The Rate Hikes Are Coming

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Scott Galloway (0:56)

Today's number 95 That's the percentage of finance students who identify as straight. The most of any college major. True story, Ed, my ex-wife decided we should have an open relationship and the rules where we could have sex with anybody and we would never see each other again.

How are you, Ed?

Ed Elson (1:25)

Doing very well. How are you?

Scott Galloway (1:26)

I'm doing well. It's a beautiful day here in London. I'm unfortunately heading out again on Sunday to the West Coast for my first Regents meeting, which I'm excited about.

Ed Elson (1:37)

Yeah, maybe explain a little bit the situation there.

Scott Galloway (1:40)

Oh, Ed, I don't like to talk about that stuff.

I wish you hadn't brought it up. I wish you hadn't brought it up. Now we're talking about all kinds of interesting stuff.

Ed Elson (1:49)

What are the Regents? What is that?

Scott Galloway (1:51)

The Regents are the Board of Directors that oversee the University of California, and what I didn't realize, and most people don't realize, is that it's a $54 billion enterprise, and about $35 billion of it is the hospital system. Basically, the University of California could be fairly called a hospital system or a healthcare system that offers classes. I did not know that.

Ed Elson (2:10)

I did not know that either.

Scott Galloway (2:11)

It's also the greatest economic elevator in history, which is why I'm excited to be on.

It takes more people from the lowest quintile to the top quintile, I think, than, well, maybe Cal State. But it saved my ass. Saved my ass, Ed.

Ed Elson (2:26)

Are there any other famous people on that board? Who's the company?

Scott Galloway (2:30)

Not famous, but much more credible.

Well, the governor is on the board, the lieutenant governor, Eleni Tsikopoulos. It's kind of a full circle moment. My friend Eleni and I were friends in business school and she's on the board as a lieutenant governor. But it's a bunch of very impressive people who, quite frankly, are just more credentialed and substantive. Although I am pissed off. Let's bring this back to me. All the media was, Governor Newsom appoints podcaster to Board of UC Regents. Would you describe me as a podcaster? That kind of upset me.

Ed Elson (3:01)

What would you prefer to be known as, professor?

Scott Galloway (3:03)

Well, I don't know. I've done a few other things other than podcasting.

Ed Elson (3:06)

I know you've done a lot of things, but that is what you are right now.

Scott Galloway (3:10)

I'm an academic and an entrepreneur, but anyways, but you ask who else is on the board. It's a bunch of people from the finance industry. It's everyone from the vice chairman of UTA, one of the largest Cal and agencies, to business people, to healthcare professionals and a lot of the chancellors. I mean, they're technically the CEOs, the chancellors. So they're not on the board, they're report into the board, but it is an enormous board. I think it's 24 or 26 people.

Anyways, I'm headed out to the UCLA for my first Regents meeting. What are you doing this weekend?

Ed Elson (3:46)

This weekend, let's see, it's my girlfriend's birthday, or it was yesterday, so we had dinner, but then we're going to celebrate with friends, which will be very fun. We'll have a little party. And then I go to another wedding.

It's probably like my 100th wedding of the year, it feels like.

Scott Galloway (4:03)

So I'm being serious here. But the best gift you can give anyone for their wedding is?

Ed Elson (4:08)

What's that?

Scott Galloway (4:09)

Get ridiculously fucked up and have an amazing time, a visible amazing time at their wedding. That's all they want. They want a total party. When you go to someone's wedding, the best gift you can give them is to dance, be social, just have an amazing, that is all the bride and groom want. They want to have the best party. They want to be talking about what an epic party it was for years. And the best thing you can do for the bride and groom is just have an amazing time.