BILLIONAIRE Mike Milken ON: Going To Prison, Facing Terminal Cancer & Using His Money For Good | Summary and Q&A

Transcript

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Summary

In this video, Mike Milken discusses his journey from the financial industry to medical research and his own battle with prostate cancer. He shares insights on the importance of questioning beliefs, the power of studying patterns, and the need for teamwork and collaboration in medical research. Milken also talks about his efforts to increase funding for cancer research and the challenges he faced in galvanizing large-scale support.

Questions & Answers

Q: Can you talk about a childhood memory that had a big impact on you?

When I was young, I had a love for knowledge and data. I was always curious about why people held certain beliefs and made certain decisions. One significant event was discovering that my father had polio, which led me to learn more about the disease and the importance of vaccines.

Q: Did you plan to be financially successful when you first entered the industry?

My initial plan was to run the space program and work in the field of science. However, I shifted my focus to the financial industry when I realized the potential to democratize access to capital and create positive change in the economy. Financial success was not my initial goal, but it became a byproduct of my efforts.

Q: How did you handle the challenges and valleys in your life?

When faced with challenges, I focused on finding solutions and adapting to new circumstances. I believe in moving forward and not dwelling on the past. Bitterness and revenge are unproductive emotions that limit personal growth. It's important to have inner strength and remain resilient in the face of adversity.

Q: What is the difference between academic study and studying patterns?

Academic study focuses on acquiring knowledge within a specific field, while studying patterns involves understanding broader trends and connections. The ability to spot patterns and analyze data helps in identifying better systems and solutions. Successful people are often great at studying patterns and applying them to their work.

Q: How did you use the time spent in prison?

During my time in prison, I focused on thinking about the world and wrote to ambassadors, suggesting ideas and solutions. I also tutored those who wanted to further their education. It was a period of reflection and finding ways to live and contribute again. I remained connected with my family and continued philanthropic efforts.

Q: How did you navigate your diagnosis of terminal prostate cancer?

When I received the diagnosis, I focused on reversible changes and made significant changes to my diet, primarily consuming fresh fruits and vegetables. I also took an active approach to my treatment, doing more at the beginning rather than waiting for the disease to progress. I embraced alternative medicine, particularly Ayurveda, which emphasizes the importance of gut health.

Q: What were the biggest challenges you faced in medical research?

One challenge was the need for teamwork and collaboration in a field that was often focused on competition. I emphasized the importance of sharing data and building cross-sector ties to accelerate research. Another challenge was convincing the government to increase funding for medical research, specifically for cancer. We had to make an economic argument and showcase the potential benefits to the overall economy.

Q: How did you galvanize support at such a large scale?

By showcasing past successes and the potential impact of increased funding and collaboration, we were able to rally support from various disease-specific groups. We focused on convincing them to stand down temporarily and join a combined effort to double the National Institutes of Health (NIH) budget specifically for cancer research. This unified approach proved successful, resulting in significant increases in funding for medical research.

Q: What were the principles guiding your efforts in medical research?

The principles guiding my efforts included recruiting the best and brightest scientists and physicians, focusing on career paths and development, promoting collaboration over competition, eliminating bureaucracy, and identifying the most promising research. We aimed to build a new type of organization that would accelerate progress in medical research.

Q: How challenging was it to implement these principles?

Implementing these principles required significant effort, time, and energy. Convincing disease-specific groups to temporarily stand down and refocus on a combined effort was not easy. It required showcasing past successes, building trust, and making a persuasive economic argument. Additionally, attracting the best and brightest scientists and overcoming bureaucratic obstacles presented their own challenges.

Takeaways

Mike Milken's journey highlights the importance of questioning beliefs, studying patterns, and fostering teamwork and collaboration in various fields. His efforts to increase funding and promote collaborative research in the medical field have yielded significant advancements. By focusing on the future and embracing innovative approaches, Milken demonstrates the power of resilience and the ability to overcome challenges.