Как превратить масштаб в капитализацию в 2026 году | Диалог Маргулана Сейсембай и Павла Коктышева

0:03Assalamu alaikum , Tashkent . And my name is Pavel . Good afternoon , everyone . Let’s give each other a round of applause for gathering here with such a wonderful group . I’ve already had a chance to share with Margulan Seisembai . Well , about who is gathered here in the audience . There . I am very glad

0:25that in Tashkent , together with Alastor Partners , Margulan’s company , we are holding a Most event , one that we have long wanted to host for the business community of Uzbekistan . Most is a venture capital firm , originally from Kazakhstan , from Almaty , but we have

0:48been working in Uzbekistan for 3 years now together with our partners Cspace , Delmurod Kadiyev , and many other partners and friends present here . But it was Delmurod who was the first person to believe in this partnership and in the technological future of the country and the entire region . And we

1:08are glad to be here to connect with the business community . We thank Kapitalbank for supporting this event and others as well . And thank you all for your time . And at the very beginning , I want to note that Most started as a company searching for

1:33unicorns , right ? I mean , it’s all very simple . Unicorns are companies worth a billion dollars or more that reached this status very quickly . And I believe that was a great target for us initially , to identify fast-growing companies from a stream of talented people and place our bets on them . And

1:57I am glad that 10 years later , we have our first unicorn in the region , and we have played a small part in it too . And that is all very cool . But today we are here to talk about how to turn scale into capitalization . We are mostly a business community here , and we

2:19understand that it's not about 2027 , but how to turn scale into capitalization right now . For me , scale is an ambitious task . In one of your recent interviews , Margulan Seisembai , you often relied on the experience of

2:40large companies that set the narratives today , right ? I mean , there are cool companies , and there are great companies that set the narratives . And I am sure that in today’s audience , there are those who aim to build great companies and those who want to solidly realize their capitalization . I am sure

3:00people here are pursuing different goals . And in an audience like this , we couldn't find any other speaker who could stitch all these levels together , except for you , Margulan Seisembai . Let’s welcome him and thank him for making the time . Margulan Seisembai has

3:22often identified himself lately as a researcher , a person . I identify him as a philosopher and a teacher , yes , who has nurtured an entire generation of business people , yes , created trends , and sets specific trends and meanings . And so , we are very glad that you are with us today . Margan Kolich , first

3:44question . So , how do you identify yourself at this moment in time ? As an

3:50investor , entrepreneur , thinker , philosopher , scientist , and why ? First of all , hello to everyone , I am glad to see you all . For me , an entrepreneur , regardless of country or nationality , is one nationality . For me , there are no Uzbeks , Kazakhs , Tajiks , or Kyrgyz .

4:10There are entrepreneurs . This is a special class of people , a special class in any society , who create added value , who create all the value produced in society . These hotels were built by entrepreneurs , restaurants by entrepreneurs , factories , this monitor , water , the microphone — all of this was created by entrepreneurs . There is a

4:33bit of a conflict with builders here , because builders say that everything on the ground was created by builders , and what's under the ground was created by God , and the rest is God , yes , but builders are also entrepreneurs . Therefore , for me , entrepreneurs are a

4:53special class of people with whom it is pleasant to talk and work , because we have the same mindset , focus , and understanding of changing something in this world to leave a legacy . Therefore , it is a great honor to speak before you and answer your questions . And now ,

5:13regarding how I position myself . The thing is , if you look , there are different treadmills that every man runs on . The first treadmill is business — money . The second treadmill is fame . The third treadmill is power . Money , fame , power . Well , that is a

5:34common , well-known picture . So , I have finished a full lap on that treadmill called money . After that , the second treadmill , personal brand , fame , and so on , I’ve run that too . Today I have almost 7 million followers . That is a very large audience , considering that

5:55most of them are business people and investors . We held many of them back , so they wouldn't break through here . You have ardent , well , fans . Some flew here from far away . Thank you . But ultimately , I realized one thing . Actually , in this world , the

6:15most foolproof way not to lose is simply not to lose . I came up with this formula : someone who approaches life as a researcher cannot be defeated , because you are a researcher , an experimenter . Whatever you do , you call it a hypothesis and test it . A hypothesis might 50 % work , it might 50 %

6:37not work . Either way , you don't lose . Our problem is that when we say , " I am going to do this specific thing , " we engage our ego and say , " I will do this . " After that , we cannot back down . One . Secondly , we cannot admit defeat and

6:54we floor it until the end . And this , in essence , becomes like a casino all-in . We bet everything on one number and then suffer a deep defeat . When you initially position yourself as a researcher , you make small bets . You test hypotheses , then what worked , you strengthen the strong . You strengthen

7:12the strong . What didn't work , you kill , because your ego doesn't suffer . You said from the start , " Well , it's just a hypothesis . " That's why I realized that the most win-win option in this life is to consider yourself a researcher . That is exactly why I don't consider myself a businessman , an investor , a

7:32philosopher , and so on . I position myself more as a researcher . And what do I research ? A question . My mission sounds like this : to research the laws of this world , identify the most effective ones , and share them with people . It's all simple . I would also add , yes , to researchers

7:50then a win-win position . It is to become a startup founder , because a startup is also , in essence , a structure where hypotheses are tested . The problem is that for an investor , every startup is a separate hypothesis , but for a founder , it is all-in . So it is convenient to be in the

8:10position of a startup investor , right ? So someone there is doing an experiment , and you are ... Well , here again , everything depends on the approach . If you are a founder , you also shouldn't fixate on just one thing . You also should launch many hypotheses within the startup and test them . Look , you must understand what

8:29are the immutable laws , the axioms that exist right now . The world is becoming more complex and accelerating . You all see how the world is accelerating , right ? Technologies are advancing wildly . Not only is it accelerating , but the problem is that it is also becoming more complex , and we are no longer ... we don't have enough attention

8:51to track and understand everything . And when the world accelerates and becomes more complex , what happens ? An accumulation of risks occurs . And the accumulation of risks leads to big problems . It is like driving in fog . Imagine you are driving at night in fog , you were going fine at full speed , then suddenly you hit the fog , what do

9:10you do ? You switch to low beams , slow down , and proceed by feel . Right . And so a startup deals with uncertainty . And when there is uncertainty in front of you , you must slow down and start feeling your way through . Testing hypotheses — that is the only way for a startup to survive in today's world . Or

9:33the second option : you bet everything on one horse and say , " Here is my hypothesis , I'm going this way , screw everyone else . This is going to be a hit . " Well , it might be a hit , but it’s not guaranteed . Well , you are one of the first venture investors , including in our region . I

9:50remember you invested in the company Rlock back in 2015 , right ? They were participants in one of our first programs . And today you can also be called a solo founder , because you created a company like Midas . Why did you choose to do all this completely on your own with Midas ? And what is this

10:13artificial intelligence trend for you today ? Well , look , I’ve been tracking AI technology from the very beginning . For the last two years , I’ve been very deeply involved in it . I’m a bit of a vibe-coder myself now . Actually , I’d say I’m more of an agent engineer than a vibe-coder , because I use agents

10:35and agent structures and architectures a lot . I’m really deep into that . I currently have 14 apps in development , about six of which are already ready , and two have already been released and are being tested in the field . But the point is , I know and see the potential

10:56of artificial intelligence — it's a huge potential . And I realize that being behind AI , robotics , and cybersecurity — these are the three directions I’ve chosen for myself . Consequently , to capitalize on this trend , I have to dive in and learn everything . To learn , I started vibe-coding , started writing programs

11:17myself , because the best way to learn is to struggle as much as possible throughout the day . And when you are actually struggling and don't know something , you have to study and learn a lot . And the reason I’m doing this is that I know it will ultimately result in AI companies dominating the market . That is , companies where all

11:40processes are performed entirely by artificial intelligence . And to understand how to implement this , I’ve carried out many reforms , restructurings , layoffs , and implemented Kaizen technologies — Scrum , you name it , I’ve implemented every technology there is . And I realized one

12:03thing : any technology , and every time a new wave comes , it’s not about the technology , it’s not about business processes , it’s always about psychology . Always about psychology . People don’t accept new technology . And to understand how to implement

12:23artificial intelligence in a company , on one hand , I have a project where I'm creating a company that is 100 % human-free . 100 % — that is one project . And on the other hand , we are doing a full AI-ification of all our operations , meaning we are integrating artificial intelligence into all processes . And we

12:46want our employees to stop being mere executors . We want every employee to become an orchestrator of agents , and that's a different role , a different mindset , different processes , and so on . Accordingly , we need to build the interaction between the agents themselves . Agent to agent , agent to user , user to user , all within a

13:06unified platform , and so forth . So , that is the reason why I am headed in that direction . And another reason is that thanks to studying , deeply studying artificial intelligence , how it's implemented in companies , how it works in companies , and how it works at a personal level , at the level of

13:24personal efficiency , I see where the value is shifting . I mean , I can already see and know where the next ... where , in short , the money will flow next , because I see the bottlenecks in this entire process . Well , your latest role , for at least the last 10-15 years , has been that of an investor , right ?

13:45Meaning you haven't managed companies operationally , as you said in your last

13:50interview , for 30 years , and it's easier to dive in from the position of an investor , which you have been in , for example . And imagine today , there are businessmen who continue to run their companies operationally . How can they ride this trend , and do they need to repeat what you're doing , or are

14:10there some other scenarios ? Well , I was just speaking at a university , and an inventor asked me a question there . He said : " I'm an inventor , and so on , so how do I , well , in short , about the invention , how to find investors , and so on . " I said : "

14:28Guys , look , don't limit yourselves mentally . When you say ' you are a businessman , ' you are mentally limiting yourself . When you say ' you are an investor , ' you are mentally limiting yourself . Look , I haven't seen a more creative profession than that of a businessman . You constantly have to

14:44solve problems under conditions of limited budget and limited time . How could there be any work more creative than that ? It's insane . Your brain has to be boiling now . You shouldn't say that you are a businessman . Each one of you is an investor . Because the decision on whether to buy a new machine or not , whether to rent more

15:02space or not , whether to build a new workshop or not , whether to buy land or not . These are all investment decisions . They aren't business decisions ; they are investment decisions . Accordingly , you are not just a businessman , you are an investor . Now from the perspective of artificial intelligence . You cannot

15:17say that artificial intelligence or IT is just the job of IT specialists . No , you have to study no-code and low-code yourself . You yourself must understand all the artificial intelligence tools , how LLMs work , how processes are structured , what agents are , and why ? In order to be efficient in this again .

15:33Therefore , generally , businessmen are a class of people who , from Sweden , from , no , and on the Dude , and Gress . But at the same time , you have to agree that many people have this impostor syndrome , especially when it comes to technology . I see time and time again when a businessman with a serious

15:51background , with cool , large facilities , factories , and so on , often goes into a stupor when communicating with the techies , and so on . They just don't understand what those techies are saying globally in their jargon . That's about how they react . So how can you overcome this impostor syndrome , since in essence , you need to become a

16:10universal person , both an investor and an entrepreneur . So , what should the people sitting here in the hall do ? How do you harness artificial intelligence ? Well , look , um no matter what a person calls themselves , whatever role they choose , whether they are a businessman , investor , IT specialist , founder , and

16:27so on , we all have one metric . Money , or in English , " show me the money . " Accordingly , if you are making great money without artificial intelligence and without knowing a damn thing about code , you are a rockstar . What’s the difference ? You are a rockstar . At the end of the day , a founder who is great

16:47at coding sleeps like a baby , because they spend the whole night crying about how to find money , while you already have it . Therefore , the question is : if you already have a business that generates money , you are already fundamentally a rockstar . Another question is , you should use technology like a hammer . Unlike IT people , I

17:05approach technology and artificial intelligence like a hammer . If I need to drive a nail , I take a hammer , hit it , and drive the nail . If I need to pull a nail , I take pliers and pull it out . So , specifically what benefit does it bring me ? I use this artificial

17:19intelligence for everything it’s worth . Not to be smarter . I just don't care . Look , I don't collect knowledge . Knowledge should be acquired for a specific task , for solving a specific problem . But being smart or understanding code just for the sake of it , in principle , makes no sense . That

17:40is exactly why I stopped positioning myself as just a businessman or investor ; I am an explorer , I research business opportunities , investments , and technologies , to see how to squeeze money out of it all . Great . You often say that the main barrier to innovation is not technology , but fear . In business , the owner's

18:01fear of losing control over processes . How do you combat this situation ?

18:06Well , look , many businessmen think their control lies in micromanaging operational activities . I have a concept called the " critical factor of control . " Look at how you manage things . You manage in a certain way . For example , there are three levels of management . You are at the first level .

18:28This is when you can make other people do what you want . Most businessmen are at this level . The second level is when you can make other people want to do what you want . This is the level of top-tier businessmen . The highest level of skill is when you can make people

18:50pay to do what you want . That is the ultimate level . So , look , when you run a company , what are you actually doing ? You're essentially saying — let me give you an example . I say , " Pasha , bring me some tea . " Look , this is a probabilistic world . What did I just do

19:13? I was trying to get Pasha to bring me tea . What's the probability ? Small . Second . I say , " Pasha , please bring me some tea . " The probability of it happening has increased sharply . Agreed ? Politeness is , in fact , a tool — a practical tool — to increase the

19:32probability of your desires being fulfilled . And then the third : I say , " Pasha , please bring me some tea , and I'll pay you 100 dollars . " What did I do ? I increased the probability again . Thus , you use tools every time to increase the probability that your employees will do what you want . But

19:54there is another method used by bureaucrats and gangsters . They use the " critical factor of control . " I can approach Pasha without politeness , grab him by the balls , twist them , and he will bring me whatever I want , as long as his balls are in my hands . Do you understand ? That is what I call the

20:14critical factor of control . So , if you don't have a critical factor of control , especially when people ask me , " Is a franchise the most effective way to scale ? " I say , " Yes , provided you have a critical factor of control . " If you don't , you'll simply be robbed and

20:31cheated . McDonald's is a cool franchise , for example , but you'd be a fool not to listen to them . They own the lease or the property for the building or land , they hold the buns , they supply the patties , they supply the technology , they supply their brand , and you’re supposedly an independent businessman ,

20:47but you can’t do anything . That’s why the question here is , when people want to step away from operations or control , what is control ? Control is when you hold the critical factor of control in the business . And that is not all operations . It is not all operations . Actually , if you want to

21:09understand what control is in general . Just remember this definition . Control is the possibility and ability to start a process , change a process , and terminate a process . These are the three operations for processes . Only the owner can start the business ,

21:31change the business , and terminate the business . No one else can . But everyone has a different critical factor of control . For example , suppose you have a cool company that sells fuel and lubricants , and you are super successful because you married Sechin's daughter . What is your critical factor

21:53of control ? Your critical factor of control is having a good relationship with Sechin . And management won't dare screw you over . They will do whatever you say because nothing moves without you . And do you know where that is ? It's like Koschei the Deathless , where your needle is hidden . So , define for

22:10yourself when controlling a business where those balls are , by which you hold your business ; what are you strong at , what are you great at in this business ? Someone , for instance , is great at forming a vision , and only they know where to go and what to do . Someone else has great connections , and

22:29only they can handle land , plots , tenders , and so on . Someone else knows how to build a team really well and keep it together , go to the banya with them , and so on . Everyone has their own critical factor of control . Find your critical factor of control , specialize in it , and stop worrying about the rest

22:48. I have one student , he is in Bratsk , engaged in large-scale logging and so on . And we were speaking , and I said , " Well , look at him . " Who said he understands marketing ? You can tell by his face that marketing is zero , sales are zero , logistics are zero . But look

23:09at his smiling , friendly face . And everyone who knows him will say he is a very pleasant person to deal with . So , I’ll tell you right now , your critical factor of control is that you are great at building connections . That’s it . It doesn’t matter who your CEO is and so on . You handle the

23:28plots , the right timber tracts , and setting all of that up . So , he came to me to learn marketing and sales . I said , " You don't need to learn that . You need to develop what you're already good at . And what you're good at is building the right connections and relationships . " Therefore , when someone

23:46says , " I'm afraid of losing control . " Control over what ? Over daily operations ? Nobody needs those anyway . You need to be very clear . Why do people cling to such things , then ? From your observations , what is this feeling of control ? Well , everyone has their own zone of control . That is what they are strong

24:07in . Look , every person in a company fills an irreplaceable role . And the company owner is also like a linchpin . If you pull them out , everything collapses . And they either possess specific competencies , or they shape the vision . Maybe they are a great

24:28marketer who speaks and sells , with a

24:30strong personal brand ; maybe they are great at building connections , managing tenders , and so on ; or maybe they are great at finding talent , forming a cool team around them , hanging out with them , doing teambuilding , going on outings , and so on . So , you need to understand your strengths and work on them ,

24:48strengthening what’s already strong . Strengthening the strong . Everything else will take care of itself . Moving on to the topic of money , that is , capitalization , what are the three factors , in your opinion , that reduce a company's value ? Reduce it . See , I would say that almost

25:08everything reduces it , except for a few things that increase it . Because the world is set up in such a way that if you don't apply energy , everything falls apart . The world is like a tennis ball . If you don't hit it from below , it's always tending to fall . So your

25:28profit , if you stop swinging the racket , it will always be falling . Your ball — your profit — stays in the air only because you manage to keep hitting it . It’s the same with revenue , the same with clients , and so on . Therefore , the moment you relax , your revenue will go

25:45down , sales will go down , profit will go down , and everything will tumble . Because this world naturally tends toward chaos , degradation , and decay . So , if you ask what reduces it , practically everything does , especially when you stop fueling your business

26:06with your energy . Because a business is an energy system , and it is held together by the owner's energy . The other question is : through which channel do you provide that energy ? And many , for example , I say , many ask : "

26:21But how do I get out of operations ? " I say : " Look , there are only two reasons to step out of operations . First , if you want to pursue your passion and leave this business , then you step out to sell it . " And the second is to start focusing on important things , important

26:41decisions , that is . And important decisions are never urgent . Urgent things are never important . Accordingly , this means you should be shaping the vision , strategy , and making decisions with irreversible consequences . And that is the only reason to step out of operations . In all other cases , if you

27:01go off to slack off , from that day on , you’ll start losing your business . There you go . And in my own stories , as so , let's just close that question . Look , any lack of your involvement lowers the value of the business , and it only increases when you pour your energy into it — not just busy work ,

27:23but focusing solely on important matters . Laser focus , yes , it's very important that you arrived at focusing on your strengths , that is , on the critical control factor . Well , business schools often teach with complex modules . As a supposedly ideal manager , you need to know this , that ,

27:45and the other : finance , plus artificial intelligence nowadays , right ? It’s like you’re talking about different things now , and what these business schools say , they foolishly assume that a person has unlimited

28:01attention . In reality , we live under constraints . Our attention is very limited . We cannot do everything . We can only do one thing deeply . And just a little bit of everything else . So , look , there is a profound distinction . For instance , when we started our educational business , there were many

28:22players in the market ; some were great at marketing , others at sales , and so on . I said : " Look , the approach is wrong everywhere . " Why ? Because , those who teach sales , marketing , HR , etc. , are specialists . If you go into HR to learn it , you need to spend six months

28:45or a year to become a great HR pro . But you are a businessman ; you shouldn't be doing HR . You don't want to become the head of HR . You are a businessman ; you must be a generalist . And what is a generalist ? Someone who knows a little bit about everything . Your HR person

29:01should know a ton about HR , your marketer a ton about marketing , your salesperson about sales , and you , the businessman , bring them together and organize them . Accordingly , you must have a clear understanding of people , how to build a team , create a vision , develop strategy , and make decisions ,

29:20while they should know everything else deeply . That's why I specialize , I'm a generalist . I am a generalist . I can , uh , say how to unite a large group of smart people . And that , I believe , is the main specialty and the main task of any businessman , owner , right ? I mean ,

29:39and this is where business schools , when they want to teach people this , and that , and the other , I think it's absolutely wrong . It would be better if they taught psychology , how to manage people , how to form a strategy , a vision , and so on . A narrower list , but

29:56specifically what businessmen do and what they should be doing . Margo Alvich , when you were creating Veda , you said that about 50,000 lines were written just for the descriptive part of how this product should look . I mean , well , that's at least a few weeks , uh , it took me a month and a half ,

30:17yes , constant work . So , in today's age of distractions , with a million notifications on your phone and so on ,

30:25how do you find time to do what's important but not urgent ? Any recommendations ? Well , look , finding time , in fact , you don't need to find time . If you take me , uh , I actually have a lot of time . I have plenty of time for important things and

30:46absolutely no time for secondary ones . So , when I work on important things , I spend 8-12 hours a day on average doing important tasks . It's a matter of priorities . It's not a question of lacking time , it's a question of priorities . If you have a priority , you will always find time for it . If your

31:09priorities are blurred , then everyone pulls at you , and as a result , you have time for nothing . And my notifications are turned off . Everything , calls are off , notifications are off , messages are off . I , well , there are no calls , nothing . So when it's important , when I'm working on something important ,

31:28that's how it is for me . I am doing something important , let the whole world wait . Excellent . I think that's worthy of applause . That's a part that definitely needs to be taken away . I know exactly which part of today's conversation will be turned into Reels . So , that is also a very important

31:49thought . We are somewhere in the middle of the discussion , I'd like to move in the direction of , well , still the same . You often say that , uh , in the whole subject of artificial intelligence development , the human should remain at the center . So , what about today's founder , creator

32:11, businessman , company owner , and so on ? Today , many in this part of the audience are represented , right ? Let’s say today a company owner goes on a six-month , I don't know , mountain hiking trip ; what happens to the value

32:32of the company ? And how do you make it so that starting today , despite dropping out of day-to-day operations — and I’m sure this is a well-worn question for you , you hear it all the time . But how , nonetheless , do you make that bold decision and start focusing on the important things ? Well , look , if

32:56a founder goes into the mountains for 6 months , then after 6 months , a beach bum will return . All bearded , dirty , with no company and no money in their pocket . So , you definitely shouldn’t leave for 6 months , but you need to understand — look , I’m going to tell

33:17you a very important thought that nobody will ever tell you anywhere else . First , to achieve your goals , look , every person strives to fulfill their needs . To fulfill their needs , they must set a goal . Right . Right . Now you

33:37must learn this axiom . To achieve your goal , you must spend resources . Without resources , a goal is not achieved . Agreed ? But my second axiom is this : they don't necessarily have to be your resources . Third , I’ll say more :

33:58achieving your goals is not your duty . And fourth . Achieving your goal should be someone else's source of income . And only then can you head off to the mountains , and things will only get better . And one more very important

34:19point : when I say these phrases , this axiom , many think , " Oh , cool , achieving my goals is someone else’s duty and so on . Cool . " So , I will say , this is what every entrepreneur must do . Why ? Because you are entrepreneurs , visionaries . Only you can determine

34:37what can make money . You can form the theme , the meaning , and delegate the realization to subordinates , to contractors , to outsource . To artificial intelligence . So , look , making money consists of two things . First , figuring out how to earn , and second , running around and

34:59earning it . So , running around and earning — that is not your part of the job . Your part of the job is to figure out how to earn , and then give it to your subordinates with a good motivational stick , or to contractors , outsourcers , whoever , and they should be the ones making the money . Thus ,

35:19this rule — achieving your goals is not your duty , and achieving your goal should be someone else's income . This is the only way you can relax , because it becomes a horizontal structure , it's not a holding company . You simply create an environment , an ecosystem , in

35:40which everyone earns , and in doing so , you achieve your goals . A simple example . You might say there are many examples of this in life , plenty of them . Any marketplace operates on this exact principle . If you launched a marketplace and went off to the mountains for 6 months , nothing would happen ; it would actually get better ,

36:00because a marketplace , well ... The scaling of your marketplace goals is what earns money for other business owners . In other words , there are ways to organize a business where you always aim for your business to be bread and butter for someone else . And then , the

36:23responsibility for scaling the business is no longer on you . The responsibility for scaling the business will lie with those people who are making money from it . Speaking of vision , the main task of an entrepreneur often relies on significant problems , turning points ,

36:46or shifting trends . Let’s step back a bit to the stage before that . Many people , even experienced entrepreneurs , are currently thinking with this AI fever : " Damn , these are massive tectonic shifts , I need to come up with something new . " How do you distinguish a temporary issue from fundamental

37:07market changes ? How do you choose truly significant problems that need to be solved globally and worth applying your efforts to ? And what are the significant problems for ... well , generally for the world , in order to launch a business based on a big problem and so on . You know , if you spend your time

37:26thinking about what big problem to solve , you will most likely run into your own big problem . You won't be able to do anything . The trick is that you need to start very small . Start small . Almost no major business started with the owner sitting down , creating a vision , and saying , " We’ll do it this

37:47way , and we’ll succeed . " Not at all . I call this the artillery system versus the missile system . Imagine an artillery system . The cannon is set , it fires , the slug comes out , the shell flies . It has to hit something 20 km away . Therefore , for it to hit the

38:09target , you have to aim very carefully at the start and bring in the best specialists to mathematically calculate the trajectory . Because there is a law of sensitivity to initial conditions . Here , a 1 % deviation in calculations will lead to the shell missing its mark by 500 meters . This is the " shell "

38:30method of movement , where you sit and think about one idea for a long time , and then — boom — you fire and hope to hit . And the second method , which suits current times , must adapt to a dynamic market . When you , like a missile , fly out in any direction — your goal is "

38:47over there , " but you launch in any direction . You launch , your guidance system locks onto the target , corrects the course ; you get feedback , and you correct the course again . And so the missile is launched . And it even chases a moving target . Look , a plane is flying , and it’s pursuing it . Why ?

39:07How is that even possible ? Well , look , don't be afraid of being off course . First , don't fear being off course . Second , most importantly , gather quick feedback and correct your actions immediately . In this way , don't be afraid of big mistakes . Fear the lack

39:28of feedback and correction . If you don't have that — in a missile , what is a homing head ? It determines where the target is , gets feedback , sees it's veering off , corrects its path , and gets feedback again . A bat flies without eyes , relying only on sound waves , receiving echoes with its ears

39:49to adjust its flight . Meaning , be fast : take any action , it doesn't matter if it's right or wrong , just start moving , start doing something . Don't chase grand ideas . Just look around and ask : who are five people whose problems I

40:10can solve here and now ? Start solving the problem , and then gather feedback from them . If it works for them , it will work for ten more . And for those , even more . You adjust the product on the go and release a new version . In our company , we've moved onto a trajectory where every department

40:31releases a product update every week . A release — you know what that is , showing what they've done for their client . If there are external or internal clients , they publish updates for both . And weekly releases are amazing . Clients love it . I call it creating a wish-fulfillment machine . We

40:55provide the product , immediately get feedback , and put it in the backlog . A week passes , and we tell the clients : " We've already completed this much of your requests . " We gather more feedback , build again , and complete more . This instills the right mindset in all employees . They start thinking in terms

41:13of value provided to clients and weekly segments . It’s the same here . Don't strive to find a big idea right away . It’s usually not in plain sight . A big idea is like a rabbit hole , you know . The deeper you dig , the more the topic opens up . It isn't visible at first . You dig and dig , then there's a

41:33fork , you dig further , it grows , you keep digging and — oh , you go deep into it . You know , that’s how a big concept is born . When you said earlier that an entrepreneur's talent is to make your dream someone else's mission too , the role of an investor immediately comes to mind — at least it

41:55did for me , and there are representatives of funds and

42:00organizations here today . But many people might not have heard what Alost is . Could you tell us a little bit about your company , what its goal and mission are ? Well , you know , I have a very long , extensive , and rich experience in investing , both good and bad . I can't

42:24say I'm an outstanding investor , otherwise my name would be Warren Buffett . But I'm just an average investor , I’ll tell you that . I’m an average investor , but I'm only average when it comes to classic investing . Classic investing is when I choose a company , spend a long time picking it , invest , and then I pray . I

42:46guess either I don't pray well enough , or I choose poorly . In short , my prayers don't always get answered . Or rather , they more often don't get answered . But that's one side of the story . When I analyzed my life , I realized that I made about 95 % of my money on deals . Deals . In deals , my

43:09returns were always calculated in thousands of percent . Thousands . Just thousands . I’ve had about a dozen deals worth half a billion dollars or more — about a dozen . So , I actually made a great deal of money on deals . I analyzed it , thinking , how did I make money on those deals ? Usually , when I

43:30invested in IT startups on the exchanges , nothing worked out for me at all . But with deals , I just wonder , is it really only because I'm good at negotiating ? No , it turns out it's not just that ; it's because I invested in special situations . I have always invested in special situations . What

43:50are special situations ? A special situation is when , for example , two founders or two shareholders have a falling out , can't reach a mutual understanding , and one of them wants to sell . And that's when I buy the stake . Or some other conflict , or heirs

44:10received a business but don't want to run it , or people were running a successful business , but then regulatory requirements changed , and their business stopped being successful . Or some new technology emerged , and these guys don't understand how to implement it , so their business took a hit . Or the guys are successful in

44:32offline retail , for instance , but don't know how to develop online channels , meaning they can't unlock their potential . And all of this , all of this , represents special situations . And I realized for myself that I am a specialist in special situations . And I realized that I am a specialist in making money at the entry , not at the

44:51exit . Everything , all investments are earned at the exit when you sell . I make money at the entry . What does at the entry mean ? It is when I enter a company , I know that once I buy the company , literally a month later I can sell it for more immediately . Why ?

45:13Because the entry price was right , and I see what the seller does not see . And this is where I understood this strength of mine or my critical control factor . And I immediately realized what I needed to do , I created the fund company Alosta Partners . Today , Alosta Partners specializes in special situations , and it doesn't just

45:35specialize , Alosta Partners ... Partners is an intelligent technological platform . It is entirely based on artificial intelligence and a pipeline , a deal pipeline . These are troubleshooters , yes , that get involved . And troubleshooters , they arrive , solve the problem , and leave . But not me , I buy the problem and sell the pleasure .

45:58And how can one participate in all this story today ? Well , Partners integrates what kind of thing ? Look , here is another trick . When we were developing funds , our first task , like any fund , was how to attract , how to attract more investors

46:19and more capital under management . Then I told my team : " Guys , that's it , forget about investors . " What is an investor ? An investor , any person among you is an investor . You are sitting right there . If I give you , tell you that you won't lose money , earn — and

46:35not just earn , but earn a lot , and not just a lot , but will earn for a long time — 99 % of you will turn into investors , because each of you has a stash , money somewhere in an account , in crypto , and so on . If I give you good returns , you will pull it out as

46:53nice as you please , and yesterday you were businessmen , and immediately you will become investors . It means the difference between a businessman and an investor is only that the investor hasn't been given a tasty morsel , yes , the first good return . As soon as you provide returns , any one of you becomes an investor . Accordingly , I told my

47:12team : " We are stopping the hunt for investors . " Investors are people who are preoccupied . They are preoccupied people . They are 24/7 , like hungry people smelling a barbecue , searching and sniffing where they are frying snacks or kebabs , looking for where to eat . Why should we look for them ? We

47:31need to look for , I say , sweet deals . If we find sweet deals on a conveyor-belt basis , then investors will arrive at the wave of a hand . And we tested this . Last year , I posted an announcement on social media stating that I finance special situations . 764 applications arrived . 764 applications

47:55were received . We couldn't process them in time , we weren't able to . So we stopped and spent six months building an AI-based pipeline . Now , the AI handles the entire selection pipeline , the whole procedure ; everything is done by AI . Now we are ready to scale . Often , when a person steps into the role of

48:16an investor , they either try to go it alone or join a business community , but there are very few investment communities where people actually share deals , activities , and so on . In today’s chaotic situation , is it really possible to navigate investment

48:37opportunities all by yourself ? I believe investing is such a complex thing that , you know , doing it alone gives you tiny , just truly tiny chances of becoming successful . So , for a beginner , what will actually save them ?

49:00Well , first off : stop trying to earn money from investing . Listen , earn your money through your business . Investing is not for earning ; investing is for preservation . The primary goal of investing is not to lose money . Warren Buffett said , " The secret to my success is the first rule : never lose money . "

49:23The second rule : never forget the first . The first rule , it’s about economic freedom , economic security . You write this down , yes . We have defined Alost Partners as a structure that helps ensure economic security . You earn economic freedom through your business , and with us , you earn economic security . And what is

49:45economic security , exactly ? It’s when your income doesn't depend on your country , your health , or your main business . Because I have students who have achieved economic freedom and raised their standard of living , but they say , " Mr. Gavrich , I can't sleep . " I tell them , " Of course you can't

50:04sleep , because you're thinking that if your business hits a snag , you’ll have to roll everything back . " " Either you get sick and it all collapses , or the authorities make a decision , and it’s game over for you . " Of course , you can't , because you lack economic security . Therefore , you need to

50:19clearly understand the difference between economic freedom and economic security . When you earn money for economic freedom , you must always build economic security as well . A second source of income that doesn't depend on your health , your main business , and , most importantly , your country . And

50:40that is exactly what our activity is focused on . But above all , stop looking at investments as a source of income . Because when you look at investments as a source of income , you start playing in a casino . You start placing bets to hit the biggest jackpot possible . But

51:00you should diversify with many small bets , which means , yes , you won't earn as much , but you will definitely stay safe . Well , that's about the proverbial basket and the eggs , right ? So , what other general recommendations do you have regarding asset classes and such for what a wealthy person should consider today ?

51:22But look , Pasha , you know perfectly well that asset classes are a dynamic environment . It's like waves on the water . Now there's this wave , then another . I might recommend something now , and in a month , it’ll be at the bottom . That's just how prices are , right ? That’s why I believe investing

51:38is not about trading , trends , or waves at all . Investing is about the ability to manage yourself , your ego , your greed , and your decision-making skills . And to make the right decisions and manage your ego , greed , and pride , you

51:59first need to properly set your goals and expectations for this activity . That’s why I say that making money shouldn't be the goal of investing . Understood . And there shouldn't be any crazy expectations . You talk about IT unicorns and so on , but look at how many investments you made before that

52:19and how many years you spent . Basically , this unicorn is just a flag at the top of the mountain . But how much is the whole road there littered with the corpses of dollars ? But I can say that the motivation for many people — if we touch on venture capital , for example

52:39— is to see trends before anyone else . Beyond security and diversification , it's also about spotting trends . And , well , Margolan Kolevich talks a lot about artificial intelligence now , and we understand that you have personal experience as a " one-man company " creating things . There is , naturally , a

53:02whole cohort of people . And it seems to me that part of today's event , besides hearing from Margolan Kolevich , is to look at certain trending things and directions . And for this part , I would like you to thank Margolan Kolevich . Look , let me say more about trends . About trends . My friends jokingly call

53:24me a " trend catcher . " They say , " When it was fashionable to be in banking , you were a banker ; when development was in style , you were a developer . " " When it was fashionable to ... " They’re just jealous , globally speaking , right ? " And with oil , you were an

53:38oilman . " He says , when telecom was growing , you made almost a billion dollars in telecom , he says : " Then social media took off , you became a blogger , and now artificial intelligence is here , and you’ve become a why-coder . " And , you know , they’re right . They’re right because I have a way of determining

53:55trends . Remember this one thing . Where people’s attention moves , money moves . Where people’s attention moves , money moves . Money always follows attention . So just look at today , why is artificial intelligence so hyped ? Because all the attention is there , and

54:16consequently , all the money is there . And next year , I expect the first wave of robots to arrive . You’ll see , attention will shift to robots . All the money will flow into robots . All the hype will be there . So , dive in boldly . You see the direction ? Dive right in .

54:34Dive in , study it . And there’s your trend . Because when you get into a major trend and study it diligently , there’s a common rule : " To the hands of a person working in a gold mine , gold dust sticks all by itself . " So ,

54:54you just work in a gold mine , and the gold dust sticks to you on its own . So , go into a trend , study it , you’ll end up grabbing something from it anyway . That’s a wonderful conclusion to our conversation with Morgenshtern , and with you . Thanks , Pasha .