Influencers Transcript: Stephen Ross, August 22, 2019

ANDY SERWER: Big achievements require vision and the moxie to see it through. Steve Ross has an ample supply of both. As chairman of Related Companies, Ross has built high profile projects like Hudson Yards, a $25 billion development spread across Manhattan's West Side. His company also owns workout brands Equinox and SoulCycle, and he's been in the headlines recently about those companies and his support for President Trump. Plus, Ross owns the Miami Dolphins, helping him amass a net worth of 7.7 billion. Some money he's given away, including nearly $400 million to the University of Michigan, his alma mater. He's here to talk about how to build the world in your image from the ground up.

Hello, everyone. I'm Andy Serwer. Welcome to "Influencers," and welcome to our guest Stephen Ross, chairman of the Related Companies and owner of the Miami Dolphins. Stephen, great to see you.

STEPHEN ROSS: Great to be here. Thank you.

ANDY SERWER: So let me ask you, first of all, about Hudson Yards, which is probably the biggest thing on your plate. And for those people who don't know what Hudson Yards is, can you give us a Hudson Yards 101 and tell us where we are?

STEPHEN ROSS: Well, what we did was really try to create a live, work, play environment knowing that, you know, today with people's issues with congestion and also sustainability being such an important part of really development in the-- in our future. So it came out of that. We had developed Time Warner Center, and we saw the impact that that had in Columbus Circle in the city. And, you know, being a real estate developer, you really love to do things that are the more impactful the better. I mean, at least I do and the challenge of doing it.

So Hudson Yards is the largest project ever done in the United States. We opened it up about three months ago, with about 11 million square feet out of the total-- we'll have roughly 20 million square feet when we're done with it if we don't pay any additional land, which we're trying. And, you know, we've been involved and we were selected in 2008, which was really not a great time in-- right in the middle of, you know, the Great Recession, and we started about five years ago, the physical construction.

And, I mean, it's complex because it's built over rail tracks, and, you know, but it's very iconic. We're shifting the center of gravity in New York from what I would say Rockefeller Center to Hudson Yards. In that period of time, which was really a wasteland because it was all rail tracks that we built over, today we get the highest rents in New York, you know, and which tells you something. I mean, it tells you, one, New York is ready for change. It was a project that was needed because of all the obsolescence and all the office buildings here in New York.

And-- and we created a very, you know, place where people want to be with a great icon, which is the vessel that we created in the middle of it that today, you know, they tell me that it's the most photographed piece on Facebook or Snapchat or whatever, you know, social media. So it's, you know, we look back, you know, and well, of course, it was very easy, you know, now that it's done with the first phases.

ANDY SERWER: Right. Now maybe this goes in sort of the category of no good deed goes unpunished. Some people like it. There've been some critics, some architectural critics or city planning critics, and then there were people who criticized tax breaks that you received. How do you respond to that?

STEPHEN ROSS: I mean, you don't like to read the negative. They're so wrong. I mean, you know, we got used to hearing and got sick of hearing everything is false news and all that kind of stuff. But, I mean, the "New York Times," I think, because they weren't involved or they're not-- didn't have any influence in it, you know, criticized us for getting all these tax breaks.

First of all, all-- the city put money into the project, city and state. That's what really attracted us to the project. That was all done before we were ever selected. And, you know, and to say that a tax break is building a subway extension, the first one in New York that was really paid for by the surrounding land and that it was done for us, it was done and approved probably four years, five years before we were even selected.

So, I mean, when the "New York Times" starts talking and looking for these type of things of how we got benefits that other people might not have, you know, you really wonder about the "New York Times." And I really question them, and I don't know what their motivation is trying to do that, you know? It's like they're on the bandwagon of AOC and anything the city does and somebody prospers, you know, they've got an unfair advantage.

And, you know, and then the critics, I mean, they're the same critics who thought Rockefeller Center was terrible, you know? And, I mean, a critic, that's their job is to criticize. They did a good job of criticizing, but I don't think anybody pays the attention. When we look at it and we see the amount of people that are there, we're drawing roughly 100,000 people a day in the weekends and 50,000 a day during the week, and the traffic and the excitement is there, you know, we're pleased.

And it's only going to get better because it's not-- the first phase isn't completely done yet. We have the observation deck to complete, which has an outdoor observation deck that you can look down. It's glass. And also a walk to the top-- highest point in New York City, which will be very exciting. And-- and then the room where they can really, you know, have meals or whatever up at the observation deck. So there's still a lot to go, but I think so far, we've been pleased with really the acceptance, you know, of the project.

ANDY SERWER: It seems like people voting with their feet. So-- by going there, I should say. So let me switch over and ask you a little bit about the NFL, as an NFL owner. What is it that makes the NFL so popular and lucrative?

STEPHEN ROSS: Well, I mean, I think football, you know, and it's a game that people really-- it's America's game. And I think that, you know, it involves-- you're participating. It's different than any other sport. When you go to a hockey game or a basketball game, you don't know what the plays are, you don't know what the strategy is. They're going up and down the ice. Same with soccer, you know, the fields. Football everybody knows. It's all, you know, what do they do, and people are tuned into the rules. And so you're-- you're involved in the game. I think that's what's very unique that people don't talk about.

But-- and I think also they like, you know, I wouldn't call it violence, but they like the contact. They like the physical contact. You know, that's always-- historically, that's always been the case. I mean, it started, you know, with the Romans, you know, with all the fighting and all that stuff that is existing throughout time, you know? But it's not as a violent sport. I mean, you know, before-- it's like boxing. That was very popular for a while. People liked that. Then it became too violent, you know? And-- but I think football is something that people really-- men and women both enjoy it, and it's a great spectator sport.

ANDY SERWER: Let me ask you a little bit about anthem protests. I think were a bit removed from that. It has been an issue. At one point, you said all the players in the Dolphins should stand. Then you walked it back a little bit and said, well, it's up to them to decide. What's your-- your--

STEPHEN ROSS: No. I mean, no. Originally, I was very supportive because I think it was a message that had to get out, and I-- and I supported the players initially. When Trump made it about the-- about the military, that was a different story. He took that whole message and changed it. And with that, whenever you're really protesting against the military, I think nobody in this country really wants to, you know, or would respect that at all.

And that's when we-- and that has really changed. And I've told, you know, the players now, you know, that isn't the message today, and you guys, I got your back, do what you feel is right. And, you know, I think it's something that's really forgotten, you know? And people recognize and respect those people who are standing up for something and trying to send a message, you know? And I think it's a conversation that needs to be had, and I'm very supportive of it.

ANDY SERWER: Great. Let's switch over to your upbringing and the development of the company. So you grew up in Detroit initially, modest upbringing, and then moved to Miami in high school. Talk to us a little bit about those early days.

STEPHEN ROSS: Well, I mean, moving from Detroit to Miami Beach was like a culture shock, you know? I hadn't ever been in New York, and at that point, Miami Beach was all New Yorkers, you know? And growing up in the Midwest, it was a little different. It was all about sports, and, you know, it was a different, you know, lifestyle.

And I went back to the University of Michigan because I wanted to be back there where my roots are, and I still have most of my family back there. And-- and I'm now getting involved in Detroit and-- and really bringing Detroit back, I think. It's a city that's got a great upside, and it's really-- I think the greatest opportunities in the United States, you know, can be in Detroit. So.

ANDY SERWER: You know, it's interesting, I was reading, Stephen, that your-- about your Uncle Max Fisher, who was a mentor of yours and a businessman, an important businessman, prominent businessman. But he supported the business school at Ohio State and you're at the University of Michigan. That's not a coincidence, is it? Tell us about that.

STEPHEN ROSS: Well, I mean, I guess I grew up in a family where, you know, it was about giving back and understanding, you know, that you have a responsibility. And I was-- I always kind of looked up to my uncle. He was always busy it. Wasn't like he was telling me what to do or, you know, mentoring me, but it was more by example and knowing him and your grandparents are saying, why don't you be like your Uncle Max?

I mean, he was a real well-known figure in Detroit. In fact, across the United States. So-- and I became close to him in his later years. In the early years, he had no time for anybody, you know, and he was around the world, you know, constantly. But so I respected him from afar, but knew all about him. And, you know, and he was a great role model, and that's really, I think, you know, really inspired me.

I mean, we were very modest and having-- you know, everybody talked about having a rich uncle. You know, I had a rich uncle. Didn't make me-- didn't do any good for me. But, you know, but I think just the idea that if he can do it, I can do it, you know? And that's really what's probably motivated me and, you know, got me going, so. And I told him when I was in the position to give the gift to the University of Michigan, I told him, hey, this is to Michigan, not Ohio State. We're going to one-up you.

ANDY SERWER: What did he say about that? That's so funny, the rivalry.

STEPHEN ROSS: The rivalry. Because there is such a big rivalry--

ANDY SERWER: Yes. Of course.

STEPHEN ROSS: --Between Michigan and Ohio State. And, I mean, he-- he was very proud. I mean, when I did give the gift, he came and spoke and was incredible. You know, I think he was then around 94, you know, and everybody had known about him. He was kind of, you know, like a legend, and he spoke about, you know, the idea that I'd given the-- the gift there and the school was being named after me. I mean, in my mind, you know, when they asked me to give a gift, I was prepared a big gift. I said, but if it's for the business school, you know, it was my way of saying, hey, you know, I've done OK.

ANDY SERWER: That's fantastic. I read that you founded the Related Companies in 1972 with a $10,000 loan from your mother? Is that the case?

STEPHEN ROSS: Yes. I mean, I had, you know, I had gotten fired in New York. I was working for Bear Stearns at the time. It was for the wrong reasons, but whatever it is. And I wanted to stay in New York and I knew I wasn't employable, so I said, Mom, I have some ideas. I want to stay here, but I need some money to live on. So she lent me $10,000 to live on, and I don't know how long that would take me. And I thought about, you know, where are the opportunities? What do I know best, and how can I apply my skills and grow something? And that's where I got involved in affordable housing and wanting to be a real estate developer.

When I was in Detroit, I was a-- I was a tax lawyer there. I had a number of real estate clients. And then when I worked in New York here, first I worked for a firm called Laird in the real estate area and they had problems, and I moved to Bear Stearns. So, you know, I was looking for a job within a 2 and 1/2 year period of time. I wasn't going to get a third opportunity. That's why I, you know, said, hey, I better go on my own. And obviously, it's the best thing I ever did.

ANDY SERWER: Did you always have ambitions to have a global real estate business? And talk to us about the footprint of your company today.

STEPHEN ROSS: Well, I mean, first of all, I started it really to sustain myself, you know? I didn't know where it would go. I mean, you know, I look at it today and I pinch myself. I mean, today, you know, I grew it and really put all-- reinvested every penny I had into it as opposed to going out and raising money from other people, and, you know, we've grown it to be the largest real estate developer in the United States. You know, and I think we're known for the quality of what we do. I mean, I think it's-- you know, the lessons I learned in Michigan, you know, to be best in class, and-- and that's what I think we've done in every area.

And, you know, I look back at it now. It's, you know, the company's now 48 years, 49 years old. You know, it's-- people think, well, it's just, you know, you've been that way. I mean, I remember trying to make payroll and how difficult it was at that point. But, you know, we've grown it because I've really been able to bring in good people. I mean, it's all-- you know, building any business, it's about people and the way you treat people and the people that you attract.

And-- and I think you want to be also looking to really be doing what other people aren't. You got to be thinking outside the box constantly, just not doing things. Well, I'm going to do it better, and that's why I'm going to succeed. You got to really be thinking outside the box. And, you know, we've grown. I mean, initially I started in affordable housing, and today, that's still a major portion of what we do.

We're-- we're the largest buyers today of affordable housing in the country and developers of that. We have a-- we have a portfolio of over 60,000 units across the country, so we haven't forgotten where we came from. And then we just expanded and added on a lot of other different areas, you know, that we're involved in.

ANDY SERWER: Housing is so expensive in cities like New York and San Francisco. What sort of solutions do you think are out there for that?

STEPHEN ROSS: Well, I mean, you know, today it is-- land is so costly. So I think that, you know, you're going to have to provide bigger density so you lower the land cost, you know, per unit. That's number one. Number two, I think that what New York is doing is so irresponsible now in terms of saying that things have to be built with union labor for affordable housing.

That adds-- especially in New York City today, the differential between union and non-union is-- is probably 35% to 40% more costly as being built union. And-- and today, the union workers represent about 70%. And the union-- the unions are 30%, and there's very few minorities in the unions. So where are the opportunities, you know? And what the politicians are doing, they're really defeating, you know, the purpose and really kind of being irresponsible in how they look at it and really provide for what is really needed today.

ANDY SERWER: The Green New Deal just passed in New York City. You've been supportive of climate change advocacy. What do you think about this new-- these new rules?

STEPHEN ROSS: I mean, I think it's something that's essential. I mean, you know, you look back, and I think in these times, that's probably the most critical issue that we all face, you know, that if we don't do something about the climate, you know, we're marked for extinction. And, you know, what can be more critical than that, you know? I mean, there's other needs we have and everything, but-- affordable housing-- but unless we do something about the climate, we're not going to be here, you know? I mean, it's not tomorrow, but it's probably the next 100 years.

And-- but you got to-- you got to-- today, you've got to really prepare yourself, and we have to get off of greenhouse, you know, gas-- off of carbon and fossil fuels. And it's a question of time, you know? And we're going through a transition now. I think people are recognizing that, you know, not necessarily this administration, but I think the world really recognizes that is probably the key issue that we all face, and-- and we need to start doing something about it.

ANDY SERWER: Let me switch back to the NFL, Stephen, and ask you a little bit more about the Miami Dolphins, and I take it you're happy with your decision that you bought the team.

STEPHEN ROSS: Love it. I mean, I love the challenge. I'm not happy with the way we've performed in my one loss record. But in terms of the football-- the operations of the club itself and what we've done for the community and benefit of the community down there, which I think is a real responsibility. When you own a team, you know, it's like owning a utility, and you really have a responsibility to that community. And I think what we've done for South Florida and how we've run the business there, I think we're number one in the-- in the NFL. We now have to translate that onto the field because that's also part of what you owe to them is to win.

ANDY SERWER: Are you going to have to move the team?

STEPHEN ROSS: I'd never move the team.

ANDY SERWER: OK. What about some of the challenges the NFL has, like head injuries, streaming, the future of the league?

STEPHEN ROSS: Well, I mean, I think the future of the NFL is really very bright. I mean, you can see today just the fact that how all the networks and what they're paying for the media. And we're probably the biggest media property in the world today. The brand is unbelievable, and you want to do everything to protect the brand, you know?

Yes, I mean, the issues with the head injuries, the NFL is doing everything they can, you know? And I think the concussion rate was down 30% last year. I mean, they're changing the rules. They're looking at the equipment and making sure that that is not an issue. I mean, everybody is concerned about it. And I think today it is getting safer and will get safer, and the research is being done, you know, in terms of the impact and things that they can do medically to make sure that, you know, those hit injuries don't have a lasting, you know, problem, you know, for the players.

ANDY SERWER: Right. And-- and you feel confident about cord cutting and streaming and what the NFL is doing? I know that you're saying the TV networks have bid a lot of money, but the ratings on TV have been flattish.

STEPHEN ROSS: Well, I mean, that's because, you know, they were looking at other ways, like you say. You know, so I don't think the ratings that you're looking at are-- you're comparing apples to apples. And-- but if you look at the popularity of it and what the people are willing to pay for it, I mean, people want to see it. So they're-- one way or another, you know, the NFL is going to get paid for people viewing it, and-- and that really hasn't gone down. I mean, there's nothing-- if you take probably the top 20 shows per year that are seen, 19 of them are NFL. So, I mean, that's says everything right there.

ANDY SERWER: Let me ask you a little bit about your company and your view on the economy right now. You probably have a pretty interesting perspective on the business of the United States. What is-- what are you seeing out there?

STEPHEN ROSS: Well, I mean, today, I think we're going through a transition, you know? The economy, you look at it today in terms of employment, we're probably close to full employment. At the same time, people don't have the faith and aren't spending money. The-- the housing markets are down, you know, considerably. And I know in New York, the condo market is, you know, way overbuilt or the sales aren't there, even though people want to live in the cities.

And, you know, a lot of things that have been done, like with the elimination of state and city taxes and interest limitation on interest deductibility, you know, it really creates-- it takes a lot of value out of the homes. And people, therefore-- that's typically across America, that's the single biggest asset. So people today are renting a lot more, and then you have the affordability issues, which is-- which are there.

So, you know, real estate-- the difference in real estate has changed so much basically because there's so much money available. You know, people are always looking for-- today, they're looking for alternative investments. They're looking for yield. And, you know, while the stock market is so high, it scares a lot of people, and, you know, it takes a real expert to understand the stock markets. Not that, you know, the average person should be investing and understanding in-- in the stock market. Typically, they're going to lose, you know?

So-- and, you know, people are looking for yield, and where do you find that yield? And you can make the argument now for real estate. It has its time. So there's such availability of cash for real estate, and real estate developers, if they have the cash, they're going to build, forgetting about, you know, supply and demands. And-- and the banks have, you know, been a lot more restricted.

I mean, a lot of the-- in the past, you know, the recessions were led by real estate, the overbuilding. We're not seeing that now. But because the banks aren't making the loans, they really, you know, have been able to kind of restrict themselves. It's the off-- offshore or off-banking type of transactions that are really fueling all the dollars that are going into real estate. So, you know, it's-- it's a tough business today. But everything is, you know?

ANDY SERWER: I'd like to hear your thoughts on how you feel President Trump is handling the economy, particularly when it comes to, say, tariffs and tax policy and tax-- changes to the tax code.

STEPHEN ROSS: Well, I mean, you know, no matter what, you can't-- there's some unintended consequences, you know, from the tax code. Certainly it's boosted the economy. No one can say the economy-- the economy has never been any stronger than it is today, you know-- you know, from that perspective. In terms of, you know, Trump and, you know, there's good and bad obviously with anything, you know? The trade policies, I think we need him as a strong leader. What he's done with China and taken on China, somebody had to do it, and he was probably the only person that would take them on the way they are. And I think that's important for the future of the United States, you know-- you know, from that perspective.

And so, I mean, some of the things and, you know, and some of how you look at America, I mean, there's a lot of problems with that, you know? But I think overall, if you look and you see what's the options are on the far left, I think in the long-term, that is not good for America, you know? And I think that today people are happy, you know? A lot of people have problems with Trump. We have a divided country like we've never had before. Politics has really changed, you know, a lot. I'm optimistic, you know, because this is America. We're going to find, you know, the right direction, and we'll continue that.

ANDY SERWER: Right. Maybe some more centrist candidates?

STEPHEN ROSS: Well, yes, I think we need-- you know, Trump-- Trump is not a crazy conservative. I mean, Trump is a centrist from that standpoint. He has a different style that most people are used to, you know, but he is strong and he is doing things. And--

ANDY SERWER: Did you know him when he was a real estate guy here in New York?

STEPHEN ROSS: Yeah, I've known-- I've known Donald for a long time.

ANDY SERWER: Right. What was your first impression when you got to know him?

STEPHEN ROSS: He's different, but, you know, he's been successful, and, you know, I like him.

ANDY SERWER: And so you talked about some of these left candidates. You mentioned AOC. Was that a mistake when AOC and her supporters, I guess, essentially made it-- made it the case that Amazon wasn't going to put its second headquarters here?

STEPHEN ROSS: Tremendously. I mean, who is she really representing? I mean, herself, I think, you know, and her own agenda and how-- and her popularity. And, you know, she's become, in a very short time, a very powerful person. I think she's taking us in totally the wrong direction. I think if you ask the people in Queens and New York City, you know, her being against Amazon was probably something that was very detrimental to them in the city, you know? But she wants to be out there, she wants to be upfront, and she wants to take us in a direction that I don't think America, you know, was ever-- is ready for or ever will be.

ANDY SERWER: Right. And just another question or two about politics. So are there any Democrats that you think are good-- good candidates?

STEPHEN ROSS: Well, I mean, I think the more moderate Democrats, the better it is if they were to be elected, you know? I'm a Republican.

ANDY SERWER: OK. So what's going on with the housing market right now? Do you think that we're getting close to a another bubble?

STEPHEN ROSS: I mean, I think it's like I said before, I think it's overbuilt, you know, that are for sale. I think we need certainly a lot of affordable housing and figuring out ways how we can provide for that. That's going to take government subsidies. It's going to take, you know, changes for that to occur. But in terms of a-- a bubble, I don't think we're at that point that it would be.

Right now, I think if anything, you look at the stock market and a lot of these new offerings and the pricing of things, I think those things I question before I question about which is going to take us down, you know, what is going to be the reason. I mean, things don't go straight up, so you know at some point we're in a recession. I mean, I think real estate today is probably in the eighth inning. You know, we're not-- it's certainly not starting something fresh. We're, you know, we're at a point now where I think there will be a slowdown because it has to happen.

ANDY SERWER: Right. How do you decide where to place your chips, Stephen, when it comes to philanthropy? We talked about the University of Michigan. There's so many options obviously and people holding their hand out.

STEPHEN ROSS: Well, it's a-- you can always find places.


STEPHEN ROSS: There's no question about it. People are out there. But, I mean, what I'm interested in, I'm interested in the climate, which I'm very involved with the World Resource Institute, which is a global probably the largest global nonprofit involved in dealing with the climate in the country. Very, very effective. Education, you know, from that standpoint, I also set up a nonprofit dealing with race in this country called Rise that came out of the incident we had in Miami, our bullying incident about four years ago, four or five years ago. That's growing, and we're probably in 25 states already. And I think it's having an impact.

And I think today, that's one-- at that point when I looked at it, I thought, you know, racism is probably one of the biggest issues that no one really wants to deal with in America and really holding us back, and I think we're making some real progress, you know, along there. And, you know, there's plenty of-- then you want to support your local, you know, institutions, the hospitals, the museums, you know, cultural institutions.

And-- but I like to think in the future. You know, I'm leaving most of my money, I signed the Giving Pledge and really giving back and, you know, trying to really decide in working with my family as to what we should stand for and what we should be involved in, you know, going forward. And I really, you know, I believe in the philosophy is, you know, you give till you feel good, you know? And I think it's an obligation, you know, to really give back, you know? To be-- I mean, I feel very fortunate to be in the position I'm in. I never would have believed it, but, you know, it's-- it's a good feeling.

ANDY SERWER: And before I let you go, I want to ask you about your fitness companies, Equinox and SoulCycle. I haven't talked to you about that.

STEPHEN ROSS: Well, we saw a number of years ago, probably just about 12 years ago, we had at least two Equinox space, and I saw how that was being used and I saw that there was a real connection with real estate, how it could really benefit it. And they were looking to go public, and I-- I got to know Harvey Spevak, who was the CEO. It was owned by two private equity firms, and they asked me to go on the board, you know, and so I wanted to know more about it.

And I was on the board for about nine months, and the opportunity came to buy the company. And so, you know, I stepped up. I saw the-- you know, you could see the importance of what health has become. I mean, like-- like I like to say is, you know, health is the new wealth. And today, you know, we've grown it. It's become a great brand. We've branched out. We own SoulCycle as well as, you know, the Equinox fitness clubs. We have a lower priced option that is hot as-- hot as can be called Blink, and we're now opening up Equinox hotels.

And so, you know, it's all a logical, you know, growth in terms of today we have over 350,000, 400,000 members. And I know when I asked my secretary when I'm traveling, I want to stay in a place that has a good health club. Very few hotels, they have a room. You know, you want to-- I like to work out every day, and I think that's what America is looking to do. So that's got us to go into the hotel business.

And we hired the president of Four Seasons, and we're, you know, managing it ourselves. Some of the large chains wanted to manage it for us, but we thought to do it the right way and that we could control it, you know, we brought on our whole management staff. And we opened our first one on July 15. We have 13 sites already tied up under development. And I would say in 10 years, we'll probably have 80 hotels around the world.

So it's really, you know, continuing to grow the company. And we're getting into the digital business so that both-- you can, you know, when you're not able to go to a club, you'll be able to do it at home. And you'll have it-- you'll be able to select, you know, all these different opportunities in terms of what you want in terms of the bike or running. We have set up a new-- another company called Precision Run. It deals with runners, so we'll have our own treadmills. So it's really a really-- the company is really growing. And it's, you know, for today's times, it's really a hot brand that, you know, we're looking to continue to make it better and be dominant in our area.

ANDY SERWER: Last question, Stephen. This show is called "Influencers," and I want to ask you how you see using your influence on the world.

STEPHEN ROSS: Well, I mean, I-- I mean, I do what I feel, you know, is right and what is good, and if that has an impact on other people. You know, it's like our development. I think that our developments, people want to follow you because if, you know, you're doing it right and you're successful, you're going to have an impact, you know? And I think, you know, by doing things is the greatest way to influence people by doing it right and having them kind of-- you love flattery, you know, that somebody's trying to do what you're doing, you know? And that's probably the most influence you could possibly have except what you do with your own children, you know?

ANDY SERWER: Stephen Ross, chairman of the Related Companies, owner of the Miami Dolphins, thanks very much for joining us.

STEPHEN ROSS: Thank you. It was a pleasure being here.

ANDY SERWER: I'm Andy Serwer. You've been watching "Influencers." We'll see you next time.