Presidential Advice

Meet the economist turned President who runs Argentina like a business.

Author

Jordan Belfort
October 25, 2024

👋 Want to build a sellable company? Think like Milei. Meet Argentina's economist-turned-president, who's teaching us that even a country can be built to sell. His approach to transforming Argentina reveals the blueprint for building any valuable enterprise - from corner store to tech unicorn.

In this edition:

  • Rewiring a country’s finances

  • 7 lessons from meeting Milei

  • How to position for a sale

Read time: 4 minutes | 980 words

STORY 

🫰 The Economist President of Argentina

Who is Javier Milei?: The Economist President Rewiring Argentina's Financial DNA

  • Economics professor turned president

  • Known for chainsaw rallies (symbolizing spending cuts)

  • Consults NY rabbi every 4 months for philosophical guidance

  • Pro-Israel economist who studies Jewish philosophy

—

The story of Argentina's new president shatters conventional political archetypes. An economist turned head of state, Milei represents a radical departure from traditional South American leadership. His core economic axioms reveal his mindset:

Core Economic Beliefs (The Milei Doctrine):

  • Unions aren't the problem - middlemen and graft are

  • Don't eliminate the peso - make it irrelevant

  • Argentina must keep itself for sale

  • Build surplus upon surplus

  • Zero inflation is achievable within 24 months

His approach to dollarization reveals a mind that thinks in systems, not slogans. Rather than simply replacing the peso with the dollar - a common oversimplification of his position - Milei envisions a more nuanced strategy.

His goal isn't to eliminate the peso but to make it "irrelevant" through market forces, while building state budget surpluses as a foundation for stability.

Strategy Pillars:

  • Attract foreign investment through guaranteed protections

  • Create tax-free zones in strategic regions

  • Build data center hubs in Patagonia (leveraging cold climate + power)

  • Establish clear currency controls

  • Maintain union rights while eliminating graft

  • Focus on consistent budget surplus

Milei's vision for Argentina's future combines pragmatism with radical reform. He sees untapped potential in unexpected places: Patagonia's cold climate and abundant power resources could transform Argentina into a global hub for data centers, particularly as AI development demands more computing power.

Key Economic Principles:

  • Government spending is theft

  • Central banks distort market signals

  • Free markets solve social problems better than bureaucrats

  • Economic freedom drives innovation

  • Natural resources + market freedom = prosperity

What makes Milei's approach particularly intriguing is his intellectual foundation. An economist by training, he can dive deep into technical discussions about monetary policy and market dynamics.

Yet he balances this technical expertise with an appreciation for broader philosophical frameworks, regularly seeking wisdom from unexpected sources.

Current Challenges:

  • Peronista-controlled Congress

  • Legacy of bureaucratic inefficiency

  • Need for foreign investment confidence

  • Inflation control

  • Political resistance to reform

The Milei Doctrine represents a fascinating experiment in economic leadership. Can a trained economist successfully translate theoretical knowledge into practical governance? His success or failure could reshape our understanding of how economic expertise translates into effective governance.

Key takeaway: While conventional politics often treats economics as a tool for achieving political goals, Milei reverses this formula - treating political leadership as a means to implement economic transformation.

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INSIGHT

💡 Key Business Lessons from the President

Here are the key business insights from Milei's approach:

1. Look Beyond Surface Problems

  • Don't blame obvious targets (like unions)

  • Real issues often lie in hidden inefficiencies

  • Focus on system bottlenecks, not symptoms

2. Build Financial Foundation First

  • Focus on surplus before expansion

  • Strong fundamentals enable bold moves

  • Financial stability attracts investment

3. Think in Systems, Not Solutions

  • Don't just solve problems - redesign systems

  • Make competition work for you ("peso irrelevant")

  • Create self-reinforcing positive cycles

4. Protect Investor Confidence

  • Guarantee protections for outside investment

  • Create clear rules and stick to them

  • Build trust through consistent policy

5. Find Unexpected Value

  • Look where others aren't looking (Patagonia)

  • Connect seemingly unrelated advantages (climate + AI)

  • Think globally about local assets

6. Cut Out Middlemen

  • Identify and eliminate unnecessary layers

  • Direct relationships are more efficient

  • Reduce friction in transactions

7. Position for Sale (see Action 👇)

  • Always be ready for opportunity

  • Make your value proposition clear

  • Remove barriers to investment

The core lesson? Success comes from seeing systems clearly, building strong fundamentals, and turning apparent disadvantages into unique opportunities.

ACTION

💰 Position for Sale: The Value Builder System

Here's how to create a business that attracts premium valuations, inspired by John Warrillow's methodology:

1. Make Your Business Run Without You

  • Write down every task you do for 2 weeks

  • Create step-by-step guides for each task

  • Hire/train someone to follow these guides

  • Real Example: Build a "How We Do Things" manual like McDonald's

2. Create Predictable Income

  • Convert one-time buyers into monthly subscribers

  • Set up auto-billing systems

  • Create annual contracts with penalties for early exit

  • Real Example: Adobe's switch from software sales to Creative Cloud subscriptions

3. Spread Your Risk

  • No client should be >15% of revenue

  • Have 3+ suppliers for critical items

  • Cross-train employees on key roles

  • Real Example: Apple using multiple suppliers for iPhone parts

4. Track Real Numbers

  • Daily revenue dashboard

  • Weekly profit/loss review

  • Monthly comparison to industry standards

  • Real Example: Set up automated Quickbooks reports

5. Build Multiple Sales Channels

  • Direct sales team

  • Online sales system

  • Partner/affiliate network

  • Real Example: Selling through your website, Amazon, and retail stores

6. Document Everything

  • Record training videos for each role

  • Create checklists for daily tasks

  • Build quality control systems

  • Real Example: Every Starbucks drink has exact recipe cards

Quick Value Test:

  • Could your business run for 3 months without you?

  • Do you have regular monthly income?

  • Can you see all key numbers in one dashboard?

  • Does revenue come from multiple sources?

Warrillow's Key Insight: "The most valuable businesses are the ones that can thrive without their owners." A sellable business works better when you're not there than when you are.

SPEED REED

  1. Boeing machinists extend strike after rejecting new labor contract. The ongoing strike, now in its 6th week, continues to impact Boeing's operations and production. This labor dispute highlights the challenges faced by major manufacturers in negotiating with their workforce.

  2. Keurig Dr. Pepper acquires majority stake in energy drink brand GHOST. The beverage giant announced plans to purchase a 60% stake in GHOST, with an option to acquire the remaining 40% by 2028. This strategic move aims to bolster KDP's presence in the rapidly growing energy drink market.

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