happened three years later? 564 00:32:11,920 --> 00:32:13,917 >> What's that? >> You know what happened three years later? 565 00:32:14,000 --> 00:32:17,757 >> What? >> The city of Miami was established. 1896. 566 00:32:17,840 --> 00:32:20,637 >> 1896. Happy birthday to Miami. Thank 567 00:32:20,720 --> 00:32:24,637 you. Okay, mayor. Thank you guys. 568 00:32:24,720 --> 00:32:26,740 >> [music] 569 00:32:38,160 --> 00:32:39,997 >> At the Adam Smith Center for Economic 570 00:32:40,080 --> 00:32:46,720 Freedom, you don't just learn, you achieve through our interdisiplinary