JOE MOGLIA

>> Craig Gould: Joe Moglia, thank you so much for joining me on the podcast today. Joe, you’re the former CEO and chairman of TD Ameritrade, the former head football coach at Coastal Carolina, and you currently serve as executive advisor to the Coastal Carolina president. So much I want to ask you. So much I want to know about your story and try to glean as much wisdom from you as possible. But Joe, on the, on these conversations, I usually like to start at the same point with everybody, which is this one question, which is, Joe, what are your memories of your first job?

>> Joe Moglia: Well, my very first job, I was 10 years old and I started to work for my father in his fruit store. Dad was born in Italy and He never finished second grade, and he came here when he was 11 and his father had a fruit store. So he’s been in the fruit and vegetable business his entire life. Now this is not like some huge supermarket. This is a simple little fruit store with stands outside, et cetera. But I worked for my dad from the time I was 10 to the time I was 22. And he was certainly a taskmaster. He hated my involvement with sports because if I was involved with sports, I wasn’t able to go to the fruit store. But my first job was with my father when I was 10 years old.

>> Craig Gould: Is there anything you still carry with you from those years working with your, family?

>> Joe Moglia: Yeah, Craig, there are. I think my mom and dad were very, very different. And my leadership philosophy is, we call it bam, but it’s taking responsibility for yourself, standing on two feet. Take responsibility for yourself. Treat us with the respect, live with the kind consequence of your actions. Now, dad wasn’t a great bam guy. He was a very hard worker and he cared about his family and he loved us and all those things. And he was an excellent fruit vegetable guy. But, kind of nothing was ever really his fault. Yeah, like maybe three men work for us and they get in at 6 o’ clock in the morning. They were 8 o’, clock, 8 o’ clock at night, and they didn’t get paid much. And My father worked 14 hours a day. When I was 12, I started working 12 hours a day. We all want to feel appreciated for the job we do. Dad didn’t necessarily do that. Anything that happened that was negative, it was always somebody else’s fault. So later on, over the span of. Span of my career, I think I got m. My work ethic very, very much from my father. But I think as a leader, I learned a lot about what not to do and how to treat other people because of what I learned from my father as a teenager.

>> Craig Gould: Can we talk a little bit, about the BAM philosophy? I mean, like, where, where did you first start trying to put these precepts into these silos? You know, was it, was it in college? Was it, you know, first jobs out of. Because you, you, you go to Fordham, football becomes your life at some point, right?

>> Joe Moglia: So my goal in high school was to play football and baseball in college. But my girlfriend got pregnant, so I had to give up sports. And my father, by the way, thought that was an excellent opportunity not to go to college at all so I could work in the food store full time. I said, dad, I really think I needed to go to college. He reminded me we had no money. I said, I’ll figure it out, but I think I got to go. And he said, son, you’re making a big mistake. Now put that in perspective. I’m a teenager, I’m going to be a father. My whole life’s changing, and dad’s telling me I’m making a big mistake by going to college. But I wind up at Fordham my freshman year and I’m supporting my wife and my daughter, paying every penny in my education. Myself, I’m driving a yellow cab in New York City and driving a truck for the post office and working my father’s food store. My guess, Craig, just a wild guess, that you probably had more fun as a college freshman than m. What I did. And that was also the first year, that was also the first year of my life. I didn’t have sports. So for the Prep, went to school on same campus as Fordham gave me, ah, gave me a coaching job. So my sophomore, junior, senior year, I majored in economics. I wanted to go to Wall Street. I coached high school ball at the Prep during the season. I worked for my father in the food store in the off season. Now, in reality, we were always in the neighborhood. Very, very seldom was I ever more than 10 miles outside of New York City. I mean, it probably kind of one, one hand how many times really, truly outside of the city. So I didn’t know a things, but I kind of knew what I was doing. And I got tremendous satisfaction over my three years in college as a high school coach. And, we decided, my wife and I decided that if I could get ahead high school job, I’d want to pursue a career in coaching. If not, I’d try to go to Wall Street. But 22 to this day, I’m the youngest head football coach at History, state of Delaware, by the way, in a place called Archbishop Academy, which is where Joe Biden and his entire family wound up going. I knew him a little bit because of that, right? Now, having said that, again, having only been 10, 20 miles outside of New York City, now I’m going to Delaware. I thought Delaware was the Deep South. That’s the one sophisticated. I was, I thought it was. And I think, well, what’s making me do this? And it certainly was more than football. And I know it has something to do with the impact I knew I was having on the kids I was coaching. Remember, I was only a couple years older than they were, and, I thought, what. What’s driving me? And, and I believe in a concept called spiritual silence. And I kept, kept writing notes to myself, why am I doing. Why am I doing this? And besides the football piece, it was, how do you really grow up? How, as a boy, really become a man? And that became my leadership philosophy. So a real man, a real woman, a real leader my daughters were raised on. This is, how do you stand on your own two feet, take responsibility for yourself, treat us with dignity, respect, and live with the consequences. Rations. Now, when I’m going to. When I’m going to Archmere in the spring of my senior year forum is when I wrote that. Because that’s when I knew I was going to spend a career, at least try to spend a career as a coach. But I’ve been thinking about that my entire college career in terms of what am I really going to wind up doing? We don’t have any money. I’m trying to get through school. I got all these jobs I’ve got to be able to figure out. And basically, one other thing I learned from my father. My father never acted like he enjoyed his job. And I knew I could never do a job that I didn’t love doing. And that was a strength that I had from early on because I knew who I was. But that’s how the whole bam thing began.

>> Craig Gould: Your dad doesn’t sound like he was a real high EQ sort of person, you know, a real emotional intelligence. But it sounds like, you know, from the very beginning you were latching onto these precepts of what we would call emotional intelligence. Now, where did that come from? Because, I mean, I hear you talk about the spiritual soundness, and it’s really a, great deal of self assessment and recording a self assessment, knowing who you are so that when you do have to make decisions in the future, you can turn back and say these Are my north stars. This is who I am. Where did that come from? Was it your mom or was it somebody in Fordham or.

>> Joe Moglia: Well, it wasn’t necessarily anybody afford them, but my mom was the opposite of my dad. She was always smiling. by the way, she never finished 10th grade and she was born and raised in Ireland. She came here to marry my dad. but my mom’s attitude was always very positive. She’s always unconditionally supportive and loving. I was the oldest of five kids. We grew up in a gang neighborhood in New York City. Seven of us lived in a two bedroom, one bathroom apartment. I was part of a gang from the time I was 10. So as you kind of fast forward and you think these things through, nice to be able to say, okay, take responsibility for yourself. But I think at the end of the day, the only thing I want from my loved ones and people I care about and the only thing I really want for myself, I want to be happy. That’s what you really, really want. I’m not worried so much about the job. I want to be happy. And I don’t believe, and I believe happiness comes from decisions, critical decisions that you make under stress. If it’s not stressful, they’re not important decisions. So in order to get those decision to answer, to get those decisions right, you got to know who you are. And the greater, greater an understanding you have of yourself, the greater your peace of mind. You increase the probability that you’re going to make better decisions under stress. The better you do there, the more, the more you’re going to feel self fulfilled, the more you’re going to feel happy and you kind of accomplish what you want to be able to accomplish. But if you don’t know who you are, you’re not going to make those decisions. And I think most people think they know who they are, but they don’t.

>> Craig Gould: I hate to fast forward, you know, 30 or 40 years in your story, but your, your comments make me think as the leader of a corporation, you know, in the C suite, as the CEO, that translates into not just knowing who you are, you know, because that, that could lead to selfish decisions, as the head of a corporation, but you know, knowing who, who the corporation is, right, what the corporation’s strengths are. And I’m thinking in particular when you were doing a proxy battle, that really wanted you to acquire E trade when it wasn’t necessarily in the best interest of who TD Ameritrade was as a corporation, it wasn’t a fit and you know you had to stand your ground.

>> Joe Moglia: Okay, so I’m going to break your question, your question down into three parts. The first part is, if you’re too self consumed, well, you’re kind of being selfish. And remember, you’re forgetting about band. Then bam is the premise for everything. So you’re taking responsibility for yourself, and that means you’re responsible for the people around you. So the three principles on the band. Spiritual soundness in one, courage, meaning the gut, to do what you believe is right. And love. Love I define as the commitment, well, being of others. Too many leaders, egos get in the way and they think it’s about them. It’s not about them. It’s about the people that you serve. If I’m in Ameritrade, in order for me to do my job, take responsibility for my job, I’m responsible for these people. I’m responsible for our shareholders. I’m responsible for the success of the company. The only thing I can do is make sure that we’re making the right decisions for Ameritrade. Now, when I first got there, how about the spiritual status piece of a merit trade? You kind of referenced that. So what were our core? We really. We were going out of business. 100. We’re going out of business. And we looked at what our core competencies were, and we spent a little time on that. I don’t believe in 100 days or any of that stuff, but we figured out pretty quickly that we really weren’t a financial service company. We’re a technology company. And a financial service wrapper that changed everything for us. So we got rid of everything that had nothing to do with that core competency? So how could we then leverage that core competency into the market niche that we think we can compete in as a market leader? And then. So that half the money that we saved, we offset our losses, and the other half we poured into transaction processing in the financial world is buying and selling stocks. Two years later, we’re number one in the world at that. Fast forward now to, 2006. an activist community was coming after us. Now, activist community usually comes after you because you’re weak and you’re not doing well. That was not our case. We were leading the industry in consolidation. We had totally turned the company around. We were doing very, very, very well. But our chairman, Joe Ricketts, the founder of the company, really kind of wanted us to be more aggressive in terms of, acquiring. But we led the industry into salvation. We knew what we were doing. I also think I kind of fell out of favor a little bit with him. And he was enamored with the CEO at E Trade. I just thought, well, this might solve everything. We acquire them, he could become the CEO. But the board 100% stood behind me. So the activists, they come to you first, very, very nice. And they really suggest you got to make all these changes, give you all the reason. We’ve been looking to trade three years, for three years. And we knew they had a balance sheet was that was part of the toxic balance sheet. That’s why they blew up in 2008. And we knew that, that they spent half their time outside of the United States, but they were losing money internationally. We had no planes. They had two big planes. They didn’t spend money. They didn’t approach it the way we did. But the balance. We don’t like the balance sheet. We could have changed the business model. We don’t like the balance sheet. So when we’re being challenged on this, and I say, guys, we’re not going to do this for these reasons, they start to call the board, and the board starts to get very nervous. We live in a society that’s very litigious. And the board starts to get very, very nervous about, oh, they’re going to get sued. Since I felt some weakness, I called an emergency meeting. We went to New York. We reviewed why we’re doing what we’re doing. And as long as we believe this, then we’re going to stick with our strategy and a philosophy. And I went with a press release the next morning that talked about, these people are coming after us. This is what they’re saying. And I said, here’s all the reasons why we’re not doing what they want us to do. That was a pretty big story that day on Wall Street. But I remember one of the questions came from Bob Zion. He said, Joe, you’ve done eight acquisitions so far. You kind of do it great. Why are these guys picking on you? I said, well, I never wanted to attack them. They make money differently than we do, right? So you gotta understand who they are. They make money by leveraging up on a stock, getting a great idea, getting the stock to pop. Then they take the pop, they put in the pocket, and they move on. We’re not going to do anything until we get an integration done, which is going to take a couple years to be able to do that. So our decisions are, more, not forever long term, but a year or two, three down the road. There’s our, week to week to week down the road. So we make money differently, but my responsibility was taking care of how we made money. I covered all three of those questions for you.

>> Craig Gould: Sure. it makes me think about. You mentioned the time horizon on decision making and in particular, I mean I feel like I look at some CEOs and it looks like they’re making decisions that are going to benefit them within the length of what they think might be their tenure versus what’s going to benefit the corporation long term. And sometimes family corporations have a little bit longer time horizon in their decision making because it’s always been the family, it’s going to be in the family and we want to make a decision that makes sure that it stays that way. I guess maybe this is leading me towards questions of secession planning. How do you make those decisions within that horizon and how do you plan on that transition, that smooth transition and making sure that even once you’re gone, because you’re a steward for the, those shareholders in your business.

>> Joe Moglia: Yes. So there again a couple parts to this question as well and that is, so remember, BAM is all about accountability. So if you are a family run business, you have a lot of leeway in terms of making decisions that you believe are the best interest of the family. It’s a family business. Even if you happen to have some investors, but you happen to have some investors, well, you got to at least consider them. But they recognize the family owns the vast majority of stock. It’s about the family, period. All right. Now. But once you go public, which is what Ameritrade did, is m. You’re no longer a family business. You have a far greater responsibility to your sherholders and the public to do what is the best thing for the all the sherholders, not just that particular family. So if you’re willing to take the public’s money, then you got to be willing to give up some of that control and recognize it’s no longer about the family, now it’s about the overall institution and its long term growth and the benefit to all the shareholders. So as you make decisions, you make decisions based on your responsibility. I ran a public company, therefore my responsibility was to the public and to all of our shareholders, not just the family. So in terms of, how do you approach then in terms of you want a lasting legacy? at the end of the day, to me it’s always about the people and it’s always about succession planning. If you’re good at what you do, again, it’s not about you, it’s about your people and it’s about your institution, you are always thinking about succession plan. And I think we do in general, I think at academia, we don’t do a good enough job paying attention to this. I think in the real world of business, we don’t do a good job, good enough job paying attention to this. Politics, kind of forget about it all together. With regards to. So. So I’ve got to assume that at some point I, or whoever are leading my respective businesses and divisions are no longer going to be there. And then we’ve got to be prepared so things continue on. If you’ve done a good job, your company should be on your team, should be on that, that, that, that type of path. How are you going to continue on that type of path? You do it by having the right people in place to be able to take over. Now, they can adjust, they can adapt, and that’s the board’s number one responsibility. How do you hire the right leader for your particular institution? We literally just went through this process hiring a new president at Coast Carolina in Jamie Weinberg. And I will continue on as his executive advisor. But it’s a critical thing to be able to do, and that’s the responsibility of the leader.

>> Craig Gould: You know, I’ve mentioned before on the show how I’ve always kind of been attracted to this one axiom about change happens when the pain of not changing, exceeds the pain of changing. And I hear you talk about the family business, and you know that personally, you know, the most critical family business for us is our own family. And I would love to take you back to the 1980s when you’re the defensive coordinator at Dartmouth. What was going through your life at that point where you felt like you.

>> Joe Moglia: Needed to change the, I began to Dartmouth as defensive corps in 1981. And, by that time, we had had four children. And that was my 14th year as a coach, and that was our fifth move. So coaching is not an easy lifestyle. And that could put a lot of pressure on the family. And our very first season there, the sheriff interrupted a staff meeting. It was October, I remember pretty clearly. And he needed to see me. And my heart starts to pump. I’m afraid there’s a death or something in the family. Says coach, I’m really sorry. Hands me divorce papers now.

>> Craig Gould: Wow.

>> Joe Moglia: It may have been a better way to handle that, but I couldn’t afford to live independently and take care of my wife and four children. So I got permission to move into a storage room above the football offices. I didn’t mind that. So Much, but had no heat. This is Hanover, New Hampshire, where the average temperature is about 5 degrees over the span of wintertime. I could see my breath when I was in the room. But again, we didn’t make much money then. Now for me to begin my coach career. Prior to that, I want to be the head coach at major at major university. Major university. And Nebraska was upset that year by Miami in The Orange Bowl. January 1984. yep. And Tom Olivadotti was, was defensive quarter. And that was the team of the 80s. Mike Archer, the secondary coach, left to take the head job at LSU. Every one of those guys got great jobs. They offered me the job to go as secondary coach. Tom Olivadotti, the next year is going to go to Cleveland Browns. I’m going to take over him as defensive coordinator. I go from defense coordinator in the Ivy League to defensive coordinator in the national championship team in the 80s. There is no possible job better than I do. But as coaches, we work 80 hours a week. We work, seven days a week. we work five, months without a day off. Then we got to be on the road recruiting. I’ve got four kids are going to live in New Hampshire with their mother. I’m going to be living in Coral Gables. I can’t afford to fly four kids back and forth again. My responsibility, as much as I wanted that job, my first responsibility was to my family. And I didn’t think I could do my job if I felt guilty and wasn’t living up to my responsibilities of father. Toughest career decision I’ve made in my life, Craig. Toughest criticism ever. Turning down that job is that meant I had to get out of football. And what else was I interested in? Wall street and specifically the institutional side of Wall Street. I’m still working at Dartmouth. I didn’t have to leave then, but I thought if I get an institutional level job, I was going to take it. And I was fortunate enough. The following year, Merrill lynch put me in their institutional MBA training program. There were 26 of us, 25 MBAs from Harvard, Stanford, Wharton, et cetera, and one football coach. And everybody said, this football guy is never going to make it here. But it didn’t work out that way. And a few Years later, the NBAs were working for me.

>> Craig Gould: I read more details about that transition. You being there at Dartmouth and getting to the point where you have the offer to enter that MBA training program, you kind of applied some, you know, roll your sleeves up sort of methodology into making that opportunity come about. Right? I mean, it Wasn’t just somebody noticed I was a good guy. And the next thing you know, I met Merrill lynch.

>> Joe Moglia: Right.

>> Craig Gould: There was a lot of hard work in terms of, you know, people skills and, you know, just plain picking up the phone. Right.

>> Joe Moglia: Well, we didn’t have social media then. So what I did was again, by the way, each of these decisions were all based on spiritual status. I really gave it a lot of thought before I turned on the Miami job. Gave it a lot of thought to if I’m going to leave Dartmouth, what kind of job I’m going to leave for. All those things were spiritual soundness, decisions. Once I made that decision, I knew I needed to learn as much as I possibly could. I needed. I knew I needed a good training program, but I knew that Wall street at the time is only hiring from the top 10 MBA programs in the country. I knew that. But while I didn’t have that type of pedigree, I had already lived a life. I got into a divorce. I had four kids. I had a career. I’ve written a book on, football and 16 articles in national coaching journals. I was well respected in the field I was in. I was choosing to give that up to start at the bottom someplace else. So I think people respected that. Now, when I thought this through, why I didn’t know how to spell the word bond. I did understand what the intensity was like on the trading floor. I did understand, what the competition was like. I knew I was a good listener. I could, knew I could handle myself under stress. So I made all those things, okay, M. I’m going to go for it. So what I did was I went to Lafayette where I coached Dartmouth, where I coached, and Fordham. And I asked for their alumni records in terms of who works on Wall street and if there was anybody’s name I remotely recognized. I called, had a one minute pitch prepared, and I explained I was kind of making a career change and he was the reason why I was doing this. And do you have any advice for me? Is anybody you can help me with? And unless you told me no, I was going to keep calling you until you told me you could help me out or tell me you can’t help me anymore. So that’s how I got. And I interviewed a handful of places, but the first real job I got was at Merrill Lynch. And that was the best job for me that I probably could have gotten anyway.

>> Craig Gould: How do you wind up going from being that trader or, being in that program at Merrill Lynch to being the head of Ameritrade. Because, I mean, even within that, there are a lot of brokers at Merrill, right?

>> Joe Moglia: Yeah.

>> Craig Gould: You know, how is it that you, you wound up setting yourself apart? Because, I mean, I feel like a lot of people that listen to my podcast are wondering how to get from where they are to where they want to be. And, you know, how. How do you, you know, distinguish yourself from the huddled masses?

>> Joe Moglia: So, remember, I decided I still didn’t have to get out of football yet. When I thought that through, I knew I was interested in Wall Street. But I also, there’s a huge difference in the institutional side of Wall street and the wealth side of, retail side of Wall street. Private client side of Wall Street. That’s where all the brokers are. So, for example, Maryland had 15,000 brokers at the time. In the United States, we. We had 300 institutional, salespeople. I was one of 300 institutional salespeople. And I began as a bond Salesman, but by 1988, and this was a record, I was the number one salesperson in the globe. In the globe for us. And. But while I was a pretty good sales guy, I knew I was a better leader. And as time went on, we had a mortgage crisis, we had different things happening. We had the crisis in the equity world. And I think my leadership skills started, started to rise to the table. And. And so by 1992, I ran all global institutional sales for Merrill Lynch. I actually wrote our fixed income business plan in Europe and Japan and, Asia. And I, by the way, before getting that job, I never been outside the United States. So that from there they wanted me to broaden out and become part of one of the businesses. I did that. I ran the municipal division. Then in 1997, with the change of CEO at the top, I was the first executive on the institutional committee to go to the private client executive committee. And that’s. So that’s a ton of experience. And I’m a pretty senior guy. And throughout that entire period, with 80,000 employees, I certainly would have been one of the top 25 in the end, probably one of the top 10. So by the time I got the administrative job, I go through again, the spiritual science process. Is this something I really can do? Do I really want to do it? Do I really want to leave one of the finest, greatest firms in the globe to go to for this potentially going out of business? Do I want to move from New York City to Omaha, Nebraska? Do I want to do all those things? And eventually I wound up saying yes. And then when I got There I don’t know anything about technology, but I know how to run a business and I know how I can do those things. I’m really good strategically. I know what I’m doing with people, so I don’t have to be an expert in a particular field, but I have to have experts in those fields if they’re going to be. As a football coach, I would have been a very good coordinator on either side of the ball back in the 1980s. Not this time around, but I was a good coach as a head coach, and I knew I had competitive advantage. Other people didn’t. But I was going to hire the right people, put them in the right spots. So it didn’t just go from. First of all, I was never a broke. Run a retail side the institution. Guys, you’re covering pros, so you got to really know what you’re doing. A typical financial consultant probably covers 500 accounts. We cover as a team at four of us cover maybe 25 accounts. So I built my. I earned my way up through the ranks. And remember what my real strength was, was the leadership. So it didn’t matter so much what the product was. It didn’t matter so much what the firm was. but it was my ability to understand business, understand strategy, understand people, but it was my ability to live up to BAM that separated me from others.

>> Craig Gould: So how do you understand people? Or how does one learn how to understand people? Because I feel like part of it is understanding where someone’s going to grow, where someone’s going to thrive and succeed in making sure that you. You put them in the, the right roles. I mean, it’s. It’s hard enough for someone to be honest with themselves. Maybe they’re projecting something that isn’t exactly their strength. How do you. How do you get to that? Those core strengths of the people that work for you, so you know where to. To plant them.

>> Joe Moglia: Just basic, human genetics, right? We come back to everybody wants to be happy, everybody wants to be healthy. Everybody wants to have a little bit better life. They want to produce, be able to provide for the family. That’s everybody. So you begin with that. And, but then with people that you’re working more directly with your, your executive team or people that are going to work for you, well, you got to get to know them. You really don’t know how good they’re going to be or whether or not they’re going to be good until really you’ve had a chance to see them under real stress or under real pressure. So you’ve got to take the time to be able to get, to get to know them. What is it that really matters to them? I don’t necessarily have to know their family, but I kind of want to know if they’re family people. I want to know what are their aspirations. How, how is what you want to be, Craig, on your podcast as a leader different from what somebody else might want to be? So you need. You need to understand that, and you need to be able to make sure they have a job that they are cut out for. But also that job fits their skill sets, and it kind of meets their needs, what they want to be able to do. Then. Then. Then they have the ability. Then they increase the probability they’re going to match their potential. So then, then you live up to bam. Go back to bam. The principle spirit, sounds, courage, love. Love. You’re responsible for that. You know, you’re supposed to have their best interest at stake. Now they’re executives, too, so they’re supposed to have the best interest of the rest of the company, and they’re people at stake. So you create this thing that just compounds on itself, and it becomes an incredible competitive advantage. I would say bam. For me, over five decades in the, in the world of football, or academia or the world of. Of business has been my single competitive advantage.

>> Craig Gould: You wind up in Omaha and, you become a fixture in that community. I guess we can say it was just a matter of time before you wind up becoming friends with Warren Buffett. Can you talk about how that relationship developed? And are there any pieces of wisdom that you hold onto from the years, that you would just have dinner with Warren?

>> Joe Moglia: First of all, I get to Ameritrade, we’re going out of business, and my number one priority is to take care of Ameritrade, period. That’s what I’ve got to be able to do. It’s not to be Warren Buffett. It’s not doing it. I got to be able to figure this out. but it was 2004 where Liz Claman, who currently is on Fox Business, she was on CNBC as one of the anchors at the time, was writing a book on investing, and she was interviewing me for the book. And I remember we were having dinner somewhere on Wall street back then. And at the end of the dinner, I said, well, have you talked to Buffett for the book? Because, well, no, he really doesn’t want to do interviews and blah, blah, blah. I said, first of all, I’m sure he’s a big fan. I Had no idea. I said, secondly, you’re writing a book on investing. He’s the number one investor I got in the world. You’re a journalist. How can you not reach out to the guy? I get a call from her a week later, said, joe, I reached out to Warren. He picks me up right away, says, liz, I’m a big fan. How can I help? Wow. So I do the interview, then I continue talking about different things. Then she explains to him, you know, I. Last week I interviewed Joe Moglia for the. For the book. Like, you know, you and Joe, you know. How well do you know Joe? You know what? Joe and I never met, but I love the guy. He said, he’s doing a great job out here in Omaha. Everybody loves him out here. But I don’t know Joe. So she wants to broker this trade. No, I’ll make the call myself. So I take a couple deep breaths, and I call Warren and I go. I’m calling for two reasons. First, I’ve been living here for four years. I’ve got it. A, Nebraska license plate. I own a home in Omaha, and I run a firm that’s headquartered in Omaha, Nebraska. So I consider myself a fellow Omaha. Secondly, I couldn’t look Liz Claman in the eyes if I didn’t make this call myself. I wonder if you’d like to get together sometime. He said, I’d love to have a dinner. That was it. That was it for the next few years. We did it probably every quarter until I actually went back to football. And, he’s a wonderful, wonderful guy. He’s got a great sense of humor. Smart guy, loves bridge. you know, enjoy sports. he used to play golf. Just, a really, really good guy. That episode you talked about earlier, when the activists were coming after me in 2006, 2007. 2007. I talked to him about that, and I said, I’ve got them. I got the board maybe getting a little queasy. I know our chairman is trying to get this deal done behind our backs, et cetera, et cetera. And he goes, if you work for Berkshire Hathaway, and I told you you ran your own firm. I said, you do whatever you think is the right thing. What would you do? And I said, well, I would think it through, and I would do this because that’s what you should do. I agree. And that’s when I called Emergency session in New York.

>> Craig Gould: Your story is amazing, Joe. And just in terms of trying to be true to yourself, try to be true to Your family try to be committed to North Star and no one’s done what you’ve done in terms of going from coaching to Wall street to the head of a corporation, then back to coaching. When you leave TD Ameritrade, you probably had plenty of other options within corporate America, within Wall street, right? I mean that, that wasn’t like you’re closing a door on that, but you chose to go back. I mean, was that going back to a passion? Was there some regret about what if I had, you know, stayed on that path? What led you back to football?

>> Joe Moglia: In 2004 I was contacted by a couple of different groups telling me that in 2006 Paul Tagliabue, the commissioner of the NFL, was going to step down. Would it be interesting to job? I was very interested in that job. But my first responsibility again, bam. Was Ameritrade. And we were in the, we were in the middle of negotiating the TD Waterhouse deal. So Ameritrade was going to buy TD Waterhouse from TD Group, a part of that deal. We took the name TD. We were never owned totally by them, but they were our biggest show. We were always independent. so that was my first responsibility. And it was going to take three years for the integration to get done. So we’re going to announce it in 2005, 6, 7, 8. That’s when it’s going to get done. I’m committed to that. So I remember talking to the board about this. My contract I think went to 2013. But they agreed that there was something else I really wanted to do that they would allow me to step down in 2008. Well, it wasn’t that I thought that maybe something. I was about 58, 59 at the time. And I thought there’s going to be something else I might want to do. What is that? And if I’m still here and ah, we do buy each radio, we do buy somebody else, I’m going to be locked in because I’ve got to live up to that responsibility. So I thought if there’s going to be anything I want to, there’s going to be anything else I might want to do in my life. I need to be able to step down. So I did that after the integration. By the way, the previous five years we get, including the financial crisis, we gave our shareholders of 8, 500, 500% return. We outperformed every financial firm in the Gulf, including Jamie Dimon, including Warren Buffett number one. We were that. I’m very proud of that. when I stepped down the board asked me to be chairman. Well, when you’re number one through the financial crisis, you can imagine I had never been in more demand in my life. I probably could have got any job I want for garden, gargantuan type of money on Wall Street. I had two of those opportunities. I just turned them down, wasn’t pushed out. I sat down when I was at top and we had a clear succession plan. Because you knew a year ahead of time that I was probably going to do that. Right? So, so then. But I didn’t want to just start some other job. I’ve been working since I was 10 years old. So then I got a call from a group of alumni at Yale telling me at the end of the season, this would have been 2008, that their football job might be open. Would I be interested? And I remember looking at the phone and said, guys, I’ve not coached for 24 years. They said, we know that, but we put a committee together to evaluate the skill sets head pro or head college coach supposed to have. We think you have those. In fact, you have competitive edge a lot of other coaches don’t have. There’s only one problem with that. Oh yeah, here it comes. What’s that problem? In 135 years of college football, this has never happened before. And ah, it’s not necessarily the way academia thinks in terms of risk, reward, who’s going to wind up, who they would wind up hiring in that type of position that is so different from, from the, from the traditional hire. But think about it. And I did, I thought about for a few months. I went through my spiritual soundness exercise, decided I want to go back. Now part of that maybe was I feel like kind of if I had gone to Miami, I have no doubt I would have been a head major college. I would have been head coach of a major college. And. But I did love football and I did love the impact it had on others. And football is probably the product that I knew the best. and I decided to go back and Yale wouldn’t even give me an interview then. And then I’m going back. I need to get to the rust off. And that’s where I had the opportunity to begin in Nebraska. And ultimately I got a call from David DeCenzo, the president at the time of Coastal Carolina. he said to me, says it’s not going to be easy for a typical university professor president, to give you this job, but somebody will. Before they do, I want to be that guy. I want you to come down and take over our program. And that’s how, I began, you.

>> Craig Gould: Know, spending that year on, Bo Pelini’s program at Nebraska. Probably sanded off some of the rough edges of that once in history sort of move. How did that opportunity come up at Nebraska? I mean, did you know Coach Pelini beforehand? How did that idea come that, you know, he could use M. What was your title?

>> Joe Moglia: Executive Advisor to the Head Coach. And Bo, actually, and I’m very grateful for this. He didn’t treat me like some intern. He didn’t treat me like graduate assistant. He wanted me to have a title so I have more status in the staff and in the community. And, he wanted me to help him be the CEO type coach, and he was going to help me get back to football. But I met him, I didn’t know Tom Osborne. And, Tom stepped down in the 90s after. After having won three out of four national championships in a row. He was at the top of his game. He was in his late 50s. I was in my late 50s. Around the same time I was the top of my game. And I reached out to Tom, and I remember we had lunch at Pasta More, a little tiny restaurant in Omaha, and I talked to him about what I was thinking about and the possibility of going back to football. And I also asked him, I said, you stepped down at the height of your career. Why did you do that? I just stepped out of the height of mine. And we had a great conversation about that. We really, really, really did hit it off. Now we knew who each other were, but we really kind of cemented the beginning of our friendship. Then. Then he said, if you decide to go back to football, I’ll do everything I can to help you. About, three months later, I go in his office, say, I’m going to go back to football. He actually gave me a hug. I don’t know if Tom gives a lot of hugs. And he said, look, I can’t promise you anything. Bo’s going to make decision, but I can set up a meeting with Bo. I said, please do that. By the way, I had two other opportunities. One was at Penn State, Joe Paterno. The other was with Mike Leach at, Texas Tech. But I could not have found a better place for me at the time than what Nebraska was. But it was Tom that set me up with Bo. Bo and I were supposed to get together for 45 minutes. That was three hours. And at the end of that, like, we were pretty much in sync in terms of what was Going on when.

>> Craig Gould: You wind up at Coastal Carolina, when you wind up back in college football. I just think about how things had changed between 19, what, 81, 83 to 2008. I mean it’s a totally different world. But I’m sure the demand on your life, the demand on the hours probably hadn’t changed because, I mean, can you talk about what it was like re entering? Was it putting a hand back in a familiar glove or or did you bring a lifetime of, you know, experience and knowledge in a different perspective back to this old world of yours?

>> Joe Moglia: The everybody was asking, would ask me, well, what’s the difference, you know, between 24 years ago and 24, whatever it is, and now? And I say, well, first of all, trying to study the game, I got to get back to that. But they’ve, they’ve, they’ve tightened the hash marks. they have a lot of no huddle stuff, but we used to have no huddle stuff, called it a two minute drill. They have a lot more that run and shoot type of offensive passing game that Mike Walsh will put together and others. And so the games change, but our game changed over time too. So the game that I began with when I was a high school coach wasn’t the same game that it was coaching Dartmouth. It just, everything progresses. So it progressed, but it’s still football. Still got to be able to tackle a guy, block a guy, still got to prepare it, you got to keep it simple, execution. Otherwise you’re going to make too many mistakes and you’re going to lose because of mistakes. So the philosophy I had as far as footballs didn’t change, the game changed itself. But that was so what you adapt and adjust to that. You have to adapt and adjust to different defenses and offenses that you’re going to compete against anyhow. But what didn’t change, again, my philosophy didn’t change, my approach to how to run things didn’t change. The leadership piece didn’t change for me at all. The product changed, but not the leadership piece. And the second thing was the kids today, you know, everybody’s wired, electrical, always on the phone, they got this, you know, their ability to be able to learn a social media, they can learn 10 times faster than we could when we were growing up. That’s all true. But the same anxieties and headaches and concerns and frustrations that I had when I was a teenager, that my children had, that people that I got to know had, they’ve not changed. So you still have issues with your Parents with your girlfriend, your boyfriend, your peer pressure, your coaches, your teachers, none of that changed. Drugs, alcohol, sex, none of that changed. So they were still the same human beings. It was just in a different environment. Football was still the same game of football, and there was a certain way to be able to operate around it, but it was in a different environment. So it was a matter of adapting and adjusting to the stuff that I already did and already believed it, because the people were the same and the leadership principles were the same. The universe was different.

>> Craig Gould: Joe, I know that the state of NCAA is a bit of a hot button issue for you, and I’m just not sure we know how this is going to continue to play out. Because, I mean, the. The numbers, it just doesn’t seem sustainable. I played college football at smu, and, you know, oddly enough, my, you know, so I was coming out of high school in 1988, and my two choices were either going to Dartmouth from where I grew up in Texas, or going nearby to smu. and my, you know, you said earlier, I bet you had a lot more fun your freshman year. My freshman year was spent practicing football because we couldn’t play any games. That was it. Right, because we were still under the death penalty and I blew out my knee and, and so on and so forth. But, I stepped into an atmosphere at SMU post death penalty where there was this huge correction that the university decided to take.

>> Joe Moglia: Our.

>> Craig Gould: Our president had come from Duke. You know, we’re in the wake of this. This scandal. We had 15 scholarships for the entire team. no athletic dorm, no preferential scheduling of classes. We had people who had labs during practice time. So in the perspective of my college football experience, compared to whether that’s SMU or somewhere else, what it’s turned into in the expectations for what the facilities need to be, the expectations for the. The financial gain for. For the athletes. It really is a totally different world now.

>> Joe Moglia: It is. And, So what position did you play?

>> Craig Gould: I started my time at SMU as a tackle, but I figured out that I wasn’t athletic enough to be out on an island, so I wound up as a guard. Which in my mind is probably your last. The. The least athletic position on a football team. Like you’re, you know, one step away from being out the door.

>> Joe Moglia: That depends on what kind of offense you run. Sometimes you really need good offense.

>> Craig Gould: I love being a guard because, you know, you’re, you know, you’re playing in a phone booth. I mean, there’s. There’s only so much you know, room that your opponent can maneuver within. And so, but if you don’t do.

>> Joe Moglia: Your job within that phone, the play’s gonna break down.

>> Craig Gould: You know, one of the things being an offensive lineman that you really learn is the value of teamwork and communication. The, you know, the necessity to be on the same page with the person on your left and your right and to be able to communicate in a moment’s notice about, you know, what’s going on.

>> Joe Moglia: And I totally agree. So two quick side stories. My last year or so I mentioned I’d written articles in National Coaching Journal. I’d already written a book on football. Parker Publishing was the sports subsidiary of Prince hall. And they wanted me, we were in the contract for me to do a book with Ron Meyer. Ron Meyer is the guy at smu, the reason why you had to go on the death penalty. So I heard some stories from Ron Meyer about the stuff that used to do back then. By the way, everything he did back then is legal today. Today.

>> Craig Gould: Right.

>> Joe Moglia: Everything’s legal today. And just one other little story. Both of my stepsons that I raised, both went to SMU and they both wound up staying in Dallas.

>> Craig Gould: Oh, wow.

>> Joe Moglia: Okay. Four years ago NAL was announced and without question the most significant thing to have the history college athletics. I always had deep respect for the ncaa. I would believe they had the best interest of student athlete in schools at heart. I always believe they’re trying to do the right thing and I recognized that. Maybe something I disagree with, but I respect the most significant thing to happen in the history of college athletics. They totally advocated the responsibility for that. In five decades, again, academia, football or Wall street, I’ve never found a more horrific example of leadership. And I recommended back then that the NC that college athletics should break away from the ncaa. You should just fire them outright, establish your own executive committee. That didn’t happen. But what I really do believe, none of the things are turned by now. None of them work. None of them are going to work. what has to happen is that the Power 4 schools with the sports that they want to be able to be professional and have to break away and have become the pcaa. If the NFL ran themselves the way college athletics is today, Craig, they go out of business. So that’s not a good business model. And colleges becoming especially in the sports world, more and more business oriented. So you got to get the business piece right. You need to hire your own executive team, maybe from the NFL, but you got to use the NFL as a model. You Got to have salary caps. You get to have real transparency. You get a contracts that actually you have to live up to. you’ve got to have, collective bargaining. you, you’ve got to run it like a business, period. That’s it. And hopefully, hopefully, by the way, in the last four years, I’ve not heard one word, not one word from the NCAA about academics. Not a word. Right? That’s a disgrace. Right? Plus, okay, so now maybe the PCAA group maybe figure out what they want to do with academics. But then you have the typical G5 schools and schools that are not going to be part of that. You’re not going to be able to put the junior back in the bottle. Kids are still going to get paid, but there’s got to be some sort of limit. There got to be some controls on that because you need some sort of equality to be able to have a competitive environment. And now you have the NCAA or the AC Amateur Collegiate Athletic association national championship. You have the PCAA national championship and both can compete. Now you can compete at least somewhat on equal footing. And if you want to get paid more money than you’re being allowed to get paid at the G5 level, then you got to get recruited by the schools that can pay a lot of money and they’ll pay you if they think you’re good enough. And here’s a couple stats that they’re about a year old, but 6% of all athletes, the 570,000 NAIA, NAIA Division 3, Division 2, Division 1 college student athletes, 6% of them get 100 or more. 2% of them get $10,000 or more. Some of those are seven figures. There is just 530,000 student houses don’t get a dime and NCAA is not even taking care of them. So I think the only way it’s going to work is you got to be able to break away and you got to be able to run it, run the PCAA purely as a business. Hopefully. You don’t forget about academics doing that. And you’ve got to run the rest of college athletes like, like closer to student, real true student athletes than not.

>> Craig Gould: It seems like you, you almost have to go that way to be able to legally have any teeth in regulating it. Right? I mean, you know, when the NCAA says, okay, well this is what we’re going to do and you can, universities can pay, you know, you have, you have a roster limit and you have a roster salary that you can provide these students. And to me, it, when you say this is the Number that you need to stay within. Well, you know, it just reminds me of back in, in the 80s. The, the number you had to stay within was zero. Right. And people would just, yeah, they would pay. You know, everybody was paying. Just nobody was talking about it. If, if you say that the, the new limit is going to be 25 million, 35 million, whatever. Well, you know, that doesn’t mean. Well, the books will say it.

>> Joe Moglia: They could get away with.

>> Craig Gould: I’m just, I’m just shocked how much money there is. You know, Joe, you know, if you had, if you had gone to Miami, you know, eventually you could have, you could have hit someplace in, you know, had your contract bought out for 77 million. Like Jimbo Fisher. Right. I mean, this is it. It just makes your head swim. Like the, the money, it’s funny money. I don’t, I don’t understand the, the mindset of, of an oil and gas person who’s worth 2 or 300 million. You know, hey, I want to give $10 million to help buy out Jimbo. You know, it’s just, I don’t understand it all.

>> Joe Moglia: It’s. First of all, to go back to most universities, most athletic directors, most press, they’re not business oriented, right? So you have real top shelf agents negotiating the contracts of these coaches. And, we talked about succession planning mostly. These do a poor job of succession planning. You’ve got to be ready to leave. You don’t. You may find out your coach is leaving tomorrow. You got to be ready to go certainly in your major sports. And so when that’s not the case and the guy’s leaving and you’re still trying to get your guy and everybody, you’re losing everybody because of the portal. And everybody said, where’s our next coach? Where’s our next coach? And finally you get the guy you want and you haven’t begun to. And you say, one of the jobs. Great. Want to take the job down. Unless, negotiate. He’s got you over a barrel. You’ll do everything, anything you can to kind of get him. And then they kind of think, okay, the buyer thinks. Yeah, I’m not worried about the buyer. Things that doesn’t necessarily show up on my p. My, my, my, my budget today. it’s ridiculous you would get fired in the business world for those things. That’s why you got to be able to run it like a business. So now remember, not everybody’s got gazillions of dollars. The major schools do, the major schools absolutely have so much money. And by the way, there’s not a limit. So you got revenue sharing. That’s the limit that the university can give from their own funds. You still can have, you can still have your collectives. You can still have people coming in from the outside. You can. That 22 million could just easily be probably that’s 22 billion more than they have now. And now I bet you most of the Big Ten schools probably have 25 million. Now they’re at 45 million. And I’ve said this before that I really believe three years from now we’re going to have at least five to ten college athletes in those sports making 12, making nine figures. That means you have a 20 year old kid making $12 million. I’m sure he knows exactly what to do with that.

>> Craig Gould: Some of those guys are going to wind up staying in school because they don’t want to take a pay cut to go to the NFL.

>> Joe Moglia: That’s right. That’s right. A lot of those guys not going to get to the NFL. Now you’re probably not the guys making $5 million, but plenty of guys making $250,000. Now we’re going to get to the NFL. So they’re better off staying in school as long as they possibly can. But the biggest schools can pretty much get away with whatever they want to get away with. And the NCAA is making believe they come in by coming up with a limit. All the NCAA is kind of hurt. At least we had a rule where we had to transfer. At least that didn’t sit out a year. So you got to think about it. The first thing they do is they eliminate the transfer rules. Now you don’t think about it. That’s why you’re gonna have play at five schools over five different years. Same kit they have oh, we’re going to have oh, open up scholarships. Used to be 11 scholarships in baseball by the way, which is ridiculous. But now you can have 40 something. You go from 11 to 45. It’s ridiculous. It’s ridiculous. Yeah.

>> Craig Gould: You know, I’ve heard some people propose, you know how in baseball if you go to Japan and you buy the contract rights to say like a Ohtani or whoever that they have to give, you know, financial compensation to the Japanese league to buy out the contract so that this person can play in major league. Some people have been proposing that. Great. You can pick people off of the transfer portal, you can do all this. But if you take somebody from another program, you owe that other program financial compensation because they developed the player Maybe that’s a way you can slow down the picking off of the players while also allowing the smaller programs to benefit in ways that they wouldn’t otherwise.

>> Joe Moglia: I agree. Now remember I said you got to run like a business. That is exactly the way you would do this. If in effect you were running it like a business. That’s exactly what you would do. But the reality is, you know, the biggest schools are going to be the one that be paying. All the small, small schools right now. They don’t have to do that. They’re not going to vote for that because they don’t need to pay. They’d rather that extra money that they would pay the school in lieu of the kid that they’re stealing from. That’s not stealing, buying from that school. Well, they’d rather put that into another player. They’d rather give that to the player. That’s why that makes all the sense in the world. And it would happen. It would happen, Craig, if, we’re the NFL because it’s a business. It’s not happening in college because it’s chaos. It’s the Wild west. It is chaos.

>> Craig Gould: Speaking of chaos, our markets, you know, I’m surprised that given all of the uncertainty and all of the wild swings in decision making this year, that the market is doing as well as it is. And I hear people say that, the stock market, it loves deficit spending until it doesn’t. At this stage in the game, it’s putting money in people’s pockets and the money goes into, the market. That works fine until you wake up and there’s hyperinflation or austerity. We wind up like Greece. But you know, we talked about back in, you know, 07, 08, the financial crisis, September of 07 was when I was let go by Countrywide. I was working, you know, and you know exactly what was going, you know, because it plays into the story of E trade. You know, here Countrywide had become a behemoth, by creating an entire market around mortgage backed securities. And you know, they were borrowing money from the Fed, lending it out, bundling the paper and selling it back on the street. And that works fine until people don’t want your paper and then you can’t pay back the Fed. Right. And so, you know, we’re the, the deficit spending winds up being something real similar. Right? I mean it’s, it’s all well and good until our T bills aren’t worth anything anymore. Right. Can you talk about what’s going on in the market? And what are you, this oracle of, football in the markets? What do you think is on the horizon?

>> Joe Moglia: I think the, first of all, I mean, I agree with in terms of our deficit, what is it? $33 trillion. It’s ridiculous. Again, it’s silly. It is silly. but as long as we have growth, we’ll be able to get away with that. If we go through a very serious multi year recession, that’s going to come back and really have it take a bite out of us. That’s not going to be a fun time. As long as we have growth, we’re okay. Now, my perspective on the markets today, the number one thing that I have great concern is just what’s going on geopolitically. I can, for the first time in my life I see the possibility, not probability, possibility of World War Three. I worry about the tension that exists around the globe. I was petrified about what was going on with regard to Israel and Iran. And then as it turned out, Trump dropping the bomb, which I didn’t think he was actually going to do, that looks like don’t fool around with us now. And it looked like eliminated a legitimate threat. And everybody’s looking at that very, very differently today, looking at us very differently today than he did prior. Because no president, no politician would have done that. So he did that. And I think he’s had a significant impact in terms of what’s going on. So with that as a backdrop and recognizing that those things are major concerns to me that I think in general, I feel very constructive about what’s going on. I feel constructive about the market. I think that, I think the Trump does care. Number one person Trump cares about is himself. and he wants to be measured by the market. He wants to be measured by the market. So the market, he wants to see the market do well. He is a business person. He has a cabinet that is business and market oriented. He’s all of a sudden become the bitcoin king of the world. whereas in 2016 he didn’t care about that. So you got, he is going to have. Taxes are not going up on us for the most part individually. you have, there’s going to be deregulation with that, there’s going to be more M and A. these things are all good. The principle, behind the immigration, to go and have immigration is good. Other than we probably have 10 million people that do real jobs, that are good people, they’re just not legal. And how do you just all of a sudden Replace them. So that’s a bit of a question mark work. He’s got to be up. We got to be able to figure out the tariffs. When he called the tariff, if you saw the announcement on the tariffs, this is President United States. You think you have some audio visual person there, Help him out. He’s holding up this chart and he’s going, you can’t even read the thing. Well, then he says, Vietnam is 45,000. What the hell are you talking about?

>> Craig Gould: I think he got that from Ross Perot. I mean, it.

>> Joe Moglia: he did, but Ross put up a simple sign that everybody could read. It said, three plus six equals line. It makes sense. Here he puts up a sign, got 3,000 numbers on it. You don’t know which number meeting what. but at the end of the day, the market said, we don’t like this. And the market is really, really capitulated. And then he capitulated. We can negotiate, we can do this, we can do that. And then I think everybody said, okay, he’s coming back. At the end of the day, my perspective on Trump, I think he’s doing a lot of good things for us. I don’t like the way he does any of them. He’s a narcissist. But at the end of the day, if you understand a narcissist, he’s going to do whatever in his best interest. It’s in his best interest for our country to be stronger and growing and be more of a world leader militarily and economically. So I think when you take all those things into consideration, inflation, is in check, the labor supply looks pretty good, earnings seem to be growing, GDP seems to be solid. I think we’re in pretty good shape. I would much rather be long the.

>> Craig Gould: Market than not going back to Baynham. Is bam self interest or is it the interest of your family? I’m sure it’s not narcissism, but where does that fall on the spectrum of, is it a matter of knowing yourself? Is it servant leadership? How would you distill it in the frame of that?

>> Joe Moglia: very, very simply. You take the words literally. Stand on your own two feet, take responsibility for yourself. That doesn’t mean you’re selfish. What are your responsibilities? So if I am, a single guy, no children, I’m independently wealthy, I’m 25 years old, I can do what I want. Well, okay, I’m taking care of myself. I can do that. If I’m married and I got four kids and I don’t have any Money. Well, my responsibility is take care of them. If I happen to have a position of responsibility where I have people reporting to me and I have a P. L or I have an institution, I run a university, whatever it might be, then responsibility for those things. So, the next couple of principles are, always treat us with dignity. Respect, by the way, if you do that and treat other people in retreat, you don’t need all these rules and regulations about how to treat people. You treat people digging respect, that’s it. I think we all know what it means when you’re not doing that. That’s a violation of bam. That at the end of the day, here’s the key. There are no, there are no, there’s no accountability. If there’s no consequences to your actions, there’s always got to be consequences to the action. Period. End of story. Now how do you do that? By making decision who you know is spiritual. Soundness, peace, courage. You got to have the guts to do what you believe is right, even though it’s not popular. Stand up and do what you believe is the right thing for your responsibility, whatever that may be. It’s not selfish. And then love is the commitment, well, being of others. This is about assuming you’re not that 23 year old, independently wealthy single guy that’s happy doing whatever the hell he wants to do, has no responsibility. Anybody that’s not, there aren’t many of them around. It’s the commitment to, well, being of other people. It’s about the people you care about. It’s the people you, the people you’re responsible, responsible for. University president may have 10,000 or 50,000 people that he’s responsible for. The president of the United States has 360 million people you’re responsible for. You got to be able to live up to that. You got to be able to figure that out. And that’s what you got to be able to live by.

>> Craig Gould: Part of that reminds me there was a time in my life where I was a schoolteacher. And I remember in my earliest days as a schoolteacher, I accumulated a long list of things I didn’t want students to do. And it wound up being like 10. You know, I was telling them specifically, don’t do this, don’t do this. And my wife, who’s also a teacher is like, you’ve got to make it positive. And you, you can’t make it, a whole list of don’ts. And I realized that I could synthesize everything I wanted from my students into one word, and that was respect. I’m like, I want you to respect me. I want you to respect your peers, the process, the materials. And you know, if I just drove home that one concept, everything went swimmingly.

>> Joe Moglia: And I would buy that the simpler you, you, the simpler your execution plan is, the better off you are. So that’s the only principle you have. Remember, bam’s the only principle I have. And it’s sort of multifaceted because there’s nothing in my life, personally or professionally. Of course, the two different careers where it doesn’t apply to nothing. There are no examples you possibly come up with. Why couldn’t you explain how a BAM would apply to that? So with regard to this, just in your classroom, you know, if you’re coming in late, will you not be respectful to the rest of the class, to the teacher? You’re not turning your homework. Will you not be respectful? It’s your responsibility. It’s your responsibility. That’s exactly what is your responsibility. So your responsibility is to treat us with digging respect. That’s your responsibility. So I think, I think that’s a great wife gets a lot of kudos for that. And you know, but you took something and you got rid of it. By the way, we built our program because we had no rules. We bragged about that. Zero rules, one standard, that’s it. No program in the country has zero rules. Ours had zero rules. And again. But there was, there’s nothing that it didn’t apply to. And I think you can use the word respect in a lot of different ways. You know, you have a 10 year old at home and his job is to make sure he makes his bed. He’s not making his bed. He’s not being respectful to what is. To what his mother is. That the mother’s got to make, his mom’s got to make the bed. That works. It works like, maybe I should just go to respect. I’m stuck with that.

>> Craig Gould: So one last question, Joe. Is there still a time out there in the near future where we might see the Joe Moglia, biopic?

>> Joe Moglia: Yes. So there has been a book written about my Life. It’s called 4th and Gold, written by Monty Burke. And, that was published in 2012 when I first began at Coastal, actually. Todd Robinson, he’s the writer, director of White Squall, the last full measure. A respected guy in Hollywood. He’s already written the screenplay that was 180 pages that he had to cut to 120 pages because 120 pages was a two hour movie. Mark Ciardi who I think is the number one inspirational sports movie producer in Hollywood. He did Miracle. he did Secretariat. he did the Rookie. He did Invincible. He done a slew of these movies that are really great. Well, he’s the producer, so Mark has already looked at. Mark has already looked at, Todd’s work. He’s already given him his suggestive feedback. Todd now is wrapping that up to give him back to Mark. Once he does that, then they bring it to the guy that didn’t want to have actor.

>> Craig Gould: Can Matt Damon, take his Massachusetts accent, you know, turn it into a Bronx. What, what do you think?

>> Joe Moglia: No, but I think they’re kind of hoping Mark Wahlberg might.

>> Craig Gould: Oh, that makes sense.

>> Joe Moglia: So we’ll see. We’ll see.

>> Craig Gould: We’ll see how that goes. Well, Joe, I. I felt like I could talk to you for another hour. This. This has been a real pleasure for me. I really appreciate you being my guest today.

>> Joe Moglia: Likewise, Craig. I appreciate the time you put into it. I appreciate you being well prepared for it, and I’ve enjoyed getting to know you. Plus, you’re an artist guy. You’re a football guy. You’re a high school teacher. Holy smokes. We got a lot of things. Wait till I interview you.

>> Craig Gould: Right? Exactly. Oh, my gosh.