- Do you believe that right now
is the single greatest time in the planet
to be alive and doing what you do professionally?
If the answer is yes, you're going to love this interview.
(light music)
Hey, welcome to the Tom Ferry show.
Today, I'm doing something very special.
I had a really good fortune of spending some time
with Dr. Peter Diamandis.
Now, you may or may not have heard of this guy.
He is the founder of a thing called the X Prize,
extraordinary foundation, as well as the author
of two amazing books, Abundance and Bold.
You've heard me talk about him,
especially if you see me live in the last 12 months.
Today, I call Peter a friend and a mentor,
and what you're about to be exposed to
is what Fortune Magazine calls
one of the 50 greatest leaders of our generation,
someone that is an exponential thinker, out of the box.
And I get him to relay 100% of all his strategies
to you and your business.
So, get ready to have your mind be expanded
and enjoy my interview with Dr. Peter Diamandis.
Alright, so I'm super excited guys.
Dr. Peter Diamandis, pleasure Peter.
Thank you so much for being here.
- A pleasure, pal.
- So for the people that have never been exposed
or read your two books which I've been
promoting forever aggressively,
who is Dr. Peter Diamandis?
- So I'm someone who believe we're living
in the most extraordinary time ever in human history.
I focus on the exponential technologies
such as computations, sensors, networks,
AI, robotics, 3D printing, blockchains, synthetic biology.
All of these technologies that are
really creating this extraordinary world we're in.
And I think we're constantly barrage
by negative news I call
CNN: The Crisis News Network, you know that?
And it's true, we're bombarded by negative news,
because every news agency is vying for attention.
They're job is deliver our eyeballs to their advertisers.
And at the end of the day, if you look at the actual data,
we're living during the most peaceful time
ever in human history.
Over the last hundred years, the per capita income
for every nation in our planet is tripled,
the lifespan is doubled, and doubled again,
the cost of food is dropped 30 fold,
energy is dropped a hundred fold,
transportations thousands of fold,
communications millions if not billions of fold.
And it's amazing.
I mean, just think about what each of us
has on this device, right?
It's like the world's knowledge.
Millions of dollars of capabilities
to a video conferencing, books, libraries,
everything we want on this thing,
and it's just awesome.
- So why do you think,
and I mentioned to you that,
you guys have heard me say this before,
that in many cases, the entire real estate agent
is based upon this fear:
owners are afraid managers are gonna leave.
Managers are afraid their agents are gonna leave,
and agents are afraid that buyers
and sellers are not gonna buy.
So the vast majority of our listeners
are very growth mindset,
like they're the kind of people
that you want to work with, right?
They're fun, they're energetic,
they're thinking about the future,
but someone's watching this right now
that's probably in the state of panic,
and they hear you say that this is
the most extraordinary time of the planet to be alive.
And they're like, he doesn't understand my problems.
What do we say to that person
that may get them out of that thinking?
Do you have any data, any stats?
- Yeah, so I mean, first of all,
everyone of us is more empowered than ever before
to solve our problems.
It used to be that if our problems
have gotten much higher lever, they're complicated.
But for example, now you can ask the world, right?
I guarantee you, the problems that you have
are not only your problems,
that there are other entrepreneurs
or real estate agents around the world,
and you can find out how they've solved it
if you take the time to go and ask.
So that's the first thing.
There's actually more capital flowing
than any time ever in human history,
massive amounts of capital, right?
Some people might be knowledgeable
and thinking about cryptocurrencies,
but there'll be probably $10 billion
of initial coin offering, ICOs, capital flowing
and sovereign wealth funds
that nations are starting to invest in.
I mean, think about here in California,
who's purchased most of the homes?
It's been like expats out of China,
or out of Dubai, or out of Saudi Arabia.
So these, you know, money is flowing from around the globe
to quality real estate.
And at the end of the day, our tools that we have
to solve problems are higher quality.
We're gonna see artificial intelligence coming in.
I mean, I'll give you a vision five,
seven, ten years from now.
One of my favorite movies is Iron Man,
and when you see sort of Iron Man with J.A.R.V.I.S,
this AI shell that he's speaking to,
we're all gonna have our version of J.A.R.V.I.S.
We're gonna have this AI
that you're gonna give permission
to read your emails, listen to your conversations,
watch what you're eating, look at your blood chemistries,
all of this information,
and it's gonna be integrating this information.
And you're gonna give it permission
because it's going to analyze it
and help you all the time,
like I'm having conversations,
I want to remember what your kids names are,
your birthday is, and my AI will be able
to bring this up on my augmented reality googles or glasses.
But it's more than that.
You're gonna be able to have an AI
that is your intelligent partner
to say, you know, what do you think I should do here?
- How do we solve this?
- How do I solve this, right?
So think about the notion of how we've gone
from thinking about 'I need to go and look up a fact,'
and you'd hop on your car, drive to the library,
look in that old card catalog
try and find the book, and then there's maybe a chance
the library had the book that was large enough,
and you have to order it,
it will come to you, you read it,
and then you look at it and it's not in that book.
And today, it's couple of keystrokes
or better yet an audio conversation, you know.
And you've got the answer,
and not only do you have the answer,
you have a hundred variations of the answer.
And so we've demonetized, dematerialized,
and democratized access to information.
The next layer is gonna be adding access
to wisdom and knowledge on top of that information.
My business partner and friend, Ray Kurzweil,
who, you know, I brought A360 a number of times,
just brought a new Google product,
which is sort of talk with books.
And so they scanned and digitized and digested
a hundred thousand books.
And you can ask a question of any
of this hundred thousand books,
and the AI will look at all of those books
and find the best contextual answer,
and you can have a conversation with the author
in one sense in this virtual setup.
- Are you listening to this?
- So I want you to think about the notion that
an AI is gonna be your personal intelligent assistant.
And we're beginning to see that.
We see that with Alexa in the home right now.
- Alexa, exactly.
- And it's just moving so fast.
- Who was the company...
First off, I went to Abundance 360 and it was,
I said to you a couple of days ago,
the first opening session,
I could have walked away and I had an after work on.
It was extraordinary.
But then all of the companies and all the people
that you introduced us to,
they were just panning a picture, guys.
They were showing us this is how it's working,
3D printing, et cetera.
There was a company there and I can't remember the name,
but it was essentially take everything you know
and put it in the cloud
so people could access you.
- Yeah, Rival Theory.
- Rival Theory.
- Yeah, a friend of mine is the chairman of that company,
so they're working with Tony Robins right now.
I am excited about the company.
I wanna work with him as well.
So Tony is a perfect person, right?
He's got thousands of hours of video and books
and audio recordings, and so, an IA can effectively
digest your knowledge.
- Yes.
- And parse it, and then you
for your community the same thing, right?
And so imagine an audio version first
and a video version later
where someone can ask you, "Hey Tom, tell me about
"what I should do in this scenario,"
or whatever it might be,
and know that that AI representation of you
is able to deliver an answer at 99.99% accuracy
of what you would deliver,
unless it was a completely new subject
that you'd never commented on,
and then it'll interpolate as best it can.
- This is the most exciting time on the planet to be alive.
- It is.
- This definitely freaks some people out,
and a whole bunch will be watching this
six or seven times and share it with it
with their kids and their friends.
What about the real estate industry?
- Listen, the fact of the matter is
every industry is always changing all the time.
And if you're not changing with it,
if you're not trying to reinvent yourself,
then you're moving backwards.
And we've seen real estate change a bunch,
and we're gonna see, you know,
I believe in the next decade, we're gonna create
more wealth than we have in the last hundred years,
just to put perspective on it.
We're also gonna transform every aspect of our lives.
And will real estate industry change dramatically
in 30 years, 20 years, 10 years?
You know, it's somewhere in that period of time.
What are we gonna start to see?
We're gonna start to see AI become the agent best tool
and buyer's best tool.
We're starting to see the web,
but imagine the web 10x faster, bigger.
But I imagine a scenario where I'm gonna put on
my VR googles and there'll be a digitized home.
Now VR has been, virtual reality has been
in a doldrums and in the desert but it will come out.
The technology's gonna be getting better
and layered with AI.
But today, the idea of going and seeing a home
on a Sunday between one p.m. and five p.m.
and if you miss that window, it's a pain in the neck.
Eventually, I wanna be able to go and visit
the home at three o'clock in the morning
but have an AI version of you show me around.
But I wanna say what is does house look like
with my furniture in it and be able to see that?
- Turn the fire place on.
Can I see the neighbors?
- Right. - What's it look like
in a sunny day?
- If I invested $50,000 of landscaping,
what would that look like, right?
And be able to re-visualize it
to customize it to your personal needs.
And we're gonna see AI play a role.
We're gonna see virtual and augmented reality play a role.
We're gonna see blockchain play a role.
One of the conversations going on
in the blockchain community right now,
we'll talk more about it at A360 this year,
is how do you tokenize a piece of real estate
where, in fact, there are a hundred owners
of a piece of real estate?
And the ability to transact and sell
my hundredth share rapidly is an instant capability,
and people flowing into and out of that.
And at the end of the day, we're gonna have
to educate ourselves about these technologies
and utilize these technologies.
Yes, the basics will still be there.
Yes, a personal relationship,
yes, I just bought a home.
- Yeah, 'cause some of them,
wait a minute, am I gone?
- No, you're not gone for a while,
but let's be clear, eventually,
I think all of the every job will change.
It's not the next five years.
I think we'll start see inklings of this in a decade,
so 20 or 30 years, yes.
But at the end of the day, personal human relationships
are still critically important, right?
Yes, I just bought a home.
Yes, it was through an agent.
- You didn't use a robot.
- I didn't use a robot.
I did use whatever it was, Redfin out,
looked at it for the first time,
but it was a human that actually did all the paper work
and transacted it and made me feel comfortable
and all of those things.
Humans are important part of the equation,
though I'll be showing some technologies today
that make AIs look more like humans.
We'll see.
So listen, change is coming.
And there's a lot of other changes.
One of my favorite interesting impacts on real estate
is today, I live in Santa Monica,
and it's an expensive real estate area, right?
And I live there because I hate commuting
and my offices are exactly 12 minutes away.
Now, I could get two or three times the house for the dollar
if I was willing to commute an hour.
- Yes.
- I hate driving.
But autonomous cars are gonna change everything, right?
So my drive time in the future
may become my most coveted time,
because I'm meditating, sleeping,
catching up an emails as my autonomous car
is driving back and forth.
And then on top of that, we have all of the electric
flying cars that are coming online.
And those will make my hour commute
a 12 minute vertical takeoff, vertical landing trip.
And then there's Hyperloop.
- That, okay, do you remember,
I wanna say it was November, December of last year
pre-A360, I was able to ask you that question.
What about the person that's living in Nevada
who's gonna work in Orange County, California?
Hyperloop makes it...
How far away are we from that?
- Not too far away.
So Hyperloop, as you know, is this idea that...
Imagine a long tube where you suck the air out of it,
so it's a vacuum.
There's no drag.
And you put a passenger module in there,
and it goes on in electromagnetic rails, if you would.
It's levitated.
And the vision or the engineering models
are Hyperloop traveling at 1200km/hr,
faster than a commercial jet.
So instead of me going to Las Vegas airport,
going through TSA, taking off,
gaining altitude, landing, going through LAX,
which I hate, and then coming to my location,
instead, you go on to a Hyperloop
city center to city center.
And instead of a four-hour drive,
it's an 18 minute commute, right?.
- Isn't it just the modernization of trains?
- It is.
It's a modern day train
that is taking advantage of all the exponential technologies
at super high speeds.
And so, there's a test-track out of Las Vegas right now.
Richard Branson just came on as our chairman of the company,
and we re-branded it Virgin Hyperloop One.
So it's not a matter of if;
it's only a matter of when.
And so, you'll start to see even bedroom commutees
that are someone buys a large piece of real estate
and says we're gonna create a Hyperloop
directly into downtown LA or downtown Orange County
or wherever the case might be.
And we're gonna create 5,000 homes
and run back and forth.
And so you are a seven minute Hyperloop from work,
and you walk to work.
You walk to the Hyperloop and you walk to work.
It's a much more pleasant experience.
- The future just sounds so exciting.
- It is!
And we're living in it right now.
- Exactly, so back up just for, you know,
'cause now, there's gonna be a whole bunch of people
whose brains are popping
and I can't wait to read the comments on YouTube
and Facebook and anything else.
I'm gonna just shameless self-promotion here.
You need to buy these two books are read them.
I think I bought at least a thousand copy of these.
- So you're the guy who did that.
- Yes, that was me, yes.
You sold a thousand and five copies.
No, this sell gazilions of copies.
Take them just on a journey really quick about the X Prize.
- So the realization is we're alive
during a day and age where small teams can do
what only the largest governments
and corporations could do.
I grew up, born in the '60s,
grew up inspired by Star Trek and by Apollo.
Right, Apollo showed where we were,
Star Trek is where we're going,
and I wanted desperately to become an astronaut as a child.
And when I finally met a bunch of astronauts
and got to know that their chances of be...
They were one in a thousand applicants are selected.
And then even those who were selected
to become astronauts by NASA,
half of them have never flown,
because the flight opportunities aren't there.
I joked they're called penguins
because they've wings but don't fly.
And it's my such a passionate desire and dream
to open up space.
And I read one day that Charles Lindbergh in 1927
flew from New York to Paris
not on a whim but to win a $25,000 prize.
And I said, that's interesting.
So this Frenchman Raymond Orteig
put up 25,000 bucks for the first person
to fly between New York or Paris or Paris to New York.
Nine teams spent 400,000 trying to win
this guy's $25,000 bucks.
I'm saying that's brilliant.
You pay only on success.
And I said that's it.
I'm gonna create a prize for private space flight,
and that's the way I'll create
the private spaceships so I can go.
And I called it the X Prize,
'cause I had no idea who's gonna put up the money.
X was a variable to be replaced by the sponsors.
- I've heard this story exactly.
- Funny, right? - Yes.
- And so at the end of the day,
it took me the better part of a decade
to find the Ansari family who funded it.
We called it the $10 million Ansari X Prize
in Anousheh and Amir's honor.
And it drove 26 teams who spent a hundred million dollars
going after the $10 million dollar purse.
The winning team was a group called
Mojave Aerospace Ventures run by Burt Rutan,
backed by Paul Allen, built SpaceShipOne.
Richard Branson came in and bought the rights
to create Virgin Galactic,
and I've got a ticket to fly with Richard on his vehicle,
which will fulfill that childhood dream.
And so today, our question is,
what is a problem in the world
that's not being solved,
and how do we incentivize the world to attack it?
How do we incentivize more teams to go and make it,
make a dent in that universe,
bend reality to their will?
And so we've launched about $150 million as prizes.
$200 million are in the works.
We've got one that's, you know,
a few that are interesting for the real estate community,
one that we just announced as called the Avatar X Prize.
And this is all Nippon Airways, the Japanese airlines.
Amazing that they said,
"So what's gonna disrupt our future?
"And how do we, in fact, embrace it,
"inspire and use it, right?"
Here's the attitude of someone
who knows the future is changing,
but rather than just sort of let back
and let it happen to you,
how do you instead embrace it
and be the change and take advantage of that?
So instead of getting into an aluminum airplane
and flying some place, what's gonna disrupt that?
So we came up with the idea of Avatars.
Imagine a robot that I'm at home in my pajamas right now.
I'm not really here with you.
At home, I've got a VR goggles on.
I've put on a haptic suit,
and I occupy that robot.
And so as I'm at home looking around,
the robot here is looking around.
As I reach out to shake your hand,
it reaches out to shake your hand.
And at the end of the day,
I've effectively Ubered myself, my senses,
my actions into this robot.
And that will translate into a world in which
you know, everybody's got
one of these Avatars in their home.
If their plumbing is broken, a plumber can sort of pop in
and go and fix it.
A physician come in and look at you
ultimately for emergencies.
If there's a nuclear power plant,
the avatar can go in there.
If there's a burning house...
So it's that, kind of, how do we move,
get the right people to the right places
very rapidly, instantly at the speed of light?
- Okay, and if you guys think this is crazy,
what do you think GoToMeeting is right now?
What do you think Zoom Technology is?
And at A360, walking around and seeing the robots...
- Yes, beam robots.
- Right, beam robots cruising around
where I can be sitting in my office in New Port beach,
but my robot could be live in Australia
doing a talk for me.
It's coming.
- Or even Facetime, right?
- Exactly.
- It's free.
How awesome is that?
I mean, we tend to have like, "Oh my God, that's crazy.
"That will never happen."
And it happens, then we take it for granted.
I mean, that's just the way we're wired.
It's crazy.
- So if you give just kind of in closing one piece of advice
to these extraordinary entrepreneurs
in the real estate world,
what's the last piece of advice you'll share?
- So listen, you're mindset is your most important asset,
how you think the world is going.
If you're negative, if you're fearful,
what kind of investments are you gonna make
with your money and your time,
and how you're gonna grow?
Your mindset's key and then educate yourself is key, right?
How do you keep yourself abreast
at what the technologies are?
If nothing else so that you can start to,
when they become available,
you're one of the first agents to say,
"Yeah, I wanna experiment with that."
If you have a mindset which is so retrospective,
you're fearful of the future
versus anticipating and being excited about the future,
then how do you educate yourself?
Where do you go to find out
what's going on in augmented reality,
in robotics, in AI and so forth?
In fact, one of the communities I created,
and I invite your agents to consider it,
it's the abundance of digital community, right?
We've got the Abundance 360,
which is for CEOs like yourself
and it capped and it sells out to you in advance.
Abundance Digital is my community
of like-minded entrepreneurs, self-employed people
where I spend time everyday with them in the community
to educate them on what is going on here.
So that's a much lower cost option
about keeping yourself in an abundance mindset
and keeping yourself learning
about exponential technologies.
And they can Google Abundance Digital.
Okay, if you go to diamantis.com,
you can go there.
But I also got a ton of content and blogs.
You can sign up for free.
But it's about educating yourself, alright?
You are your mindset and your knowledge
is your most important asset.
And this is the most extraordinary time ever to be alive
for you, for your kids, for the world.
- Yes, yes.
Hey, well, I gotta say for everybody watching,
you're probably gonna wanna watch this
three or four times.
Go watch more of what he's doing on YouTube.
I mean, I've seen your Bold talk
that you did with Joe Polish probably 40 times.
That was the original inspiration to join A360,
so to my community, you know I love you.
I'm gonna keep bringing you people
that think differently, think bigger.
Buy and read these books ASAP, and thank you.
- My pleasure. - Appreciate it my friend.
- Thank you.
- Hey, thanks so much for watching
this interview with Dr. Peter Diamandis.
I can't wait to read your comments.
Post them below, and this maybe a show
you wanna send to a friend.
Maybe someone in or out of the business
who's a different thinker like you and I
who's interested in solving the world's biggest problems.
Hey, thanks so much for watching.
If you're like me and you know we need to be
at two to three great events a year
to keep the momentum in our business going,
click the link below and let's do together.
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