Subject: FW: TrackerBASE Report: PRES Donald Trump: How to Build a Fortune, Audio Disk 1 3/17/2016
From: "Sorbie, Sean" <[email-masked]>
To: Research_D <[email-masked]>
Date: Thu, 19 May 2016 17:52:49 -0700

________________________________
From: American Bridge Tracking
Sent: Thursday, May 19, 2016 8:52:46 PM (UTC-05:00) Eastern Time (US & Canada)
To: TrackerBase Tracking Reports
Cc: Colin Smith
Subject: TrackerBASE Report: PRES Donald Trump: How to Build a Fortune, Audio Disk 1 3/17/2016

Tracker Event Debrief Form

TO: PRES Tracking

FROM: Colin J Smith; Joe Gallant

Location: Trump University, NY

Date: 3/17/16

_____________________________________________________________

Event Details:  Audio from a Trump University CD

Attendees/Audience: Donald Trump, John Ward

Press: None

Summary of Event: As part of his University, Trump did a phone in interview broken up over several clips. The first few clips deal with general business philosophy stuff, but Clip F Trump is first asked about what kind of market to get into and then is asked to talk about the looming real estate crash. Trump says that he would be in favor of the real estate crash, and also that he doesn’t think it’s very likely to happen. This was recorded in 2006 or 2005, before the real estate crash and Great Recession.

Key Points: Clip A:

0:00 Dramatic intro with what almost sounds like Hunger Games music. John Ward interviews Trump over phone.

Q: In the big scheme of things, how important is money to you and how should it be

DT: I don’t think money is important to all, though it has been for me. HAppiness should be the focus, some people can be happy without money, I guess, but it makes life easier. In terms of sickness, if you have money it makes life easier.

Q: Given we have to deal with money let’s think of how people deal with money, if I want to build wealth what should be my attitude toward money

DT: I always say when people ask me about building wealth…

Clip B:

0:00 DT: The most important element of building wealth is to love what you do. If you don’t love it, it’ll never happen unless you’re very lucky, which can happen. Most important is to love what you do.

Clip C:

0:00 DT: Second is never give up, never stop. You can’t do that and be successful. If you love what you do it’s easier not to stop. I consider No. 1 more important than No. 2 because it follows from No. 1.

Q: Many people begin to feel defeated with debt, there’s a lot of personal and national debt…

Clip D:

0:00 Q: What’s your attitude toward debt?

DT: Debt is a complex subject, it’s something we talk a lot about in Trump U, it’s very complex. I can start by saying don’t have debt, but I built an empire on debt, I also got in some trouble because I had billions in debt and when the market crashed, it’s not the best to have a lot of debt. Many of my friends were forced out of business and you’ll never hear from them again, I never had to do that but I was in trouble in the early 90s. Debt is beautiful in good times, terrible in bad times, you need to know how to manage it and if things don’t work out you need to know how to work with bankers to make a deal. The beauty of debt is when things go bad you can make a deal with banks because what happens is they have lots of other people with problems and the last thing they want to do is own properties with problems. One thing we teach you is when things go bad is you can probably, if you’re good and sincere and smart make a deal with your bank. That’s why I like the concept of debt. If things are good it works no problem, if things are bad you renegotiate.

1:52 Q: It sounds like it’s important to know how you relate with people?

DT: You see the same people on the way up as the way down. Sometimes markets bring you down and you can’t do much about that, but you can deal with banks and it’s important to learn, because things change. Throughout history things go good and bad and good and bad, you need to be prepared. Focus on the bad times because the good times take care of themselves.

Q: You emphasize staying informed, what’s the best way to stay informed in business?

DT: I believe in the great newspapers, and now you have their websites. WSJ, New York Times are good. It’s not just business it’s the world. Reading about Hurricane Katrina is important because it has effects on other things. I think that the oil producing states have used Katrina to ramp up oil prices, I haven’t read a lot about it, but that’s the opinion I get. You have to be aware of how the world is turning.

4:05 Q: You also have to be informed about your own finances I suppose?

DT: There’s lots of ways to do that and we teach the best ways at Trump U. Do you risk going somewhere better, you need to have a feel for where the market is going. The best people can predict where the market is going. If you can’t do that it’s ok, not everyone can do it

Clip E:

0:00 Q: Who should I trust for financial advice?

DT: Trust yourself, that’s the only one I trust. You can go to consultants, but I see sports players who accrue huge wealth and they entrust it to managers who spoil the money and throw it away. I’ve seen some basketball players, they end up with no money because their manager stole it like they were babies, and in some sense they are. Trust yourself, learn about what’s going on, cut the fees, study the various people. They have charts and tables on almost everything, so look for ROI, look for levels of honesty, look at how many complaints there are. Really study this, don’t go with the guy who you knew in college.

Q: How do you determine when to get out of a deal and learn to move onto something else?

DT: I just had a thing today, I bid on a property, I had a max price that I wouldn’t go above. I didn’t get the property and I feel fine about it, I write down when I’m going to an auction, I never go beyond that number and don’t feel badly about it

Clip F:

0:00 Q: Where do you see the best investment opportunities: stock, commodities, or real estate?

DT: That’s tough because I’m prejudiced toward real estate, I don’t know how many stocks that get the ROI I’ve gotten on property. I find stocks are like going to Vegas and rolling the dice, you’re dependent on other people, you don’t have as much control. That’s not to say I don’t do it, but I don’t like it as much. I like investing on interest bearing things, but it’s not so good when rates are down as they are now, but there’s something secure about investing in a strong bank. It has to be a strong bank, there were times in the early 90s when people didn’t know if they were ever going to see their money again with the banks. I like to invest in strong institutions.

1:35 $$$

Q: You’ve heard about the potential real estate bubble and the gloomy predictions of a big crash, what’s your take on it?

DT: I sort of hope it happens. Then people like me would go in and buy if you’re in a good cash position, which I’m in a good cash position. People like me would go in and buy like crazy. I have friends who are opportunists, I’m not saying that necessarily in a nice way or a bad way, they’re business people. I know people who are going down to New Orleans and buying real estate looking at what they can do because they want to take advantage of the damage that was done there. They may be doing a great service to that economy. Maybe it is a nice thing to do in a sense, because they’re investing in an area others gave up on. I know people who go wherever there’s problems, so if there’s a bubble burst you could make some money. I don’t think it’s going to happen anyway. If interest rates stay low, if the dollar stays basically where it is, if you have a weak dollar, there’s tremendous money pouring in, so I don’t think it’s going to happen. I don’t think the real estate market is going to take a big hit. $$$

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