Forbes Has a Fraud Problem!
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- Опубліковано 28 вер 2024
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Disgraced Frank founder Charlie Javice has joined the likes of Elizabeth Holmes and Sam Bankman-Fried on a growing list of founders to be lavished with honors by the financial news outlet Forbes - only to later face criminal fraud charges.
“The Forbes 30 Under 30 have collectively raised $5.3B in funding,” tech investor Chris Bakke tweeted on Tuesday. “The Forbes 30 Under 30 have also been arrested for frauds and scams worth over $18.5B. Incredible track record.”
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atrick why shillfor the imf in the recent china debt crisis, sure theyre terrible but its simply that the USD being a reserve currency is not good thing . US prints, devalues floated currencies while it itself hardly has any inflation due to reserve status while the rest of the imf loan backed under restructuring deals takes the hit.
I actually personally know Martin Shkreli he's a saint compared to IMF and worldbank. They're for profit venture vultures backed by the governments printing the "hard" currencies feeding on carcasses of developing economies after giving loans to elites and putting countries into debt traps charging interest even after receiving multiple folds the initial capital, they refuse to even give interest amnesty, much less a haircut. You cannot default on debts otherwise you get sanctioned back to the stone age so the worldbank/imf always gets its money. Basically how value is added to currency. IMF/Wolrdbank o risk investment, defaulting not allowed.
Just look at IMF restructuring deals and what came of them, always disasters for countries receiving "aid". Egypt, Argentina ?
Loan dictators for their yachts -> Float currency or no yachts > currency becomes fraction of fixed rate ->short term foreign capital flows in, buys whatever value is left > currency drops 80% after they sell everything after having bought the infrastructure for pennies on the dollar, leaving them paying compounding interest for the next 50 years
I mean Times made Hitler(1938) and Stalin(1939) persons of the year. How many people did Forbes persons of the year kill?
Have you noticed Forbes list doesn't contain East Asian billionaires especially China as doing so is like going against political party which requires you to stay anonymous. Singapore, Vietnam, China, Japan and Korea are one party countries.
@@wololocute south korea actually follows the american neoliberal model a lot more closely than the others, with regularly shifting political parties (the current president is right wing, the previous one was center-left, the two before him were right wing, the one before that was center-left, etc.) which still remain liberal, pro-capitalist in character. this is in sharp contrast from its closest non-nominally communist neighbor japan with its entrenched LDP leadership. i suspect the extremely wealthy rather not have their wealth disclosed to a working-class public for other political reasons.
@@yaakgwa South Korea is externally Democratic but Internally it is ruled by Samsung, LG and Daewoo no mater which party government subsidies, legal matters are all handled by them.
Maybe Forbes should maintain a list of notable con artists. Then they can just shift profiles from these lists over to the con artist list. They can award fraud of the year titles, best long con, etc.
I think any list they have would qualify at this point
Yes. This would be helpful for large corporations to use in choosing their board members and CFOs. From there? Politics.
LoL 🤣🤣
To be fair, they're already doing that in every way but by name.
Musk would be winning most of those titles for still going without accountability.
Isn’t Forbes a “pay for play” magazine and most of the articles are publicity fluff pieces? It makes sense that many of the articles would not age well. The type of people that need to buy good publicity are more likely to be fraudulent
It’s just like Time’s 100 most influential people in the world. It’s been alleged that Harry & Meghan used money from their foundation to pay the fee to appear on the cover as as one of the 100, as well as paying for several of the awards they have recently received. While it’s not surprising that fraudulent people are more likely to buy good publicity, one would expect these magazines and institutions to have more principles.
Forbes is well-placed right in the middle of the "financial news" sector - Forbes doesn't deal in actual financial information, Forbes deals in entertainment and in selling the reader on the illusion that the reader is somehow participating in the glossy world of success that Forbes (artificially) portrays.
They are notorious for pay for play. Malcolm Forbes would be turning in his very expensive grave if he saw what a joke of a brand his namesake has become.
What do you mean "a" pay for play magazine? They're all like that...
@@dondumitru7093 right, it’s an entertainment magazine without any real substance. I’d expect most of their articles to age like rust. I’m in Bay Area and I’ve known some people that were on this list in years past and I’ve personally known these people to be garbage. They’d have to pay someone for that accolade because they’d never earn it on their own merits
25 years ago my business professor at MBA school used to say, “If you see the photograph of the CEO on the front page of a newspaper or magazine, sell the stock!” And his logic was that the CEO was too busy getting his ego stroked and would eventually result in shareholders losing.
So every few years I am reminded of his pithy advice, and am thankful for it.
Successful companies with a healthy PE ratio always have faceless execs and founders. If someone knows your company but not you, it should actually be a sign of success and legacy.
Very true.
In Japan, execs are heads-down, running their companies.
Very few - the exceptions being Akio Morita and Masayoshi Son - seem interested in becoming figures in the larger culture.
Big kudos to his Ronnie & Reggie Kray example on here 😂 that was better than Don Draper and James Grey
This is probably why everything Elon touches spirals lmao
Wow gonna live by this, very smart way to avoid a large portion of these Scandal Magent sociopaths
I had a friend who was put in the local paper and aclaimed for his fast growing business. He became so braggy after that and started preaching his methods to everyone and looking down on us. I later heard that he was arrested for fraud because he lied about how big his client base was to investors and got sued. I feel like Forbes and these articles do nothing but make people desperate for more growth.
interesting! i completely agree with that last part for sure. once they have that chance to go big, they don't want to waste it.
@@aarontheperson6867 definitely, they start craving that recognition and will do anything to get it again.
I feel like they are already doing something shady, and the spotlight that the cover gives them only makes it so that journalists and investigators have them in mind more easily when looking for shady practices in business
I don't know about you, but what I was always told was: "Make more with less"
The only thing that grows non stop is cancer and we all know how that ends, but look at the media, look at school advertising, movies, songs..what is the push?
Music is not a expression medium, is a way to get rich and famous for whatever reason. It doesn't matter if you have something to say or a unique outlook of life, just push it out there! Sample some music from youtube, slow it down and put it in the right pitch and get those youtube views!
Or you can do your own thing, and you will more than likely get a real fans who really like your stuff and get an actual community going instead of the word representing a shilling tactic but that will take time as everything does.
I really like this documentary called Blood Into Wine in which Maynard James Keenan says something like: Nothing comes easy
Forbes itself feels pretty shady these days. Especially with the clickbait they throw up on UA-cam now to pass off as news
By "zero emmision" Nikola Motor meant the company would emit zero vehicles. Mission accomplished, I'd say.
If you don’t make any cars, you can’t have any emissions from your cars duh
you need to look into a career in public relations
technically a gravity powered truck doesn't emit any CO2
@@cdreid9999 you're god damned right! we just witnessed a new Sultan of Spin.
We literally just got a Forbes magazine at work for no reason. I told everyone I wanted to read it because I wanted to see who is going to show up this year that was gonna be in prison next year. They thought I was joking, I was dead serious.
Omg🤣🤣🤣🤣🤣
😂😂😂😂😂😂😂😂😂
I mean... Who really cares lol
They still makes banks deceiving others, the dumbest ones will be caught while smarter ones escape
Lmaooo 😂💀
_cackling_ I like your style. 😂😂 Sometimes the lessons we learn aren't the ones our teachers intended to teach. …And they may indeed be better!
Forbes 30 under 30 list is like the precursor to the FBI most wanted list.
That’s fantastic
It's the candidate list
Yes, it's like the Triple A team from team for the Most Wanted. Good insight!
Actual and humorous
hahahaha yes
Forbes ALWAYS had this problem simply because it's not a real magazine...it's more a paid catalogue.
Like "Entrepreneur"
I want to see a new 'under 30 doing over 30' list for all the tech kids that are locked up
In 10 years, it will be the size of an encyclopaedia
@@MrDiggityaus ChildCraft
See "Web3 is Going Great" 😹
Those don’t do over 30 in prison.
🤣🤣🤣🤣🤣🤣🤣
"Amassing a large collection of cigarettes, the cryptocurrencies of prison"
It's been a while something made me cackle this loud, good one Patrick
At least ciggies are real…
@@grahamstrouse1165 good point, they're, in fact, more useful than crypto
Read this comment at the exact time he said it😂
I laughed so hard. He says it with a straight face 😂
People can make cigarettes out of nothing and get people to buy it on the promise that they can sell it for a million times more later?
A guy named Harsh Dalal made the Forbes' 30 Under 30 Asia list in 2021. His name was subsequently removed from the list after a tech publication raised questions over several of his lofty claims.
The list should be taken to mean "30 douchebags most likely to spend time in jail under 30"
🤣
Or 30 sociopaths who can play finance cheerleaders, oops I meant journalists, like credulous halfwits.
I'm still surprised at how easy it can be to fool journalists. I recall this case of a 13 year old boy who managed to convince a New York Times journalist he was a millionaire stock trader. The only tangible thing he showed was that he paid for a 200 dollar dinner. I live on the other side of the world and reputable economic news outlets reported on that story without any questions.
Haha
Isn't that a bit harsh?
Shouldn't it be "30 douchebags who were so narcissistic they paid to advertise in our magazine"?
Considering that the Forbes fortune came from fraud in the first place, this is poetic.
What was the fraud that they got their money from?
@@stephhhie17they made their money trading opium from china.
What fraud?
What's their backstory?
It’s important to note that you can apply/pitch yourself to end up on the list, which tracks if you consider how narcissistic all these fraudsters are.
Actually... that clarifies why there is so much fraud on the list, since the only reason you really want your name on the list yourself is if you are trying to sell yourself. And if you are trying to sell yourself, you haven't actually *made* it yet since people aren't actually all that convinced that what you are trying to sell is actually significant enough to go all-in with investment on
Unfortunately, being on that list also means you're now going to be scrutinized deeply and investigated on every level by basically everyone for people to consider whether you're actually worth the investment, compared to being a no-name. So... it's a terrible move unless your record is squeaky clean. LOL. Who'd actually want to volunteer their name for that list to have their entire lives picked apart by investigators hired by investors all over the world? No sane person of course. But these magazine writers need to make a list and don't have the proper time nor resources to do a thorough investigation, so they'll take whatever names were offered up, so all of the self-pitched fraudsters have a considerably higher chance of making the list due to their need for self-promotion
I’ve read somewhere that CEOs tend to be psychopaths (or rather people who lack empathy are attracted to those positions and are more willing to do anything to get it is my guess) so if that’s the case the list makes sense
why is that narcissistic. being on the list can open doors from you. most people are just jealous of those who make the list
wrong.@@yeskaitlyn8029
@@yeskaitlyn8029most people don’t even know that list exists. Whole operations of Forbes are just for scammers to try and get legitimacy for their scams, so they can tell “appeared on Forbes”.
Isnt this the same magazine that named Kylie Jenner a "self made" billionaire, even though her parents and sisters were already uber wealthy.
I remember taking this to work and having a laugh with my colleagues about it (we work in finance).
Patrick is a sit-down comedian, who makes me laugh out loud many times in every video he makes, with his deadpan delivery and factual analysis.
Some wonder if he was Steven Wright for financial folks :P
TIL that "sit-down comedy" is an actual thing.
Financial bill Murray
Same!!
He made me laugh so hard with this video. I love his narration.
I am from China. One of my classmates from my graduate study program was featured in the Chinese version of “30 most influential under 30”. He was the most obnoxious person in the entire class, constantly bragging about the suspicious awards and fellowships (which all seemed fishy under scrutinizing). Every time it was his turn to a presentation, he would just rant about Googled common knowledge and everyone suffered. He was the not the one who knew the most, or worked the hardest, but definitely the one who would not shut the f*ck up. By the way, he looked like George Constanza from Seinfeld, but not nearly as adorable.
You know he is not European, right?
@@patienceobongo Yes. I bet you will say the same if you see his picture.
I bet he is a bright future in Chinese politics and business
@@soldiersvejk2053 and from Isr,ael, same as George Castanza. Israel is in the Middle East, if you need further help.
@@zurielsss Well, perhaps. But I am glad that some of my classmates that are really good are also doing fine.
I'm amazed it took people this long, to see Forbes under 30 is a scam. We had a Forbes under 30 as Creative Director where I worked 7+ years ago. I ended up doing the majority (if not all of the creative work), and him doing literally nothing except writing about the work that's been done (me and the developers work). I quit. Found a new job. I'm now 34 worked my way up to Head Department and strategy in an innovative IT company. That Creative director is now working in a deadend with some blockchain and NFT stuff. Whatever that means. Since working with that guy, any Forbes under 30 is a big red flag to me.
Was creativity even his specialty? Or was he just supposed to direct you guys?
This might sojnd weird but I think you’ll understand what im trying to ask
Literally the only person on that list I can think of that's just an actually impressive individual is Eric Barone, guy that made Stardew Valley.
Yeah Eric is based af since Stardew Valley was literally all made by him! Even when he got help from a publisher, they only helped with non-game related things like the wiki and website.
yeah, a lot of these people either became successful by being shady, and/or just putting the most effort into their own PR - taking credit for other people's work, doing aggressive personal branding, dodging difficult questions, and only communicating with journalists for fluff pieces like Forbes 30 under 30, and straight up lying. Forbes falls for it so much, that I think at this point it's not an accident but the whole point of the list.
What I love most about these videos is that Patrick never breaks character. 😂
He is the Steven Wright of the financial world, if you can remember that name 😅
It makes you wonder if the smiling version of him on his thumbnails is some kind of deepfake.
"cigarettes are the cryptocurrency of prison" is a great line
you can actually smoke cigarettes
cigarettes have actual value
@@DashAU Negative value, burning your lungs rather than burning GPU.
Several years out-of-date, unfortunately but still funny.
@@evannibbe9375 They feed an addiction... crypto doesn't feed anything, but scammers bank accounts filling them with real money, while the buyers of the fake money get... well fake worthless jizz gizmo addresses and junk on a torrent file.. hoping one day to sell it their jizz junk to another sucker for real money and more real money than the real money they paid... and hoping to withdraw it from the casinos that wash trade and paint the tape as they own 99.99% of the tradeable fake magical internet torrent file gizmos things... garbage.
One CEO I used to work for said that you know a company is doomed when they get a private jet or when the CEO gets a private toilet.
I don't understand how she thought she'd get away with inflating her data value. Did she expect chase to just...accept being scammed? Chase is huge! They can easily afford a lawsuit & if a purchase is made under false pretenses, judges are far more likely to side with the party that was lied to
It's also just pointless. Chase might well have still bought the company even if it had a smaller user base.
Inflating the userbase was obviously going to be found out, and obviously she'd lose any money made. I don't understand how someone so stupid could even be running a company in the first place.
She's no different than a common criminal. Criminals don't think about consequences. They just act impulsively. Criminals don't understand that when their face is caught on camera, or when everyone sees their license plate number, they're going to get caught. This chick was just a bank robber, but with fancier clothes and a college degree. A lot of highly intelligent people are pretty stupid. They might be good at math or memorizing stuff out of a book, but they lack common sense.
@@tweda4 No, if her business was smaller, they would've crushed her and taken her clients. While I don't condone her actions, I do understand the pickle she found herself in.
A reasonable risk, large financial companies hate being embarrassed and cover up mistakes/frauds all the time. Read the footnotes in their annual reports.
@@Foolish188 That's actually a really good point. She went overboard, though, and passed by what they were willing to accept as the cost of doing business.
Forbes is definitely on to something and did a good job at identifying potential fraudulent individuals with this list. By putting them on the spotlight, policing them is a lot easier. Well done Forbes!
yup
2 professors at my school have been on the list. One of them performs the most utterly useless research and I do not know why he has been given out so many handouts in his career. The other one got her job and accomplishments so fast because she was put on a fast track from sleeping with and marrying her boss
Throw in a couple child molesters, a "Democratic Socialist" or 200, and you've got yourself a modern institution of "higher learning"
Sounds about right
By my reasoning it's all a matter of "sales", meaning PR. If you have a talent for pitching your stuff, no matter how senseless and you know how to manipulate people, then you get the handouts. See E. Holmes, etc. There is a pattern there too.
So basically self-promoting bullshit artists and mediocrities like most American 'elites'.
That’s hysterical! 😂
“The honor of being the only wood nymph to make the list” delivered in a serious tone. Marvelous.
The wood nymph community has gone quiet about it now.
It’s almost like you can’t get rich without being extremely corrupt.
Hah…funny. But I think many do get wealthy just based off hard work, but run the other way if someone really leans into the “celebrity CEO” thing….they are often a scam.
Nope nobody gets wealthy off pure hard work, they always have a leg up or lack morals@mlisaj1111
0:50 the line "who knows, maybe they became successful prisoners" was delivered absolutely perfectly
Having been in the startup community, I noticed a lot of this type of stuff. These made up lists only to boost the egos of people that care more about themselves than what they are actually supposedly doing. Being in close proximity to people like this, felt like it was one big circle jerk and it was disgusting seeing people participate in an effort to get recognized. It really made me at another look at how I feel about the startup community and made me avoid any and all types of lists, groups or award type events, heck even networking events where most of the time it was self ego stroking and name dropping.
Is it only the ego? Don't they use this clout to get further loans/ investments?
exactly like mrbeast
It's called "attaboy" mags. Or today's AI Magazine.
Is everything a community these days
That’s what all of those awards events are like
I did not expect to be crying laughing in the first minute of this very seriously titled video but I'm losing it at "because that's where you thought books were supposed to go"
Honestly, if I had a garage, my book collection would probably start spreading there. Now I have to prune, and it hurts.
Maybe they should change the list to 30 under 30 serving 30.
😂 atleast that would be truthful
Good one.
Forbes also listed Enron in their "Top 5 Best American Companies"
Clearly they are not being paid off by Enron pr department
And the name "Enron Field" for the Astros stadium lasted only 2 years 🤣
@@eric743 the Heat still have FTX arena
The question is are they wrong? Or do we just have wrong assumptions about what qualities they value?
@@gamerforlife9865 Well, not anymore...
Patrick's videos are like a slow burning fire of comedy gold. I find myself laughing and chuckling at an increasing level as it goes on until I have to pause it to catch breath and then back in, rinse repeat. Solid gold!
I can't believe that I had to scroll this far to find a comment about how funny Patrick is. This video specifically had me laughing out loud so many times.The deadpan humour... the number of deep cuts... I had tears in my eyes laughing so hard 👍👍
I like the closing shot "... the coffee is not going to make itself" 😂
He is great.
☝️🤣
No shit man. This is my first video on this channel and I'm amazed how he can say funny jokes with a straight face
"Trevor Milton the bargain basement Elon Musk.." never fails to get a chuckle. So good.
*bargain bin 😉🤣
Was hoping you would have an honorary mention on one of our own; Invictus Obi, a Nigerian entrepreneur and a Forbes Africa 30 Under 30 honoree, who has been sentenced to a 10-year jail term
I waited for that too, Forbes should not be trusted.
I could not take anyone named Invictus seriously to begin with
@@squelchedotter His parents must have been such fanatic Romaboos that they didn’t realize they gave him a name that screams supervillain.
@@King_Minos64 His real name is Obinwanne Okeke. Invectus is an alias.
@@TayongoExploresplease say that’s pronounced obiwan
Patrick, so glad you speak openly on subjects that others would not want you to. Keep up the good work!
The first time I heard of Elizabeth Holmes was in the pages of MIT Technology Review. She received an award for being one of the top ten innovators. She duped all of Silicon Valley, the Washington Post, and the NYT. Hindsight is 20/20. Forbes is but one name on a very long list.
She duped the US government. Everyone loved Theranos
You were probably too busy wrestling to hear of Elizabeth Holmes, that's alright.
IMHO, she got all this attention because society and (Wall Street investors) were trying desperately to find The wonder woman of business world , the female inventor, the whizz kid and here she was the female version of Steve job.
I'm not convinced you're the real El Santo...
Medical experts always warned it was fake. They should have asked them, instead of "financial investors".
*"One Criminal and then a bunch of junior bankers who do the coffee run at CS"* had me crying thank you for the video and the laughs Patrick.
He basically said, a crook and a bunch of crooks in suits.
@@copperdaylight *[29 publicists and 1 criminal disliked that]*
Stanford University has a similar problem. Elizabeth Holmes is a former student and Sam Bankman Fried was born on campus to parents who taught at Stanford Law School. (His mom taught ethics.)
His mom teaching ethics is incredibly ironic. Wasnt his father in financial management? I sure hope they are evicted from any properties sam bought them with other people's money.
I was shortlisted for 30 under 30 in around 2015 I think, aged 21 with a tiny startup and sub £50k yearly revenue. It's funny to look back and think I could have been listed next to some of these names and to be glad I wasn't. At the end of the day, you can advertise in Forbes and say you're Forbes featured. It's a complete gimmick.
Even at £50k ARR you're probably still more qualified than the blokes who paid to get on that list.
How's your business doing nowadays?
Forbes doesn't just have a fraud problem, it has an intelligence problem 😅
Forbes has a cult problem too the VC's are hyping this stuff up too. I remember Coffeezilla did a segment like this years ago where he cited evidence that a legit Business leaders on average do not become successful and profitable until they are in their 40's and 50's.
That’s ableist
stop defending them. its a fraud problem.
True that. I wrote a comment I'll paste.
Not only Forbes...
Time has made Putin and Greta people of the year faces. That's low and a warning not to trust gloss-papers.
@@magnuskallas Money talks, sadly. If you can afford the best PR, even the most heinous of individuals can be perceived as cherubs.
I'm as broke as broken be. But, I absolutely love this financial channel. Absolutely hilarious and Patrick you're the man! In prisoned it's not cigarettes anymore as most prisons have banned smoking, but now it is ramen noodles. A prisoner in America cannot live without ramen noodles which is the main ingredients in all spreads and snacks in the prison system across the Nation...
Hey you may be broke but look on the bright sidr, you don't owe millions of dollars to investors you defrauded.
I saw the ramen thing in brooklyn99 and thought it was made up!
Time to go shopping
@@flipina got that picante beef street flavour
Patrick I'm a new subscriber and I've started binge-watching your content. The content is fascinating because of how coherent, organized, and well-researched it all is, and how smoothly it all comes together. It's compulsively watchable because the dry, sarcastic humour is what I would've used in front of my students in my high school teaching days, and what many of your viewers remember from their days in school. Please keep it up, your personality shines and makes the content so much more interesting!
I have been binge-watching Patrick’s videos too for a week now. Yes for their factual value, but also for their entertainment value. I am not even remotely interested in Finance as a subject, but these videos make the subject so alive😁
Boy oh boy. You nailed this issue!!! I was skeptical when I first read about Elizabeth Holmes in Forbes. Shocking lack of due diligence all around.
*PATRIC BOYLE IS PROOF* that nothing is boring if you have the right teacher...!!
The joke about cigarettes being the new crypto and the Newton being the first gravity powered truck had me reeling.
The magazine cover analysis is interesting. I’d be willing to bet that these sociopaths strategically lobby to be on the cover to help legitimize their scams and keep them running for a bit longer.
They buy a spot
This is slowly turning into a finance comedy channel, and I'm glad I'm here for it
I'm certain Patrick would have been my absolute favorite professor if I had taken his classes.
Your speech pattern, snarky sarcastic wit and well researched content equates to incredibly informative and entertaining videos. Thanks Patrick!
"Shoeshine boys were the Finance UA-camrs of the Roaring '20s."
Almost fell out of my chair. Deadpan glory in its delivery.
@Patrick, you missed your calling in stand-up.
That was a great one, I agree.
I almost spit out my food😂😂😂
@@q-chan4764 major mistake on your end, mate, never eat or drink while watching him. 😅
11:20
I prefer to phrase it as finance UA-camrs are the shoeshine boys of the 2020's.
Turns out that making a list solely dedicated to people who very quickly amassed great amounts of wealth (as you kind of have to be, to make the list), often times in "cutting edge" fields, means that those who have promoted untested and unverified technologies might get undue attention
It means that it’s easier making tons of money with fraud than with hard work.
@@pansepot1490 True, hard work is harder, that's why it's called "hard" work, but you tend to get to keep most of the money you make that way and also are a lot less likely to end up in prison. Got to think of the long term.
I freakin love this guy’s dry wit and humor so much. He oozes sarcasm in the driest way possibles. Not only that, but his laugh per minute is so high. Literally every 1-2 lines is another stand up comedy line.
This effect happened to me as well lol. After seeing on the news that a hedge fund had outperformed the market by 15% on the last couple of months, I, like an idiot, moved some of my money there, only to see my wallet “return to mediocrity” the following month. It was actually a 20% loss over 3 months, a hard lesson to learn
Sir, your delivery of these burns on these 30 under 30 criminals is so deadpan, yet savage, and I'm all here for it! Great video! Edit: aaand that last joke towards the junior bankers is so unbelievably BASED (as the kids say). I've subscribed!
The delivery of this whole video is gold....."are they electric self driving pencils?"
I think he said “self-writing pencils”! :D
Never laughed so much during one video, the sheer amount of burns Patrick is "Boyle-ing" out is just insane, never change my friend!!
Forbes hasn't learned that "if it's too good to be true..."
I don't understand how this man managed to keep a straight face through all of that. 😂
Aaron Sorkin would simply call it GOOD WRITING.
@@JohannRosario1 hahaha. True.
I just got laid off by a company where the guru CEO paid to be presented with his own words in Forbes and told anybody he was in it that would listen. Complete sham.
What's funny is that my brother in law was actually featured in the legit 30 under 30 a couple years back. Not only did he not pay, they fly you out to a convention in the Caribbean yearly for a convention.
You can be in Forbes and Fast Inc for not a huge fee. The fastest growing companies list is entirely made up of only the companies that pay to be in it, and use self reported revenue. It's why all these bullshit UA-cam fake gurus that either don't do what they teach, or are currently failing at doing it, are everywhere with those badges.
Never, ever pay for information unless it comes with proof of its success you can independently verify and get direct teaching by an expert.
Forbes 30 under 30, many have next to no meaningful experience, so many start ups gone south
Honestly I think you don't need a paper expert. I've seen plenty of cases of some guy whose spent decades doing a niche and being very good at it without having paper work saying they are a expert at it. But other than that this is correct. If someone has the magic formula to success why would they sell it? When they could instead keep the secret and make bank for years off of it instead.
True too and in some cases in some industries to be a good leader in the industry like Biotech and Pharmaceutial company you have to be in your 50's to earn a best leader in the industry for that . Yes in Biotech and Pharmaceutical industry you have to get an MD and PhD in the process and not a college dropout in those cases.
WeWork?
the CEO is Tai Lopez.
Forbes is like the Nobel Peace Prize of the financial world
*Nobel Peace Prize.
The science Nobels and some of the literature ones are legit.
No. It really isn't. It's more like white America's rep sheet.
@@Chris-ci8vs Henry is referring to the background of how & why Alfred Nobel started the prize ,you know after making it possible to blow shit up.
Exactly 😂
@@Chris-ci8vs no literature is legit. It's make-believe stuff about nothing.
Let's not knock Forbes too hard. It has a knack for spotlighting the most unscrupulous, mendacious characters long before their inevitable tumble from their ill-gotten pedestals. It's like a sneak peek into the hall of fallen fame. We wouldn’t want to miss that, would we?
Patrick provides the most ingenious, informative, sarcastic and enjoyable content ! Who would have thought , it could be possible to make finance related topics such a treat to watch !
He brings a European snark to his videos, and flavors them with irony and wit. I enjoy them quite a bit.
Should blink and modulate more, methinks.
Agreed.
😊😊😊😊
It should have been obvious Nikola would fail. They can't even design or build a truck properly. They couldn't even get the back half of the truck to be the proper height. Look at how the the trailer is angled and the front of it is higher than the top of the truck. The trailer attachment point should be 8-12 inches(like 20-30 cm) lower.
I did a Non-Feasibility Report: (Technology, Funding) as a Jr. Analyst on Theranos for my boss as our fund was looking to invest in a VC fund with significant Theranos investments. He skimmed thru it and didn't even take it with him to the meeting, it was in July 2013. Two yrs later we amassed a 100% loss on that VC fund investment totalling $60mm, as the fund became insolvent.
The fact was that I was never asked to do a NFR due diligence on Theranos. I did it out of total spite for Holmes. Because my mom's non-stop praising of how great she was and how must her parents be proud of her blah blah blah... and I should learn from her and be successful. I'm petty af and never read Forbes again.
"Making finance entertaining month after month is really hard" ~ Forbes
"Hold my pint..." ~ Patrick Boyle
what I really want to know is how many dropped out of college. I think the "college dropout myth" is in part responsible for this state of affairs. They made it look like any stoner with an idea for a service could just drop off and make billions, no tech background necessary, or any kind of background really. Once they are at the top with VC's filling their mouth with cash, then it's kinda too late to go back.
They're all basically that one loser ex boyfriend many of us have had, the one who said he was going to make it big because he's an "idea guy" and you'll be sorry for breaking up with him when his automatic spinning pasta fork makes him a billionaire.
Blue Collars can definitely be innovators but often it requires decades of experience in the field they're working on. Example finnish Firefighter who after 20 years of experience created a new kind of sprinkler staff that gets attached to the tip of the water hose, his patented invention is now spreading across european fire departments.
Check out how many of these dropout successes have wealthy parents. It's more than one. Even if they fail, they get a second go.
@Appalachia Brauchfrau
You clearly dated some interesting guys.
@@appalachiabrauchfrau hahahaha why is this so specific?
I currently work under a Forbes "Best new principal in China." He's currently now co-head of middle school in a tier 3 school. He's not qualified and of course has a 98 page doctorate thesis you can read and be shocked at too! Makes me wonder what Forbes really does to make these claims.
It simply accepts some, let's say donational grant from the subject in question...😉
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Boyle is the most hilarious UA-camr in finance.
Well, if you include unintentionally funny, it's a closer race.
How dare you he's a very serious man making serious videos he said so himself
I would love to see a review on how Forbes “estimated” Kylie Jenners lip gloss company to be worth a billion. Or how her mothers isn’t in jail for fraud? Or how do estimations even work? Because how does JP Morgan pay 100 million for a company that does not work?
"Shoeshine boys were the finance UA-camrs of the roaring 20's" 😂 Thank you Patrick for the delightful deadpan delivery of scamster news
Dude “shoeshine boys were the finance UA-camrs of the roaring twenties” 😂 😂😂 that’s just too much
I love this man, he so so unforgivingly funny
Forbes has way more than a fraud problem. Forbes has an ethics problem, a biased problem, a lack of good writers problem, and a plethora of other problems. That's why I stay the fudge away from that magazine!
So deadpan I do a double take every time you slip a joke in. Your delivery walks the fine line between the cadence of a technical how-to video and satirical news.
What I always find interesting about so many of these scammers is that for many of them, when you ask actual experts in the field, they will often tell you that what they are claiming is impossible. Elizabeth Holmes is a great example. Everyone who knew anything about medical testing was saying that her claims were 100% impossible. Holmes even played it up saying the ridiculous and probably imaginary quote that first they laugh at you...etc. and making fun of the "Alleged experts" and surprisingly the experts were right. So the people who should have known better, actually knew better.
Ahhh, companies. I worked for a firm that ran a brief "healthy eating" program. At the end the reward for staff who participated was a hotdog lunch. My branch asked them to donate the funds for this bizarre "reward" to a food bank instead.
Craid Russel: It wouldn't surprise me if the person who came up with the "wonderful" idea for that reward was some highly paid VP.
The threat of "lose of access and ad revenue" has basically killed any sense of independent journalism.
Why does Forbes still exist?
I was on the list a couple years ago - you basically nominate yourself and I am pretty sure they just rank people by amount of funding their startup has raised - which is a very iffy metric to rank people by.
This is defo one of Patrick's best. Had me laughing my ass off. So good. Wish I could sit down with him and have a beer and talk financial crime. Cheers mate and greetings from Australia.
HERE IN MY GARAGE🎉🎉 I'm ashamed to admit that I've been listening to Patrick Boyle mainly for his comedic genius😂
I love his dry British humor. Roasting so many people with a monotone voice and deadpan expression. I aspire to this
I think he's Irish.
He is a US born Irishman.
@@liordagan9342 i never said he was British, i said it was British humor, which is a deadpan, dry, almost polite, but you're taking a dump on people the whole time
@@Fred_Die I am just trying to keep you alive. Calling an Irishman British can be hazardous.
@@liordagan9342 once again, i have not called him British a single time
How does he keep a straight face with these deadpan jokes? Damn good content.
There's also this concept from AI security that essentially says that the most extreme outlier ways to get high scores will probably come from exploiting the rules in ways you didn't account for.
In an AI playing the original Mario game and optimising for score that can mean exploiting bits to force the score into the maximum value instead of winning the game. In finance, that probably means exploiting some sort of loophole that more often than not ends up being something illegal that well-established, slow-growing companies wouldn't do.
But if you're optimizing for score then you would be winning (in your own chosen goal of optimum score) by getting the max score ...Because winning is no longer defined by beating the game's original purpose of completing the levels or challenges right? If that makes sense how I'm looking at it
@@lalaonly4638 I understand your point but the reality outside the example is more complex. Sometimes you can't define "winning" so easily and you need a "score" of some sort. The Mario game isn't the best example because there's an obvious win condition, but I used it for the exploit comparison.
However, the example of a business is in fact illustrative. If you define "success" by how much money someone makes, you get exploits like the people in this video. And it isn't trivial to change the definition without still introducing exploits.
In fact, one could argue that laws and historical accountability already try to solve that. These people still find loopholes around that, be it by skirting around grey areas or by hyping themselves before they have been proven to be long term successful.
Lastly, it's not like AI security discovered these problems. They come from understanding human intelligence in the first place. However, we did get a lot of mathemathical and simplified examples of how these problem work by studying simplified systems and seeing them become more complex. And I think there's something interesting there to use as feedback for economics. Hell, for all I know there's already been people doing it, I'm just in a youtube comment section.
Pro tip, when you Patrick make it onto the cover of Forbes, make sure you are wearing a red velvet jacket.
This reminds me of the field I work in, medical publishing. It is likely that the majority of published papers are wrong for a variety of confirmation-bias and systemic issues. In fact, the more highly rated the journal, the more likely papers are likely to be ultimately found wanting in some way (although more highly rated journals have more to lose if they let false results stand). Loving these vids.
so basically, growing that fast, that young and sansationally ... is not actually common without criminal activity
The thing I don't like about Patrick's videos is that without a laugh track I worry that I'm missing some of his jokes. 🤣
I would absolutely hate a laugh track.
@@evannibbe9375 Oh me too!!! It's just that his funniest lines are delivered soooo deadpan that if my attention drifts I probably would miss some. Patrick is HILARIOUS, I love it.🤣🤣
That is to encourage you to watch it again in case you missed one.
Slow the playback speed? 🤷🏻♀️
Sometimes I'm wondering whether "Fraud" is actually a new official industrial sector.
No it’s one of the oldest industries by men 😂
Good one! My retirement portfolio is definitely underweighted in fraud. I guess I should buy some ARKK.
No, it’s not new. It’s just called “investment banking”!
You've inspired me to get all of these and frame them for my office wall
I am impressed that you resisted the urge to make any references to Jim Cramer through that entire video!
So glad I found your channel! Great and funny presentation, right on point. Lol@ WOOD NYMPH COMMUNITY 🤣
Subbed!
Bro this video had me WHEEZING. Excellent stuff as always Patrick.
They'll never catch me now that im over 30 having not been on the forbes list
the key is to work at forbes to avoid being discovered as a fraud
This is a masterpiece. All of Patrick's videos are funny to some degree, some more than others, but this was a nonstop laugh riot.
The whole thing is very sad.
Love the ruby velvet jacket Patrick.
Patrick, I have to say that is one hell of a blazer you are rocking. Thanks for the great content as always. Edit - Kept watching and this script has had me in stitches. Glad I am 33 and away from the risk of getting that Forbes call and going on the run.