World Peace also said Smart needs to learn to control his energy.
"I think that emotion and that fire could be directed towards winning on the court instead of directed other ways," he said.
World Peace said given the chance, he would advise Smart to be aware of the big picture when making decisions.
"At 19 years old, when I came out of St. John's, I was fresh out the 'hood. I was fresh out of Queensbridge," he said. "So my mentality was still struggle, defensive and things like that. I wasn't really conscious. I'm 34 years old now. So he's a young kid. I wish I would have listened when I was a kid to my elders or people who had my best interests at heart, and then I wish I would have been more conscious at that age also. Those are two things that, if you were to reach out to a kid like Marcus — a talented kid, future leader in the community — you would tell him those things."
World Peace said more guidelines should be in place for college fans because college players don't get paid. He said fans should have more leeway at NBA games.
"As far as the pros, people pay to come and see us, and I appreciate it because I'm able to take care of my family," he said. "So I don't really judge fans about what they say, good or bad."
When asked if he would respond to the beer thrower differently in 2014 versus 2004, World Peace's eyes lit up.
"If you threw a beer on me, I would probably put you in a choke hold right now," he said with a smile. "And then we would get some ice cream later. But I would tell you how much of an (expletive) you were."
Associated Press Writer Betsy Blaney in Lubbock, Texas contributed to this report.
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