1 00:00:08,520 --> 00:00:12,037 He's unflappable. He didn't even move [laughter] when the 2 00:00:12,120 --> 00:00:16,677 when the smoke went up. So, Eric, this is the second time that I 3 00:00:16,760 --> 00:00:19,917 have the privilege to be able to interview 4 00:00:20,000 --> 00:00:24,437 you. So, I'm very excited about this. So, 5 00:00:24,520 --> 00:00:28,637 By the way, Mayor, I I have to interrupt. 6 00:00:28,720 --> 00:00:32,557 I'm very interested in Shakespeare sonnets. So, I just wrote one. It's 7 00:00:32,640 --> 00:00:36,637 about you. Okay. It's entitled Upon the Excellence 8 00:00:36,720 --> 00:00:40,517 of Mayor Suarez. Please. 9 00:00:40,600 --> 00:00:43,557 >> Miami's helm he took in hand, 10 00:00:43,640 --> 00:00:47,517 a city poised 'tween oceans azure deep, 11 00:00:47,600 --> 00:00:49,757 and future's promise vast throughout the 12 00:00:49,840 --> 00:00:52,997 land, he sowed where others scarce had 13 00:00:53,080 --> 00:00:55,237 dared to reap. 14 00:00:55,320 --> 00:00:58,077 With vision bold as conquistadors of 15 00:00:58,160 --> 00:01:00,957 old, he brought forth commerce, tech, 16 00:01:01,040 --> 00:01:04,277 and innovation's art, made Miami shine 17 00:01:04,360 --> 00:01:07,237 as cities wrought of gold, and placed 18 00:01:07,320 --> 00:01:11,757 our fair metropolis apart. It continues. Don't worry. 19 00:01:11,840 --> 00:01:16,877 >> Okay. Through tempest's rage and plagues most 20 00:01:16,960 --> 00:01:20,797 grievous tests, he stood as a bulwark against 21 00:01:20,880 --> 00:01:23,317 adversity's tide, led his citizens with 22 00:01:23,400 --> 00:01:26,397 courage in his breast, and made our city 23 00:01:26,480 --> 00:01:30,477 known far and wide. So shall his legacy 24 00:01:30,560 --> 00:01:32,957 in marble stand, 25 00:01:33,040 --> 00:01:35,677 the mayor who raised Miami's fortune 26 00:01:35,760 --> 00:01:40,930 grand, Mayor Suarez. >> [applause] 27 00:01:42,560 --> 00:01:45,797 >> This is the kind of stuff we can do with AI. 28 00:01:45,880 --> 00:01:48,477 >> I was going to say. I was going to say. 29 00:01:48,560 --> 00:01:51,477 >> me about 2 seconds. Okay. So, so now 30 00:01:51,560 --> 00:01:52,637 you're going to make me tell a story. 31 00:01:52,720 --> 00:01:55,717 This is completely off script. So, I was 32 00:01:55,800 --> 00:01:57,997 asked to 33 00:01:58,080 --> 00:02:01,517 open the consulate of Morocco. 34 00:02:01,600 --> 00:02:05,317 Now, usually, as you know, Eric, we get when we go to events, we get talking 35 00:02:05,400 --> 00:02:09,237 points, people give us talking points and all that. And so, I had not been 36 00:02:09,320 --> 00:02:12,557 reading my talking points lately. So, I've been telling my staff, "Why don't 37 00:02:12,640 --> 00:02:15,597 you just give me one or two bullet points wherever I go, and I'll weave a 38 00:02:15,680 --> 00:02:21,157 story into it." Well, I go to um you know, open up the consulate of 39 00:02:21,240 --> 00:02:24,837 Morocco, and there's only two bullet points. 40 00:02:24,920 --> 00:02:27,637 Bullet point number one is that there's direct flights to Casablanca. Bullet 41 00:02:27,720 --> 00:02:29,517 point number two is that it's the third 42 00:02:29,600 --> 00:02:32,357 consulate in America for Morocco. Not 43 00:02:32,440 --> 00:02:36,877 that much to go on, right? So, as I'm being introduced, I literally pull my 44 00:02:36,960 --> 00:02:42,797 phone out of my pocket, and I have the chat GPT prompt on the phone, and I 45 00:02:42,880 --> 00:02:45,197 speaking to the phone >> I would use Gemini. 46 00:02:45,280 --> 00:02:46,237 >> Of course, I have the Gemini prompt. 47 00:02:46,320 --> 00:02:49,677 That's what I meant. Uh yes, of course, I meant I I I meant 48 00:02:49,760 --> 00:02:51,117 Gemini, of course. I have the Gemini 49 00:02:51,200 --> 00:02:56,837 prompt, and I speak clearly into the Gemini prompt. 50 00:02:56,920 --> 00:02:59,477 Stand corrected. >> [applause] 51 00:02:59,560 --> 00:03:03,997 >> Know your audience, KYC. So, I have the Gemini prompt, and I say, 52 00:03:04,080 --> 00:03:07,557 "Pretend you're the mayor of Miami, and you're about to open the Moroccan 53 00:03:07,640 --> 00:03:11,177 consulate, and you only have two facts. Fact number 54 00:03:11,260 --> 00:03:13,797 [laughter] one is there's direct flights to Monica. 55 00:03:13,880 --> 00:03:15,637 >> Pretend you're the mayor of Miami. 56 00:03:15,720 --> 00:03:18,637 >> of Miami, right? [laughter] Fact number one is direct flights to Casablanca. 57 00:03:18,720 --> 00:03:22,397 Fact number two, it's the third consulate opening in the US. 58 00:03:22,480 --> 00:03:24,437 What would you say? Before they finish 59 00:03:24,520 --> 00:03:29,517 introducing me, and before I walked the stage, Gemini had written 60 00:03:29,600 --> 00:03:33,557 >> [clears throat] >> this entire speech for me. I read it word for word. 61 00:03:33,640 --> 00:03:36,717 People were crying, laughing, 62 00:03:36,800 --> 00:03:38,757 hugging me. You know our country so 63 00:03:38,840 --> 00:03:41,077 well, Mr. Mayor. How have you known 64 00:03:41,160 --> 00:03:44,157 about us so much and so deep? So, yes, 65 00:03:44,240 --> 00:03:47,397 thank you for that incredible Uh why 66 00:03:47,480 --> 00:03:51,717 so True story, by the way. And one more piece of congratulations, which I'm sure 67 00:03:51,800 --> 00:03:54,397 you'll appreciate. No one has ever done 68 00:03:54,480 --> 00:03:59,077 an American Business Forum at this scale in America. This is an innovative mayor 69 00:03:59,160 --> 00:04:03,357 as well. Uh and I >> [applause] 70 00:04:03,440 --> 00:04:05,597 >> I I really want you to think about doing 71 00:04:05,680 --> 00:04:10,437 this all around America, cuz business is what we do, and America's growth depends 72 00:04:10,520 --> 00:04:13,717 on the kind of things we're talking about today. What's interesting is that 73 00:04:13,800 --> 00:04:16,437 about 3 3 and 1/2 years ago, maybe 4 74 00:04:16,520 --> 00:04:18,597 years ago, there's a moment in San 75 00:04:18,680 --> 00:04:21,677 Francisco where people realized that 76 00:04:21,760 --> 00:04:23,997 these models could write. 77 00:04:24,080 --> 00:04:26,837 And boy, could they write. Oh, yeah. 78 00:04:26,920 --> 00:04:29,157 >> That's a real discovery moment. It's one 79 00:04:29,240 --> 00:04:33,917 of those historic moments in history, similar to physics and chemistry and 80 00:04:34,000 --> 00:04:38,357 things like that. It's incredibly disruptive, and and I appreciate the the 81 00:04:38,440 --> 00:04:42,157 comments. And of course, it's a it's a team effort. Nacho, who whose vision it 82 00:04:42,240 --> 00:04:45,197 was to bring it from Uruguay. Sergio, who's our big investor. Where are you, 83 00:04:45,280 --> 00:04:47,637 Sergio? You're here somewhere, I'm sure. 84 00:04:47,720 --> 00:04:51,077 Um he'll be here any minute. Steve, who helped me, my cousin, who helped me put 85 00:04:51,160 --> 00:04:54,077 this together. But let's get back to the interview. 86 00:04:54,160 --> 00:04:56,437 Um you know, Eric, you're obviously a 87 00:04:56,520 --> 00:04:59,917 world-renowned figure and tech pioneer. 88 00:05:00,000 --> 00:05:03,037 Did you have an inkling that you were destined for greatness? 89 00:05:03,120 --> 00:05:06,117 Um what was it about you, about your DNA? 90 00:05:06,200 --> 00:05:08,957 Was it your tenacity? I mean, what is the sort of 91 00:05:09,040 --> 00:05:11,437 the components of you that made you 92 00:05:11,520 --> 00:05:16,397 supersede? I think the most important thing to say anyone who's on stage here, 93 00:05:16,480 --> 00:05:20,397 start with luck. I was lucky to be born now. I was lucky 94 00:05:20,480 --> 00:05:23,717 to be born in America. My parents were academics. 95 00:05:23,800 --> 00:05:27,797 Uh I had an awful lot of people who helped get me through the various stages 96 00:05:27,880 --> 00:05:30,437 of life. One of the things that we, who 97 00:05:30,520 --> 00:05:32,917 are now older, owe the younger people is 98 00:05:33,000 --> 00:05:36,717 to give them the same opportunity. 99 00:05:36,800 --> 00:05:41,397 Right? It's really important. And and I was thinking about what what should be a 100 00:05:41,480 --> 00:05:43,597 theme for this audience. 101 00:05:43,680 --> 00:05:46,277 And the everyone in America is obsessed 102 00:05:46,360 --> 00:05:51,157 about everything except for one thing, which is the human talent. And the human 103 00:05:51,240 --> 00:05:54,397 talent of America is why we are exceptional. 104 00:05:54,480 --> 00:05:57,917 Focus on humans. Focus on their education and their culture and their 105 00:05:58,000 --> 00:06:01,117 development and their curiosity and their energy and their tenacity and so 106 00:06:01,200 --> 00:06:05,077 forth, and help them with the various travails that happen in life. Focus on 107 00:06:05,160 --> 00:06:09,337 the humans of America. It's the only answer. 108 00:06:09,420 --> 00:06:13,437 >> [applause] >> You know, you're a great leader. 109 00:06:13,520 --> 00:06:15,877 You've been a great mentor to me and friend. 110 00:06:15,960 --> 00:06:19,157 And you're an incredible coach. And I think and you've I've read some books on 111 00:06:19,240 --> 00:06:22,037 some of the people who coached you. Um what's 112 00:06:22,120 --> 00:06:25,837 the coaching habit that you think can you consistently use to raise the level 113 00:06:25,920 --> 00:06:29,917 of the team? So, I wrote a book about So, I had a coach named Bill Campbell. 114 00:06:30,000 --> 00:06:31,917 >> I read, by the way. >> that's right. We we actually talked 115 00:06:32,000 --> 00:06:34,597 about it. I had a I had a coach named Bill Campbell. 116 00:06:34,680 --> 00:06:38,317 And when I started at Google, the venture capitalist John Doerr said, "You 117 00:06:38,400 --> 00:06:41,197 need a coach." And I said, "I'm a big boy. I've run a lot of companies. I 118 00:06:41,280 --> 00:06:45,997 don't need a coach." And he said to me, "Do tennis players have coaches?" 119 00:06:46,080 --> 00:06:50,037 Absolutely. And I I knew he had trapped me. 120 00:06:50,120 --> 00:06:53,237 Right? Cuz the the answer is, of course, they do, even though they may not be as 121 00:06:53,320 --> 00:06:55,757 good as the actual tennis player. 122 00:06:55,840 --> 00:06:59,877 Coaches do different things. And so, we we hired or retained, if you will, Bill 123 00:06:59,960 --> 00:07:03,797 Campbell for free, and became my best friend at the time. 124 00:07:03,880 --> 00:07:06,117 And what he coached was not an 125 00:07:06,200 --> 00:07:08,717 individual, but a team. 126 00:07:08,800 --> 00:07:11,197 And the thing I learned from Bill is, as 127 00:07:11,280 --> 00:07:15,997 a CEO, you manage the team. You don't manage the individuals. And you work on 128 00:07:16,080 --> 00:07:19,637 the team dynamics, but fundamentally, it's a team sport. He was a football 129 00:07:19,720 --> 00:07:23,317 coach, and a and not a particularly good one. But he was an extraordinary human 130 00:07:23,400 --> 00:07:26,317 leader. And there's a book, Trillion Dollar Coach, 131 00:07:26,400 --> 00:07:30,437 if we were to write the book today, he died, unfortunately, some years ago, it 132 00:07:30,520 --> 00:07:34,437 would be called the Seven Trillion Dollar Coach, cuz he was the coach for 133 00:07:34,520 --> 00:07:37,317 Apple and Google. Think about it. 134 00:07:37,400 --> 00:07:38,717 I think he was a Princeton coach, right? 135 00:07:38,800 --> 00:07:43,197 >> No. Columbia. Columbia. His winning record was terrible. Like 0 and 10 or 136 00:07:43,280 --> 00:07:44,997 something like that. Yeah. So, but but 137 00:07:45,080 --> 00:07:49,517 leadership but I now understand that I 138 00:07:49,600 --> 00:07:51,757 needed coaching, my team needed 139 00:07:51,840 --> 00:07:57,197 coaching, and the way I manage is I manage as sort of CEO and coach. And you 140 00:07:57,280 --> 00:07:59,997 watch what's going on, and you try to get people to work together. And there 141 00:08:00,080 --> 00:08:04,037 are various techniques, like tell the people who talk too much so that the 142 00:08:04,120 --> 00:08:06,757 people who don't talk as much talk more. 143 00:08:06,840 --> 00:08:09,597 I mean, stuff like that. You know, I also didn't believe that 144 00:08:09,680 --> 00:08:12,517 much in coaching, and my coach is probably somewhere here in the audience, 145 00:08:12,600 --> 00:08:16,357 Louis Araujo. I don't know if Louis is here somewhere. There he is. There's my 146 00:08:16,440 --> 00:08:20,237 coach right there. He's a he's a great guy. 147 00:08:20,320 --> 00:08:25,477 So, for someone that's starting out in tech, what's sort of the mindset or the 148 00:08:25,560 --> 00:08:29,957 practice that you think is going to compound the most over the next decade? 149 00:08:30,040 --> 00:08:32,277 So, if you look at success, it's a 150 00:08:32,360 --> 00:08:34,637 combination of intelligence, that is, 151 00:08:34,720 --> 00:08:37,517 ability to do the work, and grit. 152 00:08:37,600 --> 00:08:42,317 And I would add intelligence, grit, and curiosity. When I was young, I was a 153 00:08:42,400 --> 00:08:45,957 sponge for everything, cuz I didn't seem to know anything, or I thought I knew 154 00:08:46,040 --> 00:08:49,837 nothing. And the internet had not really been invented yet. 155 00:08:49,920 --> 00:08:53,477 It was just getting started. And so, we didn't have the resources we have today. 156 00:08:53,560 --> 00:08:58,277 If I were a 16- or 18-year-old or 20-year-old, whatever, right now, I 157 00:08:58,360 --> 00:09:01,277 would be online all the time just learning, because I would be curious, 158 00:09:01,360 --> 00:09:05,077 and I want to know everything. Mayor, tell me about yourself. Tell me about 159 00:09:05,160 --> 00:09:07,997 your family. Tell me what you do. And how did you get here? What are the 160 00:09:08,080 --> 00:09:09,797 problems? And crazy enough, 161 00:09:09,880 --> 00:09:15,397 >> And I trained myself to to look at businesses and say, "How do they work?" 162 00:09:15,480 --> 00:09:16,797 Right? Like, how does this place work? 163 00:09:16,880 --> 00:09:19,797 How did you fund this? What was it your idea? Who did you work with? 164 00:09:19,880 --> 00:09:24,597 >> Pain. But but that's grit. Right? So, you have to have the 165 00:09:24,680 --> 00:09:28,117 intelligence. I have all sorts of friends who are brilliant, who can't get 166 00:09:28,200 --> 00:09:31,597 through the day, right? They wake up, they have an idea, they 167 00:09:31,680 --> 00:09:35,397 have another idea. Nothing happens with them. It's the people who have an idea 168 00:09:35,480 --> 00:09:39,797 that's very clever, and they have the tenacity to push it. Those things come 169 00:09:39,880 --> 00:09:43,677 from curiosity. Another example, and this I think 170 00:09:43,760 --> 00:09:46,957 the technology that we're in is so extraordinary, and I'm so excited about 171 00:09:47,040 --> 00:09:50,797 it, but there are some things we've lost. One of them is that we've lost is 172 00:09:50,880 --> 00:09:53,357 the looking out the window phenomena. 173 00:09:53,440 --> 00:09:57,157 And there's some evidence that looking out the window is fundamentally 174 00:09:57,240 --> 00:10:01,117 important for curiosity. So, here's an example for all of you. When you're 175 00:10:01,200 --> 00:10:05,637 leaving here today sometime, turn off your phone, tell everyone who's 176 00:10:05,720 --> 00:10:08,117 around you to shut up in a nice way, and 177 00:10:08,200 --> 00:10:11,357 look out the window and daydream. 178 00:10:11,440 --> 00:10:15,197 That daydream is is important, too, because that's how the creative thoughts 179 00:10:15,280 --> 00:10:18,877 come. Yeah, amazing. I mean, look, I think for 180 00:10:18,960 --> 00:10:21,517 me, failure uh has always been a great 181 00:10:21,600 --> 00:10:26,837 teacher. Pain, as as we said. What are the sort of high-quality failures that 182 00:10:26,920 --> 00:10:30,317 you've had in your life that you think have sort of permanently changed how you 183 00:10:30,400 --> 00:10:33,477 think about the world or how you lead? 184 00:10:33,560 --> 00:10:35,317 I think when you're when you're running 185 00:10:35,400 --> 00:10:38,237 stuff, you make lots of mistakes. So, I 186 00:10:38,320 --> 00:10:43,157 hold myself responsible for not getting ahead not getting ahead. We 187 00:10:43,240 --> 00:10:47,197 had the technology to do what Meta is doing now, and we didn't implement it 188 00:10:47,280 --> 00:10:50,757 fast enough. Right? That's what I hold myself responsible. 189 00:10:50,840 --> 00:10:53,797 >> Sure. Um but in general, if you just 190 00:10:53,880 --> 00:10:55,717 keep pushing, it works. And one of the 191 00:10:55,800 --> 00:10:59,037 key ideas about success 192 00:10:59,120 --> 00:11:03,317 is just keep doing stuff. Um what happens in organizations, 193 00:11:03,400 --> 00:11:07,797 especially if I can be honest, in middle age, uh is every everything becomes sort 194 00:11:07,880 --> 00:11:09,157 of normal. 195 00:11:09,240 --> 00:11:12,277 And uh I was interested in in 196 00:11:12,360 --> 00:11:16,437 in the innovation culture of America. Uh I was 197 00:11:16,520 --> 00:11:20,477 Ken Burns is a friend of mine, and I was watching him, and he was he was asked, 198 00:11:20,560 --> 00:11:23,077 "Is America in crisis?" And he said, 199 00:11:23,160 --> 00:11:25,877 "Oh, I think it's a in perpetual crisis. 200 00:11:25,960 --> 00:11:30,477 We've always been disagreeing, and our revolution is the thing." 201 00:11:30,560 --> 00:11:34,477 So, when you understand when you understand that the system is 202 00:11:34,560 --> 00:11:39,437 not designed to be static, it's designed to be dynamic, and it's a 203 00:11:39,520 --> 00:11:41,357 jump ball, then you can do it. I've 204 00:11:41,440 --> 00:11:44,437 consistently been slow to see that, if I 205 00:11:44,520 --> 00:11:49,677 do self-criticism, and I've consistently assumed that stable systems were always 206 00:11:49,760 --> 00:11:53,557 stable. Humans can always change the system if 207 00:11:53,640 --> 00:11:58,837 you need to. Figure out a way to change it to make it a better place. 208 00:11:58,920 --> 00:12:02,530 You know, >> [applause] 209 00:12:03,880 --> 00:12:06,797 >> you've run a big company. I'm running a billion and a half-dollar company, which 210 00:12:06,880 --> 00:12:11,877 is a city of Miami with 5,000 employees and four labor unions. 211 00:12:11,960 --> 00:12:15,757 The decisions that we make and that we've made affect thousands of people. 212 00:12:15,840 --> 00:12:20,997 Yeah. How do you deal with doubt in the face of understanding the implications 213 00:12:21,080 --> 00:12:24,237 of those decisions and how they impact people? 214 00:12:24,320 --> 00:12:27,957 I was talking to uh I've I've talked to the various 215 00:12:28,040 --> 00:12:31,157 presidents that I've had an an honor to meet. 216 00:12:31,240 --> 00:12:35,317 And when you actually talk to how the president operates, there are moments in 217 00:12:35,400 --> 00:12:40,037 a presidency when the president makes a decision where they have no idea what's 218 00:12:40,120 --> 00:12:44,317 going to happen. And yet they make the decision anyway. 219 00:12:44,400 --> 00:12:48,597 Uh that's I think how you have to operate. Obviously not none of us have 220 00:12:48,680 --> 00:12:50,917 that kind of responsibility, thank God. 221 00:12:51,000 --> 00:12:55,957 Um but fundamentally, if it gets to you, it shouldn't be an 222 00:12:56,040 --> 00:12:58,557 easy decision. The people who work for you should be 223 00:12:58,640 --> 00:13:02,597 able to handle these things. One way to think about it is the really complex 224 00:13:02,680 --> 00:13:07,397 problems are ones that you participate in, you lead the the you lead the team, 225 00:13:07,480 --> 00:13:11,877 and you make a bet, and you iterate and iterate and iterate. All success is 226 00:13:11,960 --> 00:13:15,797 fundamentally a genius and then iteration and and essentially just 227 00:13:15,880 --> 00:13:20,237 constant evolution. Um and you're always failing, you're always trying things 228 00:13:20,320 --> 00:13:24,597 that didn't work and so forth. One of the geniuses of America is that people 229 00:13:24,680 --> 00:13:29,197 who can go bankrupt can be rehired and become hugely successful. Many of my 230 00:13:29,280 --> 00:13:33,117 favorite entrepreneurs, the first idea didn't work, second idea didn't work, 231 00:13:33,200 --> 00:13:36,157 the third idea didn't work, and the fourth, boom. 232 00:13:36,240 --> 00:13:39,437 Right? So, never stop trying. 233 00:13:39,520 --> 00:13:43,797 On a similar note, when a project is deeply uncertain, 234 00:13:43,880 --> 00:13:48,717 but potentially transformative, how do you communicate your vision 235 00:13:48,800 --> 00:13:52,437 and guide your team through that uncertainty? 236 00:13:52,520 --> 00:13:56,997 Um what I try to do is I try to frame the question correctly. 237 00:13:57,080 --> 00:14:01,157 Usually, if you can ask so, let's start with the 238 00:14:01,240 --> 00:14:05,997 basic principle. Don't tell people to do, ask what people want to do. 239 00:14:06,080 --> 00:14:09,597 Right? But frame the question. Okay, this is what we want to do. What is the 240 00:14:09,680 --> 00:14:12,677 best idea? Because frankly, people don't like to be 241 00:14:12,760 --> 00:14:14,677 told what to do, they like to be asked. 242 00:14:14,760 --> 00:14:19,197 Right? And the key leadership is to frame the question or the goal in such a 243 00:14:19,280 --> 00:14:21,557 way that everyone kind of gets it. 244 00:14:21,640 --> 00:14:25,597 A simple rule is you have to repeat it at least 20 times before people believe 245 00:14:25,680 --> 00:14:28,277 you. So, I I become very repetitive. 246 00:14:28,360 --> 00:14:32,117 Another thing I do, which may be going out of of favor, because nobody uses 247 00:14:32,200 --> 00:14:36,277 email anymore, is I'm constantly writing down, "This is what I think. This is 248 00:14:36,360 --> 00:14:39,797 where we should do. What do you guys think?" and so forth. So, it's it's much 249 00:14:39,880 --> 00:14:44,757 more interactive. Um and the and the strategies evolve. And then you get some 250 00:14:44,840 --> 00:14:48,837 great product manager who can brilliantly expose the result of this 251 00:14:48,920 --> 00:14:53,437 process, but it fundamentally starts from saying, "What is our goal?" So, we 252 00:14:53,520 --> 00:14:55,397 want to win. Okay, what does that mean? 253 00:14:55,480 --> 00:14:58,317 Another thing I do that works well is I 254 00:14:58,400 --> 00:15:01,277 start by saying, "Where will we be in 5 255 00:15:01,360 --> 00:15:03,957 years?" Humans are terrible at 256 00:15:04,040 --> 00:15:06,917 predicting past the next six six 12 257 00:15:07,000 --> 00:15:11,117 months. Right? If you force people to say, "What will be true in 5 years?" you 258 00:15:11,200 --> 00:15:15,837 get a very different answer. So, here's an example. Uh the cost of AI 259 00:15:15,920 --> 00:15:20,597 tokens, that is the delivery of queries, is going down by a factor of 10 every 260 00:15:20,680 --> 00:15:24,517 year. Amazing. >> So, 5 years, 10 you you know, 10 to the 261 00:15:24,600 --> 00:15:29,357 fifth or sorry, five to the what you you can do the math. Uh it's a very large 262 00:15:29,440 --> 00:15:32,757 number. What happens when the cost of my little 263 00:15:32,840 --> 00:15:37,277 sonnet is so cheap, it's just everywhere? Right. Right? All in praise 264 00:15:37,360 --> 00:15:42,437 of you, mayor. Of course. What does that mean? Think backward. 265 00:15:42,520 --> 00:15:45,717 Almost [clears throat] every business fails to understand the compounding of 266 00:15:45,800 --> 00:15:48,760 these technologies. 267 00:15:49,320 --> 00:15:53,757 You know, innovation is often referred to as managed chaos. 268 00:15:53,840 --> 00:15:57,357 How do you explain that sort of juxtaposition, that tension between 269 00:15:57,440 --> 00:15:59,557 managing and something that's somewhat 270 00:15:59,640 --> 00:16:03,077 organized or ordered and chaos? 271 00:16:03,160 --> 00:16:06,317 Um it has to do with the structure of goals. 272 00:16:06,400 --> 00:16:11,157 You want to sit think a lot about goal alignment. In corporations, it's pretty 273 00:16:11,240 --> 00:16:15,197 easy, because everybody has stock options, they have a common goal. It's 274 00:16:15,280 --> 00:16:19,517 much harder in what you do. Because there's multiple goals. So, if I 275 00:16:19,600 --> 00:16:23,757 were you if I were running running the the city, which fortunately you're doing 276 00:16:23,840 --> 00:16:25,597 and I'm not, I would sit down and say, 277 00:16:25,680 --> 00:16:28,717 "What are the real goals?" Prioritize. 278 00:16:28,800 --> 00:16:31,957 Healthcare, safety, economic growth, 279 00:16:32,040 --> 00:16:33,597 welfare, uh 280 00:16:33,680 --> 00:16:36,397 inward and I'd measure them. 281 00:16:36,480 --> 00:16:39,277 Set the goals, measure them, articulate 282 00:16:39,360 --> 00:16:42,597 them, repeat, repeat, repeat. 283 00:16:42,680 --> 00:16:45,837 So, how do you protect true innovation 284 00:16:45,920 --> 00:16:48,797 from the bureaucracy that inevitably 285 00:16:48,880 --> 00:16:51,517 grows around that success and can stifle 286 00:16:51,600 --> 00:16:55,877 that same innovation? In software, which is what >> [clears throat] 287 00:16:55,960 --> 00:16:58,477 >> I've done from 50 years, 288 00:16:58,560 --> 00:17:03,157 which is I think largely going away, cuz AI is beginning to write software. 289 00:17:03,240 --> 00:17:05,317 My simple rule was that three people 290 00:17:05,400 --> 00:17:07,557 would invent something new, like the 291 00:17:07,640 --> 00:17:10,757 Chrome browser or, you know, the Android 292 00:17:10,840 --> 00:17:14,917 operating system or so forth, and then it would take a thousand people to 293 00:17:15,000 --> 00:17:18,157 finish it. And I kept thinking, "Why do we need so 294 00:17:18,240 --> 00:17:22,397 many people?" And there's this constant problem of 295 00:17:22,480 --> 00:17:26,357 every team, engineering team, management team, getting bigger and bigger. 296 00:17:26,440 --> 00:17:32,037 You want lean teams. The lesson over over is letting teams Another example, 297 00:17:32,120 --> 00:17:35,677 I have a rule with the companies I'm running now, that if we do new things, 298 00:17:35,760 --> 00:17:39,917 you can only have 10 people, you can't have 11. When we go into a new country, 299 00:17:40,000 --> 00:17:43,917 you can have 10 people, but not 11. Cuz I figure 10 people is a group that's 300 00:17:44,000 --> 00:17:46,757 kind of a manageable group, it's self-managing, they know each other, 301 00:17:46,840 --> 00:17:50,437 they can figure it out, and so forth, and you can judge the team. 302 00:17:50,520 --> 00:17:52,957 So, what happens in in if you're if 303 00:17:53,040 --> 00:17:57,637 you're not disciplined about that, you get uh who people who I call glue 304 00:17:57,720 --> 00:18:00,597 people, and I mean this in the most affectionate way. 305 00:18:00,680 --> 00:18:05,157 They are very nice people. They glue person A to person B, and you discover 306 00:18:05,240 --> 00:18:08,277 you don't need them. Person A can talk to person B without the person in 307 00:18:08,360 --> 00:18:11,597 between. Yeah. And that glue person slows everything down. So, time to 308 00:18:11,680 --> 00:18:16,037 decision, quickness, small teams, and agile thinking is important. 309 00:18:16,120 --> 00:18:19,797 My experience in talking about this around the world is everyone goes like 310 00:18:19,880 --> 00:18:23,117 this. And this means I'm a human, and I'm 311 00:18:23,200 --> 00:18:27,597 breathing, and I'm listening to you. It does not mean I'm going to do anything. 312 00:18:27,680 --> 00:18:32,277 So, if you hear these ideas, unless you implement the things I'm 313 00:18:32,360 --> 00:18:34,917 talking about, you won't get the benefit. 314 00:18:35,000 --> 00:18:38,837 Knowledge is not sufficient. You actually have to take the leadership. 315 00:18:38,920 --> 00:18:41,477 And that's and that's when it gets tough. 316 00:18:41,560 --> 00:18:45,477 Because you're talking about uh very protected groups, protected 317 00:18:45,560 --> 00:18:47,957 individuals, and so forth. The great 318 00:18:48,040 --> 00:18:51,557 business people know when to push those 319 00:18:51,640 --> 00:18:54,517 and when not to. And that's a judgment. 320 00:18:54,600 --> 00:18:58,360 So, of course, moving on to AI. 321 00:18:58,840 --> 00:19:02,997 AI is going to be the most powerful tool humanity's ever created. 322 00:19:03,080 --> 00:19:04,477 It's also potentially going to be the 323 00:19:04,560 --> 00:19:08,197 most dangerous. Let's watch this clip. 324 00:19:08,280 --> 00:19:12,317 A new age has begun, one not written in ink, but in code. 325 00:19:12,400 --> 00:19:17,277 This innovation, this arrival of this new alien incredible intelligence 326 00:19:17,360 --> 00:19:19,317 Artificial intelligence, the most 327 00:19:19,400 --> 00:19:22,037 powerful tool humanity has ever created, 328 00:19:22,120 --> 00:19:25,077 and perhaps its greatest test. The most 329 00:19:25,160 --> 00:19:29,637 important thing that's going to happen in about 500 years, maybe a thousand 330 00:19:29,720 --> 00:19:33,317 years in human society. Few understand it better than Eric [music] Schmidt, a 331 00:19:33,400 --> 00:19:36,437 man who helped shape the digital world as we know it. 332 00:19:36,520 --> 00:19:40,237 Today, he stands at the frontier of innovation [music] and responsibility, 333 00:19:40,320 --> 00:19:43,197 asking the question that will define our future. 334 00:19:43,280 --> 00:19:45,717 Can we control what we've created? 335 00:19:45,800 --> 00:19:50,760 The next revolution isn't coming, it's already here. 336 00:19:54,280 --> 00:19:57,437 So, uh that's that's as good as my sonnet. What happened? 337 00:19:57,520 --> 00:19:59,597 >> Good job. So, I I'm going to go a little off 338 00:19:59,680 --> 00:20:01,917 script, more provocative, I told you. 339 00:20:02,000 --> 00:20:06,797 So, is this sort of AI race really a race between 340 00:20:06,880 --> 00:20:10,477 hopefully the good guys out-programming the bad guys? Is that what this race 341 00:20:10,560 --> 00:20:12,117 going to be with more 342 00:20:12,200 --> 00:20:15,917 power, more compute, more sort of 343 00:20:16,000 --> 00:20:20,197 programming knowledge? Is that Is that how this is going to go down? 344 00:20:20,280 --> 00:20:22,837 Well, the the race to build a non-human 345 00:20:22,920 --> 00:20:25,557 intelligence that we collaborate with is 346 00:20:25,640 --> 00:20:28,717 the defining event of our generation, of 347 00:20:28,800 --> 00:20:32,277 our lifetimes. It will color everything. 348 00:20:32,360 --> 00:20:35,837 Um the gains will be phenomenal. Uh one 349 00:20:35,920 --> 00:20:38,157 of my friends is dying of ALS. Can you 350 00:20:38,240 --> 00:20:41,557 imagine the value of a solution to that? 351 00:20:41,640 --> 00:20:44,197 It's horrible to see. He's a great human 352 00:20:44,280 --> 00:20:47,157 being. Uh I I can go on and on about the 353 00:20:47,240 --> 00:20:49,357 tragedies that humans experience that 354 00:20:49,440 --> 00:20:51,757 these technologies can address. 355 00:20:51,840 --> 00:20:54,437 Healthcare is one obvious one. Um the 356 00:20:54,520 --> 00:20:56,877 arrival of intelligence for every single 357 00:20:56,960 --> 00:21:01,717 human being, right? Having an assistant that's as smart or smarter than you, the 358 00:21:01,800 --> 00:21:03,757 Einstein in your pocket. Just Just 359 00:21:03,840 --> 00:21:07,557 imagine all of that. Um these things 360 00:21:07,640 --> 00:21:11,997 it's very hard to predict what will happen with this amount of new 361 00:21:12,080 --> 00:21:15,157 intelligence. Remember I said the most important are humans. Well, now we have 362 00:21:15,240 --> 00:21:19,477 humans plus the AI. There are plenty of downsides, right? 363 00:21:19,560 --> 00:21:22,917 And we can talk about them, but the most important thing is this stuff needs to 364 00:21:23,000 --> 00:21:26,197 be built in America, on our values, with 365 00:21:26,280 --> 00:21:30,557 our views. And I feel very, very strongly about this. [applause] 366 00:21:30,640 --> 00:21:33,077 I want American I'll use the word 367 00:21:33,160 --> 00:21:38,477 liberalism in the classic sense. Um America's rule of law, it's individual 368 00:21:38,560 --> 00:21:42,037 freedom, it's distrust of the government, sorry. Uh the the 369 00:21:42,120 --> 00:21:44,357 combination of that individualism, the 370 00:21:44,440 --> 00:21:46,517 frontier um 371 00:21:46,600 --> 00:21:49,637 belief is really, really important. And 372 00:21:49,720 --> 00:21:52,597 we're on a revolutionary frontier here. 373 00:21:52,680 --> 00:21:54,877 A simple example is imagine if the 374 00:21:54,960 --> 00:21:57,757 internet had been invented in China. 375 00:21:57,840 --> 00:22:01,677 Just think about it. Just think about how different it would be and how your 376 00:22:01,760 --> 00:22:03,957 different your experience would be on it. 377 00:22:04,040 --> 00:22:08,197 By the way, after that sonnet, there's no offense taken whatsoever. 378 00:22:08,280 --> 00:22:10,877 Um so, okay. So, first question was was 379 00:22:10,960 --> 00:22:15,357 a little bit provocative. I think my second question is the following. 380 00:22:15,440 --> 00:22:19,677 The acceleration of the intelligence is so profound 381 00:22:19,760 --> 00:22:23,077 that the question becomes are these systems going to have their own 382 00:22:23,160 --> 00:22:27,277 consciousness? And if they have their own consciousness, are they going to be able 383 00:22:27,360 --> 00:22:30,517 to make decisions independent of the prompting 384 00:22:30,600 --> 00:22:32,877 which means if they're smarter than us 385 00:22:32,960 --> 00:22:37,677 and they're independently prompted can they figure out more intelligently 386 00:22:37,760 --> 00:22:41,677 than we can how to prevent us from turning them off? Yes, you're now 387 00:22:41,760 --> 00:22:44,757 writing a movie script that I think we're going to see a lot of movies 388 00:22:44,840 --> 00:22:48,917 written about. So, for a bit of background right now, these AI systems 389 00:22:49,000 --> 00:22:53,317 are prompted by humans. The technical term is called prompt engineering. And 390 00:22:53,400 --> 00:22:56,637 young people in college will go to prompt engineering class where they'll 391 00:22:56,720 --> 00:23:00,677 learn how to manipulate these models in really, really powerful ways. 392 00:23:00,760 --> 00:23:05,437 That's not general intelligence. That's special intelligence. So, if I'm a 393 00:23:05,520 --> 00:23:08,757 physicist, which I'm not, I'll have my physics assistant and I'll say I have 394 00:23:08,840 --> 00:23:12,437 the following idea and the physics assistant will say, "Well, I I've 395 00:23:12,520 --> 00:23:16,517 analyzed that. Here's a better idea for you." But the invocation or the 396 00:23:16,600 --> 00:23:20,317 initiation occurs from the human. 397 00:23:20,400 --> 00:23:24,797 The question is when do these systems When are they able to initiate on their 398 00:23:24,880 --> 00:23:28,037 own? The technical term for that is called recursive self-improvement. 399 00:23:28,120 --> 00:23:31,557 They're just naturally learning and getting smarter. And there are all sorts 400 00:23:31,640 --> 00:23:35,717 of terrible scenarios. It discovers that the only thing the computer needs is 401 00:23:35,800 --> 00:23:39,717 electricity, so it decides to shut down a hospital to get more electricity for 402 00:23:39,800 --> 00:23:42,437 itself. Those are the kind of movie scenarios. 403 00:23:42,520 --> 00:23:45,157 To me, all of these are red lines. 404 00:23:45,240 --> 00:23:48,117 The point at which we humans give agency 405 00:23:48,200 --> 00:23:52,637 to these computers for what they do is a mistake. 406 00:23:52,720 --> 00:23:55,917 And I think collectively we need to define those red lines. Another example 407 00:23:56,000 --> 00:23:59,717 would be access to weapons. The last thing I want is an AI system making 408 00:23:59,800 --> 00:24:05,200 decisions about nuclear war, nor do any of us. That kind of thing. 409 00:24:05,760 --> 00:24:07,437 I have a bunch of questions from that. 410 00:24:07,520 --> 00:24:09,197 Cuz the problem is with that is is is 411 00:24:09,280 --> 00:24:11,397 certainly and we see this sort of play 412 00:24:11,480 --> 00:24:16,517 out geopolitically. The US, we presume will be responsible. 413 00:24:16,600 --> 00:24:19,517 The question is how do we deal with people who may have this that are not 414 00:24:19,600 --> 00:24:22,877 responsible? Number one. And And I'll And I'll I'll 415 00:24:22,960 --> 00:24:24,517 give a little bit of hope to humanity. 416 00:24:24,600 --> 00:24:26,957 This is the second time I interview Eric, by the way. 417 00:24:27,040 --> 00:24:29,277 And we talked about this the first time. 418 00:24:29,360 --> 00:24:32,157 Just to give humanity a little bit of hope. Obviously, nuclear weapons have 419 00:24:32,240 --> 00:24:35,237 been around for a generation. And but 420 00:24:35,320 --> 00:24:39,557 for the first time that they were employed thankfully, you know, they they 421 00:24:39,640 --> 00:24:44,517 we've limited this technology to something that has not so far destroyed 422 00:24:44,600 --> 00:24:49,517 us. So, I guess my question is we can potentially have faith in our 423 00:24:49,600 --> 00:24:53,437 country hopefully to do the right thing and draw those red lines. How do we deal 424 00:24:53,520 --> 00:24:57,917 with the nefarious actors who may not be so ethical? 425 00:24:58,000 --> 00:25:01,917 We're going to have this problem. Every technology I mean it when Alexander 426 00:25:02,000 --> 00:25:05,517 Graham Bell invented the telephone, it didn't occur to him that criminals would 427 00:25:05,600 --> 00:25:09,357 use it. I remember one day people said, "Did you know that there are criminals 428 00:25:09,440 --> 00:25:12,357 on the internet?" And I said, "Who let them in?" 429 00:25:12,440 --> 00:25:15,317 Right? >> [laughter] >> We didn't design the internet for 430 00:25:15,400 --> 00:25:20,277 criminals and they showed up, right? So, you have to assume the same thing is 431 00:25:20,360 --> 00:25:23,517 going to happen with with this technology. And I think the most 432 00:25:23,600 --> 00:25:27,517 important thing is to put in the the observational systems to watch for it. 433 00:25:27,600 --> 00:25:30,797 And we should be able to create surveillance systems within the internet 434 00:25:30,880 --> 00:25:35,557 to watch for bad actors, at least in the extreme cases. Um I'm worried about it 435 00:25:35,640 --> 00:25:37,397 for the following reason. 436 00:25:37,480 --> 00:25:40,437 In our lifetimes, in the next 5 or 10 437 00:25:40,520 --> 00:25:43,517 years, every single human on the planet 438 00:25:43,600 --> 00:25:45,997 who has a mobile phone, cell phone, will 439 00:25:46,080 --> 00:25:48,517 have access to Einstein, Leonardo da 440 00:25:48,600 --> 00:25:52,157 Vinci, you know, whomever in some form. 441 00:25:52,240 --> 00:25:56,157 We've never had that devolution of power. We've never had that 442 00:25:56,240 --> 00:25:58,917 decentralized empowerment of humans. 443 00:25:59,000 --> 00:26:01,877 Now, this group I trust. 444 00:26:01,960 --> 00:26:06,037 There's an awful lot of wacky countries and wacky cultures and wacky religions, 445 00:26:06,120 --> 00:26:09,637 sorry, where I'm not so sure I would trust their collective action being 446 00:26:09,720 --> 00:26:11,757 consistent with our values. For sure. 447 00:26:11,840 --> 00:26:15,077 Right? And I think history will judge us 448 00:26:15,160 --> 00:26:20,117 based on how we make this how we handle the humans as this intelligence 449 00:26:20,200 --> 00:26:24,317 evolution occurs and empowers individuals. 450 00:26:24,400 --> 00:26:27,237 So, the most famous use case obviously of AI right now is the large language 451 00:26:27,320 --> 00:26:31,197 models. I mean, they're the ones that are being used day in and day out. What 452 00:26:31,280 --> 00:26:35,477 would you say are probably going to be, let's say, the top one or two or three 453 00:26:35,560 --> 00:26:39,397 next use cases that you think are going to change things? And maybe one or two 454 00:26:39,480 --> 00:26:40,677 that people aren't thinking about. 455 00:26:40,760 --> 00:26:44,477 >> Well, so today there are sort of three things going on. I'll simplify it. 456 00:26:44,560 --> 00:26:48,637 Language stuff, that's what we were joking about with large language models. 457 00:26:48,720 --> 00:26:52,317 There's something called the agentic revolution where you have agents. An 458 00:26:52,400 --> 00:26:56,717 agent takes language in, it has memory, and it produces something. So, it says, 459 00:26:56,800 --> 00:26:58,717 "I want to do a conference in Miami." 460 00:26:58,800 --> 00:27:02,717 And it selects the venue. And then it calls the mayor and the mayor says yes 461 00:27:02,800 --> 00:27:06,477 cuz the mayor is very pro-business. And then it calls the security people and 462 00:27:06,560 --> 00:27:08,077 then it calls the contractors and then 463 00:27:08,160 --> 00:27:10,797 it designs the stadium. Each of these is 464 00:27:10,880 --> 00:27:14,557 a work plan, right? Um 465 00:27:14,640 --> 00:27:17,397 over and over again, that's workflow. 466 00:27:17,480 --> 00:27:19,637 Workflow is what happens in business. 467 00:27:19,720 --> 00:27:24,117 The technical industry believes two things. First, the scaling laws, which 468 00:27:24,200 --> 00:27:28,077 are the laws of improvement, are not slowing down. 469 00:27:28,160 --> 00:27:32,357 The crazy [snorts] investment that you see is there for a reason. They're 470 00:27:32,440 --> 00:27:36,837 seeing the kind of gains, this factor of 10 every year, are continuing to come. 471 00:27:36,920 --> 00:27:41,397 It's pretty amazing. Um and and most importantly, with that investment comes 472 00:27:41,480 --> 00:27:42,597 everything else that we talked about. 473 00:27:42,680 --> 00:27:45,517 It's enormously expensive. And by the way, we're going to run out of 474 00:27:45,600 --> 00:27:49,597 electricity before we run out of money, which is a separate discussion. But the 475 00:27:49,680 --> 00:27:51,077 important thing is you have language. 476 00:27:51,160 --> 00:27:52,917 The next thing and then you have agents. 477 00:27:53,000 --> 00:27:55,717 And these agents do everything. There's something called agent orchestration 478 00:27:55,800 --> 00:27:57,517 where you can move the agents around. 479 00:27:57,600 --> 00:28:01,077 And the third one is essentially reasoning. 480 00:28:01,160 --> 00:28:06,197 You now have systems that can pass math tests, chemistry tests, biology tests, 481 00:28:06,280 --> 00:28:10,197 and so forth at the graduate level and beat the humans. That's really 482 00:28:10,280 --> 00:28:13,477 remarkable. And I've watched them and I have no idea what problems they're 483 00:28:13,560 --> 00:28:16,557 solving. And you can watch them go forward, it doesn't work. They 484 00:28:16,640 --> 00:28:18,797 problem-solve like a human being. 485 00:28:18,880 --> 00:28:22,397 The union of those is the power. 486 00:28:22,480 --> 00:28:26,637 That will give us the power to innovate to address our problems. And the the 487 00:28:26,720 --> 00:28:31,237 thought experiment that I would give you is let's imagine that one of the 488 00:28:31,320 --> 00:28:34,717 American companies I obviously have my own bias, but we'll pick somebody else, 489 00:28:34,800 --> 00:28:38,557 you whoever manages to get to the point where these 490 00:28:38,640 --> 00:28:40,997 systems can solve problems that humans 491 00:28:41,080 --> 00:28:43,837 have never been able to solve. 492 00:28:43,920 --> 00:28:47,517 What is the value of that company? 493 00:28:47,600 --> 00:28:50,637 How many trillions of dollars in one 494 00:28:50,720 --> 00:28:54,557 company? Infinity. Right? It's It's literally I mean, think about all the 495 00:28:54,640 --> 00:28:58,037 problems you face every day and it can solve every one of them. And you can sit 496 00:28:58,120 --> 00:29:00,397 there and drink coffee and, you know, sort of watch it. 497 00:29:00,480 --> 00:29:03,877 >> just solves most of them, but that's okay. That's right. Uh the important 498 00:29:03,960 --> 00:29:07,197 thing is that we're on the threshold of being 499 00:29:07,280 --> 00:29:10,357 able to have truly new innovation. 500 00:29:10,440 --> 00:29:14,157 And that's the That's the hype. That's the promise. 501 00:29:14,240 --> 00:29:18,757 If we don't get there, people will be destroyed just from their own hype. I 502 00:29:18,840 --> 00:29:21,797 mean, it's extraordinary. I'm going to ask one last question. It's a follow-up 503 00:29:21,880 --> 00:29:24,597 to the the problem that you presented. 504 00:29:24,680 --> 00:29:29,637 Is SMRs, which is a small scale modular reactors, is that the solution for that 505 00:29:29,720 --> 00:29:32,757 energy gap that you're talking about? Or is it going to be something else? We 506 00:29:32,840 --> 00:29:35,677 need more energy in America. 507 00:29:35,760 --> 00:29:39,677 We need every kind of energy. Um we need 508 00:29:39,760 --> 00:29:41,997 uh nuclear. We need fusion. We need 509 00:29:42,080 --> 00:29:44,997 natural gas. We need renewables. We need 510 00:29:45,080 --> 00:29:47,597 wind. We need solar. We need it all. 511 00:29:47,680 --> 00:29:49,917 Why? Because those data centers which 512 00:29:50,000 --> 00:29:53,437 account for 1% of GDP growth this year 513 00:29:53,520 --> 00:29:56,917 in America need power. If you want that 514 00:29:57,000 --> 00:30:00,717 3% growth that the president love this have talked about, you need to solve the 515 00:30:00,800 --> 00:30:02,877 energy problem. Eric, thank you so much. 516 00:30:02,960 --> 00:30:06,317 What a provocative conversation. Thank you. Appreciate it. 517 00:30:06,400 --> 00:30:09,047 Can I read one thing? Oh, of course. 518 00:30:09,130 --> 00:30:13,317 >> [applause] >> I I I was thinking a lot about you gave 519 00:30:13,400 --> 00:30:15,117 me the honor to talk to this incredible 520 00:30:15,200 --> 00:30:18,397 group about the frontier. 521 00:30:18,480 --> 00:30:23,197 Um in 1893, a fellow named uh Frederick Turner 522 00:30:23,280 --> 00:30:27,517 talked about the frontier. And he said, 523 00:30:27,600 --> 00:30:31,917 "To the frontier the American intellect owes its striking characteristics. This 524 00:30:32,000 --> 00:30:35,677 is 150 years ago. That coarseness and strength combined 525 00:30:35,760 --> 00:30:38,037 with acuteness inquisitiveness, that 526 00:30:38,120 --> 00:30:40,997 practical inventive turn of mind quick 527 00:30:41,080 --> 00:30:43,757 to find expedients, that masterful grasp 528 00:30:43,840 --> 00:30:46,237 of material things, lacking in the 529 00:30:46,320 --> 00:30:48,397 artistic but powerful to affect great 530 00:30:48,480 --> 00:30:51,637 ends, that restless nervous energy, that 531 00:30:51,720 --> 00:30:54,877 dominant individualism working for good 532 00:30:54,960 --> 00:30:57,597 and evil and with all that buoyancy and 533 00:30:57,680 --> 00:30:59,997 exuberance which comes with freedom, 534 00:31:00,080 --> 00:31:02,637 these are the traits of the frontier. 535 00:31:02,720 --> 00:31:06,277 This is America. This is us. This is why 536 00:31:06,360 --> 00:31:08,277 we're here. This is why you're a great 537 00:31:08,360 --> 00:31:14,030 leader. Thank you very much." That was >> [applause] 538 00:31:15,240 --> 00:31:19,317 >> That was in 1893. >> 1893. You know what happened 3 years 539 00:31:19,400 --> 00:31:20,677 later? What's that? You know what 540 00:31:20,760 --> 00:31:23,037 happened 3 years later? What? The city 541 00:31:23,120 --> 00:31:26,757 of Miami was established. 1896. 542 00:31:26,840 --> 00:31:28,317 >> There you go. Happy birthday to Miami. 543 00:31:28,400 --> 00:31:32,887 Thank you. Okay, mayor. Good. Thank you, guys. 544 00:31:32,970 --> 00:31:34,990 >> [music] 545 00:31:46,360 --> 00:31:50,237 >> At the Adam Smith Center for Economic Freedom, you don't just learn, you 546 00:31:50,320 --> 00:31:54,507 achieve. Through our interdisciplinary Bachelor of Science in Business and 547 00:31:54,590 --> 00:31:56,037 [music] Government Leadership, you'll 548 00:31:56,120 --> 00:32:02,200 gain perspective, innovate, and connect with real-world leaders.