Canada Is Run By Idiots
Enter Kevin O'Leary.
"I've been a big fan of Mr. Leary's over many years. He doesn't know me, but I followed his career with intrigue, because Kevin was very, very close to maybe being a prime minister in Canada. I mean, the conservative party leader they had won; he would be, by extension, the leader of the party and the leader of the country. I guess it was something to do with Quebec and things not looking promising there. Bottom line, Mr. Wonderful decided to do other things, that was six years or so ago, and he joins us right now.
Kevin, very good to have you. Thank you very much. I appreciate it. Let me ask you about that part of your life; very few people know about it. This country, of course, you're well-known in Canada as a result of you stepping down. A lot of people were pushing you to run, to take over the conservative party leadership. You know it's a parliamentary system, but you looked at Quebec. Explain why that was important, and why that maybe changed your trajectory."
"You've got to think of Quebec as the Florida of Canada. It determines the CEO; in the case of the Canadian parliamentary system, it is the prime minister. Depending on the ebb and flow of the other provinces, you really need to win at least 23 seats in Quebec if you're going to run a majority mandate. My whole premise in that race in 2016 was: Look, give me this job for four years, let me apply what I believe are good executional skills, and I'll turn this country around. The same kind of message that was occurring with Trump at the time. It was a populist message, because Canada is the richest country on Earth, run by idiots. And I hate to say that as a Canadian, because I have a passport, right? But I'm also Irish, and I'm also Emirati. But I'm really unhappy about the way Canada is run. I'm not picking at any one politician's very weak skill sets in management there. And that's the premise by which you want someone from business to run a country."
"You've been very public about your opinions, just saying for Prime Minister Trudeau, that he's doing a horrible job, that he's making things worse. You still subscribe to that, I guess, right?"
"He is one of the most successful politicians in history. He's been in that seat forever. He has zero executional skills. He is a horrible manager. He perhaps is the worst manager Canada has ever been under; absolute worst. It can't get worse; absolutely a negative 10."
"Um, so how do you feel about Trudeau?"
"Oh, you just answered that. Let me ask you though; I mean, you were being doubted. You're highly regarded in this country as well, a successful businessman. It's a great story, but I've often told people in studying a lot of business types who get wooed to run for high office, be it in Canada or the United States, that it's not as easy. Making it in the political world is just not as easy as well. That's what made Donald Trump's victory back in 2016 so remarkable; it was so unusual. Now that they're touting a Jamie Dimon to run, what do you make of that?"
"You know what you want to find? And this is, I think, very interesting given the race, the way it's shaping up stateside: can you find someone with legislative skills that are proven? In other words, has executed at a government level and also has great executional skills in business? There is somebody remarkably—and you mentioned it earlier—Doug Burgum in North Dakota. You've got to remember, I came up with him in the software industry. He created a massive software business that Microsoft bought. But he's also been very successful as governor of North Dakota. And I know that because I invest in North Dakota, so I've met him and talked to him. He's the kind of, you know, skill set on both sides of the equation."
"Now, I don't think he's well-known yet, but when people start saying, 'Wait a second, this guy's a legislator and he's got executional skills in business,' maybe that's the kind of person that would really work well in government versus taking somebody right out of business and saying, 'Go figure out how legislation works,' because that is also a tricky game. But in Burgum, you've got both, so maybe he's going to be an interesting candidate."
"You know, I remember when Leon Cooperman was doubted about running for president. He was very popular with the turnaround at Chrysler, and I can remember talking to him sometime after that, saying, 'Well, why didn't you pull the lever and run? Some of the polls looked very good for you.' He said, 'Well, I wouldn't be a good politician.' And with politics, there's a lot of wheeling and dealing. You can't just make an order; you can't just do what you can as the chief executive, and it's just not going to work. What do you think of that? That a lot of these Wall Street business types discover what might work for them in business doesn't necessarily translate to politics?"
"I don't agree with that. I think business is politics every day. You're always trying to solve problems, negotiations. Donald Trump, do they not make headway? Well, you know, the point is Trump had both skills: great orator, great communicator, and had some experience in business—no question about that. And I would say when you go into presidential politics, and for me as an investor, at the end of the day, we're all investors in America because we take our money, we put it into savings, and we want the economy to work. What matters more than just the leadership role and the orator role and who's the president is what's the policy. And at the end of the day, I invest in policy, so I'm looking for leadership that's going to give me a package of policy."
"And under the Trump leadership, he was very controversial; there's no question about it. But look at the policy for small business, where I operate—68% of the economy. That policy: less regulation, more pro-business, lower taxes—that's the kind of stuff that makes an economy grow, and you're seeing that benefit right now. I'm not so sure that it won't be policy that determines the next president, regardless of the party. I want to see some policy packages, and I'm looking forward to the debates, so bring on the Burgums of the world. Let's hear what they've got."
"You know, the track record, as I said, is a little sketchy. But what's remarkable is the success of our most well-known, would say, rich presidents—John F. Kennedy, Franklin Roosevelt—they were among the richest we've ever had, of course Democrats, and they appeal to the common man, which seems ironic, but it clearly worked. So Democrats have had more success with rich guys or those representing our wealthiest families making it to the highest office in the land. What do you make of that?"
"You just described the American dream. Why did I move my business out of highly taxed Ontario to Cambridge, Massachusetts? Because it's America. It's where you go if you're an entrepreneur. Why does everybody want to move here from around the world? Because that dream can come true. I came from nothing; I was a middle-class family. America gave me that opportunity to grow a business and turn it into multi-billion dollars in transactions. That's the American dream. Why wouldn't you want that emulated by your president? Yes, I want a successful entrepreneur as president, man or woman. Show us the way! We all want to do that. That has been the American dream ever since I was born; it'll be the same in a hundred years. That's what makes this country great. That's why I do my business here. Sure, it's got problems, but you want the leader to actually be the essence of the American dream to embed that in the culture and keep a straight narrow. That's why it's the greatest economy on Earth."
"My God, Kevin! How bad were things in Canada? You went to, of all places, Cambridge, Massachusetts to find your economic nirvana."
"I'm not in Texas anymore. Elizabeth Warren kicked me out! She kicked me out, and I moved to Florida, where every entrepreneur is embraced. And Texas—that's why I invest now. I love the competition of states. I like the fact that 3,000 license plates a month move to Florida out of New York. Everybody's leaving Massachusetts because they can, after the pandemic. California—they're not even doing business. Go to places like Oklahoma, West Virginia, North Dakota—that's where the action is, because they're pro-business."
"Alright, it would have been an interesting prime minister; that would have been fun to watch."
"So we'll watch closely."
"Uh, Kevin, I could fix that place! I could fix that place! I know how to do it."
"I have no doubt. And you've got a great sense of humor as well!"
"Kevin O'Leary, vintage Shark Tank investor, so much more. He did okay not becoming prime minister there."