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Mike Novogratz on Investing, Bitcoin, Ayahuasca, and Running Through The Sahara Desert (#451)

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Michael Novogratz (@novogratz) is the founder and CEO of Galaxy Digital. He was formerly a partner and president of Fortress Investment Group, LLC. Prior to Fortress, Michael spent 11 years at Goldman Sachs, where he was elected partner in 1998. Michael served on the Federal Reserve Bank of New York’s Investor Advisory Committee on Financial Markets from 2012–2015. Michael serves as the chairman of The Bail Project and has made criminal justice reform a focus of his family’s foundation. He also serves as the chairman of Hudson River Park Friends and sits on the boards of NYU Langone Medical Center, Princeton Varsity Club, Jazz Foundation of America, and Artists for Peace and Justice. Michael received an AB in Economics from Princeton University and served as a helicopter pilot in the US Army.

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Brought to you by Magic Spoon, Four Sigmatic, and LMNT. More on all three below. 

The transcript of this episode can be found here. Transcripts of all episodes can be found here.

#451: Mike Novogratz on Investing, Bitcoin, Ayahuasca, and Running Through The Sahara Desert

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This episode is also brought to you by LMNT! What is LMNT? It’s a delicious, sugar-free electrolyte drink-mix. I’ve stocked up on boxes and boxes of this and usually use it 1–2 times per day. LMNT is formulated to help anyone with their electrolyte needs and perfectly suited to folks following a keto, low-carb, or Paleo diet. If you are on a low-carb diet or fasting, electrolytes play a key role in relieving hunger, cramps, headaches, tiredness, and dizziness.

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What was your favorite quote or lesson from this episode? Please let me know in the comments.

SCROLL BELOW FOR LINKS AND SHOW NOTES…

Want to hear another conversation with an investor who’s got his mind on more than the market? Listen in on my interview with Howard Marks in which we discuss the secret formula to getting along with business partners, turning dumb money into smart money, why it’s not what you buy but what you pay, measuring the intrinsic value of cryptocurrency, and much more.

#338: Howard Marks — How to Invest with Clear Thinking

SELECTED LINKS FROM THE EPISODE

  • Connect with Mike Novogratz:

Galaxy Digital | Twitter

SHOW NOTES

  • Clearing up two burning questions: what are Mike’s Speed Racer pants, and has he ever piloted a helicopter down Prospect Avenue? [06:57]
  • What was Mike’s Princeton experience like? [09:27]
  • Athleticswise, what flipped for Mike in his junior year? [11:34]
  • What part has wrestling played — and continues to play — in Mike’s life? [12:39]
  • How did Mike work his way through a particularly painful part of his journey — when he thought, after resigning from Goldman Sachs, his life was over at age 33? [14:00]
  • What did Mike’s routine look like between rehab and ringing the bell after not working for almost six years? Did he change any habits in particular? [22:38]
  • Mike may not consider himself the smartest guy in the room, but his intuition might make him one of the luckiest. [26:43]
  • How has Mike learned to discern intuition and pattern recognition from irrational confidence? [29:16]
  • Why does Mike consider himself the Forrest Gump of Bitcoin, and how does his speculation over cryptocurrency differ from that of fellow investor Paul Tudor Jones? [35:10]
  • Putting on the Nostradamus hat, where does Mike see Bitcoin going over the next 12 months? [38:48]
  • Growing up in a family of strong personalities, what was Mike’s childhood like? [40:54]
  • Who is Jacqueline Novogratz? [45:01]
  • Does Mike think the pressure he’s felt to excel comes from having so many high-achieving people in his family? [48:31]
  • Mike describes the not-so-small tattoo on his forearm. [51:57]
  • Why did Mike decide to include an experience with ayahuasca in a commencement speech he recently gave at the University of Iowa? [53:32]
  • As someone with a competitive drive, how has Mike learned to be more forgiving of himself when he doesn’t come in first place? [57:21]
  • What advice does Mike think his older self, 10-20 years from now, might give to his current self? [1:03:02]
  • How did Mike come to be so passionate about criminal justice reform? [1:05:10]
  • Interested in learning more about criminal justice reform and why it’s so important? Here are a few jumping-off points Mike recommends. [1:12:50]
  • What books has Mike given often as gifts? [1:14:55]
  • How does Mike refocus when he’s feeling overwhelmed? [1:16:30]
  • Favorite quotations. [1:18:28]
  • What investment of money, time, energy, or other resources has been Mike’s most worthwhile? [1:20:08]
  • Parting thoughts. [1:21:49]

PEOPLE MENTIONED

The Tim Ferriss Show is one of the most popular podcasts in the world with more than 900 million downloads. It has been selected for "Best of Apple Podcasts" three times, it is often the #1 interview podcast across all of Apple Podcasts, and it's been ranked #1 out of 400,000+ podcasts on many occasions. To listen to any of the past episodes for free, check out this page.

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9 Replies to “Mike Novogratz on Investing, Bitcoin, Ayahuasca, and Running Through The Sahara Desert (#451)”

  1. Mike mentioned a book written in 1930’s that’s the “bible” for anyone trading. What was the title?

    Reply

  2. Hi tim,
    I know your “tools of titans” audio book is coming up, i really like you to consider the possibility to have the italian version i can provide in high quality.
    Let me know if you like the idea, I really love the book and want to help you to have the best Italian vesrion possible!

    Take care

    Lorenzo Marte

    Reply

  4. There may be many wonderful things one could say about Magic Spoon, but for you to say “It tastes just like your favorite sugary cereal.” leads me to belive that you either haven’t tried Magic Spoon, or you’ve never eaten sugary cereal before.

    Reply

  6. Billionaire guy who has struggled with drug addiction, admits to being a hard boss, talks about drinking too much and yet feels the need to say he’d like to beat up the president. So disappointing.

    Reply

    1. Seem like he’s just being honestly raw with his own truth that is all. He hides nala of his own emotional life journey. what a brave soul! who probably can take a few more punches or swings from you.. and return double or quadruple (can’t wait to check out his book recommendation. Hope that will not disappoint. we’ll see..

      Reply

  7. Hey Tim, Love your interviews and content! Towards the end of this interview, Mike mentioned how badly prisons systems are needing reform… Have you heard of Chris Wilson, and his book “The Master Plan”? I highly recommend his book, and perhaps one day Chris can be a guest on your podcast? If somehow Mike and Chris connected, I think it would be powerful. Thanks for reading. Best, E

    Reply