Podcast appearances and mentions of Bear Stearns

Welcome to Your Partner In success Radio. I am your host Denise Griffitts and today we are joined by accomplished entrepreneur, author, and philanthropist, Rand Selig. Rand holds an MBA from Stanford University and has a strong background in finance, having started his career on Wall Street at Lehman Brothers. He has worked with several major financial institutions, including Bankers Trust Company and Bear Stearns, and was one of the original architects of the currency swap market. In 1987, he founded The Selig Capital Group, providing investment banking services to entrepreneurial and environmental clients, and has completed over 200 corporate finance transactions with a cumulative value exceeding $10 billion.Rand is also the author of "Thriving! How to Create a Healthier, Happier, and More Prosperous Life," focusing on personal growth and development. Beyond his professional achievements, he's deeply involved in philanthropy and environmental stewardship. Today, Rand will share his insights on business, life, and personal fulfillment.Connect with Rand Selig: Website | LinkedIn | Amazon We appreciate you tuning in to this episode of Your Partner In Success Radio with Host Denise Griffitts. If you enjoyed what you heard, please consider subscribing, rating, and leaving a review on your favorite podcast platform. Your support helps us reach more listeners and create even better content!Stay ConnectedWebsite: Your Partner In Success RadioEmail: mail@yourofficeontheweb.com

Interview recorded - 27th of February, 2025On this episode of the WTFinance podcast I had the pleasure of welcoming back  @GregoryMannarino . Greg is known as the "The Robin Hood Of Wall Street".During our conversation we spoke about 0:00 - Introduction1:09  - Current overview?2:50 - People are struggling10:51 - Imbalance from savers to creditors17:17 - The system delays change19:47 - The never ending refinancing bubble26:02 - Opportunities during crisis?31:52 - One message to takeaway?Also known as "The Robin Hood Of Wall Street," Gregory Mannarino is an active/full time trader of the capital markets with a world-wide following.Born on July 22, 1965, he became interested in "Wall Street," like many others at the time, in 1987 after seeing the movie Wall Street with Michael Douglas. Around that time he was able to get an entry level position, then subsequently to the trading floor,  at the now defunct bank Bear Stearns, but within a relatively short time realized that working on Wall Street was not like the movies and moved on. He went on to get a medical degree and practiced medicine as a Physician Assistant beginning in 1996, now retired from practice. He also served in the United States Naval Reserve Medical Service Corps, having attained the rank of Lieutenant. He has even published a book on casino Blackjack strategies years later, and was banned from playing the game in Las Vegas casinos.Gregory Mannarino -YouTube -   @GregoryMannarino  Website - https://traderschoice.net/WTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Kyle Bass is the Founder/CIO of Hayman Capital Management, L.P., an investment manager of private funds focused on global event-driven opportunities, and the Co-Founder and Chief Executive Officer of Conservation Equity Management, an impact and natural capital private equity firm.  Kyle is also the Co-Chief Executive Officer of the newly formed Rochefort Management, a private credit firm focused on the Critical Technology Initiative – a joint effort between the Small Business Administration and the Department of Defense to attract private investment into technology areas deemed critical to national and economic security. Mr. Bass is a Life Member of the Council on Foreign Relations and the recipient of the 2019 Foreign Policy Association Medal for his responsible internationalism. Mr. Bass has lectured on global economics, national security, geopolitics, and the architecture of the Chinese financial system at various universities. Mr. Bass is the former Chair of the Risk Committee of the Board of Directors of the University of Texas Investment Management Company (UTIMCO), which manages approximately $75 billion.  We discuss: - Predicting the GFC and attempting to warn Bear Stearns and the SEC of the coming collapse - The global state of affairs: China, Taiwan, Russia, Iran and BRICS - How the U.S. and Trump should combat China - The rise of the U.S. Defense-Tech industry - Why Texas is the Growth Engine for the world (00:00:00) - Intro (00:04:03) - Introducing Kyle (00:05:58) - Short-Selling Thesis (00:11:45) - Predicting the GFC (00:19:50) - Trying to warn Bear Stearns & the SEC (00:25:39) - How to hire a contrarian (00:29:23) - China-Taiwan (00:33:34) - How Trump can have a successful presidency concerning China (00:44:17) - Iran (00:46:34) - Why some wealthy Americans are pro-China (00:49:32) - The Chinese land grab in America (00:52:41) - Texas: The growth engine of the world (00:58:47) - The Defense-Tech Industry in America (01:02:03) - What Kyle will invest in (01:05:19) - The Texas migration and influence (01:09:23) - What do you want to be known for? Support our Sponsors Vesto: https://www.vesto.com/fort BetterPitch: https://bit.ly/42d9L0I Fort: https://bit.ly/FortCompanies Follow Fort on LinkedIn: https://www.linkedin.com/company/fort-companies/ Chris on Social Media: The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast Instagram: https://www.instagram.com/thefortpodcast LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts

Jen Jeronimo, the CEO of Gaingels Inc., possesses over 20 years of finance and banking experience, with notable leadership roles at Credit Suisse, Bear Stearns, and JP Morgan. Since taking the helm at Gaingels in 2021, she has been instrumental in overseeing $900 million in investments across 2,500 portfolio companies, benefiting from the involvement of 4,000 members. Jen's commitment to championing equitable access and representation in venture capital is reflected in her launch of the WAVE program, which has empowered over 200 women in venture capital, and her role as an advisor for Bridge2 Technologies. Her advocacy for underrepresented founders, combined with her extensive financial expertise, positions her as a key figure in driving diversity and inclusion within the venture capital landscape. The key moments in this episode are:  00:01:02 - Mission and Impact of Gaingels Inc.  00:08:01 - Career Trajectory and Transition to Gaingels  00:12:00 - The Data Supporting Diversity in Venture Capital  00:15:12 - Impact of Women in Venture  00:21:44 - Women Achieving Venture Equality (WAVE) Program  00:29:41 - Trends in Diversity and Inclusion in Startups    Connect with Jen Jeronimo Website: gaingels.com LinkedIn: linkedin.com/in/jennifer-jeronimo1   Connect with Amina AlTai Website: aminaaltai.com Instagram: @aminaaltai TikTok: @theaminaaltai Linkedin:   linkedin/in/aminaaltai   

This week on the Power House podcast, Diego sits down with Baron Silverstein, the president of Newrez. Baron joined the Newrez team in May of 2020 and has over 30 years of industry experience with senior roles at Bear Stearns, JP Morgan Chase, Merrill Lynch, and Bank of America Securities. With a total unpaid principal balance of $750 billion, Newrez has seen significant growth under Baron's leadership. Baron talks about past, present, and future growth and acquisition strategies, the 2025 roadmap for customer experience and retention in the tech and AI space, and their continued focus on third-party servicing and owned MSRs. Here's what you'll learn: M&A will continue to be a priority for New Res's growth strategy. Servicing is a core focus, with a strong emphasis on special servicing. Customer retention is key: leverage technology to enhance homeowner experience. New Res aims to balance servicing and origination efforts based on market conditions. Community engagement is a priority, especially in response to natural disasters. AI initiatives are part of a broader technology strategy, not the sole focus. Related to this episode: Baron Silverstein on Newrez's AI journey and the call center question | HousingWire 2023 HW Vanguard: Baron Silverstein |  HousingWire Newrez Baron Silverstein | LinkedIn HousingWire | YouTube Enjoy the episode! The Power House podcast brings the biggest names in housing to answer hard-hitting questions about industry trends, operational and growth strategy, and leadership. Join HousingWire president Diego Sanchez every Thursday morning for candid conversations with industry leaders to learn how they're differentiating themselves from the competition. Hosted and produced by the HousingWire Content Studio. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jay Rogers is an investment professional and entrepreneur with almost three decades in the financial services industry. His career began with such firms as Morgan Stanley, Wells Fargo and Bear Stearns and later transitioned to working full time with family offices and creating diverse investment portfolios. Alpha Strategies was established in 2009 by a group of highly experienced investment professionals with a shared belief that qualified investors are still underserved in their access to deep domain expertise in alternative investments generating consistently high levels of “pure” alpha. It has since grown into a diversified financial services company with specialties in alternative investment consulting and management. Jay has been a trusted advisor to multiple family offices and is instrumental in syndicating private investment opportunities among family offices and institutional investors nationwide. These opportunities include real estate, private debt & equity, and venture capital. Jay also acts as advisor to Native American Tribal Nations for economic development and investment opportunities. An advocate for tribal independence he has provided financial solutions to several tribes and is the founder of the Native Made Foundation, championing the purchase of goods and services originating on Native American Reservations. Jay is also a frequent speaker at industry events on family office and alternative investment issues. He has appeared on CNN's Your Money and is frequently quoted and interviewed for financial publications including the Wall Street Journal, Bloomberg News and NPR. He has presented to audiences at IMN, Opal Financial, IvyPlus, World Research Congress, Marcus Evans, Institutional Investor, and other investment conferences around the country. Jay is a guest lecturer at USC Marshall School of Business and provides expert witness services including testimony for litigation involving securities and investment industry matters. Jay holds a BS from Northeastern University, is a graduate of the USMC Officer Candidate School in Quantico, VA and has completed graduate courses at UCLA and the Wharton School of Business at UPENN. He held multiple securities licenses and was a member of the CFA Institute and the CFA Society of Orange County (CFAOC). Currently residing in Ladera Ranch with his wife and children, he is active in his local community as President of the Board of Directors for Ladera Ranch Community Services (LARCS), a community services organization. Mr. Rogers is also on the boards of Family Office Association, Altriarch Capital Partners, and several private companies. -- Critical Mass Business Talk Show is Orange County, CA's longest-running business talk show, focused on offering value and insight to middle-market business leaders in the OC and beyond. Hosted by Ric Franzi, business partner at REF Orange County. Learn more about Ric at www.ricfranzi.com. 

Alberto Gallo is Chief Investment Officer and Co-founder at Andromeda Capital Management. Prior to that, Alberto initiated and ran the Global Credit Opportunities fund at Algebris Investments. Previously, he ran macro credit research at RBS in London, and served in senior research roles at Goldman Sachs in New York, Bear Stearns in New York and London, and Merrill Lynch in London. In this podcast we discuss impact of Trump on markets, Fed's likely path, US growth and credit expansion, and much more.    Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

Tom welcomes back Dr. Nomi Prins, financial expert and best-selling author, about the impact of the U.S. election on markets and her outlook for the economy. Dr. Prins highlights the disconnect between the thriving financial markets and the stagnant real economy, with high debt levels and inflation surpassing wage growth. The election brought attention to voters' economic concerns, although neither candidate presented substantial plans for addressing debt and deficit issues. Trump's promises on immigration and inflation reassured some, but his lack of a comprehensive economic strategy remains a concern for Dr. Prins. Tom and Dr. Prins explore the economic implications of tariffs, focusing on Trump's plan to impose tariffs on imports. The reduction in supply from tariffs causes price increases and inflation, potentially harming the domestic economy unless the country can offset these costs by participating in multiple parts of the supply chain. The nuclear energy industry is positioned for growth following the election results, with companies like Microsoft and Amazon considering nuclear power deals. The state of energy development in the United States is also explored in the context of Trump's plans to deregulate. Dr. Prins discusses the movement of the US dollar after the election results and the potential for de-dollarization. The US dollar continues to be the world's top reserve currency, but longer-term trends suggest de-dollarization through trade agreements in non-dollar currencies, alternative trading currencies, and infrastructure development. Central banks' interest in gold as a hedge against risks, coupled with increasing demand from consumers in countries like China and India, positions gold to play an essential role in this framework. Time Stamp References:0:00 - Introduction0:54 - Election Change Anything?4:03 - Trump Economic Policy?7:54 - Tarriffs & Consequences11:35 - Senate & House15:37 - Energy & Deregulation17:53 - Permian Shale Status20:22 - Strategic Mineral Reserve24:02 - Capital Deployment Goals26:40 - Nuclear Energy & Tech32:54 - BRICS & Dedollarization37:12 - Banking Architecture38:31 - Gold Reserves & Trust42:20 - Russia Silver Reserves46:46 - Banks Diversification49:02 - Banking System Stress52:26 - Wrap Up Talking Points From This Episode Financial expert Dr. Nomi Prins discusses economic disconnect between markets and real economy, focusing on US election impact. Trump's promises on immigration and inflation influenced markets, but lack of economic strategy remains a concern. Tariffs, nuclear energy growth, and de-dollarization are major economic shifts following the U.S. election. Guest Links:Twitter: https://x.com/nomiprinsWebsite: https://nomiprins.com/Substack: https://prinsights.substack.com/ Dr. Nomi Prins as a Wall Street insider and outspoken advocate for economic reform, Nomi Prins is a leading authority on how the widespread impact of financial systems continues to affect our daily lives. She has spent decades analyzing and investigating economic and financial events at the ground level and meeting with those that shape the world's geopolitical-economic framework. She continues to break stories by conducting independent research, writing best-selling books, and traversing the globe to share her knowledge and demystify the world of money. Before becoming a renowned journalist and public speaker, Nomi reached the upper echelons of the financial world where she worked as a managing director at Goldman Sachs, ran the international analytics group as a senior managing director at Bear Stearns in London, was a strategist at Lehman Brothers and an analyst at the Chase Manhattan Bank. During her time on Wall Street, she grew increasingly aware of and discouraged by the unethical practices that permeated the banking industry. Eventually, she decided enough was enough and became an investigative journalist to shed light on the ways that financial systems are ma...

Jon Hartley and David Malpass discuss David's career, and his service in government, including his time as president of the World Bank Group. They also discuss the changing role of China in international finance as well as the IMF and World Bank responses to the COVID-19 pandemic, the global distribution of COVID-19 vaccines, COVID-19 sovereign debt relief (Debt Service Suspension Initiative or DSSI)),and  how the early 2020s inflation has impacted developing countries, economic growth, and climate policy. Recorded on September 20, 2024. ABOUT THE SPEAKERS: David Malpass served as the 13th president of the World Bank Group. Prior to his appointment at the World Bank, David served as Undersecretary of the US Treasury for international affairs during the Trump administration. Before joining the US Treasury, David founded and led a macroeconomics research firm based in New York City.  He has also served as chief economist of Bear Stearns, where conducted financial analyses of countries around the world. Earlier in his career, David served in various roles at the Treasury during the Reagan and George H.W. Bush administrations as well as in the US Senate working on the Budget Committee and Joint Economic Committee. Jon Hartley is a Research Assistant at the Hoover Institution and an economics PhD Candidate at Stanford University, where he specializes in finance, labor economics, and macroeconomics. He is also currently a Research Fellow at the Foundation for Research on Equal Opportunity (FREOPP) and a Senior Fellow at the Macdonald-Laurier Institute. Jon is also a member of the Canadian Group of Economists, and serves as chair of the Economic Club of Miami. Jon has previously worked at Goldman Sachs Asset Management as well as in various policy roles at the World Bank, IMF, Committee on Capital Markets Regulation, US Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.  Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC, and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper. ABOUT THE SERIES: Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information, visit: capitalismandfreedom.substack.com/

Martin Lew and Joe Lynch discuss beyond the tracks: the next frontier of American rail. Martin is CEO at Commtrex, a tech-enabled rail logistics provider with a team of experienced rail professionals, an extensive network of partners, and a best-in-class technology platform that simplifies the movement of freight and creates a competitive advantage.  About Martin Lew Martin Lew is the Founder and Chief Executive Officer of Commtrex, the largest tech-enabled logistics platform in North America (US, Canada, and Mexico) for shippers to directly connect with railroads, transloaders, storage facilities, lessors, rail service providers, warehouses, and industry data. Under Lew's leadership, Commtrex has been named to the Freightwaves FreightTech 100 and has established partnerships with all seven class 1 railroads. Prior to Commtrex, Mr. Lew was the Head of Global Sales and Origination for Mabanaft Coal Trading, Vice President and Head of Origination for J.P.Morgan's Coal and Environmental Markets Group, Associate for the North American Coal and Emissions Trading Desk at Bear Stearns, and CEO of Equate Systems. Mr. Lew holds a Juris Doctorate from Boston College Law School, and a Bachelor of Arts Degree with majors in Communications and Political Science from the University of Southern California. About Commtrex Commtrex simplifies the movement of freight by rail with a tech-enabled platform that connects a network of reputable railroads, transloaders, lessors, and other rail service providers across the US, Canada, and Mexico. Commtrex's data-driven approach provides the rail and transload industry with visibility and connectivity that significantly accelerates the amount of time it takes for shippers to procure the services needed to manage their freight by rail. With a community of 4,000+ active members, including over 1,900 shippers, and partnerships with all six Class I Railroads, Commtrex stands at the forefront of the industry. Discover more at www.commtrex.com. Key Takeaways: Beyond the Tracks: The Next Frontier of American Rail Rail freight industry is exploring innovations like longer trains, digitization, cleaner energy, and inland terminals to enhance efficiency and sustainability. Rail transportation is suitable for high-volume freight over long distances, typically 500-600 miles or more, with a minimum volume equivalent to four to eight truckloads. Railroads move freight in two primary components: intermodal (containers on flatcars) and carload/merchandise commodities. Rail transportation enables efficient, low-carbon freight movement, reducing emissions by 75% compared to trucking. Trucking goods by rail instead of road has sustainability advantages and helps address the shortage of long-haul truck drivers. Commtrex is a platform connecting rail shippers with service providers across the US, Canada, and Mexico, providing visibility and facilitating communication. Short-line railroads transport freight from Class 1 railroads to the final destination, often using transloading facilities for last-mile delivery. The freight visibility platform Commtrex assists shippers in locating facilities and services required for rail transportation. Rail freight provides cost savings, sustainability benefits, and supply chain diversification/flexibility for shippers moving commodities or bulk goods. Commtrex connect shippers, logistics providers, railroads, facilitating rail freight growth to support nearshoring and environmental goals. Timestamps (00:00:02) Beyond the Tracks: The Next Frontier of American Rail (00:00:35) Commtrex Platform (00:02:10) Rail Fit and Economics (00:03:07) Martin's Background (00:12:28) Rail Freight Movement (00:18:00) Houston Rail Hub (00:21:50) Freight Movement by Rail (00:24:40) Commtrex Marketplace (00:30:32) Visibility for Shippers (00:33:18) Short Line Railroads (00:34:36) Commtrex Search Visibility (00:40:45) Educating Freight Brokers (00:46:00) Rail as an Option (00:50:17) Podcast Promotion Learn More About Beyond the Tracks: The Next Frontier of American Rail Martin Lew | Linkedin Commtrex | Linkedin Commtrex Everything in Logistics Let's Talk Supply Chain Freightwaves (People Speaking Rail) The Logistics of Logistics Podcast If you enjoy the podcast, please leave a positive review, subscribe, and share it with your friends and colleagues. The Logistics of Logistics Podcast: Google, Apple, Castbox, Spotify, Stitcher, PlayerFM, Tunein, Podbean, Owltail, Libsyn, Overcast Check out The Logistics of Logistics on Youtube

A powerful group of associates who represent Reggie Middleton joins me to discuss his case and the patents. You will learn the incredible coercion by the SEC to flip witnesses while trying to take control of Middleton's valuable patents. The group shares their own experiences and explains why they believe his patents are the most valuable patents that exist in the world. You can learn more about this case and about Reggie Middleton's work at t.me/Veritaseumofficial or on the TwitterX channel at X.com/SovereignRiz/articles Links mentioned in the show: Sign up for my Substack at https://SarahWestall.Substack.com Nano Soma: Try the Amazing Nano Soma line of products and receive a 10% discount at https://iwantmyhealthback.com/sarah Leela: Learn more about Leela's Quantum Tech at https://bit.ly/3iVOMsZ or at https://SarahWestall.com/shop Consider subscribing: Follow on Twitter @Sarah_Westall Follow on my Substack at SarahWestall.Substack.com See Important Proven Solutions to Keep Your from getting sick even if you had the mRNA Shot - Dr. Nieusma MUSIC CREDITS: “In Epic World” by Valentina Gribanova, licensed for broad internet media use, including video and audio       See on Bastyon | Bitchute | Brighteon | Clouthub | Odysee | Rumble | Youtube | Tube.Freedom.Buzz   Reggie Middleton Biography DISRUPTOR-IN-CHIEF, VERITASEUM AND CO-CHIEF EXECUTIVE OFFICER, VERITASEUM SECURITIES Reggie has advised tens of thousands of investors, traders, hedge funds, family offices and global banks. Mr. Middleton publicly predicted the fall of Bear Stearns, Lehman Brothers, GGP (2nd largest US retail REIT), and the European sovereign debt crisis amid nearly 100 successful macro and investment calls. Reggie's firm has been the first to settle a peer-to-peer blockchain swap, the first to apply for patent protection for the capital markets application of the technology in every major financial jurisdiction, and has heralded the merits of blockchain-based assets since 2013. He has been featured on The Keiser Report, Boom Bust, Bloomberg, BBC and CNBC on a regular basis. Fun fact: Reggie is an accomplished mixed martial artist, initially qualified for the 1988 olympic team and is an active fighter, self-sovereign philanthropist and father of three.    

Show Notes: Robert Frost married  his high school girlfriend 10 days after graduating. After moving back to New York, Robert worked at a consulting company called A.T. Kearney. He was interested in business and thought consulting would be a good way to go while working towards becoming a CEO. However, three weeks in, he realized consulting wasn't for him. From Columbia University to Real Estate Robert worked with Kearney's Global Business Policy Council, which provided political advice to senior leaders in business and advised governments on business practices. He worked on projects advising countries on transitioning to free market economies. He also worked with Kearney on cultivating C suite level clients. After a few years, Robert  went to business school at Columbia University. At Columbia, he was attracted to investment banking and private investing. After pursuing more technical training, he worked at Bear Stearns in the real estate gaming and lodging group from ‘97 to 2000, but while he liked the work and people, he didn't like the lifestyle.  and later found a partner and started buying real estate. They bought and sold real estate in New York during the up market, but in 2006, they realized there was nothing to buy. They sold most of their property, found another partner, and started building affordable housing units in the Bronx, rezoned industrial real estate and built housing units.  President of the Lucius N. Littauer Foundation and Buying a Football Team Robert became the president of the Lucius Littauer foundation in 2011, which he helped streamline. Robert talks about how his business ventures are built on a foundation of unlocking processes. More recently, he has been involved in other projects, such as buying a third-division soccer team in Lisbon, Portugal, which had a beautiful old stadium but needed money to pay bills and become professional. They raised money from investors and bought the team from the club. They professionalized the organization, hiring a head of football, administration, scouting department, and investing in the beautiful stadium. They also invested in a hospitality suite to become a destination for Lisbon visitors. Robert talks about the experience of running a football team and the real estate component of the business play.  Harvard and the Jewish Community Robert shares a little about his background, his father, and his experience with the Jewish community. His father attended Harvard, joined the navy,  and later became the founding president of Harvard Hill. He talks about the culture at Harvard at that time, how it influenced his father, and how, both his father's and Robert's  role with the Littauer Foundation. Robert talks about the foundation's involvement with the Jewish community and how his father's legacy continues to influence the foundation's future, as it continues to support the Jewish community and provide funding for various programs and projects. The conversation turns to antisemitism, Robert and his father's experience at Harvard, and how the university's anti-Semitism efforts have evolved over time, with some factors being institutional and others being intentional. Rezoning in New York City Robert discusses the process of rezoning in New York City, which involves both formal and informal steps. In the formal process, a draft environmental impact statement is filed, which goes through a series of reviews and approvals by various constituencies, including community boards, borough presidents, city councils, and mayors. The informal process involves scoping of the study on the environmental impact and analyzing the community's needs, and attending numerous community board meetings.  He talks about the  areas they focused on and why, the transactions made, and putting together teams.  Building Affordable Housing The conversation turns to the importance of affordable housing, and Robert shares how they developed affordable housing. They have almost no tenants who make more than 60% of the average median income, and their rents are programmatically sized to accommodate 20-30% of people coming out of the homeless system. Robert notes that this industry has existed for a while, but it is now difficult to build true affordable housing due to inflation, land costs, and construction costs. Currently, the Affordable Housing Program is a leveraging of the federal Low Income Housing Tax Credit Program, which grants tax credits to not-for-profit entities to build affordable housing. However, this approach has led to increased costs for developers. New York City has provided supplemental financing through second and third mortgages and low interest rate grants, but these grants have not kept up with inflation in construction and land costs. He also talks about financing and regulatory issues. The Decision to Leave Consulting Robert explains why he did not like consulting and how his perspective on sales and selling has changed since his time at Kearney. His early experience with consulting led him to realize that he wanted to be in charge of his own business. He  initially thought he wanted to run a big organization but realized that he didn't like the level of responsibility over people's lives. He prefers running a small organization and having services provided by third parties, as he doesn't enjoy the human responsibility of running a big organization.  Influential Harvard Professors and Courses Robert recounts his experience at Harvard Student Agencies (HSA) before becoming president. He explains how his role involved budgeting and rolling up a corporate overhead budget for 10 different businesses. The board was not supportive, but from this experience,  Robert learned about dysfunctional dynamics. He emphasizes the importance of learning from mistakes and not allowing one person to dictate the dynamics. Despite the challenges, HSA had a successful financial year and renegotiated contracts with real-world implications. Robert's time at Harvard Student Agencies was central to his education and he uses lessons learned from his experiences to improve his career. Timestamps: 02:27 Career progression from consulting to investment banking to real estate development 07:52: Buying a soccer team in Portugal and its business implications 12:51: Running a small sports team with limited resources 16:19: Jewish immigration and Harvard involvement 21:56: Harvard experiences, anti-Semitism, and cultural acceptance 28:34: Rezoning in New York City and its impact on the community 34:49: Land assembly and rezoning in New York City 36:51: Affordable housing challenges in New York City, including funding and regulation issues 43:29: Sales and consulting experiences, personal growth, and academic experiences at Harvard 48:48: Leadership lessons learned from managing a struggling business Links: The Lucius N. Littauer Foundation: http://littauerfoundation.org/ Company website: https://signatureurban.com/ Featured Non-profit: The featured non-profit of this episode is The Nature Conservancy, recommended by  Tom Hughes who reports:  “Hi, I'm Tom Hughes, class of 1992 the featured nonprofit of this episode of The 92 report is the Nature Conservancy. The Conservancy is tackling accelerated climate change and biodiversity loss by preserving ecosystems, driving policy and bringing together communities to reach pragmatic solutions. I love the work of this organization. I've been a regular donor for almost 20 years, and I've personally trained and coached many of their senior leaders, and have the utmost confidence in their integrity, their sincerity and their ability to achieve these goals of matter to all of us, you can learn more about their work at nature.org and now here's will Bachman with this week's episode.” To learn more about their work visit: https://www.nature.org/en-us/

What if insider trading activity could reveal hidden market trends? Join us as we sit down with Jesse Felder, the brilliant mind behind The Felder Report, to uncover his remarkable transition from Bear Stearns to co-founding a hedge fund and pioneering financial blogging. Jesse shares his invaluable expertise in market analysis, emphasizing the underappreciated significance of insider trading and comparing today's market dynamics with the dot-com bubble era. He also addresses the ever-evolving challenges of creating engaging content in a landscape dominated by passive investing and algorithmic trading.Next, we dive into the economic implications of insider activity with Professor Najat Sehun from the University of Michigan Business School. Leveraging her groundbreaking data, we discuss historically low net insider buying, signaling a bearish outlook from insiders. We explore sector-specific trends, the potential impact of election uncertainties, and unique insider buying activities in the small-cap space. Notably, we highlight turnaround situations like Beyond Inc., where executives like Marcus Limonis play a pivotal role in influencing these purchases.Lastly, we tackle pressing issues like the potential misalignment between the forward PE ratio of the S&P 500 and current economic data, supported by indicators such as the Bloomberg Economic Surprise Index. We delve into macro indicators like the dollar, interest rates, and oil prices, and their effects on earnings projections. Our conversation underscores the importance of market breadth, with key signals like the Hindenburg Omen and Titanic Syndrome forewarning potential downturns. Emphasizing a conservative investment approach, we suggest diversification into energy, materials, real estate, and commodities. Wrap up the episode with heartfelt thanks to our live audience and a reminder to stay connected for future insights.The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It's social media with a secret sauce: FOOD! The world's first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Jeff Assaf is the founder and CIO of ICG Advisors, which oversees $7B in assets for a highly curated group of 80 client families. While Jeff keeps his client names confidential, ICG manages money for a roster of successful athletes, entertainers, and business professionals with a combination of tailored investment solutions and white-glove service, many of whom he has served for decades. Our conversation covers Jeff's path to investment allocation through Oppenheimer, Bear Stearns, and eventually ICG. We discuss defining client objectives, selecting managers, building low-volatility portfolios, assessing re-ups in private equity, and serving as a good partner to managers and clients. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes Sara Bonesteel, the recently retired Chief Investment Officer of Prudential Insurance International. Sara shares her fascinating career journey, starting from her first job in her family's furniture business in Michigan to her leadership role in international insurance investments.   Sara delves into her diverse experiences in finance, discussing her time at Bear Stearns in structured securities, her transition to asset management at PGIM, and her tenure as CIO. She offers insights into the complexities of different financial roles, the critical skills required to succeed, and the evolving landscape of insurance asset management.   Stewart and Sara also explore the challenges and rewards of being a woman in finance. Sara provides valuable advice on career development, the importance of lateral moves, and the need for diversity and inclusion in the industry. Whether you're an aspiring finance professional or a seasoned investor, this episode offers a wealth of knowledge and inspiration from one of the industry's respected leaders.

In this episode of The Psychedelic Podcast, host Paul F. Austin welcomes back futurist and entrepreneur Zappy Zapolin, a guest from the early days of the show. Zappy discusses the urgent need for accessible natural plant medicines for mental health and addiction treatment, highlighting his experiences with ketamine and the innovative concept of 'ketitation' group katamine journeys. He shares insights on how ketamine enhances neural pathways and fosters empathy, and the potential of ibogaine for breaking addiction patterns. Join us for a transformative conversation on the future of mental health. Zappy Zapolin is a futurist, entrepreneur, and award-winning filmmaker recognized for his expertise in psychedelic therapies. Playboy magazine dubbed him "The man who wants to change the world with psychedelics." He directed the documentaries “The Reality of Truth” and “Lamar Odom: Reborn”, and founded the Mind Army, which aims to legalize psychedelic medicines. Zappy began his career on Wall Street as the youngest vice president in the history of Bear Stearns and has consistently identified major trends, including internet domains” names, legal cannabis, and the psychedelic economy. Highlights: Intro to Zappy and his mission with psychedelics Spreading awareness about iboga for treating addiction ‘Ketitation' group ketamine journeys Understanding the addictive potential of ketamine Raising awareness of and educating about the healing potential of ibogaine and ketamine Breaking addiction patterns with ibogaine Powerful accounts of ibogaine's healing potential Psychedelics as a solution in the “11th hour” of humanity Episode Sponsors: Soltara Healing Center: Use code TW200 to receive $200 off your next retreat. Magnesium Breakthrough by BiOptimizers: Use code THIRDWAVE for 10% off any order

Senator Amidala is apparently the only person responsible for aiding refugees, and apparently all money comes from the Banking Clan on Scipio. Amidala and her aide Teckla Minnau travel there and meet old friend, Rush Clovis. Clovis proves his good intentions by sneaking into Padme's bedroom, this bank has security almost as bad as Fortress Inquisitorius ! He explains that the Banking Clan is about to change its name to Bear-Stearns, as the vaults are almost empty.Chancellor Palpatine asks Padme to help Clovis and find out more about the missing money. Padme and Clovis head to his private apartments to make their Ocean's 2 heist plan to steals banking files. Teckla follows through on the play, but is assassinated by Bounty Hunter Embo: RSVP Teckla Minnau!Padme and Clovis review the data, but before they can act Padme is arrested for espionage. The Jedi send Anakin to Scipio to help; once he arrives and learns Clovis is involved, he becomes a raging pit of jealousy. Our heroes manage to escape, but as they do, Embo contacts Darth Sidious, who declares that going forward Sidious will deal with them personally. The space caricatures of ‘international' bankers are meeting in their steampunk lair - oof. Yoda meets Padme, Anakin and Rush Clovis and escorts them to the Chancellors office. Anakin gets possessive and picks a fight with Padme, which Clovis somehow wins simply by not being a raging dick. Obi Wan notices that Anakin is pretty angry, and they almost have a conversation about Anankin and Padme. Anakin outright lies about his relationship with Padme.Padme and Clovis engage in some forensic accounting. Clovis gets grabby. Anakin, who has presumably been using the peeping tom force power, barges in and proceeds to Force Choke Clovis. Clovis gets Anakin to put down his lightsaber and put up his dukes. Security is called and Clovis may be many things, but he aint no snitch. Padme tells Anakin to get lost. Anakin is heartbroken.The Separatists and the Republic vote to allow Clovis to become head of the banking clans (which, what the hell?).  We open on Scipio as the transfer of power to Rush Clovis is about to begin. Dooku Spacetimes(™) with Clovis with demands and threats to raise the interest rates on the Republic, otherwise the Separatists will default on their payments.Padme relays this information to the Senate. Yoda and Chancellor Palpatine both want to investigate Clovis, but in their own ways.  Back on Scipio, the separatists attack Padme's clone escort and Dooku arrives to take control. Padme is captured. Palpatine decides they must declare war on Scipio. Dooku FORCE…S Padme to shoot the separatist senator.  Yoda sends an obviously conflicted Anakin to Scipio. Sidious and Dooku reveal that the banks will be placed under the control of the Supreme Chancelor… their plan all along. Padme warns Clovis that he has lost control. A Vulture droid is shot down and crashes into Clovis' office, causing Padme and Clovis to tumble over the edge. Anakin cannot save them both. Clovis apologizes for all he's done, and sacrifices himself.Palpatine gets control of the banks, but promises to relinquish power once the war is over… A promise I'm sure he'll keep.https://twitter.com/ClosingCrawlhttps://podcasts.apple.com/us/podcast/closing-crawl/id1530133296https://www.closingcrawl.com/Merch at: https://bit.ly/spacetimetm

Join us on this episode of Laughing Matters as we chat with Pat Fitzgibbons, Senior Public Relations Manager at M&T Bank/Wilmington Trust, whose career journey is filled with humor, from newsroom antics to his family's political legacy in New Jersey. Pat shares:·       Tips on how to prepare for a career in communications and how to infuse a daily dose of LOL in college ·       How his father and grandfather used laughter to forge connections and navigate local politics – and why he feels his own election win was “rigged”·       His memorable elevator encounter with the CEO of Bear Stearns that turned a potentially awkward situation into a laughing matter.

This week on the Power House podcast, we sat down with Jason Pinson, the founder and CEO of Rocktop Technologies, a suite of fintech applications driven by AI and machine learning designed to manage risk on behalf of its clients and partners. Rocktop — and Jason himself — are on a mission to tackle two significant issues in housing: the influx of poor and poorly managed data, and the error-prone processes that undermine asset quality and value. Today we are delving into Jason's career journey and thesis, starting from his days at Bear Stearns to his multi-decade crusade to enhance efficiency and returns in the mortgage industry. Clayton and Jason talk about Rocktop's efforts aimed at preventing yield from slipping out of mortgage transactions, a problem that ultimately makes housing less efficient and more expensive. They also talk about data standardization, the role of organizations like MISMO, and the expertise and talents behind successful AI and machine learning implementation. Rocktop Technologies will be joining us on stage in Dallas on July 23rd for HousingWire's AI Summit to explore even more of their focus on machine learning and how they plan to revolutionize the industry. Here's a glimpse of what you'll learn: The mortgage market is hindered by poor data management and manual error-prone operations. Data standardization is crucial for improving efficiency in the mortgage market. A strong data strategy is essential for implementing AI and machine learning. Combining domain expertise with technical talent is key to success in the mortgage industry. Leading from the front and investing in employee upskilling are important for growth in a volatile market. Related to this episode: Jason Pinson | LinkedIn Rocktop Technologies HousingWire's AI Summit HousingWire | YouTube Enjoy the episode! The Power House podcast is a show about leadership, markets and entrepreneurship in the housing industry. Each Thursday, Clayton Collins speaks with CEOs and founders from the mortgage and real estate sector to reveal how housing executives think about business growth, operational strategy, and leadership. The Power House podcast reveals the full picture through the stories of the industry's most impactful leaders. Clayton Collins is the CEO of HousingWire, and the Power House podcast is produced by HousingWire's Content Studio. Initially launched in 2019 as the Housing News podcast, the show was relaunched as Power House in 2024. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Hospitality Hangout, Michael Schatzberg, “The Restaurant Guy,” and Jimmy Frischling, “The Finance Guy,” sit down with second-time guest Sam Bakhshandehpour, CEO of José Andrés Group.Sam started his career as a financial analyst, working with major banks such as Deutsche Bank, JP Morgan, UBS, and Bear Stearns, and has a background in real estate. He transitioned into the hospitality industry, starting with the SLS Hotel and later partnering with José Andrés through Silverstone and the Bazaar brand. His experience includes successfully integrating nightlife, dining, and hotel services to create a comprehensive guest experience. By combining his financial expertise, hospitality experience, and strategic vision, Sam has successfully guided the José Andrés Group to new heights, ensuring the brand's continued growth and excellence in the industry.Key Takeaways:• Breaking News: The José Andrés Group (JAG) is expanding its presence in the hospitality industry.• The concept of "activating the whole hotel box" involves creating a holistic experience for guests, integrating lodging, dining, and entertainment. Sam emphasizes the "trifecta" for creating a successful hospitality experience. This model ensures guests have an all-encompassing experience, leading to higher guest satisfaction and increased revenue.• The Bazaar Hotel brand draws from the successful SLS Hotel concept, where the restaurant and hotel experiences are intertwined.• Sam mentions that implementing this model has led to one of the highest-grossing restaurants in Manhattan and top room rates in the city.• Impact on the Brand: Sam discusses the strategic expansion of José Andrés Group into the media space, leveraging content to drive engagement and business growth across their restaurants and products. The brand's storytelling capabilities create engaging and informative media that promote the brand's restaurants and products.• Is there potential for career growth in hospitality? The importance of mentorship and the value of diverse experiences within the industry.• José Andrés Group emphasizes purpose-driven work, exemplified by World Central Kitchen's humanitarian efforts.• Sam's principle that "hospitality is a responsibility" emphasizes treating guests with respect and ensuring they have a great experience, and the mutual efforts required from both staff and guests to create exceptional experiences.• Talking Back: The hosts discuss the importance of leadership, team culture, consistency, and strategic growth in maintaining quality as a restaurant brand expands globally.Enjoy the dynamic interaction between guest and hosts as Sam plays "What's Hot and Not," rating QR code ordering, virtual kitchens, and all-day breakfast, and other entertaining games like "Branded Quick Fire," "Name That Recipe," and "Trivia Tuesday."

In this episode of Hospitality Hangout, Michael Schatzberg, “The Restaurant Guy,” and Jimmy Frischling, “The Finance Guy,” sit down with second-time guest Sam Bakhshandehpour, CEO of José Andrés Group.Sam started his career as a financial analyst, working with major banks such as Deutsche Bank, JP Morgan, UBS, and Bear Stearns, and has a background in real estate. He transitioned into the hospitality industry, starting with the SLS Hotel and later partnering with José Andrés through Silverstone and the Bazaar brand. His experience includes successfully integrating nightlife, dining, and hotel services to create a comprehensive guest experience. By combining his financial expertise, hospitality experience, and strategic vision, Sam has successfully guided the José Andrés Group to new heights, ensuring the brand's continued growth and excellence in the industry.Key Takeaways:Breaking News: The José Andrés Group (JAG) is expanding its presence in the hospitality industry.The concept of "activating the whole hotel box" involves creating a holistic experience for guests, integrating lodging, dining, and entertainment. Sam emphasizes the "trifecta" for creating a successful hospitality experience. This model ensures guests have an all-encompassing experience, leading to higher guest satisfaction and increased revenue.The Bazaar Hotel brand draws from the successful SLS Hotel concept, where the restaurant and hotel experiences are intertwined.Sam mentions that implementing this model has led to one of the highest-grossing restaurants in Manhattan and top room rates in the city.Impact on the Brand: Sam discusses the strategic expansion of José Andrés Group into the media space, leveraging content to drive engagement and business growth across their restaurants and products. The brand's storytelling capabilities create engaging and informative media that promote the brand's restaurants and products.Is there potential for career growth in hospitality? The importance of mentorship and the value of diverse experiences within the industry.José Andrés Group emphasizes purpose-driven work, exemplified by World Central Kitchen's humanitarian efforts.Sam's principle that "hospitality is a responsibility" emphasizes treating guests with respect and ensuring they have a great experience, and the mutual efforts required from both staff and guests to create exceptional experiences.Talking Back: The hosts discuss the importance of leadership, team culture, consistency, and strategic growth in maintaining quality as a restaurant brand expands globally.Enjoy the dynamic interaction between guest and hosts as Sam plays "What's Hot and Not," rating QR code ordering, virtual kitchens, and all-day breakfast, and other entertaining games like "Branded Quick Fire," "Name That Recipe," and "Trivia Tuesday."

With a $70 million seed investment and a vision, Rodney Herenton and his co-founder Wendell Mackey launched Channing Capital Management.  This isn't your typical startup story.  This episode is a masterclass on differentiation, defying the odds, and the power of effective collaboration. Listen in as Rodney and Stacy discuss:  ●     The birth of Channing Capital Management: Two Harvard graduates team up and launch an investment firm●     How the demands of fatherhood pushed Rodney to innovate as a founder●     The unique strategy behind Channing's 20-year success as specialists in small- and mid-cap investments●     Channing's contrarian “best ideas” approach that delivers competitive, long-term results and high alpha  About Rodney Herenton Founder, Co-Chief Executive Officer, Chief Business Development & Strategy OfficerRodney co-founded Channing Capital Management in 2003 with Wendell E. Mackey, CFA. In the years leading up to this endeavor, he honed his wealth management skills as First Vice-President of the Private Fund Group at Morgan Keegan & Company, Inc. and in associate roles at Bear Stearns' Investment Banking Department and Lehman Brothers' Corporate Finance Department. Rodney received a B.A. in finance from Morehouse College (Phi Beta Kappa) and an M.B.A. from Harvard Business School. - - -Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital's exclusive membership

JEFFREY EPSTEIN WIKI INFO Jeffrey Edward Epstein (/ˈɛpstiːn/ EP-steen;[1] January 20, 1953 – August 10, 2019) was an American financier and sex offender.[2][3] Born and raised in New York City, Epstein began his professional life as a teacher at the Dalton School despite lacking a college degree. After his dismissal from the school in 1976, he entered the banking and finance sector, working at Bear Stearns in various roles before starting his own firm. Epstein cultivated an elite social circle and procured many women and children whom he and his associates sexually abused.

In this episode, we are joined by Debra Borchardt. Debra is the Co-Founder and Executive Editor of Green Market Report. She has covered the cannabis industry for several years at Forbes, Seeking Alpha, and TheStreet. Before becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University. Topics: 1. The Green Market Report Story 2. Open Source Insights & Analysis 3. Florida Update * Twitter - @TheCannabisRev2 * LinkedIn - @thecannabisreview * Episode Library - https://www.thecannabisreview.ie + https://www.greenmarketreport.com/

Nicholas Weiksner is the CEO and Founding Partner of South Col, an accelerator fund partnering with e-commerce brands to maximize sale value. With experience in venture capital and private equity, his skills include finance, negotiation, business planning, and mergers and acquisitions. Before South Col, Nicholas served as the CFO for SellersFunding, a global fintech company, and worked as an Investment Banker for Thomas Weisel Partners and Bear Stearns. He also held operational roles at fast-growing tech companies and for the San Francisco 49ers, where he managed sales for their $1.2 billion stadium. In this episode… Many people with eCommerce companies that reach the $10-30 million mark consider selling or exiting. This can be a valuable opportunity for founders looking to kickstart their next endeavors. What should you know about getting acquired, and how can you position your business as an attractive option to potential buyers? eCommerce M&A facilitator Nicholas Weiksner maintains that your numbers are the most valuable aspect of your business. While finances and accounting aren't sexy, you must gain visibility into each transaction and expense to identify inconsistencies and modify your processes. Eliminating products, services, or processes that stunt growth optimizes profitability for a sale. Additionally, potential buyers evaluate your multiples, so by aligning your metrics with current market trends, you can increase them. This may involve accelerating customer engagement tactics to drive additional sales, developing models like subscriptions to generate recurring revenue, or expanding your top-line products. Aside from knowing your numbers, Nicholas encourages founders to establish a few objectives and focus solely on accomplishing them to advance acquisition prospects. Join William Harris in today's episode of the Up Arrow Podcast as he invites Nicholas Weiksner, the CEO and Founding Partner of South Col, to speak about preparing your e-commerce brand for an acquisition. Nicholas talks about forecasting your brand's future, his market projections for 2024, and how his friend happened to date Jerry Seinfeld.

Daniel Ibasco, President and CEO of Fortman Cline shares how they became a top M&A firm that helps companies scale their businesses. Daniel will share his illustrious career origins with stops being the Managing Director of Bank of Boston and Bear Stearns. He will also share what made him decide to create his own firm and scale Fortman Cline and facilitated over US$18 billion of transactions. Daniel also gives great insights on when companies look to acquire or prepare to be acquired.This episode is brought to you by Sprout Solutions, Shoppable, and DragonpayFor show notes, go to Hustleshare.comHustleshare is powered by PodmachineListen to our brand new podcast: Founders Only HEREDiamond Supporters: Sarisuki, PayMongo, SeekCap, Shoppable Business, Qapita, GoTyme Bank, Sprout Solutions Hosted on Acast. See acast.com/privacy for more information.

Alberto Gallo is Chief Investment Officer and Co-founder at Andromeda Capital Management. Prior to that, Alberto initiated and ran the Global Credit Opportunities fund at Algebris Investments. Previously, he ran macro credit research at RBS in London, and served in senior research roles at Goldman Sachs in New York, Bear Stearns in New York and London, and Merrill Lynch in London. In this podcast we discuss: the market being too focused on rate cuts, the importance of the new fiscal regime, inflation risks, and much more.    Charts mentioned can be found here: https://macrohive.com/wp-content/uploads/2024/02/Gallo-charts.pdf   Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

What do you say when someone asks you if you want to “be the guy?” On this month's episode of The Ramp Up, Scott McKay, Head of Blue Owl Liquid Credit, fills us in on what he said next and shares why long-lasting relationships and perseverance were key to his career thus far. About Scott Before joining Blue Owl, Scott was a Managing Director at Littlejohn & Co., a middle-market private equity fund based in Greenwich. Scott began his career as an Investment Banking Associate at Bear Stearns & Co. in the Leverage Finance Group. Prior to beginning his finance career, Scott served in the United States Air Force as an acquisition officer and was honorably discharged at the rank of Captain. Scott received his BS in Management from the United States Air Force Academy and MBA from the University of Southern California.

Catherine Gray, the host of Invest In Her, interviews Jennifer Jeronimo who is the CEO of Gaingels, an LGBTQIA+/Allied private investment syndicate, and one of the largest and most active private investors dedicated to supporting diversity and inclusion within the venture capital ecosystem. Jennifer has over 20 years of experience in finance and banking working at large institutions such as Credit Suisse, Bear Stearns, and JP Morgan earning the coveted position of Executive Director. She has a wide array of local and global experience, servicing institutional and hedge fund clients by running the collateral management, pricing, portfolio accounting, and restricted securities departments. Jennifer was also integral in helping JP Morgan lift the consent order by working in the Compliance Operations organization. Some of her more notable accomplishments include building a KYC organization in India across all the lines of business at JP Morgan, leading the global roll-out of the transaction monitoring system, creating and implementing operational efficiencies for each organization saving millions of dollars a year, and reducing friction for clients. A passionate advocate for underrepresented leaders, innovators, and founders, she is dedicated to growing the businesses and careers of the leaders of tomorrow. Jennifer is also an award-winning athlete and a proud mother residing in New York City. www.sheangelinvestors.com  https://gaingels.com/  

Billy is the founder and Managing Partner of Pearl Energy Investments and manages the firm. He currently sits on the board of most Pearl portfolio companies including Permian Resources, SLANT Energy, Infinity Natural Resources, and Spring Valley Acquisition Corp. Before founding Pearl, Billy served as Co-Managing Partner of Natural Gas Partners (NGP) for almost 20 years. As Managing Partner, he co-managed NGP's investment portfolio and played an active role in the full range of NGP's investment process. In addition, Billy gained valuable investment experience working for Rainwater, Inc. and Hicks, Muse, Tate and Furst, Inc. He also worked as an analyst in the investment banking divisions of Bear Stearns & Co. and BT Securities Corporation. On this episode, Chris and Billy discuss: Running due diligence on a fund and operator Predicting the potential success of a company you acquire How to be a great capital partner How the industry has changed over 30 years The future for PE-backed Oil and Gas companies Fundraising, hiring, and building relationships We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Links Pearl Energy Investments Billy on LinkedIn Topics (00:00:00) - Intro (00:02:46) - Billy's career in Oil and Gas PE (00:10:01) - Finding equilibrium in owning oil and buying oil (00:13:21) - Running due diligence on a fund and an operator (00:19:05) - Backing Permian Resources (00:24:05) - The importance of being close to the asset you operate (00:25:12) - How can you predict the potential success of a company you acquire? (00:29:10) - How to know you're being a good partner (00:33:02) - Experiences during Covid (00:40:22) - Leaving NGP and forming Pearl (00:49:38) - How has the industry changed over 30 years (00:54:00) - What's the best price for oil? (00:54:59) - Consolidation in the industry (00:56:43) - The Future for PE-backed Oil and Gas Companies (00:59:20) - Is capital coming back into the industry? (01:04:13) - What's your strategy around fundraising? (01:13:08) - How do you think about hiring and relationships? (01:14:34) - Billy's love for MMA Support our Sponsors Relay Human Cloud: https://bit.ly/3sjQcaY Fort Capital: https://bit.ly/FortCapital Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ Chris on Social Media: X: https://bit.ly/3BYIjcH LinkedIn: https://bit.ly/45gIkFd   Watch The Fort on YouTube: https://bit.ly/3oynxNX Visit our website: https://bit.ly/43SOvys Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO  The FORT is produced by Johnny Podcasts

In 2023, I released about 160 My Worst Investment Ever podcast episodes, and this is a list of some of my and my listeners' favorites. I have also created a free “Top 27 from 2023” playlist where you can listen to and view this curated list for free. Just go to My Worst Investment Ever dot com and click the button that says, “Top 27 from 2023.” Since starting this podcast, I have published 760 episodes and look forward to continuing this journey in 2024! I welcome you on my journey “to help 1,000,000 people reduce risk in their lives.”27. Ep738: Neil Johnson – Take the Profit When You CanBIO: Neil Johnson is a renowned finance expert with over 30 years of experience in investment banking, merchant banking, and research analysis in Canadian and UK capital markets. He is the Executive Director and CEO of Duke Royalty, a $300 million alternative finance investment company listed on the London Stock Exchange.STORY: Neil invested in an internet company building website templates when the internet started. The company filed to go public, but the financiers kept delaying the process and never went public. Six months later, the company went to zero. Neil lost his entire investment.LEARNING: Take the profit when you can. Take some money out and play with the rest. Do your due diligence. “Try not to be overly greedy. There's something about leaving a little on the table for someone else.” 26. Ep658: Jeroen Blokland – Know the Actual Business Outlook Before InvestingBIO: Jeroen Blokland is a multi-asset investor with a long-term track record. He worked at Dutch investment bank, Robeco for almost 20 and now runs his independent investment research company, True Insights. Find him on Twitter.STORY: Jeroen's first investment was in a Dutch company selling PCs. He barely did any research or due diligence. The company reported a loss of $27 million in the same year Jeroen invested. It later went bankrupt, leaving him with a massive loss.LEARNING: Know the actual outlook of a company before investing. Diversify your portfolio. “90% of the investing population doesn't know the actual outlook of a company.” 25. Ep674: Jesse Felder – Don't Rationalize a Lousy TradeBIO: Jesse Felder started his career at Bear Stearns and co-founded a multi-billion-dollar hedge fund firm. He left Wall Street to focus on The Felder Report and hosts the Superinvestors podcast. Find him on

Luis Massiani's remarkable journey is a symphony of diverse experiences, unwavering determination, and a strong foundation that laid the groundwork for his ascent in the world of finance.   Born in Caracas, Venezuela, his childhood was a fusion of cultures and languages, woven together by his formative years oscillating between his South American homeland and Walton Beach, Florida. This multicultural upbringing not only broadened his worldview but also nurtured adaptability and a global outlook—traits that would later become pillars of his success.   Raised in a bilingual household, Luis wasn't just a product of two locations; he embodied two cultures. The influence of his South American heritage, deeply ingrained by his family, instilled values of unity, respect, and community. This cultural duality exposed him to a broad spectrum of experiences, equipping him with a unique perspective that would prove invaluable in his future endeavors.   Luis's formal education spanned both Venezuela and the United States, but his time at Valley Forge Military Academy was pivotal in his journey. Here, he honed his discipline, leadership skills, and a commitment to excellence that would serve him well in the corporate world.   Luis embarked on his professional odyssey, threading through strategic moves and pivotal roles. His journey wasn't one of instant triumphs but a gradual ascent marked by hard-earned lessons. From his tenure at Bear Stearns, where he cut his teeth in the intricacies of investment banking, to stepping into leadership positions at Provident New York Bank Corp. and Sterling Bank, each chapter shaped his trajectory. His impact extended beyond mere transactions—Luis played a hands-on role in building financial models and evolved into orchestrating strategic oversight to ensure resource optimization. Luis's perspective on challenges sets him apart. Rather than perceiving regulatory shifts as obstacles, he views them as opportunities to innovate. As President of Webster Bank and COO of Webster Financial Corporation, he pioneered the integration of technology to elevate operations. Concepts like artificial intelligence, machine learning, and predictive analytics weren't just buzzwords—they were tools to enhance scalability, efficiency, and competitive advantage.   Throughout his career, Luis's perspective on the banking industry remained forward-looking. He understood the cyclical nature of financial services and the challenges posed by increased regulations and capital requirements. Rather than being deterred by these challenges, he viewed them as opportunities to leverage technology and innovation. Luis recognized that technology wasn't just about cutting costs but about enabling scalability and creating a competitive edge, ultimately propelling his organization to new heights.   People, relationships, adaptability—Luis's journey centers around these. His ability to connect with individuals, foster collaboration, and lead through uncertain terrain has been central to his accomplishments. From his willingness to ask questions until he truly understands to his commitment to maintaining a relatable and approachable demeanor, Luis's journey is a testament to the power of curiosity, determination, and building trust. Get ready to be inspired by a narrative that defies the myth of overnight success and redefines the true essence of achievement. His life's journey underscores that achievement isn't about quick sprints but rather a collection of deliberate steps influenced by adaptability, discipline, and an unwavering determination to ascend the ladder of success. Don't miss out on this captivating episode!

Today's guest is Salvatore Buscemi.   Salvatore is currently serving as the CEO and Co-Founding Partner of HRN, LLC, a private multi-family investment office, Salvatore Buscemi has demonstrated a keen eye for successful investment strategies. He started his career at Goldman Sachs.   Show summary: In this podcast episode, Salvatore discusses the importance of networking and building meaningful relationships, especially in the investment industry. He shares his journey from considering medical school to raising $30 million for a fund at 29, and his ventures into life sciences and commercial real estate. Buscemi emphasizes the need for genuine interaction and understanding investors' preferences. He also discusses his upcoming book, "Investing Legacy: How the 0001% Invest," which offers insights into the current state of investments.   -------------------------------------------------------------- The importance of networking (00:00:00)   Salvatore Buscemi's background and career journey (00:00:53)   Investing in defaulted loans and impact-driven investments (00:02:38)   Networking and Building Relationships (00:09:29)   Being Busy vs. Being Meaningful (00:10:11)   The Law of Reciprocity (00:15:52)   Importance of building relationships with investors (00:18:20)   Helping investors by saying no (00:19:06)   Introduction to the book "Investing Legacy" (00:20:44) -------------------------------------------------------------- Connect with Salvatore: Twitter: https://twitter.com/SMBuscemi   Instagram: https://www.instagram.com/salvatorembuscemi/   Facebook: https://www.facebook.com/salvatore.buscemi.589   Amazon: https://www.amazon.com/stores/Salvatore-M.-Buscemi/author/B00O5IHPTC?ref=ap_rdr&store_ref=ap_rdr&isDramIntegrated=true&shoppingPortalEnabled=true   LinkedIn: https://www.linkedin.com/in/salvatore-buscemi/   Book: https://www.investinglegacy.com/book   Connect with Sam: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook: https://www.facebook.com/HowtoscaleCRE/ LinkedIn: https://www.linkedin.com/in/samwilsonhowtoscalecre/ Email me → sam@brickeninvestmentgroup.com   SUBSCRIBE and LEAVE A RATING. Listen to How To Scale Commercial Real Estate Investing with Sam Wilson Apple Podcasts: https://podcasts.apple.com/us/podcast/how-to-scale-commercial-real-estate/id1539979234 Spotify: https://open.spotify.com/show/4m0NWYzSvznEIjRBFtCgEL?si=e10d8e039b99475f -------------------------------------------------------------- Want to read the full show notes of the episode? Check it out below: Salvatore Buscemi (00:00:00) - Your network is so important. It really is. And and the most extreme example of this is when somebody loses their job, they don't have a network. So they're groveling to all their friends. Right. And so, you know, there's no excuse for that today especially in LinkedIn. You have to treat your you know, you have to treat people like friends. You know, like really. And I think that there's been too much of an institutionalization that's been normalized now where, you know, coming after the pandemic, a lot of people are they're looking for that warmth and that intricate connectivity.   Intro (00:00:26) - Welcome to the how to Scale commercial real Estate show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big.   Sam Wilson (00:00:39) - Salvatore Buscemi is currently serving as the CEO and co-founding partner of Hrn, LLC. They are a private multifamily investment office, and he has demonstrated a keen eye for successful investment strategies. Sal, welcome to the show.   Salvatore Buscemi (00:00:53) - Sam, it's a pleasure and privilege.   Salvatore Buscemi (00:00:55) - Thank you.   Sam Wilson (00:00:56) - Absolutely. The pleasure is truly mine. Sal, there are three questions I ask every guest who comes on the show in 90s or less. Can you tell me where did you start? Where are you now? And how did you get there?   Salvatore Buscemi (00:01:06) - I started out after college not wanting to go to medical school because I passed out holding a tibia in the cadaver room, and I wound up networking because of the work I did for that doctor before I passed out. He had introduced me to his brother, who had just made partner at a firm that I would later work at called Goldman Sachs. At the age of 29, I left and raised $30 million institutionally from a Park Avenue investment manager. I was young, I was looking back. I was very driven. But there was an opportunity with Bear Stearns that collapsed, that was able to utilize my skills and network to be able to put together a $30 million fund institutionally, which a lot of people don't do unless you have that Wall Street pedigree.   Salvatore Buscemi (00:01:46) - And we had a lot of fun. The market's changed in about ten years ago. I started because of some of the families that I've worked with. They we went into like sciences because I was introduced to two partners of mine that have very illustrative careers in life sciences, managing money for the Rockefellers at the age of 26, 6 billion for them. And, you know, it's the same for Texas State Pension Teachers Pension Fund two as it related to the life sciences. So the deal flow that was coming in is great. And we built a whole consortium around that because a lot of people want to a lot of people have discretionary income and not only looking to place it into things like real estate, but also the other things that are a little more impact driven.   Sam Wilson (00:02:29) - That is a wild ride. Let's go back to the 30 million you raised right out of the gate on your own. What was that into?   Salvatore Buscemi (00:02:38) - That was into it was. It was interesting. It was sort of like the Big Short, but not really.   Salvatore Buscemi (00:02:42) - We were buying whole loans, right? Where if you look at the Big Short, they were looking at buying, you know, they were creating synthetics and then they were shorting them or trading them. So we were basically the kitchen sink for Bear Stearns. A lot of the stuff that came through, and this is during 2008. Now, a lot of people time thought that you couldn't short the housing market. Well, movies and books have been written to show otherwise, but it was really me connecting with someone who was a little older than me, but could see the fire in my eyes. I guess enough so that, you know, we were we put together this, you know, this, this, this fund that we were able to buy a lot of defaulted assets from Bear Stearns and some other banks that were going out of business.   Sam Wilson (00:03:21) - Got it. And what what did you do with them? So you bought all these defaulted loans and then what?   Salvatore Buscemi (00:03:25) - We bought low and sold just a little higher.   Salvatore Buscemi (00:03:28) - So what we were able to do is that we were able to clear title on these, the ones that we were going through the whole foreclosure process and then just selling them off to rehabs. Right. And they had as long as, you know, and the key to make it that really made that work, Sam, was to make sure you understood the metrics that they wanted as far as a profitability. And then this way that would affect your investment basis. So if, you know, these guys had to have a margin of like, I'm just saying 35%, for example, it makes it a lot easier for you to go into these deals knowing exactly what these guys want. And it was high velocity and we were able to do that. And then later I did it out in Las Vegas, too, with with commercial real estate, with private lenders. And I actually wrote my first book after that called Making the Yield, because a lot of people didn't know what hard money lending was, or private lending.   Salvatore Buscemi (00:04:09) - If you go to making the yield, you know you can get a copy. But and then after that, I wrote another book on fundraising because that was important to as well. People wanted to know, well what was the right way of doing this. And raising real money was actually came out about a year after that.   Sam Wilson (00:04:23) - What are so you've done a lot. Let's just start there. I hear, I hear, I hear the last 20 years and I go.   Salvatore Buscemi (00:04:29) - I like to say busy. I like to say busy.   Sam Wilson (00:04:32) - You've been busy. Okay. And it sounds like it's busy by choice. What drives you today to keep doing what you're doing? Like what's a what's a key motivator for you?   Salvatore Buscemi (00:04:43) - So we're not we haven't really done much in real estate. We do have 166,000 square foot Class-A industrial building we did in 2020, which has been performing very, very well because it's logistics and, you know, warehouse, light warehouse. But what gets me out of more out of bed in the morning right now is the impact that I've made.   Salvatore Buscemi (00:05:01) - And the track record that's starting, especially from this year. We've seen a lot of our, again, life science companies make a lot of improvements and strides as it relates to getting FDA approval for artificial defibrillator devices that every mother now will carry in her purse. Right. You can charge it with your iPhone. That is a big deal. And that came out in February. We also have a few other things that are happening to where people were. The ability to to really impact humanity is great to a lot of these wealthier families. And the ones that I'm talking about are over $100 million in net worth. They they're not looking for an extra zero, really. They're looking for that impact. They're looking for the bragging rights to go along with something. And we've been involved in a lot of deals right now where even outside of life sciences, we've had a tremendous impact on society. If you think about it, there's 260 million soccer players worldwide. We invested into a company alongside another large family called AI.   Salvatore Buscemi (00:05:53) - Scout. And Scout is a preeminent recruiting tool, and you'll hear some announcements, but they've already been chosen for Chelsea Football Club and a lot of the other Premier League sports, Premier League football teams in Europe, to be used for recruiting. And, you know, the impact that that is made is that in a town in East India where there's only one cell phone for 45 people, one kid was able to get recruited to Burnley, I think. So these are premier soccer clubs that are doing a lot of recruitment and the impact and the democratization of people through technology to be able to improve their lives is something that, you know, really, really draws to me. You know, it's like somewhere I don't have any kids and I'm not married, but at some point you got to look back and see who did you help, you know, what did you really do? And I think most people look at it from the altruistic standpoint where, you know, but look, I like to think big and I like to be alongside people who think just as big as I do to get into opportunities and to and to really communicate the strategy in a way where everybody can get their their hearts and minds around it.   Sam Wilson (00:06:50) - That is amazing. What do you do to put yourself in? Maybe at this point it just it's just the network that you've built. But how do you put yourself in front of these types of opportunities? Because those are pretty nuanced.   Salvatore Buscemi (00:07:04) - They you know, these are not my rule of thumb is the wider an opportunity is made available, the less valuable it is. Think about it. Everybody during the cryptocurrency days, do you buy Bitcoin? Why not everybody sneaking into your, you know, your DMs? I suppose it's a function of your network, but mostly your reputation. If I do not do what I was supposed to be doing with this one company, I would not have been invited to invest in space actually this past August. Right. And so that was an opportunity where I had to move fast. People could depend on me that we could move fast to do this. And we come to the table with money. So I think it's more or less a reputation, whereas people are looking for that certainty of execution, that you're actually going to write a check, you're going to do what you say you're going to do.   Salvatore Buscemi (00:07:44) - You are who you say you're going to do. And it's backed up by pedigree, too, as we talked about. And that gives people the creature comfort to say, hey, let's let Sal into this consortium. Let's let you know. Let's let them have a look. Now, that doesn't mean I'm going to invest. Don't get me wrong. I mean, I get invited to things all the time, but even more so than that, what I like to do is I like to keep the networking on a very high level and a very active level. Tonight I'm invited to three things I don't want to, you know, cigars and cognac mean I'm just going to meet with a bunch of people real quick. You know, it's like a gathering here in Miami. But, you know, if I meet one person of consequence or somebody who I can help, it's worth it, right? And it's just a short walk. And it's a very cool day in Miami today. So it's not like I'm going to be sweating on the way over there.   Salvatore Buscemi (00:08:25) - There's other events too. And I moved to Miami because and this is something I want your listeners to really understand. Your network is so important. It really is. And and the most extreme example of this is when somebody loses their job, they don't have a network. So they're groveling to all their friends. Right. And so, you know, there's no excuse for that today, especially in LinkedIn. You have to treat your you know, you have to treat people like friends. You know, like really. And I think that there's been too much of an institutionalization that's been normalized now where, you know, coming after the pandemic, a lot of people are they're looking for that warmth and that intricate connectivity. And, you know, that's a whole other, you know, a whole other conversation we can have on that.   Sam Wilson (00:09:01) - Right? No, I think that's great. That's absolutely great. Yeah. I mean, I'm reading here on your website or on your website, actually on your LinkedIn profile view or profile, it says, you know, you guys are multifamily office Advisor and you put a bunch of things in there.   Sam Wilson (00:09:13) - And one of the one of the phrases I think that was unique was it says in other, not unique because you actually use the word in it, but was catching was in other unique invitation only opportunities. And so I started thinking about like, okay, so what is Sal doing to get one of those unique invitation only opportunities?   Salvatore Buscemi (00:09:29) - Yeah. You're networking. You're always out there. And for people at home who don't live in Miami or New York City, where I'm from, you have zoom today. There's it's there are people I know who open up their calendars just so they can sleep. You know, where they're meeting with people all over the world. It sounds kind of crazy. And there are people who are eccentric who do that. You don't have to go that crazy. But it would be great if you could meet some people over zoom just to, you know, to continue to build a network meaningfully, not just clicking and accept and, you know, people will forget and also be interactive.   Salvatore Buscemi (00:09:58) - I'm always interactive on people. Whenever I'm on a on a podcast, I always repost it. I always talk about the good things that are going on. I talk about a lot of things that are going on, but that interactivity is more important not just on LinkedIn, but also through email as well.   Sam Wilson (00:10:11) - Right? Absolutely. Let's let's talk about the something that we mentioned here in the beginning of the show. I said, you've done a lot, and you said, I like to define it as busy. How do you make sure that you're busy is also meaningful?   Salvatore Buscemi (00:10:26) - I have two that's a very good point. And you have to look at it and find out what's the highest and best use of your time and how do you leverage that activity. So I like to first of all, number one. Today. We live in a digital age, right. And so you have to continue to attract attention, whether you're me, whether you're someone else or the worst case scenario, politicians, they're constantly attracting attention.   Salvatore Buscemi (00:10:49) - Right. Because attention is the new oil. And, you know, there's there's there's a lot to be said for that. So what I do is the highest and best use of my time are two things. Number one, creating content to post on LinkedIn I like LinkedIn. Twitter for me is like a nice site. Like every time I post something, somebody, you know, I think people are drunk on Twitter, to be honest with you. I just don't understand it. But it's, you know, it has it serves this purpose as far as democratizing the voice. The second thing, too, is that I'm always talking to investors, whether they're current or new. That's the highest and best use of time, current or new. And I'm being very careful about what they're telling me. If it's a new investor, what do they like to invest in? What don't they like to invest into? Sometimes they like investing in stuff we won't touch. That's fine. We can still be friends. But he's not going to get my email distributions maybe.   Salvatore Buscemi (00:11:37) - Right. So I mean it's it's you just have to be meaningful and thoughtful about it because there's just so much noise out there today. And if you really are looking to build those relationships and you're sending out the emails and you're continuing to do things that really set you apart from everyone else, you're going to start to build a brand for yourself. And your brand really is your promise. When you think nobody tells you that they all have these great. You know, if you ask Madison Avenue what a brand was, they say it's a nice logo. And I've been down these road. I know exactly what it looks like, but at the end of the day, people are investing in you in a brand first before they invest in any sort of entity.   Sam Wilson (00:12:10) - Yeah, absolutely, absolutely. And we talked about that a little bit before we started hitting record, which as you said, that we've moved into this transactional sort of capital raising environment where people have lost that relationship edge. How again, you know, maybe I'll just ask the question again, maybe in a different way, but how do how do you.   Sam Wilson (00:12:30) - That's a lot of high touch. I'll just say that in raising capital, in maintaining those relationships, how do you do that in a way that is scalable?   Salvatore Buscemi (00:12:39) - Yeah. Um. Today, I think less is more. When I moved to Miami a year ago, it was off of the. It was still during the tech hype and ether and a lot of people around the tech ether. And then Silicon Valley bank happened. Right. What happened is, is that everybody who I'd meet would be a founder, and it would scare me because they come and they'd have their iPad underneath their arm. And I'm like, oh, no, I'm going to be pitched like, this is terrible. I have to sit through this guy's PowerPoint. And what I think happened is, and you could actually maybe chalk it up to the, to the Bitcoin era when that was supercharged was that people became very transactional. And when you're dealing with people, you know, if you're selling something like a book or, you know, even a car, you know, it's very transactional.   Salvatore Buscemi (00:13:26) - You don't really have a relationship with your used car salesman, right? However, when it comes to getting money from people, people will never give you their money without first giving you their time. They want to get to know you. And this is something that goes back to biblical times that, you know, getting someone to part with their treasure for a higher calling is probably the highest calling is in sales. When you think about it, you know, funding. Look at what we're doing now raising money, bundling for politicians, war companies, whatever. There's a lot of power there. And that's the highest and best skill set you could have is not necessarily being a sales person, but being very social and being, you know, and building that network and really enjoying it. If you don't enjoy it, that's fine. Find someone who does, you know, maybe online, you can help to do that. You know, with I, I'm sure there's going to be all sorts of gimmickry that's going to be coming out with that.   Salvatore Buscemi (00:14:17) - However, you got to make an effort. And I think, you know, for me, if I make, you know, if I'm on the phone, I like meeting new people. I get introductions all the time because they do what I say I'm going to do. If you make an introduction to someone, I'm going to be there two minutes early before the zoom to make sure everything works, just to make sure you don't look like an idiot. Even if this guy doesn't do a, you know, even if this guy and I, you know, never do business together or anything like that, it's a function of your reputation. And people today, I don't think they really they don't value their reputation as much as they used to. I think they're hiding behind, you know, the pixelation of what they want the world to see as far as their Instagram and their social media. But the transactional nature has only accelerated. But in order to counter that, you have to go in the other direction.   Salvatore Buscemi (00:15:00) - And when everybody zigs, you should probably zag. And that's just fundamental for all humans. I mean, nobody goes to the movie theater to read numbers. They all get there to be entertained and hear a story, become a storyteller. People really like that. But it will also help you build your network. And then when the time comes where you need to make and ask for that network and you hold off as long as possible, then you're going to be pleasantly surprised.   Sam Wilson (00:15:22) - Hold off as long as possible.   Salvatore Buscemi (00:15:24) - Yeah, I think a lot of people are saying, oh, I just met this person. I want to know they're going to write a check. Well, they don't know you. They barely know your company. You can't even communicate your company correctly. It's too technical, it's too deep, it's too granular. It's confusing people. Why don't you build a relationship with this guy first, to see if this is something he's really into, rather than just treating like an ATM. And for me, it's the more value you give someone first, the better off in the position you are.   Salvatore Buscemi (00:15:52) - It's the law of reciprocal reciprocation, reciprocity. And that's really what people are motivated people today. You know, it's like I send you a copy of my book, right? I mean, thank you for having me on your podcast. But, you know, like there's reciprocity there, right? I mean, the cost a little money. Yes, I autograph it, but it's something you'll always remember. And for those of you who are looking to raise money, starting out writing a book could probably be the best thing you could ever do.   Sam Wilson (00:16:15) - That's interesting, I love that. That's a great that's a great tidbit. And it is. You're right. I mean, I'll be honest. I don't know what I've got episodes wise. And again, I'm not toot my own horn here, but maybe 870 some odd episodes at this point. And wow. Yeah, I remember every guest who has sent me a copy of their book. Yes. And that's I mean, that's a lot. Maybe. I mean, not a lot.   Sam Wilson (00:16:37) - Not not a lot that I remember, but it's like, you know, there's probably five people maybe of that 870 that sent me a copy of the book, and I can probably name them all off to you. I'm like, oh, they did. Yeah, they did, they did, they didn't, they did. Yeah. And there's a lot of episodes unfortunately, because this is quick, it's a 30 minute show. Not even it's a 20 minute interview, a 30 minute at most, where you and I might interact and remember those people and go like, well, are they hundred and 70? I can name off the top five. That's that's pretty powerful. So I love that law of reciprocity. I hadn't even really thought about that until right now.   Salvatore Buscemi (00:17:03) - Imagine bringing a book to an investment conference. And just I mean, I come with a bag and I just with a Sharpie, and I'll just sit there and, you know, if it's someone of consequence, I want to get to know instead of giving them a business card, which everybody's going to forget or nobody really understands, you have a book here and you're like, hey, you know, and somebody else notices it, what are you reading? And then it just goes around, and then people wind up buying it for their friends, and, you know, it becomes a good Christmas gift, right?   Sam Wilson (00:17:27) - Oh that's cool.   Sam Wilson (00:17:28) - That's very, very cool. And I think this is one of the things we really want to talk about on the show today was raising capital in a in a difficult capital raising environment. It sounds like that's one of the tools that really you're using to help raise capital.   Salvatore Buscemi (00:17:40) - Right now it is you know, a lot of people have come to me and they've asked and they, you know, a lot of the things that we've covered. But I think there's also some sort of people forget that. Especially new founders. We don't invest in new founders because there's a level of immaturity there that we don't, you know, they just don't have the experience. But we don't invest in new founders for several reasons, because they're, you know, they're still learning the ways and they don't have the network to get out of trouble if they, you know, should get caught into any sort of financial trouble or if they need something. Um, we I always send emails out. We interactivity is the new currency today.   Salvatore Buscemi (00:18:20) - And if you are not interacting with your investors on a regular basis, only when you're asking for money, giving them bad news, or giving them a tax bill, you're really you're not you're not doing this business correctly. Everybody today, as I said before, you are your own brand. And if you're raising capital, I don't care if it's sort of like science company. I don't care what it's for. You need to make sure that you have that connection more than just once with those investors, and you treat them like real friends. To take it a step further, you know, as I was joking around with all these founders, with their iPad underneath their arms, they were all looking for marriage on the first date. And that's creepy, right? Because when you think about it, when you're raising capital from someone, it is a marriage, right? Mean it is a marriage. You're with these people. There's an exchange of money, right? There's, you know, there is a contract there.   Salvatore Buscemi (00:19:06) - And a lot of people don't think about it that way. They just think of their investors as just being, like, needy or annoying or not. But I always make sure that I'm of service first. There are people who call me, they'll send something to me, I know I won't, I won't like at all, but I just have to be the no man to tell them no. Does that make sense? Yeah, that'd be like, look, I know this isn't for you, but can you do me a favor? Um, can you look at this? It's for my brother in law. I don't really respect him. I'm just giving you the cliff notes, you know? And he's never been successful with anything. Can you just give me a reason not to invest in this? So I just write five reasons, you know, and then, like, okay. Thank you. Right. But I'm serving them, you know, I'm helping them and that's that's important. Right. And that's, that's the most important part of it is you want to make sure that you're helping them.   Salvatore Buscemi (00:19:51) - I've helped people read their college essays, you know, rewrite their college essays sometimes, um, and I've helped, you know, I've done some consulting for families, too, who are looking to build their own family office and their own investment platforms using, you know, specialized SPV structures, fund structures, joint venture structures. And it's worked out really well. But it all comes down to one thing. If you are not building relationships actively with investors, you're not going anywhere. There's always going to be deals there. There's always going to be something there. And the last thing you want to do is go groveling to an investor when you have a great deal, when you don't have any sort of reputation with them or any sort of really relationship with them, or track record. Really.   Sam Wilson (00:20:29) - Right. Oh, that's that's great. That's absolutely golden. Sal, thank you for taking the time here to come on the show today. Absolutely. Last question I have for you. You've got a new book coming out.   Sam Wilson (00:20:38) - I know you mentioned it there briefly, but just so we make sure we capture this here on the show. What's the title of it and where do we find it?   Salvatore Buscemi (00:20:44) - Investing legacy how the 0.001% invest. This is all the sacred lambs that I've taken and it's slaughtered using and corroborating ex bosses at Goldman Sachs. And you know, even a Rockefeller that I sit on a board with, with a with a genius biotechnology in Boston. This is really how the bias is today. And as you're starting to see the bifurcation, unfortunately, in the country of wealth where there's no middle class, it's just a richer getting richer and the poor are getting poorer. This is what people are really gravitating into. And there's really no mention of ETFs, but it talks about more or less the status of investments, like, you know, owning a professional sports team or being the guy that all your friends behind your back say, oh, I know the guy that owns that office tower over there. That's really what it is.   Salvatore Buscemi (00:21:28) - And anyone who's raising money, it would be a good fundamental insight into the psyche of how and what drives a lot of these people, because not all of them look like Warren Buffett and eat, you know, drink, you know, cherry Cokes and eat cheeseburgers. There's five different avatars I talk about in the book, and each one of them have different motivations. And I highly recommend to get the autograph version you go to investing Legacy.com forward slash book. That's investing Legacy.com forward slash book. It also is available on audible as narrated by author myself, so you can check it out there. Investing Legacy.com forward slash book. And yeah, people who buy the book will be automatically onboarded into our multifamily office platform so that you can actually see how we interact with our investors. So we'll treat you as an investor even if you're not one. Does that make sense?   Sam Wilson (00:22:16) - That's awesome. Sal, thank you very much for sharing that with us. We'll make sure to include that there in the show notes. Thanks again for coming on today.   Sam Wilson (00:22:22) - I certainly appreciate it.   Salvatore Buscemi (00:22:24) - Thank you so much, Sam. Appreciate you.   Sam Wilson (00:22:26) - Hey, thanks for listening to the How to Scale Commercial Real Estate podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen. If you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories. So appreciate you listening. Thanks so much and hope to catch you on the next episode.

The global economy is facing unprecedented challenges and uncertainties, which has disrupted supply chains, boosted inflation, and strained fiscal and monetary policies.How can investors navigate this complex and volatile environment, and what are the implications for the bond market? Today, we chat about this and more with a very special guest!In this episode, Carson's Chief Market Strategist Ryan Detrick & VP, Global Macro Strategist Sonu Varghese speak with Daniel Ivascyn, Group Chief Investment Officer at PIMCO. They explore the current state of the economy, rising yields, and the future path of inflation. Dan also shares details about the role of PIMCO's advisory board and the value of bonds as diversifiers for stocks. Additionally, he talks about his experiences in the industry, his mentors, and his early experiences.They discuss: The main drivers behind the increase in yieldsWhy the economy has remained strong despite the aggressive actions of the Federal ReserveThe factors influencing nominal bond yieldsThe experience of taking over a large companyThe value in fixed income markets for long-term investorsThe role of bonds as a diversifier for stocksConcerns about companies with lower credit ratings facing challenges in borrowing and rolling over debtHis early struggles in trading markets and the mentorship he receivedWhy US treasuries are still considered a safe asset and how they can benefit from flight to quality flows during times of crisisAnd more!Connect with Ryan Detrick: LinkedIn: Ryan DetrickConnect with Sonu Varghese: LinkedIn: Sonu VargheseAbout our guest:Daniel Ivascyn is the Group Chief Investment Officer at PIMCO,and a managing director in the Newport Beach office [which office/company? Are we still talking PIMCO?]. He is lead portfolio manager for the firm's income, credit hedge fund, and mortgage opportunistic strategies, and is also a portfolio manager for total return strategies. He is a member of PIMCO's Executive Committee and a member of the Investment Committee. Morningstar named him Fixed-Income Fund Manager of the Year (U.S.) for 2013, and he was inducted into the Fixed Income Analysts Society Hall of Fame in 2019. Prior to joining PIMCO in 1998, he worked at Bear Stearns in the asset-backed securities group, as well as T. Rowe Price and Fidelity Investments. He has 33 years of investment experience and holds an MBA in analytic finance from the University of Chicago Graduate School of Business and a bachelor's degree in economics from Occidental College.

President Biden is headed to the Middle East. Former Supreme Allied Commander of Nato Admiral James Stavridis discusses the explicit and implicit politics at play in the Presidential trip to Israel and Jordan. Guggenheim Partners Executive Chair Alan Schwartz discusses his outlook for recession and the greatest risks to the American economy. The last CEO of Bear Stearns also explains his concern for the federal budget. Plus, Choice Hotels has offered a nearly $8B deal to take over Wyndham Hotels and Resorts, and Rep. Jim Jordan (R-Oh.) is hoping for a favorable vote in the still-leaderless House today. Other stories Squawk is watching: Bitcoin's bounce on a now-retracted CoinTelegraph report, and ‘remote work cities,' just a pandemic pipe dream.  Alan Schwartz - 10:02Adm. James Stavridis - 21:17 In this episode:Andrew Ross Sorkin, @andrewrsorkinBecky Quick, @BeckyQuickKatie Kramer, @Kramer_Katie

Today's episode is sponsored by BetterHelp.    Just before Netflix premiered its sensational docuseries “Bad Vegan,” Sarma Melngailis spoke exclusively with ALBC about all the shit she endured with culty conman Mr. So-called Fox. Go back and check out that episode for the grisly details and now foreboding hope that Netflix would shed light – not shade – on the confounding circumstances that led to the demise of Sarma's brand One Lucky Duck and her beloved restaurant Pure Food and Wine. If you didn't already know it, Pure Food and Wine was hip, sexy, nutritious, and delicious. It was raw vegan food with style in Gramercy Park. Manhattan where, on any given night, you could run into Janet Jackson, Bill Clinton, Stevie Wonder, or Alec Baldwin. It was the shit. Until it wasn't.    Netflix was ready.   Through all the pomp and circumstance, we at ALBC can't help but look into the dark side of cult survivor narratives turned entertainment. Now that the trauma-coaster of “Bad Vegan” has slowed, we thought it important to let Sarma set the record straight.    Check it out. NOTES:Sarma Melngailis is brilliant. She grew up in Newton, MA, graduated with two economics degrees including one from the Wharton School. She rocked the financial world at Bear Stearns and Bain Capital. And she dabbled in high-yield investment funds before realizing finance in late-stage capitalism fuckin sucks so she left to get a degree in feeding people from the French Culinary Institute. Thus began her life in the world of food. Upon discovering raw vegan food, she decided – with a partner – to open Pure Food and Wine; chronicled her transition from eating whatever/everything to eating only raw vegan food in Raw Food Real World; and then wrote Living Raw Food. Now, she lives in Harlem with her rescue dog, Leon. We love ‘em both dearly. You can find Sarma on Twitter, Instagram, and her own official website. Also…   Let it be known far and wide, loud and clear that…   The views and opinions expressed on A Little Bit Culty do not necessarily reflect the official policy or position of the podcast. Any content provided by our guests, bloggers, sponsors or authors are of their opinion and are not intended to malign any religion, group, club, organization, business individual, anyone or anything. Nobody's mad at you, just don't be a culty fuckwad.   Other Links: Check out our lovely sponsors Join ‘A Little Bit Culty' on Patreon Get poppin' fresh ALBC Swag Support the pod and smash this link Cult awareness and recovery resources   CREDITS: Executive Producers: Sarah Edmondson & Anthony Ames Production Partner: Citizens of Sound Producer: Will Retherford Co-Creator: Jess Tardy Senior Writer: Holly Zadra Theme Song: “Cultivated” by Jon Bryant co-written with Nygel Asselin  

Interview recorded - 10th of October, 2023On this episode of the WTFinance podcast I had the pleasure of welcoming back ​⁠​⁠​⁠ -  “The Robin Hood of Wall Street” and Founder of Traders Choice. During our conversation we spoke about the continued debt issue, what is happening with government bonds, why we are seeing a liquidity vacuum, the current system and more. I hope you enjoy!0:00 - Introduction1:04 - What are we currently seeing in the markets?5:16 - What is happening in the debt market?8:10 - What is happening in long duration government bonds?11:55 - Why is there a liquidity vacuum?15:45 - Will we see a changing system in the short term?18:40 - What will be the first to crack?21:10 - Crises to benefit assets?26:45 - Precious metals benefit when debt markets have issues28:10 - One message to takeaway from our conversation?Gregory Mannarino, also known as "The Robin Hood Of Wall Street," is an active/full time trader of the capital markets with a world-wide following.Born on July 22, 1965, he became interested in "Wall Street," like many others at the time, in 1987 after seeing the movie Wall Street with Michael Douglas. Around that time he was able to get an entry level position, then subsequently to the trading floor,  at the now defunct bank Bear Stearns, but within a relatively short time realized that working on Wall Street was not like the movies and moved on. He went on to get a medical degree and practiced medicine as a Physician Assistant beginning in 1996, now retired from practice. He also served in the United States Naval Reserve Medical Service Corps, having attained the rank of Lieutenant. Gregory even published a book on casino Blackjack strategies years later, and was banned from playing the game in Las Vegas casinos.Gregory Mannarino - YouTube - https://www.youtube.com/c/GregoryMannarinoTraders Choice - https://traderschoice.net/WTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Brought to you by the Founders Unfiltered podcast by A Junior VC - Unscripted conversations with Indian founders about their story and the process of building a company. Hosted by Aviral and Mazin. Join us as we talk to Nityanand Sharma, the Founder of Simpl about their story. Nitya finished his mechanical engineering in 2002 at Punjab Engineering College. Then, he went on to do an M.S. in Financial Mathematics and Finance at the University of Michigan. After that, he had jobs as a Structured Credit Trader at Bear Stearns & Co. and as a Vice President at Goldman Sachs in the Greater New York City area. Eventually, in May 2015, he started Simpl.

#DaveKranzler: Could Market Crash Drive #Gold & #Silver Lower? In recent weeks Dave Kranzler of Investment Research Dynamics has commented on the similarities he sees between the current financial markets and what we all witnessed back in 2008. Although in terms of the precious metals, back in 2008 there was a big selloff in both gold and silver following the JP Morgan takeover of Bear Stearns, before both metals recovered and would go on to spike to highs in 2011. So with bond prices plummeting, and increasing concerns in the credit markets, is it possible that gold and silver could experience a similar plunge this time around? In today's call we discuss that question, and look at the range of options that could occur as the financial pressure increases. Dave talks about what he's seeing in regards to the falling bond prices, and also the evidence of continued deterioration of the underlying economic fundamentals in the US economy. He talks about how he thinks the Fed will have to respond, and how that response may come sooner than most of the market is anticipating. So to find out more, click to watch this video now! - To get access to Dave's Mining Stock Journal and Short-Seller's Journal go to: https://investmentresearchdynamics.com/ To find out more about Silver Viper Minerals go to: https://silverviperminerals.com/ - To join our free email list and never miss a video click here: https://arcadiaeconomics.com/email-signup/ - To get on the waiting list for your very own ´Silver Chopper Ben´ sterling silver figurine click here: https://arcadiaeconomics.com/get-a-chopper-ben/ - To get your paperback or audio copy of The Big Silver Short go to: https://arcadiaeconomics.com/thebigsilvershort/ Find Arcadia Economics content on these sites: YouTube - https://www.youtube.com/user/ArcadiaEconomics Rumble - https://rumble.com/c/ArcadiaEconomics Bitchute - https://www.bitchute.com/channel/kgpeiwO1dhxX/ LBRY/Odysee - https://odysee.com/@ArcadiaEconomics:5 Listen to Arcadia Economics on your favorite Podcast platforms: Spotify - https://open.spotify.com/show/75OH2PpgUpriBA5mYf5kyY Apple - https://podcasts.apple.com/us/podcast/arcadia-economics/id1505398976 Google-https://podcasts.google.com/feed/aHR0cHM6Ly9teXNvdW5kd2lzZS5jb20vcnNzLzE2MTg5NTk1MjMzNDVz Anchor - https://anchor.fm/arcadiaeconomics Amazon - https://podcasters.amazon.com/podcasts Follow Arcadia Economics on these social platforms Twitter - https://twitter.com/ArcadiaEconomic Instagram - https://www.instagram.com/arcadiaeconomics/ To see the evidence of manipulative behavior in the silver market (as well as how you can send it to your local regulators and Congressional representatives) click here: https://arcadiaeconomics.com/cftc-complaint/ - To sign the petition to ban JP Morgan from having any involvement in the silver industry click here: https://www.ipetitions.com/petition/ban-jp-morgan-from-trading-gold-and-silver #silver #silverprice And remember to get outside and have some fun every once in a while!:) (URL0VD) This video was sponsored by Silver Viper Minerals, and Arcadia Economics does receive compensation. For our full disclaimer go to: https://arcadiaeconomics.com/disclaimer-silver-viper-minerals/Subscribe to Arcadia Economics on Soundwise

#DaveKranzler: Could Market Crash Drive #Gold & #Silver Lower? In recent weeks Dave Kranzler of Investment Research Dynamics has commented on the similarities he sees between the current financial markets and what we all witnessed back in 2008. Although in terms of the precious metals, back in 2008 there was a big selloff in both gold and silver following the JP Morgan takeover of Bear Stearns, before both metals recovered and would go on to spike to highs in 2011. So with bond prices plummeting, and increasing concerns in the credit markets, is it possible that gold and silver could experience a similar plunge this time around? In today's call we discuss that question, and look at the range of options that could occur as the financial pressure increases. Dave talks about what he's seeing in regards to the falling bond prices, and also the evidence of continued deterioration of the underlying economic fundamentals in the US economy. He talks about how he thinks the Fed will have to respond, and how that response may come sooner than most of the market is anticipating. So to find out more, click to watch this video now! - To get access to Dave's Mining Stock Journal and Short-Seller's Journal go to: https://investmentresearchdynamics.com/ To find out more about Silver Viper Minerals go to: https://silverviperminerals.com/ - To join our free email list and never miss a video click here: https://arcadiaeconomics.com/email-signup/ - To get on the waiting list for your very own ´Silver Chopper Ben´ sterling silver figurine click here: https://arcadiaeconomics.com/get-a-chopper-ben/ - To get your paperback or audio copy of The Big Silver Short go to: https://arcadiaeconomics.com/thebigsilvershort/ Find Arcadia Economics content on these sites: YouTube - https://www.youtube.com/user/ArcadiaEconomics Rumble - https://rumble.com/c/ArcadiaEconomics Bitchute - https://www.bitchute.com/channel/kgpeiwO1dhxX/ LBRY/Odysee - https://odysee.com/@ArcadiaEconomics:5 Listen to Arcadia Economics on your favorite Podcast platforms: Spotify - https://open.spotify.com/show/75OH2PpgUpriBA5mYf5kyY Apple - https://podcasts.apple.com/us/podcast/arcadia-economics/id1505398976 Google-https://podcasts.google.com/feed/aHR0cHM6Ly9teXNvdW5kd2lzZS5jb20vcnNzLzE2MTg5NTk1MjMzNDVz Anchor - https://anchor.fm/arcadiaeconomics Amazon - https://podcasters.amazon.com/podcasts Follow Arcadia Economics on these social platforms Twitter - https://twitter.com/ArcadiaEconomic Instagram - https://www.instagram.com/arcadiaeconomics/ To see the evidence of manipulative behavior in the silver market (as well as how you can send it to your local regulators and Congressional representatives) click here: https://arcadiaeconomics.com/cftc-complaint/ - To sign the petition to ban JP Morgan from having any involvement in the silver industry click here: https://www.ipetitions.com/petition/ban-jp-morgan-from-trading-gold-and-silver #silver #silverprice And remember to get outside and have some fun every once in a while!:) (URL0VD) This video was sponsored by Silver Viper Minerals, and Arcadia Economics does receive compensation. For our full disclaimer go to: https://arcadiaeconomics.com/disclaimer-silver-viper-minerals/Subscribe to Arcadia Economics on Soundwise

In this podcast episode, Keith Weinhold and Kirk Chisholm discuss the differences between real estate and stock investing. Kirk Chisholm is the Principal of Innovative Advisory Group. He provides his perspective as a wealth manager, emphasizing the control and lower risk offered by alternative assets like real estate.  Learn the difference between risk and volatility. We discuss risk-adjusted returns, liquidity, and the importance of understanding and managing risk. The conversation also covers cash flow, dividends, big tech stocks, and private mortgages. Interest rates and inflation—we discuss their future. Kirk believes rates will stay at this higher rate for a long time. Timestamps: The Paradigm Shift in Interest Rates and Inflation [00:00:01] Discussion on the new paradigm of interest rates and inflation and how it affects real estate and stock investors. The Impact of Front Porches on Society [00:01:35] Exploration of the impact of the disappearance of front porches on neighborhoods and communities. The Definition and Management of Risk in Investments [00:05:50] Explanation of how risk is defined and managed in different types of investments, including stocks, real estate, and alternative assets. The difference between volatility and risk [00:10:21] Explanation of the temporary price movements (volatility) and permanent impairment of capital (risk) in different investment assets. The illiquidity of real estate and non-traded REITs [00:13:11] Discussion on the illiquidity of real estate compared to publicly traded markets and the example of non-traded REITs during the 2008 financial crisis. Importance of cash flow and dividends in stock investments [00:15:26] Exploration of the two camps in stock investing: cash flow-driven investors and appreciation-driven investors, and the significance of dividends and cash flow in stock investments. Dividend Stocks and Value Stocks [00:20:17] Explanation of the difference between growth stocks and value stocks, with a focus on dividend-paying stocks. Private Mortgages and Cash Flow [00:21:12] Discussion on the benefits of investing in private mortgages and how it provides a passive income stream. Default Rates on Hard Money Loans [00:25:48] Exploration of the default rates on hard money loans and the industry's approach to mitigating risks for both borrowers and lenders. The new paradigm of interest rates and inflation [00:31:32] Kirk Chisholm discusses the shift in the economic paradigm from low interest rates and inflation to higher rates and a shrinking economy. The impact of higher rates on mortgages and real estate [00:35:39] Kirk explains how higher interest rates affect mortgage payments and housing affordability, leading to a decline in house prices. The consequences of higher rates on corporate America [00:37:48] Kirk discusses how higher rates can impact corporations, particularly those with short-term debt, potentially leading to bankruptcies and market clean-up. Higher rates and recession correlation [00:39:55] Discussion on the correlation between recessions and lowering of interest rates, and why it may not happen in the future due to high inflation. Fed's focus on stable prices [00:42:48] The Federal Reserve's prioritization of stable prices over high employment, within their dual mandate. Interest rates and the economy [00:44:10] The potential impact of higher interest rates on the economy, with a discussion on when the next recession may occur. Resources mentioned: Show Notes: www.GetRichEducation.com/460 Innovative Advisory Group: www.InnovativeWealth.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Find cash-flowing Jacksonville property at: www.JWBrealestate.com/GRE Invest with Freedom Family Investments. You get paid first: Text ‘FAMILY' to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  Top Properties & Providers: GREmarketplace.com GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold   Complete episode transcript:   Keith Weinhold (00:00:01) - Welcome to. I'm your host, Keith White. As a real estate investor, you are highly cognizant of your cash flows to stock investors. Even think about that and how we've now entered a completely new paradigm of interest rates and inflation and how to respond today on Get Rich Education with real estate capital Jacksonville. Real estate has outperformed the stock market by 44% over the last 20 years. It's proven to be a more stable asset, especially during recessions. Their vertically integrated strategy has led to 79% more home price appreciation compared to the average Jacksonville investor since 2013. GPB is ready to help your money make money and to make it easy for everyday investors. Get started at GWB Real estate. Agree that's GWB Real estate. Agree.   Speaker 2 (00:00:59) - You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get rich education.   Keith Weinhold (00:01:22) - What category? From Bogota, Colombia, to Wichita, Kansas, and across 188 nations worldwide. You are back in that abundantly minded place where financially free beats debt free.   Keith Weinhold (00:01:35) - And by now you might have already won the inflation Triple Crown. I'm your host, Keith Wild. Hey, Noah, is this a real estate problem? Philip Gulley, the author of Porch Talk. He said, I believe all that is wrong with the world can be attributed to the shortage of front porches and the talks we had on them. Somewhere around 1950, builders left off the front porch to save money, and we've had nothing but problems ever since. That's just the sort of thing that I think about now as you and I are enjoying the dog days of summer, as I trust that you are, you know, neighborhoods, property, it all used to be more wide open. The Pennsylvania house that I grew up in and that my parents still live in, it has a real front porch. And no one I mean, nobody has fences around their yard either. It is a real lemonade sipping chat with the neighbors vibe there that, well, seems to be more and more of a remnant of yesteryear.   Keith Weinhold (00:02:44) - I mean, gosh, from what I can see, there are more and more gated communities. Uh, people tend to get more concerned about security and that often means that they trade away freedom. Hey, well, our guest on the show today, he hits differently. And you're going to feel that because he's the principal of a firm that helps investors with stocks, bonds and mutual funds, as well as real estate investing. And it's not just REITs, real estate investment trusts, but more than that. And, you know, whenever he and I talk, we tend to get each other thinking in different ways, in shape, each other's opinions somewhat, as you'll probably see again today. He and I disagree on some things and we agree on others. I'm going to ask him about whether or not stock investors even care about cash flow. We'll be sure to get his insights on the direction of interest rates and inflation and more. Well, I'd like to welcome in our guest today he runs innovative wealth.com he's the principle and a wealth manager there at innovative advisory group.   Keith Weinhold (00:03:54) - They're based in Massachusetts but they advise well beyond any state borders. Hey it's been a few years. It's great to have you back. Kirk Chisholm Thanks for inviting me back. Keith. I was a little worried there didn't appear well in your show, but thanks for having me back. Yeah, well, it's been absolutely too long, and I really appreciate your perspective because they're with what you do. You're principal of a company that helps people invest in a big, wide palette of things, from stocks to private mortgages and some things with real estate and elsewhere. So you have this really broad view. So tell us what percentage of your business is is stocks, bonds and their derivative products like ETFs and mutual funds versus everything else? It's interesting because my industry is primarily focused on stocks, bonds and mutual funds. It always has been, probably always will be, in large part because they're easy to sell, They're publicly available information and everyone is can simply just click a button and get it done. So my industry tends to work towards lazy solutions or simple solutions.   Keith Weinhold (00:05:00) - Nothing wrong with that. You just have to know with what you're getting. It's funny, when we started our firm in 2008, we were doing a lot of private mortgages and we talked to the regulators at the time and they said, Oh, well, what percentage of your accounts in alternatives? Because we told them we did alternatives like what percentage of your accounts? And we said, Yeah, somewhere like 40 to 50%. You know, it probably ranges between 40 and 60. You could hear a pin drop in that room. I did pick the lady's mouth off the floor like she couldn't believe that. How quote unquote, risky that is. And she said the first question, she's like, are you serious? Isn't that really risky? And I started laughing and I said, risky? You mean like Worldcom, Enron, AIG, Tyco, You know, like Lehman Brothers, Bear Stearns? They just kept going on and on. She's like, all right, I get the point. And we had to define the concept of risk.   Keith Weinhold (00:05:50) - This is the part that your audience will appreciate, right? If you're investing in a company, it's been screened by the SEC. It's passed certain muster. It's SEC doesn't endorse it, but it's passed certain muster. You say, all right, I feel comfortable that this company's met the minimum criteria. That's not always the case. Right. Companies go bankrupt all the time. And we actually have a spike in bankruptcies most recently because of the economy. But if you look at piece of real estate, I can go walk up and touch it. I can go to the Registry of Deeds and see that I own it. I can talk to the maintenance guy or the property manager and see what's going on and have influence on it. I would say if you know what you're doing, there's a lot less risk. And I would say if you own a piece of gold, what's your risk? I could lose it. Somebody could steal it. The government confiscates it. That's pretty much it, right? It's not going to zero.   Keith Weinhold (00:06:37) - It's not going to the moon. It's just a rock. The way you define risk is really something that a lot of people don't spend time with is managing that risk. So a lot of what we've done is we've looked at it from a different perspective. What is the best investment given the criteria that we have, the markets we're in and the risk available? You know, what is going to do the best considering the risk as an example, Bitcoin or Ethereum or any sort of cryptocurrency, the risk is it could go to zero, right? It's not going to go below zero risk as you lose all your money or you might make 10 or 20 times your money, right? That is also possible. Both scenarios are probably on the extreme ends of probable, but either way, like you have to account for both scenarios and say is it worth it going to zero for me to make X amount of return? If the answer is yes, then it makes sense. If the answer is no, then don't invest in it or invest in a lot less of it.   Keith Weinhold (00:07:31) - So that's kind of how we look at risk and that's why we look across the board for alternative assets. We're very agnostic about the assets because it really just comes down to, is it a good investment or not? That's really the criteria we look at. Risk is what goes beyond the edge of your understanding. Think that's what applies to that conversation that you had that you brought up there earlier. Right. It's largely about one's risk adjusted return. You talk about with real estate how you have more control over an investment because you can get in there and understand it and change the operations of it in order to drive a return. And then stocks have this very efficient market where it's quick and easy to get in and out and things are more liquid. This very efficient market with real estate, there really isn't any app you can go on and be like, Oh, okay, well my duplex was up 3/10 of 1% this past week. That doesn't happen. That's part of the inherent inefficiencies with direct ownership of real estate, of course.   Keith Weinhold (00:08:32) - I would argue the point of efficient markets, the stock market is is not efficient, despite what the academics will tell you. It is more liquid. I would argue that real estate is illiquid, which is good and bad, right? If you need to sell, it's bad. If you're looking to buy and you don't need to buy, it could be really good. Stock market is very different in that it's claimed to be efficiently priced with all the known information at the given time. And the price is the price. And what I would argue is that's an interesting philosophical standpoint, but it's inaccurate, right? Because if all the information was known, then we wouldn't have volatility. But we do have volatility and the stock market is a forward pricing discount mechanism, right? So you look out six months and say, what's the market going to do? That's where the stock prices are six months from now, not today, six months from now. So whatever the market thinks is happening, they think it's going to happen then.   Keith Weinhold (00:09:26) - So if you look at interest rates, which I'm sure we'll get to, they're looking out six months and for the last two years I've noticed on the expectation of the yield curve, it's that, oh, rates are going to drop in the next 3 to 6 months and in 3 to 6 months it's going to drop in 3 to 6 months. Over and over, it keeps pricing out well, another 3 or 6 months. And I think that the market doesn't really look beyond that because it's really hard to predict. First of all, you can't predict the future anyway, but if you're probabilistically, going to try beyond six months is really hard because there's so many things that got to happen that changed the dynamics significantly. Talk about efficiency with stocks. I'm talking about how stocks are efficient and easy to liquidate. It's pretty easy to sell. And then over here in real estate investing, there is no panic selling because it takes quite a while to buy into sell. Therefore, that's some of the inefficiency of real estate compared to stocks.   Keith Weinhold (00:10:21) - We look at that through a liquidity perspective, right? So liquidity can be a good thing or a bad thing because when there's panic, selling, liquidity can lead to greater volatility like we see in stock. Yeah. And I want to point out two things here. So first is there's a difference between volatility and risk. And I think it's really important for people to understand the difference. So volatility is temporary price movements. It's how much the price fluctuates in any given day. Real estate investors don't see this right, But stock investors, Microsoft is up 5% yesterday. Nvidia's up like whatever, 70% of the day or whatever it was, 30 some odd percent in a day. That's volatility, right? You look at stock prices drop 30 plus percent in a short period of time. Technically, that should have been risk because the whole global economy shut down. But it turned into volatility because it went down and it came back up, actually exceeded the price of the start of Covid by the end of the year, which is insane to think about.   Keith Weinhold (00:11:20) - The whole world shut down. People are locked in their houses and yet the stock market is up. That is what I would consider volatility. Now, risk is what I would call a permanent impairment of capital. Now what that means is you buy a Beanie Baby at $100 because you think it's going to be worth a lot more. And then all of a sudden the Beanie Baby bubble crashes and never recovers and it turns into a $100 Beanie Baby into like a dollar. That's a permanent impairment of capital. That is a risk that you're not going to ever get your money back. You buy a I hate to swear on your show, but a beep coin that make up most of the cryptocurrency coins out there. They could all go to zero. I mean, you look at drawing a blank on the one with that. Elon Musk supports the dog dogecoin. Yeah, they claim this zero. It's a socially supported currency, but it doesn't have any value and they all admit it doesn't have any value. It's virtually worthless except for what people are willing to pay for it.   Keith Weinhold (00:12:15) - That has the potential to have risk in it because it could go to zero. But if I'm investing in GE, Microsoft, Apple, Johnson, Johnson, whatever, these companies that produce cash flow, they're solid companies with a long, long track record, they could certainly go to zero, no question. But typically the movements in price are volatility. Risk is when the chairman goes off, steals all the money and moves off to some island and people are left holding the bag saying, what's going on? You know, you look at AIG, Lehman Brothers, Bear Stearns, all those companies that basically made bad decisions, that is risk. That is not volatility. So it's important to understand the differences between the two, because if you don't, most people think of I am managing risk, I'm diversifying. No, you're managing volatility. Managing risk is completely different and you have to use different tools for that. Most people don't manage risk, they manage volatility. The other point I want to make is you mentioned the illiquidity of real estate.   Keith Weinhold (00:13:11) - And I want to point out an example which is kind of bordering the owning your own real estate versus, let's say, a REIT. I remember back in 2008, nine and ten when people were jumping out of the windows because they couldn't get rid of their illiquid non traded REITs. And I'm not a supporter of that of non-trade REITs or people jumping out of Windows. But in general, the non traded REITs market was interesting because technically they said you'd have quarterly liquidity, you could get a quarterly and normal times. That was true. They would just cash you out if you need money. However, when everyone's running for the door at the same time, they can't cash everybody out because they can't sell the property. So what do they do? They lock the doors, locked everybody in to burn alive. Well, the price went from, let's say, hypothetically, $100 down to $10 and people wanted out at any price. It didn't matter. They needed out. They need liquidity. Whatever it was, there were actually markets around.   Keith Weinhold (00:14:03) - You could buy people's shares of these non traded reach for like $0.10 in the dollar and people were willing to pay to discount 90% of the investment where you could have just walked in and purchased it and waited another five, seven years and you could have made 100 cents in the dollar. It's crazy. But that's one of the nice parts about real estate. And I'm using a security as an example because you can do that in real estate. But when you have the publicly traded markets, that doesn't necessarily happen, but it can happen in certain periods of time when the markets are completely irrational and everybody thinks the world is ending. Sure, that's a be greedy when other people are fearful, sort of seeing their I know their IT innovative advisory group. Since you do have this wide palette of offerings, you kind of have this broader view of things. I'm wondering, Kirk, a lot of people in that stock world, many of them concerned with cash flow or it might be dividend there, or are they even as interested in cash flow there with the kind of stock and mutual fund investments as they are over here in the real estate world where we're quite interested in cash flow? And then do they even take the dividends or do they just reinvest them, which is called a drip program dividend reinvestment program? How important is that to investors on the stock side? It's a good question.   Keith Weinhold (00:15:26) - So what tends to happen is people kind of fall into two camps, much like the real estate camp. Some people fall into the. Cash flow camp. Which is your camp? Which is my opinion. I think that's the best way to invest is cash flow appreciation. You're just taking a guess. But there are good amount of people that are appreciation driven. They don't look at cash, so they're happy to make zero cash flow for the expectation They're going to make lots of money and appreciation and look at them like, What are you thinking? Like, what if the cash flow declines? You're going to support the negative cash. Why do you own it? It's silly, but some people think that way. They think, Let's go for the appreciation. Let's roll the dice. Let's go. No whammies, you know? And what ends up happening is these people make mistakes because the real estate market, this usually happens at closer to the tops and people make bad decisions and they realize, oh, crap, I can't make this work.   Keith Weinhold (00:16:16) - I was trying to Airbnb this with a two cap, this not working. So now I need to sell this thing or I'm going to lose my shirt. I had these conversations all the time. So using that as an example, because that's where your audience will understand dividend investors the same. So a lot of people, when they're investing in stocks, they're looking at stocks as a way to make money. Most people want total growth, which really means in their mind, appreciation. What are the stock market do this week? What did it do this quarter? That's all people want to know. Well, what about the dividends? Well, actually, there was a time 40, 50 years ago when dividends mattered, you could get six, seven, eight, 9% dividends. Now, that's absurd to think about that. The only stocks that pay dividends of that nature are stocks that are highly speculative or the dividend is highly speculative. Market typically looks at dividends and if they don't trust the dividend will continue to get paid.   Keith Weinhold (00:17:08) - They'll actually discount the stock, which will make the dividend look real attractive. It'll suck people in to buy it and then they'll slash the dividend back to a rate that's normal. So people looking at dividend stocks, be careful because we're not in that environment where dividend stocks are all that attractive. If I can get a 5% close to zero risk US Treasury bond and I can compare that to a 2% dividend stock, I'll take the Treasury all day because it's close to guaranteed dividend stock. Maybe it goes up, maybe it goes down, who knows? But, you know, ultimately you're trying to solve a problem. The big challenge we have now, is any of this sustainable? Are the cash flows sustainable? Good value? Investors should be looking at cash flows. They should be looking at metrics and trying to find stocks that are at a good price that will pay them a handsome return over time. And the problem is, is we don't live in that environment much like the real estate market. It gets overheated because too many people are chasing too few properties and virtually everyone was putting all their money into 5 to 7 stocks on the Fantastic Seven or the Faang stocks or whatever you want to call it These days.   Keith Weinhold (00:18:18) - That name changes all the time. But the point is, you've got big tech that's driving most of the return this year. Think big tech made up 2,530% of the S&P 500 500 stocks. You have five stocks making up 25 to 30% of the index by size. And by return, it made up think the S&P was up 15%. And these 5 or 7 stocks made up 13% of that 15. Really crazy, crazy to think about. Right. But that's what people look at is the index. And the index is not necessarily accurate, but that's what people look at. So you have to gauge it by that. Most of the marketplace is chasing these appreciation returns. And like you have with real estate, you get the good with the bad, you chase appreciation. You can win or lose. I don't know where the future is going to be, but I know that if I'm chasing cash flow, I'm pretty certain I know where that's going. But if I'm investing in a tech stock that has negative cash flow, I have no idea where that's going.   Keith Weinhold (00:19:19) - Right. Could go up, could go down, who knows? But I look for stocks with good cash flow. I think if you're going to invest well, you want to find a legacy stock that you feel comfortable owning forever. Now, when it comes back to the Fang acronym, I tend to think Nvidia should be replacing Netflix in the Fang acronym about this time. But dropping back earlier when we were talking about dividends, I don't track this very closely, but last I checked, probably last year it seemed like the average dividend paying stock in the S&P 500 was something like 2%. Is that still about right? I think it's actually a little bit lower. I haven't looked at it in the last few weeks because it's gotten so low, it's almost not even worth looking at. I think last year was 1.77. As of right now, it's 1.47 on the S&P 500, 1.5%, which is insanely low for real estate investors. I think of the dividend yield in stocks as being synonymous with the cash on cash return in real estate.   Keith Weinhold (00:20:17) - But you said something earlier about dividends, Kirk, that I actually thought was the opposite way. I thought that dividend paying stocks tended to be kind of those older, stodgy or staid, like a utility company rather than a younger tech. Company. Yes, that is accurate. Yes, Most of the dividend stocks are what we would consider value stocks. So the terms growth, stock and value stock are actually don't mean anything. They're what everyone wants it to mean. What they tend to mean is growth Stocks tend to be stocks that are focused on appreciation. Value stocks are typically focused on cash flows or their stocks that are discounted, and you can buy them for good cash flow. But if you look at a stock like Microsoft, I mean, you got the dividend yield is about 75 basis points, 76 basis points as of today. So you're getting less than 1%. But Microsoft's one of the the Fang stocks, right, or Fang, whatever they're calling it now, they come up with a new acronym.   Keith Weinhold (00:21:12) - But some of these big tech Apple's fang of dividend so some of the big tech actually are paying dividends. Now what we're talking about, the production of cash flow or income from both stocks and real estate here. And one thing that I know you do in there and that you help investors with is private mortgages in producing an income stream that way. Can you tell us more about that? Is that where you have clients where you connect them with ways to make hard money, loans to real estate investors, for example? As we talk about here, I'm a big fan of cash flows and I have a few favorite asset classes and they're not the stock market, right? I love real estate. I love tax liens. Tax lien is by far my favorite. If you can get them the right way and the right price, which you can't, but if you could, that's one of my favorites for many reasons, but one of the ones that we do a lot of are hard money loans or private mortgages.   Keith Weinhold (00:22:05) - The reason I love it is because they're simple. If you're investing in real estate, it's not passive income. It's a business. You have to manage the business. You have a property manager, you've got tenants, you've got expenses, you've got taxes. All this stuff you have to deal with, which is fine. There's nothing wrong with that. But when people invest passively, it's not passive, right? It's active. It just happens to be a different business than one that you're selling widgets out of the corner store. If you're investing in private mortgages, you have to do your due diligence up front. But once you invest in it, you're done until you get paid back. It's like any sort of fixed income. It's a bond. It's fixed income is how I look at it now. For the past ten plus years, you couldn't get any rates on bonds, your fixed income, part of your portfolio, your treasuries, your corporate bonds, whatever you're buying, you're getting close to zero.   Keith Weinhold (00:22:54) - And there was a lot of risk. So we substituted these for our fixed income and you're getting 10 to 15% over the last ten years where the common rates and I like them because you're getting access to real estate. So real estate is backing the note. So it's a mortgage, right? So you're lending somebody else money at, let's say, 12% and they're going to pay you that 12% and give your money back at the end. And if they don't, you get their property. Now, personally, I don't want their property is too much headache because when I got to do foreclosure and go through all that, that's not the point. Some people do. Some people invest in hard money with the assumption they're going to own that property. And it's a great acquisition strategy. If you're so inclined. It's not you know, I have clients. I can't have that kind of business model. It's just too much of a headache for everybody. So we want people that are going to pay and pay on time and people are going to continually come back and I can work with versus having the lender investor that actually helps the borrower default so that they can get the property correct, which like I said, is a great investment strategy.   Keith Weinhold (00:23:55) - It's just not our investment strategy. And I think just like real estate, you can buy foreclosures, you can buy off MLS, you can build. There's so many different things you can do. Same thing with notes with paper. Paper is a great asset class if you know what you're doing. The challenge with private mortgages, hard money now is because everything is so expensive that these investors, these fixed and flippers investors would have. You can't make money. And I know there are people out there that are doing it. So it's not that it's not happening, but anybody I know that's really good at fixing flip or rehabs or things like that in my area, not speaking for every part of the country in Miami, in the Boston area, they're not doing deals because they can't make money. There's no margin of error. If they were to compete and win the deal and they make a mistake, they're going to lose money. They don't want to lose money. So they need to have a big enough margin cushion so that they make a mistake.   Keith Weinhold (00:24:49) - They're still making money. So these people we work with, they're not doing deals because there are no deals to find. So that means there are fewer mortgages times like 2008, nine and ten, we didn't have enough client cash to put to work. Like we had so many notes coming at us we didn't have enough cash to find. Now it's the reverse. There's plenty of cash chasing them and there's not enough notes out there. And a lot of the notes are poor quality because the risk is too high. We want easy. We want somebody paying on time, we want our money back and then go on and do it again. So I love them for cash flow. It's simple and easy and it solves a lot of problems. So this is interesting. If you as a real estate investor have ever taken a hard money loan, you might wonder who the lender is on the other side of that. And that might be someone like Kirk's clients in there where he is. Kirk. Can you tell us more about the default rates on the hard money loans lately? How often do they not get paid back and do they go into default? Yeah, that's a good question.   Keith Weinhold (00:25:48) - So I don't know the industry rates. So we work with a handful of people and that's all we work with, so we know the rates for them. I'll tell you about ours and I'll tell you about the industry a little bit more. So for us, we've done hundreds and hundreds of these things and I would say less than 1% of them have had issue. So we are truly not looking for rates of default. A tornado tore through the neighborhood and tore off the roof. That's an issue. That's not something I can deal with. Right. Guy you're working with dies. It's an issue you got to deal with, right? Like this isn't somebody making a bad deal or run away with the money. This is stuff that you can't predict and is inevitably going to happen in one way, shape or form. So we mitigate the risk as much as possible, but our rates of default or I would say not even default, but just having issue with the loan because most of the stuff it's, you know, maybe discount if you have a something like that, maybe it's your discounting the interest instead of getting the full interest, maybe get partial interest or even no interest, get your money back.   Keith Weinhold (00:26:44) - Like for us, it's like, how do you handle a default is really important because the borrower, there's some risk there, but then there's the lender, there's some risk there. So you have to find a balance that makes everybody happy so that, you know, the borrower is not taking it on the chin because then they're not going to come back. But it's not all in the lender either. So you have to find a balance and work with people. Much like with real estate, you know, you get a bad tenant, so you try to work with them so you still get paid. It's the same kind of thing. But if you look at the industry, the industry is interesting. So I interview a lot of hard money lenders on my show over the years and fascinated to hear what they say and some of the people who do the most or they're in charge of marketplaces of these notes. What they've been telling me for the last few years is think about this way. A lot of these things come from developers or fixing flippers.   Keith Weinhold (00:27:31) - They get their properties out of foreclosure, they get it out of sheriff's sale, they get out of fire or estate sales like these things where they're highly discounted. So during Covid, the courts were shut down for a year and a half. You couldn't get these properties if you were foreclosed on, you couldn't get foreclosed on for two years because the courts weren't open. And when they did open, there was such a backlog of other stuff that was more important than that. They were dealing with like murderers and whatever, rapists, people that actually need to go to jail. And they're not dealing with foreclosures to the same extent. So the courts are backed up for a long period of time. And so when they finally opened up, you start to see a trickle through. You're starting to see more now. But that was a big challenge to the market. So what I've been hearing for the people who are really deep in this market and they see everybody across the board, across the country is they've all said that there's a tidal wave coming.   Keith Weinhold (00:28:24) - And a lot of the problem is, is there are a lot of bad notes out there. So there are people who basically created these notes, right? So they underwrote the notes. They they lent money to somebody with bad terms or is a bad loan like the person should have borrowed or whatever it is, they're still paying. But you see, the quality of the paper is really bad. And what's going to happen is if you see a hiccup in the real estate market, then you're going to see this paper flush through the system because all of a sudden this deal that was marginal is now a bad deal and it flushes through either people default or they sell or whatever. And that stuff has to flush through the system until it does, the market's not going to be efficient. Everyone is waiting around saying, I know there's bad paper out there. I'm trying to find good stuff and it's harder to find, but it's not from a lack of paper, it's from a lack of quality paper. And this happens every real estate cycle.   Keith Weinhold (00:29:19) - Having 2008, nine, ten flushes out the bad people, buy the paper at a discount. You're listening to Get Rejection. We're talking with innovative welcomes Principal Kirk Chisholm when we come back, including his take on where we're going with interest rates and inflation. I'm your host, Keith Lindholm. You know, I'll just tell you, for the most passive part of my real estate investing personally, I put my own dollars with Freedom family Investments because their funds pay me a stream of regular cash flow in. Returns are better than a bank savings account up to 12%. Their minimums are as low as 25 K. You don't even need to be accredited. For some of them. It's all backed by real estate. And I kind of love how the tax benefit of doing this can offset capital gains in your W-2, jobs, income. And they've always given me exactly their stated return paid on time. So it's steady income, no surprises while I'm sleeping or just doing the things I love. For a little insider tip, I've invested in their power fund to get going on that text family to 668660.   Keith Weinhold (00:30:30) - And this isn't a solicitation If you want to invest where I do, just go ahead and text family to six six, 866. Jerry listeners can't stop talking about their service from Ridge Lending Group and MLS 42056. They've provided our tribe with more loans than anyone. They're truly a top lender for beginners and veterans. It's where I go to get my own loans for single family rental property up to four Plex's So start your prequalification and you can chat with President Charlie Ridge personally, though, even deliver your custom plan for growing your real estate portfolio. Start at Ridge Lending Group.   Speaker 3 (00:31:16) - This is author Jim Rickards. Listen to Get Rich Education with Keith Reinhold and Don't Quit Your Day Dream.   Keith Weinhold (00:31:32) - Welcome back to Get Rich. We're talking with Kirk Chisholm. He is the principal and a wealth manager at Innovative Advisory Group. And I like to chat with Kirk and some of these people that have this bigger picture view where they offer clients stock options, real estate options and more. In Kirk, I know you like to say that we're sort of living in a new paradigm and that people are only just now starting to realize this new paradigm, which has to do with interest rates and inflation.   Keith Weinhold (00:32:01) - So tell us about this new paradigm. Let's take us back a few years. So if you think about what's happened in history, I'm a student of history, much like you are, Keith, You look back in history, it's instructive as to how the future may act, right? It's never going to mirror that because it doesn't happen that way, as I think it was. Mark Twain has said that history never repeats, but it rhymes. I'm not sure if that's actually attributed to him, even though people say it is. But point being is if you look back in history for the pretty much starting in like the 70s, we had a period of time and I'm going to come back to the 70s, but we had a period of time where things were volatile, we had high interest rates and we peaked at 20% rates depending on which rate we're talking about. The 30 year treasuries, I think it hit 15%. Fed funds rate hit 20%. So we had some pretty high numbers. And so the subsequent 40 years, interest rates declined for 40 years.   Keith Weinhold (00:32:56) - If you had bought a 15%, 30 year Treasury in 1980, 1981 and held on for the whole 30 years, you would have made 15% for that whole time. And it bottomed out a few years ago. So think about the 70s. Like, here's the economy, right? I got my hands together. Here's the economy. This is what it looks like, right? It's this size Now. If you start injecting leverage, you get a mortgage on your real estate. That's leverage. The company borrows money. That's leverage. Right? So you're borrowing money. So your borrowing future cash flows to use today. So let's say I own a home outright and I decide, hey, I want to borrow money to go buy a motorcycle, whatever. Okay. Well, I just increased the economy size because I borrowed money, right? So I've increased the amount of money in circulation from 1983 81 until pretty much a few years ago, the interest rates went from a high amount of 20% down to close to zero.   Keith Weinhold (00:33:51) - Now, the lower the interest rates, the more you can borrow. So if you think about the economy, it kept increasing as rates drop because you can borrow more and more money. Now, how much money can you borrow? A 0%. Keith An infinite amount, in theory, yes. As much as they'll give you. And how much? If it's negative, I don't know. I'm going to borrow a bunch of people and borrow their money like and we get into this crazy period we had a few years ago where there actually negative rates in Japan still does. But the point is, is the lower the rate, the bigger the economy can be because you're allowed to leverage more and it means you can borrow more money and use that money for other things. And now that's a problem because you're borrowing future cash flows to use today. So at some point you got to pay that back one way, shape or form or another. The thing is, is that is increased the size of the economy over this time.   Keith Weinhold (00:34:37) - So the paradigm from the early 80s until a few years ago was one of leverage and growth. And there's a lot of things went into that globalization, outsourcing to China and Asia, technology, all these things influence this growth of the economy. But then in 2021, we hit the lowest rates. We hit mortgage rates at 2.5%. Fed funds rates were low, Treasuries were low, and they started raising rates in 2022. So the economy now started to shrink because you can borrow less. Now, it didn't actually shrink, but I'm using this for illustrative purposes. So if I'm looking at this big, huge balloon and think of it as a balloon, right? You start as there's no air in it, you blow it up with air, you get this huge balloon. Well, as rates go up, you start to let air out of the balloon because you can't sustain high interest rates because it comes down to cash flow. So what ends up happening is as rates go up, the economy effectively starts to shrink over time because if low rates help it expand, higher rates will contract it.   Keith Weinhold (00:35:39) - But it doesn't happen today or tomorrow. It happens over years, as the economy did in the last 40 years. So the paradigm we had changed two years ago and now we have high interest rates and the economy is shrinking to acclimate to this new higher rate environment. So you could have bought mortgage for 2.5% for 30 years on the house. You bought a $500,000 house, 2.5%. You probably would have paid, I think, $3,700 a month rate. You're paying $3,700 a month. That's where you can afford. And most people were doing that, so they bought as much as they could afford. However, now mortgage rates are seven and a quarter at seven and a half. That $3,700 a month mortgage is now doubled. So now you're looking at about a $7,400 a month mortgage. I can't afford $7,400 a month, so I can't buy that same price house. Now, the house price to accommodate that has to decline. And I'm using real Estate Illustrated because it also I'll tell you in a minute so the house price has declined to accommodate that higher payments because people can only buy what they can afford.   Keith Weinhold (00:36:43) - Now take that illustration and overlay that into corporate America, because companies do the same thing. They borrow as much as they can get away with. As you say, with mortgages, it's fixed. It doesn't affect me because it's fixed. And same thing with corporations doesn't affect me. It's fixed. That's correct. Which is why it doesn't impact the economy immediately. But it does impact it over time because with the 30 year mortgage, you never have to move. But if you do have to move, you're in trouble. If you own commercial property, you don't have 30 years, you might have a five or a ten year mortgage, which is going to roll at some point in time and hopefully rates are lower. But if they're not now, you've got some explaining to do, right? In corporate America, there's a lot of companies that get, you know, short term debt that's going to roll over at a higher rate. How are they going to afford it? Johnson, Johnson, Apple, Microsoft, they can afford it, but can borderline junk bonds, companies that are low quality, that are just making it, barely making it buy in cash flow because they can borrow money? What about them? Well, they're going to be forced to make hard decisions or go into bankruptcy.   Keith Weinhold (00:37:48) - So what higher rates do? It basically cleans up the economy by taking out the inefficient players and forcing some into bankruptcy, foreclosures, whatever it may be, it effectively will clean up the market, but it also caused the economy to shrink. So it destroys capital. And if we have rates that are higher for longer than, let's say a few more months, if they're higher for 5 or 10 years, it's going to be a problem. And I think we're going to have higher rates a lot longer than most people think. The market is predicting another six months they're going to drop rates. They've been saying that for the last year. So I don't think they're accurate. I think it's going to be at least a year, maybe two, and then we'll see what happens. Hard to see that far out, but people need to be become acclimated to these higher rates for a while because if you look at historically, these aren't that high. Their average rates. Yeah, they're right in the mean like we're not high historically.   Keith Weinhold (00:38:43) - If you look at bond yields I mean you look at late 90s, you've got up to 6%. I think you've got to 6 or 7% and depending on what you're investing in. So we are not high and default rates are not high. Default rates for high yield bonds historically are 7%. I think we're like 1% like last 15 years. So the numbers that we saw were extreme examples of the economy. And we're going to find a happy balance somewhere. And I don't know where that is, but this new paradigm is about reassessing the assumptions you're making about your investments, about the economy and any assumption what are interest rates going to be? What's inflation going to be? These are things that people never even thought of. They just assumed, Oh, inflation is going to be 3%, I'll just use that. Or interest rates, they're going to be similar. You can't make those assumptions anymore. You have to have broader. Lateral testing of whether this is going to work or not. You've done a great job of breaking down that new paradigm where basically that 40 year period from 1981 to 2021, we had gradually declining interest rates and something in 2021, that's where things changed and we entered into a new paradigm of increasing interest rates.   Keith Weinhold (00:39:55) - So as we're winding down here, you stated you think that we will have persistently higher rates for quite a while. So many people have been saying a recession is just around the corner for so long. It's sort of annoying to really think about it. But as we know, with the recession, that generally correlates with a lowering of interest rates. But you don't see that happening by next year, say, with a lowering of interest rates that corresponds with a recession. What you said is recessions typically correlate with lower rates. You're correct. But what if they don't? I'll give you some examples here of why things are different and why it matters. So if the last 20 plus years, if we had a recession or even a sniff of a recession, the Fed would drop rates, print money, they would boost the markets back up. Everything would be fine. Right. Problems solved. Right? The world's going to end. Don't worry. Here comes the Fed to the rescue. They did that for 20 years.   Keith Weinhold (00:40:49) - But now we have high inflation. So with high inflation, they can't do that because if they do that, it causes inflation to spike, much like the 70s. Now they're not oblivious to the 70s. They know full well what happened and they don't want to repeat it. What they're saying has been pretty clear. We're going to make sure we kill inflation. We don't want it coming back. It is very probable that we have inflation dipped down into two even 0% this year. There's the probability is low, but it's probability we could hit 0% inflation by the end of the year. However, I don't think it's going to stay there because we tend to get a bullwhip effect, which we've seen in many commodity prices, lumber in particular, where the prices go up and then too many people, they make too much lumber to sell and then there's a glut and then it goes lower and then it goes higher because, you know, so you get this bullwhip effect, which is a problem which caused and it's the same thing with inflation, right? You get this bullwhip effect because the changes have been too drastic that people can't adjust, so they over adjust, are under adjust, and that causes this big change.   Keith Weinhold (00:41:50) - So I think we're going to have a dip back to inflation, probably not 8%. But when that happens, they're going to have to come back and raise rates. So what they're trying to do is they're trying to keep rates higher, longer to make sure inflation doesn't come back. We're really in this back and forth of where are we going to go, where's the Fed going to take us? And if it tends to be five years of high rates, that's going to really impact the economy and eventually we will hit a recession. But I think the probability is showing very low probability of recession anytime soon because it's not playing out in the data. Some data is showing yes, some data is showing no. But when I start to see that, it means it just doesn't matter. It's not going to show up. Well, that's some good perspective, Kirk. CPI inflation peaked at.   Speaker 3 (00:42:36) - 9.1%.   Keith Weinhold (00:42:37) - A little over a year ago. It's at 3% now. But yeah, one place where I agree with you, Kirk, is, yeah, the Fed sure does not want to see that pop back up again.   Keith Weinhold (00:42:48) - And within the Fed's dual mandate of high employment and stable prices, it seems like they're prioritizing stable prices over keeping employment high, that's for sure. Well, yeah, there's been a great wide ranging chat.   Speaker 3 (00:43:01) - With interest.   Keith Weinhold (00:43:02) - Rates.   Speaker 3 (00:43:03) - Inflation stocks, real estate and producing income from both of them. Kirk If our audience wants to reach out to you or learn more about what you do, they're at Innovative Advisory Group. How can they do that?   Keith Weinhold (00:43:15) - Thanks, Keith. So yeah, the best way people can find me, I'm really easy to find. They can go to my podcast, Money Tree. Podcast. Com. We have two shows a week. One show we interview really intelligent investors like Keith, for example. We have the second episode is really more of a timely what's going on the markets this week, what's new, what's changed? Just so we can kind of keep people up to date with what's going on and if people are really looking to find out more about me and my services, you can go to Innovative Wealth and I've written all the blog posts there, but our company provides wealth management services for people, whether it's financial planning or portfolio management.   Keith Weinhold (00:43:52) - That's a lot of what we do. So like I said, I'm easy to find and I'm pretty easygoing guys. So if you're interested, you can find me there.   Speaker 3 (00:43:58) - Kirk Chisholm, Innovative Wealth. It's been great having you here. Thanks so much for coming on to the show.   Keith Weinhold (00:44:04) - Thanks for having me, Keith.   Speaker 3 (00:44:10) - Yeah. Well, Kirk Chisholm, he thinks that higher interest rates will linger longer. And he told us why. Now, Historically, it takes 3 to 5 quarters for interest rate hikes to hit the economy. Rate increases begin in March of 2022, but Americans are sitting on lots of cash. So many think that this recession that's perpetually just around the corner won't begin until at least next year. One benefit of a recession coming is that people will stop spreading undue concern.   Keith Weinhold (00:44:45) - About.   Speaker 3 (00:44:45) - A recession Coming Coming up here on the show, lots of great real estate investing strategy sessions forthcoming, not just big picture impacts like the direction of rents, home prices and interest rates, but also how to improve your operational efficiencies, like how to tamp down on higher property insurance premiums and more including what today's market for new build for plex's like investing in America's intermountain West and more.   Speaker 3 (00:45:14) - Until next week. I'm your host, Keith White. Don't quit your daydream.   Speaker 4 (00:45:21) - Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Get Rich Education LLC exclusively.   Speaker 3 (00:45:50) - The preceding program was brought to you by your home for wealth building. Get rich education.    

Could you build a new empire off your worst life decision? Meet Justin Paperny who is the founder of White Collar advice, who has become an expert at helping 1000's of people facing challenges with the criminal justice system. Justin's story has been featured on many national news stations, including ⁠The Washington Post⁠, ⁠CNN⁠, ⁠Fox⁠, ⁠Dr. Phil⁠ and others. Lastly, NBC Universal aired “⁠My Deal With the Devil⁠“, a 60-minute television show about Justin's story. Justin has become a nationally recognized public speaker for corporate America. He did work with the Federal Bureau of Investigation, including lecturing at ⁠The FBI Academy⁠ in Quantico, VA. Justin grew up in an upscale suburb of Encino, California. He was a D-1 athlete that played baseball for USC. He was trained at Merrill Lynch, moved to Bear Stearns, and finally joined UBS in its Century City, L.A. office. Serving 400 days in federal prison wasn't what Justin had in mind when he became a stockbroker fresh out of the University of California. But a "focus of short-term rewards led to the rotting of the inner core," Paperny writes in his book, Ethics In Motion. He was in the seven figure signing bonus race of produce however you produce or you are out the door. He worked mostly with professional athletes and hedge funds. He knew what his client was doing and turned a blind eye to keep commissions coming, When the corporate attorney asked about it, Justin lied. When the FBI asked about it, Justin wasn't truthful again. Things went from bad to worse to prison. In prison, Justin befriended a mentor, Michael Santos (sentenced to 30+ years, who helped Justin with his comeback story of how to prepare for his second chance. You will come out of listening to this episode saying, "Wow!"

Ron Diamond witnessed the effects of mass layoffs. He's become a leading voice in the family office sphere. Hear his insights on the future of family offices. Longtime investor and entrepreneur Ronald Diamond is the Founder and Chairman of Diamond Wealth. He represents over 100 Family Offices ranging in size from $250 million and $30 billion. Diamond Wealth invests in private markets (private equity, venture capital, real estate). In addition, Diamond Wealth has divisions that focus on philanthropy, wealth transfer, investment banking, social impact, and governance. Ronald serves on the Advisory Board of 10 privately held companies and acts as Chairman for 4 of them. Ronald is also the Chair of two TIGER 21 chapters in Chicago and Chairs a newly created Family Office Group for TIGER 21. A frequent speaker at Family Office and Alternative Investment Conferences, Diamond has spoken at over 100 conferences around the globe. Mr. Diamond is also the Founder of Family Office World — (www.familyofficeworldpodcast.com) a podcast whose mission is to educate the market about Family Offices. Earlier in his career, Mr. Diamond founded Pinnacle Capital — a $250 million hedge fund that outperformed the S & P index 10 out of 10 years — before ultimately selling his company to an international investment firm. Previously, Diamond served as a Senior Managing Director at Bear Stearns. He began his career as an analyst at Drexel Burnham Lambert. Deeply committed to giving back, Diamond is an active philanthropist and civic leader. He serves on the Leadership Circle of the Aspen Institute and sits on the Board of several other charities and non profit organizations in his community. Diamond studied at Northwestern University, graduating Magna Cum Laude and earning his degree in Economics.

This Sponsored Insight features Don Mullen. Don is the Founder & CEO of Pretium Partners, a $51 billion specialized investment firm he started in 2012 to focus on the U.S. housing, residential, and corporate credit markets. In a little over a decade, Pretium has rapidly grown to become one of the largest owners of single-family rentals in the country. Prior to founding Pretium, Don spent thirty years on Wall Street, including long stints at First Boston, Bear Stearns, and Goldman Sachs and shorter ones at Salomon Brothers and Drexel Burnham Lambert. Our conversation covers Don's history on Wall Street, identification of the opportunity in single family rentals, and path to founding of Pretium to capitalize. We discuss the single-family rental market, sourcing and servicing properties, scaling through technology, critiques of single-family rental investments, growing into adjacencies, and aspirations for Pretium in the decade to come. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

"Success is not just about wealth, income, or status, but making a difference in the community."Joining us for this episode is Clint Stone, a highly respected figure in the investment industry with a wealth of experience under his belt. Clint's journey began at Goldman Sachs before moving on to organizations such as Bear Stearns and Ensign Peak. Additionally, Clint made a lasting impact on the Cornell Endowment during his time at the prestigious school. Today, as the SVP of Investments at Larry H. Miller Company, Clint's unwavering dedication to in-depth research, skepticism, and fact-checking has made him an invaluable asset to the investment community.In this episode, you will be able to:Unravel the methods behind LHM Group's proven long-term investment strategy and diversification pursuits.Appreciate the role of local community dedication and promoting family-owned business growth.Gain insight from Clint Stone's dedication to research, vigilance, and verifying facts.Realize the key to achieving success through passion-driven vocations and meaningful connections.Learn more about current events such as the Silicon Valley Bank failure and the future of Social SecurityThe key moments in this episode are:00:00:00 - Introduction, 00:01:07 - LHM's Transformation, 00:07:50 - LHM's Diversification Strategy, 00:10:38 - Clint Stone's Conservative Approach, 00:13:23 - The Importance of Verifying Information, 00:15:38 - The Importance of Face-to-Face Interaction in Investing, 00:21:18 - Redefining Success, 00:29:23 - Advice for Aspiring Investors, 00:31:16 - Learning to Invest, 00:33:15 - Importance of Networking, 00:37:27 - The State of the Economy, 00:43:08 - Fed's Mandates, 00:46:45 - Resolving the Social Security Deficit, 00:53:47 - Balancing Work and Life, 00:55:51 - Being a Minimalist, 01:00:10 - Wrapping Up, Support the showFollow the podcast on your favorite podcast player and connect with us on YouTube or our Social Media channels: Visit our website - thesuccessfactor.me YouTube - @thesuccessfactorpodcast Instagram - success.factor.podcast LinkedIn Twitter - @TSuccessFactor Facebook - @TheSuccessFactorPodcast

A Bear Stearns Story - Part 2 of 2 by Occupy a Job on Wall Street

We need to review the lessons of Bear Stearns and not just because it is the 15th anniversary of that firm's final day as an independent. The parallels go way beyond a single bank failure like Silicon Valley Bank. Comparing the recent meltdown in curves to what happened back then in the context of those Bear lessons is instructive and unnerving.  Eurodollar University's Money & Macro AnalysisFOMC Transcript March 10, 2008https://www.federalreserve.gov/monetarypolicy/files/FOMC20080310confcall.pdfFOMC Transcript March 18, 2008https://www.federalreserve.gov/monetarypolicy/files/FOMC20080318meeting.pdfTwitter: https://twitter.com/JeffSnider_AIPhttps://www.eurodollar.universityhttps://www.marketsinsiderpro.comhttps://www.PortfolioShield.netRealClearMarkets Essays: https://bit.ly/38tL5a7THE EPISODESYouTube: https://bit.ly/310yisLVurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39XjrPodcastRepublic:https://bit.ly/3LH8JlVDISCLOSURESJeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.

Charlie takes the questions you email him at Freedom@CharlieKirk.com including: Is Jim Cramer's Facebook/META recommendation even dumber than his Bear Stearns pick 14 years ago? Why are blue state governors getting away with the enormous damage they inflicted on the nation's children? What is Marc Elias's plan to steal Arizona for Democrats again? And can we please look at MSNBC's hilarious focus group again?Support the show: http://www.charliekirk.com/supportSee omnystudio.com/listener for privacy information.

To hear the full episode, subscribe at patreon.com/TrueAnonPod ---------- Investigative researcher Whitney Webb comes on to discuss everything from Iran Contra to Bear Stearns, Les Wexner to Adnan Khashoggi, and more from her forthcoming two volume opus One Nation Under Blackmail One Nation Under Blackmail Volume One: trineday.com/collections/upcoming-releases/products/one-nation-under-blackmail-vol-one Volume two: trineday.com/collections/upcoming-releases/products/one-nation-under-blackmail Unlimited Hangout with Whitney Webb: unlimitedhangout.com TrueAnon tour tickets: https://linktr.ee/trueanon

We know that Jeffrey Epstein was born on January 20th, 1953 in Brooklyn, New York City. We also know he died on August 10th, 2019 (or late the evening of the 9th) in the Metropolitan Correctional Center in lower Manhattan. But what do we know about the sixty-six years in-between? We don't know as much as Epstein as we do many of our previous biographical subjects - he was a pretty mysterious guy - but we do know quite a bit. We know he managed the multi-billion dollar fortune of Lex Wexner, founder and CEO of L Brands - a retail conglomerate that owns Bath and Body Works, Abercrombie & Fitch, Victoria's Secret, and more. We know he flew around Bill Clinton, Donald Trump, Prince Andrew, and many other celebrities and politicians on a plane dubbed the Lolita Express, and they hung out with many people of note at his private island in the US Virgin Islands, an island dubbed "pedophile island." He sexually assaulted women and girls there, at his massive Manhattan private residence, at his giant New Mexico ranch compound, in his Palm Beach Florida mansion, and elsewhere. In this first of a two-part episode, we examine his life as best we can, so we can best understand the conspiracies that sprung up in the wake of his very suspicious death. Who else was assaulting women and girls along with Epstein? How connected to the US government was this guy? We look into these questions and so much more today. Bad Magic Productions Monthly Patreon Donation:  This month our donation will be going to Lifting Hands International whose mission statement is “We provide aid to refugees both at home and abroad. No politics. Simply humanitarian.”  If you are looking for a way to help those in crisis in Ukraine, please visit liftinghandsinternational.org and look for the Urgent Ukraine Banner at the top. We were able to donate $14,000 and also able to donate $1550 to our new scholarship fund! Thank you for allowing us to do this, Space Lizards!TICKETS FOR HOT WET BAD MAGIC SUMMER CAMP!  Go to www.badmagicmerch.comWatch the Suck on YouTube: https://youtu.be/7CyMtlxSWeoMerch: https://www.badmagicmerch.comDiscord! https://discord.gg/tqzH89vWant to join the Cult of the Curious private Facebook Group? Go directly to Facebook and search for "Cult of the Curious" in order to locate whatever happens to be our most current page :)For all merch related questions/problems: store@badmagicproductions.com (copy and paste)Please rate and subscribe on iTunes and elsewhere and follow the suck on social media!! @timesuckpodcast on IG and http://www.facebook.com/timesuckpodcastWanna become a Space Lizard?  Click here: https://www.patreon.com/timesuckpodcastSign up through Patreon and for $5 a month you get to listen to the Secret Suck, which will drop Thursdays at Noon, PST. You'll also get 20% off of all regular Timesuck merch PLUS access to exclusive Space Lizard merch. You get to vote on two Monday topics each month via the app. And you get the download link for my new comedy album, Feel the Heat. Check the Patreon posts to find out how to download the new album and take advantage of other benefits.