Is artist management really like this?

Alright me and my friends were smokin and talking about record labels and music industry; So this old guy probably in his 30's starts talking to us about it and telling us how he owns his on record label and some where in the conversation I said "yea I want to be an artist manager" thinking that he's going to give me some helpful advice. and He starts talking about how I need street credit, I need some killers on my squad just incase people don't pay my artist for shows, then he said if the artist don't get their money they gonna bring some people to come after me, and other crap. The whole time in my head I'm think "bullshit." He told me Im gonna have to move out of houston if I wanna get in the music bizz lol, but **** that I'm not moving for ****. I don't think the music industry is that ****** up, is it?