Bernard Arnault, the 77-year-old billionaire founder and chief executive of LVMH, rarely participates in lengthy interviews. “Why give information?” He joked when Guillaume Pley, host of the French podcast “LEGEND,” mentioned how little is known about him.

In a rare conversation lasting more than an hour and a half, published earlier this month, the man behind Louis Vuitton, Dior and Tiffany & Co. talked about everything from advising Steve Jobs to a surreal dinner with Donald Trump.

Here are the five most interesting takeaways.

1. Steve Jobs asked him for advice on Apple stores and then told him that Dom Perignon would last longer than the iPhone.

Arnault said Jobs approached him when Apple was launching its retail stores, at a time when “no one in the technology business” was selling their own products in boutiques.

“We told him: If you want to create beautiful stores, come and see what Vuitton is doing,” Arnault said, adding that Apple sent someone to study the brand’s boutiques and advised Jobs to put Apple Stores in the same prime locations as Louis Vuitton, including a landmark in Tokyo’s Ginza that he says still draws crowds today.

The last time the two men met, Arnault recalled, Jobs paid him a compliment that stuck with him: “You know, my phone is great, but what you do is even better, because I’m convinced that a century from now, your Dom Perignon will still be here and my phone will be completely obsolete.”

2. Your Investor Regret: Ditching a Nearly 20% Stake in Netflix Too Soon

Arnault, who is now the ninth richest person in the world, revealed that his family’s investment team was one of the first to back Netflix and owned what he said was almost 20% of the company. The position was a big winner, but not as big as it could have been.

“I sold too early,” he said, estimating the stake would be worth 10 times more today.

He also described a stroke of pure luck during the dot-com crisis: a dissolved American venture fund in which he had invested mailed him its remaining assets: a “nice package” of Google shares, he said, which were then worth about 2 or 3 euros each.

“At the time we didn’t really know what it was,” he said. “It was a good deal that we had absolutely nothing to do with.”

3. How he raised billionaire kids who still go to work

All five of Arnault’s children hold senior positions at LVMH and he was candid about his involvement in that outcome.

He said he brought his children into the business early, guided them through their businesses and investments and set a clear condition for them: “I told them: if one day you want to participate in all this, in one way or another, it is absolutely necessary that you study hard, because otherwise it is not possible.”

He contrasted this with what he saw among other wealthy families, where children of fortune spend their time “buying big cars” and partying.

He also got to work. When one of his sons was struggling with math before his baccalaureate, French high school exams, Arnault said, “I would come home at 6 p.m. to help him with his math problems.”

Regarding his future at the company, Arnault insisted that the same rules apply for everyone: “At LVMH we progress through a system of meritocracy.”

4. Your business advice? Forget about marketing, perfect the product and persevere

Asked if he is involved in the creative side of LVMH’s more than 75 houses, Arnault said yes: “I think I have a certain aptitude for seeing what will work.”

That instinct extends to the workshop. Arnault said that when he visits a store, “I can clearly see what might need to be improved.” He said he jokes with his Paris store managers that they should hire him as a “visual merchandising director” because he makes changes on one visit, comes back the next week and, by all accounts, they tell him the boutique is doing better.

Arnault said long-term success in his business comes down to one thing: product quality. He said he once told Louis Vuitton’s own marketing department that a true luxury house shouldn’t do marketing at all.

“You should not do marketing. You should create, and it is your products that should prevail,” he said in the podcast.

When asked at the end of the interview what was the one essential quality to last in business, his answer was simple: “I think you have to be persistent.”

5. He had dinner with Trump on the day of the second assassination attempt and found him ‘totally relaxed’

Arnault, who says he met Donald Trump when they both worked in real estate in New York in the 1980s, recounted a surreal evening with the president.

Driving to a planned dinner at Trump’s home with his son Alexandre, Arnault heard on the radio that the Secret Service had found a gunman near Trump’s golf course, the second apparent attempt on his life, following the rally shooting that grazed his ear.

“I told him, ‘Alexandre, it’s over. Dinner’s over,'” Arnault recalled. Instead, the dinner went ahead. When the Arnaults told him how terrible the afternoon’s events had been, Trump allegedly brushed them off, saying “2-0” and appearing “totally relaxed.”

Arnault also gave insight into how he interacts with Trump on trade, saying he pressures him directly on tariffs: “I don’t always get what I ask for, but I discuss it.” During Trump’s first term, he said that approach secured an exemption for French wines and spirits.