Fascinating Interview With Mark Cuban

[skiehawk11]

See the interview below. Thoughts?


YouTube Link

[Pocono13]

I like Mark Cuban, because he thinks outside the box. He is very successful. I like to watch him on Shark Tank and the occasional appearance on CNBC.

[dcramer29]

WOW thanks for sharing Skie. Love this guy's energy and passion for being an entrepreneur.

Interesting take on buy and hold investing...

[SeaBear]

Marks said government has no idea on how they can save Trillions. He touched on it a couple of times. LIMIT LITIGATION.... Patent Litigation was his primary focus but I say all litigation has gotten out of control. The lawyers aren't making our society better they are in fact cutting it down. Litigation is their business and what are they producing from it? They occupy over 70% over the members of congress who make the laws that could actually change the amount of litigation. But why decrease litigation when that is what butters their own bread. We truly have the hawks watching the chicken house. I really think we have too many lawyers (Locusts) and that they are eating up our business environment and destroying American culture. There should be a limit on the number of personnel authorized to pass the bar and massive tort reform. Just my 2 cents

[MakeMe$$$$]

...I really think we have too many lawyers (Locusts) and that they are eating up our business environment and destroying American culture. There should be a limit on the number of personnel authorized to pass the bar and massive tort reform. Just my 2 cents

So...putting my devil's advocate hat on...you limit the lawyers. What happens next? Supply and demand kick and and only wall street can afford them while main street can't get proper representation affecting there constitutional right to due process. In effect, the big guys buy the justice they can afford.

The classic, hyperbole of blaming lawyers is bass ackwards. If you reform the tort system to allow reasonable contingency fees and limit the awards to something equally as reasonable then you stop the speculative law suits.

OTOH, we shouldn't make changes that make big pockets immune to little pockets taking them to court. As an example, as long as a case is brought to the court and adjudicated to NOT be "frivolous", there shouldn't be an automatic looser pays all costs as has been proposed by some. A plaintiff should have the ability to a pre-trial determination of whether they are subject to penalties of frivolous complaints.

I'm just saying that it is easy to say lawyers are bad until you need one.

[SeaBear]

I'm just sayin... Seems like we always need a lawyer now-a-days. Imagine if an engineer designed a system that was made to fail... the lawyers would get a significant portion of the company, how about a drug company that produced a semi-bad product... the lawyers would get that company as well. In most cases you and I foot the bill because the other companies then look for "protection" in the form of insurance and hire a team of in-house lawyers. But when the lawyers aren't making the system better who questions or stops them (aka patent law now)? Checks and balances are off. Not blaming the lawyers I'm just saying they (as a group) don't have anyone stopping them from going awry or getting way too powerful as a group. It's like they have no natural predator. It's just a natural course of taking advantage of the situation until it can't be taken advantage of anymore. I don't see the lawyers (as a group) looking to benefit the people but more for the benefit of themselves or their class and then backing it up with police to come get you if you don't acquiesce. The business of Law in this country is BIG Business, that involves insurance, police, prisons, contracts, taxes, you name it. OBTW the situation you describe about "supply and demand" hit the nail on the head. When the law's are created by lawyers they can artificially make a "high" demand for themselves.... just like where we are today, then you are absolutely right, supply would be limited. Imagine this... What if 80% of congress were waiters... Do you think we would have laws telling us to leave "nice tips" and waiters would definitely have better jobs? Of course what would be the effect of that. What about if 80% of congress were teachers do you think teachers would have a better wage than they do today but at what cost? How about if 80% of congress were electricians, I would bet that you wouldn't be able to unscrew a light bulb without it costing you something. I hope you can see my point. OBTW It's my opinion but I think our business laws rack up a huge inherent cost of doing business in this country which has been very well documented vs other countries. One reason why so many companies went overseas taking jobs with them too. Please don't get me wrong, this country has been built by some very fantastic lawyers and men of extreme character. I have great respect for lawyers but I think they (as a group) are and have been creating a system to feed themselves and that needs to be examined because it's costing us trillions and our people jobs. Obviously Cuban is frustrated with just one small portion of the volumes of law that we have and that is patent law. Just go to the phone book (if you can find an old one) and look at the section on Attorney's. It is the largest section in the book.

[Aitrus]

I feel Cuban's pain. For the majority of lawyers involved in business law, it's become less about doing what's right and all about nitpicking the flaws and loopholes in current laws for a profit. This applies to other areas of law practice as well.