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This is a great talk on a subject that is many times overlooked. I think may times we fail to see other peoples position, become emotional and cross the line. Having an overarching rule to be respectful in all situations, can help steer your interactions no mater what the situation is or how the other person is acting. People take witness of your respect and once they know that you are a respectful person no mater their difference of opinion will generally know that you will treat them with respect. In some cases this can change the outcome of the situation.

When I was younger, I was your typical arrogant hot shot who could save the day. I knew it all, I had all the answers before people where done talking and I was a poor listener. Worst of all, if you did not agree with me I was a disrespectful twit. I am embarrassed of that person now to say the least. But with the wisdom of age, I look back at that guy and see all the opportunities I missed because I knew it all and in knowing it all no new external insight or intuition was entering my brain. When I finally saw my folly I resolved at that point in time, among other things, to never disrespect someone again. It was amazing how the dynamics of my relationship with people changed, problems became more interesting joys and pains where shared with others and I started to establish friendships that went beyond a working relationship.

Listing to the closing of this video really highlight why those friendships, based on respect are so important. In his line of work he met a person who latter went on to become a large VC. Being friends based on mutual respect, if he sees an opportunity he can go talk to this VC as a friend. His friend respects his view even if he may not see eye to eye on it, and if he is wrong his friend will give him the benefit of the doubt because his relationship is built on more than being the hot shot that picks the good deals. That hot shot is one bad deal away from not getting the audience with the VC. Anyway, I though it was an excellent talk that hit home for me. Some times we loose sight of the fact that the other person is human too.

I'm confused. Do I also need to show respect to people who have no chance of helping me or my friends later?
Of course you should. With the exception of sociopaths or people raised by wolves, it should be second nature to be nice/respectful to others.

I say hi and "thank you" to the fellow who empties my trash can at work every night because he's another human being, not because I think he can advance my career somehow.

I think the speaker in the video is just reminding us that being nice has concrete benefits sometimes.

Do you know everything about who you are not showing respect to? Do you know if or how they might benefit/hurt you later? It's easy to work from assumptions and completely misunderstand the situation.
Should have been more clear: this is sarcasm. The guy in the video sounded like a douche.