Podcasts about Blackstone

Ben Brady breaks down Blackstone's latest investment outlook and what it means for the real estate industry in the era of artificial intelligence.While AI continues to dominate global conversations about disruption, Ben explores a fresh perspective—how Blackstone's “picks and shovels” philosophy reveals where the real changes will occur. Drawing parallels between the airline industry's innovation-versus-profit paradox and today's AI boom, he unpacks which sectors are likely to be revolutionized and which will quietly fade away.More importantly, Ben brings it home to real estate: identifying the rule-based businesses that are most at risk of automation—like title, escrow, mortgage, and appraisal—and why the agent relationship remains irreplaceable. His key takeaway? Real estate is not a rules-based business; it's a human-based one.If you've been wondering how AI will shape your role, this episode will reset your mindset on where the real opportunities lie—and remind you that the agent-client relationship is the ultimate advantage no algorithm can replicate.Timestamps & Key Topics[00:00:00] – Blackstone's AI Investment Outlook Explained[00:01:15] – The “Picks and Shovels” Analogy: Who Profits from Disruption[00:03:20] – Why the Airline Industry is a Cautionary Tale for AI[00:04:50] – Blackstone's Focus on Chips, Data, and Energy[00:05:40] – Rule-Based Industries and Their Risk of Automation[00:07:10] – Can Real Estate Be Automated? The Human Factor[00:08:30] – The Future of Escrow, Title, and Appraisal Jobs[00:10:00] – Why Relationships Will Always Outperform Systems[00:10:45] – The Real Estate Industry's Hidden Strength: Emotion and Trust

In this episode of Unemployable with Jeff Dudan, Jeff sits down with Patrick Galleher, Managing Partner at Boxwood Partners, one of the leading investment banks in franchising with over $7 billion in completed transactions. Patrick shares his insider perspective on selling a business the right way—from running a proper process and attracting private equity, to avoiding costly legal and financial mistakes that crush valuations. They also break down how private equity has evolved, why top firms like KKR, Blackstone, and Riverside are moving aggressively into franchising, and how franchise owners can prepare for a life-changing exit—whether as franchisors or multi-unit franchisees. If you're building a brand or thinking about selling one, this is required listening.  

In this episode of Unemployable with Jeff Dudan, Jeff sits down with Patrick Galleher, Managing Partner at Boxwood Partners, one of the leading investment banks in franchising with over $7 billion in completed transactions. Patrick shares his insider perspective on selling a business the right way—from running a proper process and attracting private equity, to avoiding costly legal and financial mistakes that crush valuations. They also break down how private equity has evolved, why top firms like KKR, Blackstone, and Riverside are moving aggressively into franchising, and how franchise owners can prepare for a life-changing exit—whether as franchisors or multi-unit franchisees. If you're building a brand or thinking about selling one, this is required listening.  

In this macroeconomic update, Randy highlights that institutional investors are increasingly purchasing distressed real estate assets and how challenges in the current market may present opportunities for investors who are ready. Listen to this full update to get Randy's full picture on the macroeconomy and what it may mean for investors.

En este episodio hablamos de los eventos más relevantes relacionados a los mercados financieros de Estados Unidos durante la semana laboral que terminó el viernes 24 de octubre de 2025.En la empresa de la semana hablamos de Blackstone $BX (09:08)Y en la sección educativa hablamos sobre Inversiones Educativas (12:53)Les dejo la liga a nuestro canal de youtube donde podrán encontrar los audiogramas y videos educativos: https://www.youtube.com/channel/UC6thsV8Y_m2DgYPOqjLVfSQY también dejo la liga del blog donde estaremos subiendo las transcripciones de los episodios: www.ramonlog.com

With Halloween right around the corner, we delve into the spooky side of sleuthing with mysteries involving voodoo, curses, and other hexes. Nick Carter's new client believes her physician practices black magic instead of medicine in “The Drums of Death, or Nick Carter and the White Witch Doctor” (originally aired on Mutual on March 25, 1944), and real-life master magician Blackstone explains how he faced down the living dead in “The Riddle of the Seven Zombies” (originally aired on Mutual on July 17, 1949). Michael Shayne falls into a case of supernatural revenge and a man who supposedly cannot be killed in the syndicated mystery “The Man Who Lived Forever,” and Humphrey Bogart and Lauren Bacall battle a voodoo murderess who kills with poisoned darts in a syndicated episode of Bold Venture. Finally, Dick Powell heads to Haiti to investigate an eerie death threat in “Little Chiva” from Richard Diamond, Private Detective (originally aired on ABC on March 23, 1951).  

If you've ever noticed those ads inside a mobile game, you have Zain Jaffer to thank. He co-founded Vungle and helped popularize rewarded video ads—the ones that revive your character or hand you in-app currency after you watch.  In this Built to Sell Radio episode, Zain explains how he rode the smartphone wave to a $780M all-cash exit to Blackstone—and why he personally took home more than $100M. Then he gets candid about what came next. 

My guest today is Paul Bloch, co-founder and CEO of DDN. Once bootstrapped for decades, DDN is now a multi-billion dollar company partnering with Nvidia, Google, and Blackstone, helping customers train the largest models in the world and deploy AI at scale. We discuss how Paul and his team spotted the AI inflection point early, why infrastructure partnerships define the winners and losers in this space, and how DDN balances discipline with massive growth opportunities. Please enjoy this conversation with Paul Bloch.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:02) DDN's Role in AI Infrastructure (00:02:08) Competition and Collaboration in the AI Market (00:04:31) Customer Engagement and Use Cases (00:08:06) Economic Models and Government Involvement (00:11:49) Sovereign Cloud and Global AI Perspectives (00:16:19) AI's Rapid Evolution and Future Outlook (00:21:46) Partnerships and Strategic Decisions (00:35:01) Beliefs on AI Learn more about your ad choices. Visit megaphone.fm/adchoices

How can I stop losing money on construction costs and control my rehab budget? In this episode of the Real Estate Entrepreneur Podcast, host Ricardo Rosales welcomes construction powerhouse Rotty Garzilazo. Rotty, a seasoned builder who's navigated multiple recessions and worked with major hedge funds (like Blackstone-owned Invitation Homes), shares the real reason investors struggle with rehabs: they don't know the business of construction. We dive into the critical steps investors must master before they even choose a contractor. What you will learn in this episode: The Blackstone Blueprint: How Roddy reverse-engineered the processes, KPIs, and budget scopes from large institutional investors to create a world-class management system for his own company. The Biggest Budget Killer: Why 99% of investor rehab budgets are flawed, and how to account for the hidden risks (seasonal changes, time of year, market fluctuations) that blow up project timelines and costs. The Contractor Mindset: Understand why a $30,000 contractor fee gets you a C-level team, and how to structure deals to attract A-level talent who operate on a margin, not just a markup. The Five Must-Do's: Roddy outlines the essential five principles of construction success—focusing on the ecosystem and people management—that every investor should know. Ready to stop guessing on rehab costs and manage construction like a pro?

Blackstone President and COO Jon Gray discussed the outlook for deals, tariff and inflation risks, and the state of private credit after distributable earnings surged 48% in the third quarter. He spoke Thursday with Bloomberg's Dani Burger.See omnystudio.com/listener for privacy information.

Host Kyle Macdonald and CEO Jason Manwaring break down how renewed 1031 exchanges and 100% bonus depreciation are reshaping the 2025 real estate market. They discuss how these policies free up liquidity, spur new transactions, and influence investor behavior—plus why capital raising and lending activity is roaring back to pre-pandemic levels. This episode dives into what's fueling the rebound: declining vacancies, a slowdown in new construction, easing rates, and major institutional inflows from firms like Blackstone, Brookfield, and Carlisle. Kyle and Jason also share how investors can position themselves to buy quality assets ahead of a potential multi-year rate-cut cycle. What You'll Learn: How the return of full bonus depreciation and 1031 exchanges is boosting liquidity Why tax strategy alone isn't enough—the asset itself still has to perform Early signs that commercial real estate activity and loan originations are rebounding Insights into multifamily, industrial, and office recovery trends Why institutional money is pouring back into U.S. real estate What a likely rate-cut cycle means for investors buying now ⚠️ Disclaimer: This conversation is for educational purposes only and should not be taken as tax, legal, or investment advice. Consult a qualified professional for guidance on your specific situation.

US-China frictions weigh on the risk tone; Bessent said they are contemplating the next move if talks don't work outDXY posts modest gains, EUR pressured, while Sterling remains lower but is off the worst levels on WednesdayFixed benchmarks struggled for direction, US 20yr was decentCrude supported by reports around Ukraine's use of Western long-range missiles, metals softerLooking ahead, highlights include US National Activity Index (Sep), Existing Home Sales (Sep), EZ Consumer Confidence Flash (Oct), Canadian Retail Sales (Aug), Australian Flash PMIs (Oct), (Suspended Releases: US Weekly Claims), CBRT Policy Announcement, CCP 4th Plenum (20th-23rd), European Council (23rd-24th), Speakers including ECB's Lane, Fed's Bowman & Barr (Fed on Blackout), Supply from UK & US.Earnings from Dassault, Orange, STMicroelectronics, Beiersdorf, Nokia, BE Semiconductor, Intel, American Airlines, Freeport McMoRan, Honeywell, Dow, Southwest Airlines, Blackstone, PG&E, T-Mobile US & Valero Energy.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

China published fourth plenum communique: approved five-year plan, and aiming for a 'big increase' in the level of tech self-reliance.European equities are mostly higher, whilst US equity futures are mixed; TSLA -3%, IBM -7.2%, Quantum stocks +10%.DXY is flat, Antipodeans lead whilst havens lag in quiet trade.Bonds are pressured as the risk tone sees pockets of improvement; decent UK auction sparked little move in Gilts at the time.New Russian sanctions push crude benchmarks higher, XAU continues to consolidate.Looking ahead, Existing Home Sales (Sep), EZ Consumer Confidence Flash (Oct), Canadian Retail Sales (Aug), Australian Flash PMIs (Oct), (Suspended Releases: US Weekly Claims), CBRT Policy Announcement, CCP 4th Plenum (20th-23rd), European Council (23rd-24th). Speakers including ECB's Lane, Fed's Bowman & Barr (Fed on Blackout). Earnings from Intel, American Airlines, Freeport McMoRan, Blackstone, T-Mobile US & Valero Energy.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Rafael Ojeda, miembro del Comité de Inversiones de Ursus 3 Capital Agencia de Valores, analiza los protagonistas de la sesión: Tesla, IBM, Molina Helathcare, American Airlines, Blackstone, Dow y T-Mobile.

Höga försäkringspremier för modulbyggda trähus – är det ett hot mot den gröna omställningen eller en logisk följd av att husen blir totalförstörda vid större bränder? Den globala jätten Blackstone gör en satsning på hyresrättsradhus i Stockholm – efterfrågan finns och Blackstone har ofta rätt, menar vår expertkommentator Viktor Mandel. Han kommenterar också KD:s förslag om slopad reavinstskatt, EU:s bostadskommissionärs första debattartikel i svensk media, Fastighetsägarna Stockholms rapport om bostadsbyggandet – och debatten om Järfällahus låga hyresökning, där han inte tycker att Hyresgästföreningens kommunikation är det stora problemet: ”Fastighetsägare borde inte kompromissa med det befintliga beståndet för att få bättre villkor på andra håll.”

In this episode of Case Studies, Casey sits down with Doug Robinson; entrepreneur, operator, and founder of LGCY Power, for an unfiltered look at what it really means to bet everything on conviction. From a teenage lawn business to leading one of the fastest-growing solar companies in the country, Doug's story is a masterclass in grit, humility, and relentless alignment.He opens up about the collapse of Atlas, what it's like to hold the title but not the control, and how those failures forged his philosophy on leadership and ownership. Doug also unpacks his legal battle with Vivint Solar and Blackstone; the confidence it took to keep showing up when the odds were impossible, and how faith and forgiveness became central to his rebuild.This conversation is about more than entrepreneurship. It's about integrity when things fall apart, rebuilding trust, and finding purpose through pressure. A raw, real playbook for any founder determined to endure the valley and come back sharper.Chapters00:00 | Old Friends, Shared History02:16 | Growing Up in Cache Valley05:22 | Early Leadership Lessons from Sports08:11 | The Lawn Business That Taught Ownership11:48 | How to Manage Up, Down & Sideways16:18 | Embracing Change: From Missions to Management20:19 | JUCO Dreams & The Last Days at Ricks College23:04 | Door-to-Door Beginnings with Atlas25:44 | Production-Based Recruiting: The Sales Secret28:30 | Why Sports & Missions Built Great Leaders30:13 | The Atlas Collapse & Shattered Trust33:29 | Fallout, Finger-Pointing & Feeling Betrayed37:20 | Picking Sides: Apex vs. Pinnacle41:20 | Rebuilding with LGCY After a Broken Partnership44:44 | When Paths Diverge — and Why That's Okay46:48 | Leading LGCY: Pride, Pain, and the Lawsuit50:11 | Pitching Sunrun With Just Conviction52:15 | Winning Against Blackstone — And No One Cares53:43 | Why We Hold Grudges Too Long58:48 | The Call That Started Reconciliation01:02:49 | The Golf Game That Changed Everything01:04:15 | How Leadership (and Faith) Changes You01:05:27 | Solar in Crisis: $15M Lost, Lessons Gained01:06:56 | How to Survive When the Market Collapses Hosted on Acast. See acast.com/privacy for more information.

Everything you need to know about the new Red Dragons from the 2025 Monster Manual! Cold Open 0:00 Opening Theme & Intro 0:37 Themes & Lore 1:17 Wyrmling & Young 10:15 Adult & Ancient 14:09 Further Details 28:58 Inspirations 49:49 Outro & Closing Theme 1:00:04 Post Credits (incl. Blackstone's Searing Sconces) 1:02:35 DON'T FORGET TO LIKE & SUBSCRIBE! Patreon at https://www.patreon.com/user?u=84724626 Website: https://www.itsamimic.com Email at info@itsamimic.com Social: Instagram at https://www.instagram.com/itsamimic/?hl=en Threads at https://www.threads.net/@itsamimicpodcast Facebook at https://www.facebook.com/itsamimic/ Reddit at https://www.reddit.com/r/ItsaMimic/ Find Us On: Spotify at https://open.spotify.com/show/3Y19VxSxLKyfg0gY0yUeU1 Apple Podcasts https://podcasts.apple.com/us/podcast/its-a-mimic/id1450770037 Podbean at https://itsamimic.podbean.com/ YouTube at https://www.youtube.com/channel/UCzQmvEufzxPHWrFSZbB8uuw Dungeon Master 1:  Pepperina Sparklegem Dungeon Master 2:  Kasi Just Kasi Dungeon Master 3:  Miaca Nason Narrator:  Kyle McQuaid Script By:  Kasi Just Kasi, Miaca Nason, and Pepperina Sparklegem Director:  Pepperina Sparklegem Editor:  Adam Nason Producer:  Kasi Just Kasi Executive Producer:  Adam Nason Main Theme:  Cory Wiebe Musical Scores:  Tyler Gibson Logo by:  Megan Lengle Other Artwork is owned by Wizards of the Coast. This episode is meant to be used as an inspirational supplement for Dungeons & Dragons 5th Edition and tabletop roleplaying games in general.  It's A Mimic! does not own the rights to any Wizards of the Coasts products.

(00:00) Around the NFL: Fred, Hardy and Wallach go around the league to showcase some highlights (and lowlights) from Week 7.(15:50)(30:57) You've all been waiting for it: Hardy's Blackstone/tailgate review!Please note: Timecodes may shift by a few minutes due to inserted ads. Because of copyright restrictions, portions—or entire segments—may not be included in the podcast.CONNECT WITH TOUCHER & HARDY: linktr.ee/ToucherandHardyFor the latest updates, visit the show page on 985thesportshub.com. Follow 98.5 The Sports Hub on Twitter, Facebook and Instagram. Watch the show every morning on YouTube, and subscribe to stay up-to-date with all the best moments from Boston's home for sports!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

(00:00) Bob Socci is the voice of the New England Patriots on 98.5 The Sports Hub Patriots Radio Network. Bob joins the show for his weekly segment, sharing his takeaways of the Patriots and much more!(17:12) Hardy dives into the details of his Blackstone experience. Plus, the Email Bit — your chance to connect with anyone on the show below! (29:28) We wrap things up with The Stack to cover everything we missed.Please note: Timecodes may shift by a few minutes due to inserted ads. Because of copyright restrictions, portions—or entire segments—may not be included in the podcast.CONNECT WITH TOUCHER & HARDY: linktr.ee/ToucherandHardyFor the latest updates, visit the show page on 985thesportshub.com. Follow 98.5 The Sports Hub on Twitter, Facebook and Instagram. Watch the show every morning on YouTube, and subscribe to stay up-to-date with all the best moments from Boston's home for sports!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Amazon Web Services suffered an overnight outage disrupting sites including Disney+, Perplexity, and Coinbase. Apple's newest generation of iPhones has outsold previous models in its first 10 days on the market, China is accusing the U.S. of a hacking campaign, shares of Hologic were boosted by reports of a potential Blackstone and TPG takeover, and proxy advisory ISS is recommending Tesla shareholders vote against Elon Musk's $1 trillion pay plan. Squawk Box is hosted by Joe Kernen, Becky Quick and Andrew Ross Sorkin.  Follow Squawk Pod for the best moments, interviews and analysis from our TV show in an audio-first format. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Solar and wind power are outpacing coal for the first time globally. However, the US faces challenges in meeting clean energy goals due to material shortages, a lack of skilled workers, and political roadblocks. Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Something remarkable happened this year. For the first time in history, renewable energy generated more power than coal worldwide. Solar grew thirty-one percent in just six months. Wind and solar together outpaced electricity demand. China built more clean energy in half a year than the rest of the world combined. India's renewable growth beat demand. Their fossil fuel use dropped. Why? Simple economics. Wind and solar are now the cheapest sources of electricity. But here in America, we have a problem. Johns Hopkins researchers just discovered we'll fall thirty-four percent short of our clean energy goals by twenty fifty. Not because renewables cost too much. Because we don't have the materials to build them. Nickel. Silicon. Rare earth elements with names like neodymium and dysprosium. China controls ninety percent of the processing. And last week, they announced export controls. Meanwhile, in Britain... They're creating four hundred thousand clean energy jobs by twenty thirty. Plumbers. Electricians. Welders. Building wind farms. Installing solar panels. Running smart grids. Energy Secretary Ed Miliband put it simply: "Where are the good jobs of the future going to come from? This is the answer." The Sizewell C nuclear plant alone needs ten thousand workers. But here's the rub - they need to triple their welders, double their plumbers. The workers don't exist yet. Down in North Carolina... Duke Energy just announced a new plan. They're delaying wind projects. Extending coal plants. Not because coal is cheaper - it isn't. But because artificial intelligence and data centers are driving electricity demand eight times faster than expected. Glen Snider from Duke says they need reliability while demand surges. The irony? Duke's moving away from the cheapest new sources of power - wind and solar - just when they need the most electricity. They're choosing to extend expensive coal plants that cost more to run. Australia sees opportunity... Treasurer Jim Chalmers is in New York meeting with Blackstone and Wall Street. Australia has lithium, manganese, rare earths. They claim they can deliver the world's lowest-cost renewable electricity by twenty fifty. "Australia has exactly what the world needs, when the world needs it," Chalmers says. Think about this... The technology works. Solar and wind are cheaper than coal. Batteries can store the power. Countries using these technologies are seeing their energy costs drop. But America faces three bottlenecks: First, we don't control the materials. Second, we don't have the skilled workers. Third, states like North Carolina are choosing reliability over cost savings. President Trump calls renewables "a joke." But JP Morgan says something different. They say America will have to use renewable energy whether we like it or not. Nuclear takes too long to build. Fossil fuels cost too much. The numbers tell the story... Britain: Four hundred thousand new jobs. America: Seven hundred thirty gigawatts short of materials. North Carolina: Eight times the demand growth. Global renewables: Cheaper than coal for the first time. We're watching the free market work. The cheapest energy is winning worldwide. Except in places where politics and supply chains get in the way.

Die Wirtschaft in Deutschland wird 2025 gemäß der OECD so wenig wachsen wie in keinem anderen entwickelten Staat. Auch in 2024 und 2023 sah es nicht besser aus. Im Gegenteil. In beiden Jahren schrumpfte die Wirtschaft in Deutschland bei einer Betrachtung der Wachstumsraten auf einer preisbereinigten Basis. In den Medien lesen wir von immer mehr großen Unternehmen, die Stellen abbauen.  Gleichzeitig sehen wir große amerikanische Investoren, die so optimistisch sind für Europa und für Deutschland wie seit Jahrzehnten nicht mehr. "Schlafender Gigant, der erwacht", so charakterisierte ein Mitarbeiter der US-Private-Equity Gesellschaft Apollo Global Management vor wenigen Wochen Deutschland. Auch andere große Private-Equity-Investoren wie Blackstone sind sehr optimistisch für Europa und wollen in den nächsten 10 Jahren bis zu 500 Milliarden US-Dollar in Europa investieren.  Wie passt das zusammen? Was können wir als Anleger davon mitnehmen? Jeden Sonntag mehr Geldbildung direkt in Dein E-Mail-Postfach. Seit 2014. Schließe Dich über 10.000 cleveren Geldbildern an: Jetzt Teil der sonntäglichen Community werden Werde Teil des ICs von Geldbildung, hole Dir Geldbildung als Sparringspartner an Deine Seite und lerne regelmäßig spannende Investment-Cases kennen: Jetzt Mitglied werden Hinweis: die in dieser Podcast Folge genannten Informationen sind zu keinem Zeitpunkt als Anlageempfehlung zu verstehen. 

Morgan and Eddie answer listener questions. Shoutouts to start, then we get into Eddie sharing pictures of his family on social media, cooking on his Blackstone, and if there is any movement with his 401K. Did Eddie listen to the podcast with Morgan’s boyfriend? And Hawaii recommendations for some newlyweds!See omnystudio.com/listener for privacy information.

This Week on Fresh from the Field Fridays!With Dan the Produce Man and Ross the Produce BossRoss breaks down some Blackstone cooking and cleaning tips that'll make your next backyard session a breeze, while Dan takes us back to pumpkin season memories at Dan's Fresh Produce - kids' field trips, big smiles, and a few pumpkin-handling tips for shoppers too (keep those pretty stems intact!).We've also got Ross showing off some Michigan Honeycrisp apples and introducing a brand-new variety that knocks Dan's socks clean off - it's truly out of this world!Plus, we talk about the buzz around the Colada Pineapple rollout at the IFPA Global Produce & Floral Show in Anaheim, and what we're looking forward to seeing at this year's big event.It's all here on Fresh from the Field Fridays - brought to you by AgLife Media and The Produce Industry Network.

This Week on Fresh from the Field Fridays!With Dan the Produce Man and Ross the Produce BossRoss breaks down some Blackstone cooking and cleaning tips that'll make your next backyard session a breeze, while Dan takes us back to pumpkin season memories at Dan's Fresh Produce - kids' field trips, big smiles, and a few pumpkin-handling tips for shoppers too (keep those pretty stems intact!).We've also got Ross showing off some Michigan Honeycrisp apples and introducing a brand-new variety that knocks Dan's socks clean off - it's truly out of this world!Plus, we talk about the buzz around the Colada Pineapple rollout at the IFPA Global Produce & Floral Show in Anaheim, and what we're looking forward to seeing at this year's big event.It's all here on Fresh from the Field Fridays - brought to you by AgLife Media and The Produce Industry Network.

In this week's episode of Business Lunch, Roland Frasier and Ryan Deiss continue breaking down the “Bottlenecks” framework—the 11 proven playbooks that billionaires use to grow, protect, and multiply wealth.From AI-driven acquisitions to tax-optimized exits, this conversation dives into the strategies that separate ordinary entrepreneurs from long-term empire builders. You'll hear how the world's wealthiest think about capital allocation, scaling “boring” businesses, and structuring companies for massive, tax-efficient exits.Whether you're scaling your first venture or managing a growing portfolio, this episode is a tactical deep dive into how to think—and act—like a billionaire.Key Takeaways • Tech Is Not a Moat: With AI making innovation easy to copy, your real advantage is distribution and users. • The QSBS Advantage: How the Qualified Small Business Stock exemption can eliminate up to $10M (or more) in capital gains per shareholder. • DAFs & Charitable Strategy: Donor Advised Funds can combine tax savings with long-term impact—if structured correctly. • Boring Businesses, Billionaire Results: Logistics, energy, and real estate can quietly create generational wealth when value is added and scaled. • Capital Cycling: Why the world's best investors (like Blackstone and Berkshire) act like banks—recycling capital and compounding returns.Episode Highlights [00:02:00] – Why tech is easy to copy—and why users, not code, create real enterprise value. [00:10:00] – The billionaire tax play: how QSBS and DAFs legally minimize or eliminate capital gains. [00:18:00] – When to start thinking about tax strategy (hint: usually not before $10M net worth). [00:25:00] – Logistics, land, and “boring” businesses that create quiet fortunes. [00:33:00] – The ESG arbitrage: adding sustainability to raise valuations. [00:40:00] – Network effects and marketplace rollups: creating compounding flywheels. [00:55:00] – The rise of “edge retail”: micro-brands, coffee chains, and inversion models that scale fast. [01:05:00] – Capital cycling and other people's money (OPM): how billionaires play the funding game.Memorable Quotes“If all you are is a feature that someone else could build, you don't have a business—you have a countdown clock.”“Boring businesses aren't boring when they compound quietly into billions.”“It's not what you make—it's what you keep.”“Billionaires don't think like operators; they think like capital allocators.”Mentioned in This EpisodeQualified Small Business Stock (QSBS) – U.S. tax exemption strategyDonor Advised Funds (DAFs) – Philanthropic and tax planning vehiclesRoss Perot Jr. – Logistics real estateDutch Bros – Scalable retail model exampleBlackstone & Berkshire Hathaway – Capital cycling and compounding modelsListen If You'reA founder or investor learning to structure smarter deals.A CEO or operator ready to scale beyond execution into capital allocation.A strategic thinker who wants to play the long game in business and wealth creation.ConnectHosts: Roland Frasier & Ryan DeissPodcast: Business Lunch with Roland FrasierMore at: businesslunchpodcast.comMentioned in this episode:Join Roland & Ryan at Get Scalable LiveIf you're a founder, CEO, or operator running a 7- or 8-figure business, Get Scalable Live was built for you. This is not your typical business event. It's 3 days of hands-on strategy, real-world frameworks, and next-level networking with the smartest operators in the game.

LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured  The dark forces of Wall Street are mobilizing again — and this time, they're coming for your retirement savings. Blackstone, Apollo, and the rest of the private equity giants are pushing to stuff risky, illiquid assets into 401(k) plans under the guise of “retirement innovation.” But behind the corporate jargon lies desperation: a liquidity crunch, bad bets, and a plan to offload the pain onto ordinary investors. The orcs are gathering, and Washington's helping them march straight into the Shire.

Not sure what your numbers are telling you? Get a free review: coltivar.com/financial-review Major moves and market momentum in this week's top financial stories, including:Boomers Fall Behind on RetirementBlackstone Brings Private Equity to 401(k)sAI Data Centers Build Their Own Power PlantsSouthwest Ends Open SeatingWalmart Joins ChatGPT for AI ShoppingTune in for smart commentary, sharp context, and the financial insight you need to lead in a changing world — only on FinWeekly._______________________________________Disclaimer:The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.coltivar.com/privacy-policy-and-terms-of-use for additional important information. LinkedIn | YouTube coltivar.com

Plus: Novo Nordisk takes over a rare blood and kidney disorder drug from Omeros. And Poolside and CoreWeave partner up to build a massive data center in West Texas. Zoe Kuhlkin hosts. Sign up for WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journrral reporting and reviewed and adapted by an editor. Learn more about your ad choices. Visit megaphone.fm/adchoices

(00:00) Hardy's fired up for some big family plans this weekend — tailgating at the UMass football game in Amherst. Though it might just be him, his wife, and their new Blackstone griddle holding down the fort.(19:29) WHAT HAPPENED LAST NIGHT: In Week 6's Monday Night Football, the Falcons pulled off a statement 24–14 upset over the Bills, riding a strong ground game and timely defense. Also The Bears top the Commanders, 25-24. Tampa Bay Lightning won for the first time this season with a 4-3 victory against the Bruins.(32:23)(PLEASE be aware timecodes may shift up to a few minutes due to inserted ads)CONNECT WITH TOUCHER & HARDY: linktr.ee/ToucherandHardyFor the latest updates, visit the show page on 985thesportshub.com. Follow 98.5 The Sports Hub on Twitter, Facebook and Instagram. Watch the show every morning on YouTube, and subscribe to stay up-to-date with all the best moments from Boston's home for sports!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The oil and gas industry is clinging to the narrative that we're entering a "Golden Age of Gas" — especially when it comes to LNG. Riding this assumption, companies have been pouring in investments at an aggressive pace, with plans to double LNG export capacity by the end of the decade.US LNG FIDs are breaking all records in 2025, with 55 mtpa of liquefaction capacity sanctioned since the start of the year. This is the second-best year for global LNG FIDs (Final Investment Decision), second only to 2019, when over 70 mtpa of FIDs .The latest example is the 14bnUSD FID for Sempra's Port Arthur 2 in Texas in September 2025, mostly financed by large funds Blackstone, KKR, Apollo, Goldman Sachs.Currently, LNG exports make up about 16% of U.S. gas consumption. Projections suggest that figure could rise to 30% by 2030. But two major uncertainties loom large:Demand: Will international markets absorb this flood of LNG? China's pivot toward Russian and Central Asian pipelines, Qatar's own ramp-up in production, and Europe's push to reduce reliance on expensive imported gas all cast doubt on future demand.Supply: Will the U.S. have enough cheap gas to meet this export surge — especially as the AI boom is expected to drive up domestic gas use, while the federal government places increasing restrictions on renewable energy development?To unpack these critical questions, we've invited Justin Mikulka to explore what he calls the “LNG Mirage.” He'll walk us through hard-hitting facts and trends that investors are currently overlooking. At events like CERAWeek and Gastech, the fossil fuel industry often seems to talk only to itself — echoing reassurances while ignoring warning signs. But winter is coming.About the Speaker:Justin Mikulka has spent the past decade investigating and reporting on the energy sector, with a particular focus on the shifting economics between fossil fuels and emerging clean technologies. He publishes regular insights at Powering the Planet and currently serves as the Communications Director at Oilfield Witness, a U.S.-based nonprofit that uses optical gas imaging to document methane emissions from the oil and gas industry.Reports in reference: Global Gas Flaring Tracker Report from World Bank https://thedocs.worldbank.org/en/doc/bd2432bbb0e514986f382f61b14b2608-0400072025/original/Global-Gas-Flaring-Tracker-Report-July-2025.pdf    We thank Abloco Energy for supporting the show. www.abloco.energy----Epilog post recording:"Venture Global shares plunged more than 20% on Friday following its loss in an arbitration case against BP, which accused the US liquefied natural gas producer of breaching contracts to profit from higher prices at the start of Russia's full-scale invasion of Ukraine.The case was one of several pursued by Venture Global's customers alleging it failed to deliver shipments under long-term supply contracts and instead sold them for higher prices on the spot market when gas prices soared in early 2022.BP's victory is a major blow to one of the largest US LNG exporters, which now faces a separate hearing to determine damages in the case. The UK oil group is seeking damages in excess of $1bn, as well as interest, costs and attorneys' fees."

Adam Blackstone is a Music Superstar. He is one of the most in-demand musicians on the planet earth. He's a Grammy and Emmy award winning multi-instrumentalist, songwriter, producer and bassist. He's been the Musical Director for Justin Timberlake, Rihanna, Janet Jackson, Alicia Keys, Maroon 5 and Eminem. He handled the Super Bowl Halftime Show with Shakira & J-Lo. He's also helped shape the Oscars, “The Voice,” the Grammy Awards, and the hit shows “The Four” and “The Masked Singer.” And with his wife they started BASSic Black Entertainment, a music service company.My featured song is my reimagined version of Dobie Gray's hit song “The In Crowd” from the album PGS 7 by my band Project Grand Slam. Spotify link.------------------------------------------The Follow Your Dream Podcast:Top 1% of all podcasts with Listeners in 200 countries!Click here for All Episodes Click here for Guest List Click here for Guest Groupings Click here for Guest TestimonialsClick here to Subscribe Click here to receive our Email UpdatesClick here to Rate and Review the podcast—----------------------------------------CONNECT WITH ADAM:www.adamblackstone.com—----------------------------------------ROBERT'S NEWEST SINGLE:“SUNDAY SLIDE” is Robert's newest single. It's been called “A fun, upbeat, you-gotta-move song”. Featuring 3 World Class guest artists: Laurence Juber on guitar (Wings with Paul McCartney), Paul Hanson on bassoon (Bela Fleck), and Eamon McLoughlin on violin (Grand Ole Opry band).CLICK HERE FOR ALL LINKSCLICK HERE FOR THE OFFICIAL VIDEO—-------------------------------------------ROBERT'S NEWEST ALBUM:“WHAT'S UP!” is Robert's new compilation album. Featuring 10 of his recent singles including all the ones listed below. Instrumentals and vocals. Jazz, Rock, Pop and Fusion. “My best work so far. (Robert)”CLICK HERE FOR THE OFFICIAL VIDEOCLICK HERE FOR ALL LINKS—----------------------------------------Audio production:Jimmy RavenscroftKymera Films Connect with the Follow Your Dream Podcast:Website - www.followyourdreampodcast.comEmail Robert - robert@followyourdreampodcast.com Follow Robert's band, Project Grand Slam, and his music:Website - www.projectgrandslam.comYouTubeSpotify MusicApple MusicEmail - pgs@projectgrandslam.com  

US equity futures sharply higher with S&P up around 1.5%. Follows worst S&P session on Friday since early April Liberation Day slide. European markets are higher while Asia's ended largely lower. Bonds are firmer in Asia after Treasuries made big gains on Friday. 2-year yield flat to 3.5% and 10-year flat to 4.1%. Dollar slightly higher versus European FX majors and Japanese yen, softer versus Aussie. Oil up. Gold rallies to fresh record high. Big gains also in copper and industrial metals space. Bitcoin near two-week low. Spike in US-China trade tensions remained talking point over the weekend after President Trump on Friday announced additional 100% tariffs on China in response to what he described as hostile actions by Beijing involving announcement of rare earths export curbs, a Qualcomm antitrust probe, tightened customs inspections of Nvidia chip imports, and new port fees for US ships. Companies Mentioned: RPMGlobal Holdings, Big Yellow Group, Blackstone, Caterpillar

This week on Fresh from the Field Fridays:Ross the Produce Boss is flying solo while Dan is visiting the Bay Area terminal produce markets. Ross is live from Indianapolis, Indiana, where he describes his visit to Tuttle Orchards in Greenfield—sampling some fantastic cider, Pixie Crunch apples, and Ludacrisp apples with an absolutely majestic crunch!He also digs into apple cider donuts, checks out some retail-ready action at local Indy stores, and covers jumbo blueberries, late-season plums, his favorite salad dressing, what's sizzling on his famous Blackstone griddle, and even gives an IFPA preview.It's all right here on Fresh from the Field Fridays from The Produce Industry Network and AgLife Media!.

This week on Fresh from the Field Fridays:Ross the Produce Boss is flying solo while Dan is visiting the Bay Area terminal produce markets. Ross is live from Indianapolis, Indiana, where he describes his visit to Tuttle Orchards in Greenfield—sampling some fantastic cider, Pixie Crunch apples, and Ludacrisp apples with an absolutely majestic crunch!He also digs into apple cider donuts, checks out some retail-ready action at local Indy stores, and covers jumbo blueberries, late-season plums, his favorite salad dressing, what's sizzling on his famous Blackstone griddle, and even gives an IFPA preview.It's all right here on Fresh from the Field Fridays from The Produce Industry Network and AgLife Media!.

US equity futures are slightly higher. Asian equities advanced broadly, and European markets opened mostly softer. Market sentiment remained positive following a rebound in the AI sector, with Nvidia leading large-cap tech gains and continued momentum from recent M&A headlines. September FOMC minutes confirmed most policymakers favored holding rates steady, aligning with Chair Powell's recent hawkish tone. Traders continued to price in the Fed's risk-management stance amid mixed signals on inflation and labor market risks. Meanwhile, the 10-year Treasury auction tailed slightly, reflecting softer foreign demand.Companies Mentioned: NVIDIA, Blackstone, Civitas Resources, SM Energy

We are raiding the Guardian long read archives to bring you some classic pieces from years past, with new introductions from the authors. This week, from 2022: the giant asset management firm used to target places where people worked and shopped. Then it started buying up people's homes. In one country, the backlash was ferocious By Hettie O'Brien. Read by Evelyn Miller. Help support our independent journalism at theguardian.com/longreadpod

In this episode of the Omaha Places podcast we welcome our guest Denie from The Kindling Company! The conversation explores the unique social dynamics of networking events, highlighting the initial awkwardness and the eventual connections formed among strangers. It emphasizes the importance of community and the shared experience of meeting new people in a friendly environment.   Find The Kindling Co: Instagram: https://www.instagram.com/flowertruckomaha/ Facebook: https://www.facebook.com/thekindlingcotruck Website: https://www.kindlingcompany.com/   Find Omaha Girls Club: Instagram: https://www.instagram.com/omahagirlsclub/ Facebook: https://www.facebook.com/profile.php?id=61558457075006 Website: https://omahagirlsclub.com/   Find Elevate Recovery + Medspa: Instagram: https://www.instagram.com/elevatemedspaomaha/ Facebook: https://www.facebook.com/profile.php?id=100092637344784 Website: https://www.elevaterecoveryandmedspa.com/   Events:  Friday Night Market in Little Bohemia: https://omahaplaces.com/event/friday-night-market-3/ Farnam Fest in Blackstone: https://omahaplaces.com/event/farnam-festival/ Junkstock: https://omahaplaces.com/event/junkstock-4/   |Instagram | |TikTok| | Youtube | | Subscribe to our newsletter| |Visit our website|   This is a Hurrdat ONE Production. Hurrdat ONE is a podcast network and digital media production company based in Omaha, NE. Find more podcasts on the Hurrdat ONE Network by going to Hurrdat ONE Website or visit Hurrdat ONE YouTube Channel! Learn more about your ad choices. Visit megaphone.fm/adchoices

Om te beginnen met de Amerikanen. Die hebben een rapport geschreven waar de naam ASML bijna 90 keer in voor komt. Ze zijn niet te spreken over het feit dat de Nederlandse chipmachinemaker zoveel verkoopt in China. En op die manier de Chinese chipindustrie groot maakt.Wéér zorgt de Amerikaanse regering voor angst bij ASML-beleggers, want komen er dan toch weer strengere regels? Of wordt er druk uitgevoerd op ASML om minder te verkopen aan China? Daar hebben we het deze aflevering over. Ook over die Britten. Want de Bank of England waarschuwt voor een marktcorrectie. Jawel: alle aandelen kunnen een tik krijgen! Elon Musk heeft volgens sommige juist een tik van de molen gekregen. Daar is de baas van Nvidia het totaal niet mee eens. Hij baalt dat 'ie niet meer geld heeft geïnvesteerd in het AI-bedrijf van Musk. Over Musk gesproken: we hebben het ook over Tesla. Dat kwam met goedkopere modellen, maar beleggers denken niet dat dat Tesla op weg gaat helpen. Ook hebben we het over de beursgang van Verisure. Een groot succes. Misschien wel een té groot succes. En we geven je een update over de handelsoorlog. Trump noemt zijn Canadese collega 'nasty', maar toch denkt 'ie dat er een handelsdeal aan komt met de Canadezen.See omnystudio.com/listener for privacy information.

Niching down, the power of a simple sales funnel, and preventing burnout with Johnny Brunet.  ----- Welcome to episode 539 of The Food Blogger Pro Podcast! This week on the podcast, Bjork interviews Johnny Brunet.  The Journey to $100k as a Content Creator with Johnny Brunet Johnny Brunet's story is proof that a pandemic pivot can lead to major success! He went from stand-up comedy to mastering the Blackstone griddle, finding his sweet spot by creating content specifically for beginner cooks. He shares the secret sauce of his content empire: how he strategically focused on one niche tool to stand out and why targeting the starting-out crowd was the perfect gap in the market for massive growth. Beyond the cooking, Johnny gets real about the business, breaking down his successful revenue mix of YouTube AdSense, eBooks, and affiliate marketing. You'll get his best advice on keeping your sales funnel incredibly simple and the importance of smart content marketing to drive product sales. This episode will give you the blueprint for turning a niche idea into a full-time income without spreading yourself thin. Three episode takeaways: The power of niching down: Johnny's big pivot from comedy during COVID shows that sometimes you have to roll with life's changes! He found massive success by niching down to a specific tool (hello, Blackstone griddle!) and focusing on beginner cooks, proving there's gold in filling those market gaps. The simple sales funnel is your friend: Believe it or not, you don't need a crazy-complicated setup to make money! Johnny broke down his successful monetization mix of YouTube AdSense, eBooks, and affiliate marketing, emphasizing how a simple sales funnel and smart content marketing are key to actually moving those products. Don't spread yourself too thin: If you're creating content, take a note from Johnny: don't try to be everywhere at once. He recommends focusing on one type of content and, even better, just documenting your own learning process. It keeps you from spreading yourself too thin and is a great way to keep your audience engaged! Resources: Johnny's food blog: Johnny Brunet Be sure to check out Johnny's e-book, Griddle 101! Visit the members-only Food Blogger Pro forum here! Canva Stan Gumroad Kit ThriveCart FourthWall MKBHD — FourthWall Follow Johnny on YouTube and Facebook Join the Food Blogger Pro Podcast Facebook Group Thank you to our sponsors! This episode is sponsored by Yoast and Raptive. Learn more about our sponsors at foodbloggerpro.com/sponsors. Interested in working with us too? Learn more about our sponsorship opportunities and how to get started here. If you have any comments, questions, or suggestions for interviews, be sure to email them to podcast@foodbloggerpro.com. Learn more about joining the Food Blogger Pro community at foodbloggerpro.com/membership.

Season Finale: “He's Playing the Long Game” Joe and Nathan close out the 2025 season of The Rumor Mill with a chaotic blend of heartfelt listener love, Eurotrip plans, and Blackstone-fueled madness. Nathan's packing his bags (and possibly his Grindr grid) for Europe, while Joe swears he's “totally straight now” and absolutely not talking about Jeremy or Carlo—except, of course, he is. From ghosted text threads to imaginary girlfriends, Joe gives a full report on his German heartbreak saga as Nathan tries (and fails) to keep the show on track. The duo takes listener voicemails covering everything from Drag Race Season 2 nostalgia to Real Housewives rankings, with shoutouts to Travon, Kevin, Katie, and the beloved “Elder Gay from Kentucky.” Joe even summons the long-dormant Mites for an update that veers into horror-movie territory before unveiling the return of the one and only Mr. Blackstone, who tears into a new listener's fashion sense with trademark venom (and suspiciously German admiration). Between fake news of Jane Goodall's demise, spontaneous voicemails, and a failed live call to Evan, the episode spirals in the best possible Rumor Mill way—equal parts chaos, camp, and catharsis. Before signing off, Joe and Nathan reflect on their chemistry, their listeners, and their growing legend as the internet's favorite duo to dish about everything except actual drag rumors. Joe's “I'm straight now” era—complete with girlfriend Aiden and denial. Nathan's European adventures (and the hunt for Eurocock). Listener voicemails from Trevon, Kevin, Katie, and Sean. The return of the Mites (with unexpected tragedy). Mr. Blackstone reviews listener Brendan's looks—and maybe civilization itself. Fake news of Jane Goodall's “death” and Joe's wild theory about podcast espionage. Talk of the Rulaska Thoughts future and potential format changes. A sweet farewell from Nathan before his trip—and a teaser that Rumor Mill will return. “I only express my emotions on shows. I never say how I really feel… which is probably why everyone's mad at me.” Got thoughts, theories, or voicemails for next season? Leave a SpeakPipe or DM @joebetance.

Welcome back to the Alt Goes Mainstream podcast.Today's episode dives into the evolution of infrastructure investing with a leading scaled specialist firm in infrastructure.We sat down in Stonepeak's Hudson Yards office with a pioneer in infrastructure investing: Mike Dorrell.Mike is the Chairman, CEO, and Co-Founder of Stonepeak, building the foundations for the firm to achieve a rapid ascent to $76B from its founding in 2011.Mike brings deep expertise to bear in the infrastructure asset class. He has over 20 years of experience investing in infrastructure, starting his career at Macquarie, where he ultimately held the title of Senior Managing Director. He then joined Blackstone, where he was a Senior Managing Director in Private Equity and Co-Head of the Infrastructure Investment group, before striking out on his own to build one of the industry's largest infrastructure investing firms in Stonepeak.Mike and I had a fascinating and thought-provoking discussion about infrastructure investing and why it's becoming an increasingly important part of the private capital ecosystem. We covered:The early days of infrastructure investing.How infrastructure investing has evolved.How Mike's experiences at Macquarie and Blackstone informed how he wanted to build Stonepeak.How institutional investors have approached infrastructure investing and why individual investors should consider exposure to infrastructure assets.Stonepeak's DNA and what makes the firm different from other infrastructure investors.Why being a scaled specialist is a competitive advantage.How Stonepeak was built from scratch to scale.How Stonepeak identified investing in data centers early on and well before the data center boom began.Why launch a wealth solutions business and how it's a reflection of the firm's DNA, culture, and values.Thanks Mike for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus' technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream Podcast02:10 Guest Introduction: Mike Dorrell03:58 Mike's Journey to Stonepeak06:46 Challenges in the US Infrastructure Market11:09 Successes and Setbacks in Infrastructure Deals12:06 Privately Held Infrastructure in the US17:05 Public vs. Private Infrastructure18:34 Impact of Infrastructure on Daily Life19:16 Stonepeak's Significant Market Presence22:10 Balancing Public Good and Investor Returns22:53 Regulation and Good Judgment in Infrastructure23:55 Challenges in Privatization25:52 Skills Needed for Infrastructure Investing26:29 Access to Infrastructure for Individual Investors27:10 Institutional Market's Experience with Infrastructure30:50 Asset Allocation and Infrastructure33:40 Private Equity vs. Infrastructure Investments34:10 Institutional Allocation Trends34:46 Patience and Peace of Mind in Investing35:14 Warren Buffet's Investment Philosophy35:38 Biggest Risks in Infrastructure35:50 Electric Utility Asset Risks36:28 Data Center Business Risks37:02 Evaluating Data Center Investments38:46 Economic Differences: Building vs. Buying Data Centers40:21 Pricing Power in Data Centers46:03 Connectivity Data Centers Explained49:16 Navigating Infrastructure as an Asset Class50:09 Finding the Right Assets at Fair Prices50:27 The Evolution of Infrastructure Investing53:31 Founding Stonepeak57:20 Raising Capital in Early Days59:46 Lessons from Blackstone01:01:22 Building a Strong Investment Culture01:03:37 Maintaining Culture While Scaling01:06:20 The Importance of the Wealth Channel01:07:41 Focus on Quality and Customer Experience01:08:33 Cycling and Business Philosophy01:09:26 The Importance of Investment Decisions01:10:27 Final Thoughts on Investment ProcessEditing and post-production work for this episode was provided by The Podcast Consultant.

Are You Missing Out on Real Estate's Best-Kept Secrets? Imagine investing in properties where: Tenants fix their own roofs You can boost income with a few tech upgrades Most investors are too scared to even look This episode reveals two underground real estate niches that could change your wealth strategy forever: Mobile Home Parks and Parking Lots Special Guest: Kevin Bupp, an investor with over $1 BILLION in real estate transactions under his belt shares how everyday investors are building wealth in places others overlook. Grab your FREE real estate investment white papers and unlock hidden wealth strategies at InvestwithSunrise.com  Resources: Text FAMILY to 66866 Call 844-877-0888 Visit FreedomFamilyInvestments.com/GRE Show Notes: GetRichEducation.com/574 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com 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”  For advertising inquiries, visit: GetRichEducation.com/ad 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 Complete episode transcript:   Keith Weinhold  0:00    Welcome to GRE. I'm your host. Keith Weinhold, talking about first mobile home park investing and then investing in parking lot assets. What makes them profitable? What gets investors excited about mobile home parks and parking lots? What are the risks and what's the future of both of these real estate asset classes? All with a terrific guest today on get rich education.   Keith Weinhold  0:28   You know, most people think they're playing it safe with their liquid money, but they're actually losing savings accounts and bonds don't keep up when true inflation eats six or 7% of your wealth. Every single year, I invest my liquidity with FFI freedom family investments in their flagship program. Why fixed 10 to 12% returns have been predictable and paid quarterly. There's real world security backed by needs based real estate like affordable housing, Senior Living and health care. Ask about the freedom flagship program when you speak to a freedom coach there, and that's just one part of their family of products, they've got workshops, webinars and seminars designed to educate you before you invest. Start with as little as 25k and finally, get your money working as hard as you do. Get started at Freedom family investments.com/gre or send a text now it's 1-937-795-8989, yep, text their freedom. Coach, directly. Again, 1-937-795-8989,   Corey Coates  1:40   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  1:56   Welcome to GRE from Burlington, Vermont to Burlington, Washington and across 188 nations worldwide. I'm Keith Weinhold, and you are inside get rich education. We are all firmly in the fall season. Now, autumn, if you prefer. And as we often do, we're discussing residential real estate investing today, but it's two different and distinct niches within that, and I guess they both have to do with wheels, as it turns out, mobile home parks in the first part of the show and then parking assets later today. I think there's a compelling future use case for at least one of those two to speak to our international audience for a moment, but this will actually help clarify things for you. If you're a North American too, though it's called a mobile home, well, it doesn't really have that much to do with wheels. There might not be any wheels on it. And if a resident lives inside one of these for, say, a decade, well then it's probably going to remain attached to that same location on the ground all 10 years. That's why a mobile home is often referred to now as a manufactured home. What it is is it's a factory built residence, constructed on a permanent chassis and then transported to a site. I mean, that's what we're talking about here, and they are a less expensive alternative to traditional homes that have, say, a cast in place, concrete foundation. So therefore, understand, mobile homes are affordable housing, highly affordable housing, and that's really important in this housing affordability crisis. And I've talked quite a bit about that on the show, and the meager national supply of that all types of affordable housing, they are recession resilient. I mean, that's just one reason why we love affordable housing types here at GRE where we're often buying rental property just below an area's median price. You know, people think of mobile home parks MHPS, that they're all crime ridden and that there are slumlords. But that is not true in every case. There are actually nice ones. If you're an MHP investor, you often only own the land beneath the structure, and not the mobile home itself. The resident owns the mobile home itself. So therefore, if there's a leaky roof or a window needs replacement, or flooring needs replacement, that is on the resident to fix, not you. MHP dwellers, they often don't have to pay property tax, though, because, like I said, they don't own the land. The landlord, or the community, therefore, is the one that has to pay the property tax. So there's some thoughts on mobile home parks for you, parking asset, real estate that's still settling into its post pandemic pattern with Return to Office mandates that aren't really fully matured yet. We're still settling in and seeing how that is going to look. And then when it comes to parking lots, you got to wonder about its future. When you consider the proliferation of autonomous cars, will that make parking lots obsolete? I'll have our guest address that longtime GRE listeners, you might remember episode 13 of this show, yeah, almost 11 years ago, that episode was about how autonomous cars will affect your future and your real estate and the very need for parking lots and a lot of what I discussed there in early 2015 that is beginning to come true, but this autonomous car adoption that is way slower than a lot of people thought. I mean, most Americans, they still have not been inside an autonomous car at all. A lot of people are still saying that they don't trust that that should change soon. But as for now, I'm just guessing that fewer than one in 10 Americans have been inside an autonomous car, probably quite a bit less than that. Today's terrific guest has over $1 billion in real estate transactions under his belt. This should be interesting. He is a specific investor in both mobile home parks and parking assets.   Keith Weinhold  6:26   Today's guest is a seasoned real estate investor entrepreneur, and he's a prominent voice in the space, because he hosts the real estate investing for cash flow show. He's built a strong reputation as an expert in two niches that have less competition than some other investments, and we'll discuss those two today. They are mobile home parks and also parking asset investments too often overlooked yet pretty profitable niches, and he and I have a lot in common. I'm on the Forbes real estate Council. He is on the Forbes Technology Council. He and I are both native Pennsylvanians. It's been quite a few years. Hey, welcome back to GRE it's Kevin Bupp.    Kevin Bupp  7:06   Hey, Keith, thanks for having me back. And yeah, excited to be here, my friend, and excited to finally get caught up. When you referenced that, it was nearly eight years since we last spoke. I was taken back a little bit because A lot's happened in past eight years.    Keith Weinhold  7:21   I know that's wild with where things are at. People didn't even know the meaning of the word pandemic when you were last here on the show, Kevin, let's talk about really the case for mobile home parks. I know they can be a strong, cash flowing asset once people are really dialed into them. I think what's interesting is, since you were last here on the show, really, from the pandemic on, it's been a well documented national story where lay people just know about how the supply of housing just is not adequate in order to meet demand, and what that usually means, just talking about the single family space is, of course, they're building, but they're not building fast enough to keep up with population growth and housing demand. But what's so compelling about mobile home parks is, I mean, they're barely even building them anymore, like they are contracting in supply in a lot of areas. So tell us more about the compelling case for mobile home parks.    Kevin Bupp  8:16   Yeah, well, you had a big one. You know? It's an asset class that has a diminishing supply, right? We can get into the reasons behind that. But, you know, just from a high level perspective, one of the other factors as it relates to, you know, available homes, available housing for the growing population, is that while they are building stick boat homes, they're not fulfilling the needs of those that actually need affordable housing. So there's not a lot of the average working household can't necessarily afford the starter home any longer, and so mobile home parks are unique. I truly feel they're the best vehicle to help us fill this void of housing, affordable housing that is really needed throughout the entirety of the country. I mean, there's very few markets in this country that are still affordable. There's some places you can still go buy. You can probably go to Flint, Michigan, buy a home for 50 or $60,000 but generally speaking, I think the median home price today, I think it's crested over 400,000 I don't have the exact number, but I do believe over $400,000 and the average starter family, or even folks that are, you know, just working two jobs, making 40, $50,000 a year, they can't afford to purchase that type of home, a $400,000 home. And so again, these mobile homes you had mentioned, they're not building mobile home parks any longer. However, they're still building new mobile homes, and it's kind of interesting what's evolved over the past 10 years. The quality of the product is it's like a night and day difference of what it looked like 1015, years ago, of the homes themselves to what they look like today, and what you get for your money. You know, the average single wide that we might be putting into a community, brand new home, 13, 1400 square feet. Someone could come in and for roughly $80.70 $80 a foot, can buy a brand new home that's never been lived in before, that's unheard of, that's absolutely unheard of when you compare it to the average or the median home price across the US today. So it really is kind of the last frontier, and it's typically any market that we're in, if you take the same comparable quality of an apartment complex in the same, you know, area of town, the same school districts, we're typically about 20% less all in cost to actually own your own home, versus that of even renting the comparable size apartment. So it's a very compelling reason for folks that are looking for an affordable place, but not just affordable, but clean, safe and quiet. I mean, like we run very respectable communities, they're in the really good school districts. They're places that folks are proud to live and raise their families, then,    Keith Weinhold  10:22   yeah, that's true. This would really help meet that affordability challenge, another problem that's been so well documented. Talk to us more about what makes mobile home park investing different from investing in single family rentals or even a fourplex or a 20 unit apartment building.    Kevin Bupp  10:40   A lot of the fundamentals are similar, and I would say that it's probably more comparable to that of an apartment complex to a certain degree. Just think of it as a horizontal apartment complex, where units aren't stacked on top one another. They're just layout horizontally more wider than they are tall. But the bigger difference is in most instances, we don't actually own the homes, so the residents own the mobile homes, whereas we as community owners own the infrastructure, we own the land. We own the roads, when the sewer lines, the water lines, the common areas, if it has a clubhouse, if it has amenities, so we maintain and we own all that collective area where the folks basically come and they bring their home, they fix it to the ground, and then ultimately pay a slot rent to have their home there on that premise. And so for us, it's very attractive in that the resident that's in their home, if they have a Roofing Leak, they have a plumbing leak, they have their HVAC system go out. They're not calling us like they enter an apartment complex. It's on them, yeah. So they're homeowners. And a couple other really attractive elements of that that come as a result of having residents that live there, not just renters, is that they're very sticky. And so just like in a standard single family subdivision, where you've got folks that might have lived there for generations, you just reference that your parents literally live in the same house, and so they've lived there a very long time. It is quite common to find residents and even multi generations of the same family that live in our communities. And a couple come to mind. We just celebrated a woman's 50th year of living one of our communities in brendalin. And so you've got sticky resident base. There's not a lot of turnover. And then the last big piece of it that is really attractive us is a homeowner mentality is very different than a rental mentality as far as upkeep. And so you got folks that they plant flowers, they ensure that their units have curb appeal, right? They put flags out, they put decorations out during the holidays. It's a lot more warmth than that of what you might find in a traditional rental apartment complex.    Keith Weinhold  12:26   So what all does the tenant pay for? You mentioned that they pay for the lot rent. What other expenses do they have? How does that look for them?    Kevin Bupp  12:36   Typically, you know, utilities. So they'll have their own individual meter. They'll pay, you know, direct to the utility company, utility provider, water and sewer as well. They'll pay for their water and sewer usage. And that can come in many different forms. Sometimes, where our communities have public utilities, where it's built directly by the utility provider, sometimes it's more of a private system, where we're actually acting and participating as utility provider and building them back for their usage. Really the standard things that you might pay for if you live in a single family home. I think so the areas where it might differ. And honestly, this is really community by community for us, some of our communities, literally, the residents, they pay for the utility use, but outside of that, literally, we mow the grass, we shovel their driveway, we shovel their walkways, we handle all those type of elements, whereas some other communities, the residents we might require that they actually maintain their own grass so they their own grass, so they have to mow it, or hire a a third party vendor to come in and mow it. They might have to actually shovel their own driveway. And a lot of how we run a community really is depend on how it used to be run when we took it over. You know, if it's not broke, we don't fix it. And so a lot of times we don't like shaking things up too much. If they're used to a certain way, we just keep it status quo and continue rolling on of how the prior ownership used to manage it really similar elements of what a folks, an individual living in a single family home, might pay for so very similar.    Keith Weinhold  13:48   Okay, so they pay you the rent for the lot. This puts nearly all the maintenance and repair burden on them. So is there any sort of HOA like body here?    Kevin Bupp  13:58   Not in our community. You do find some communities, and most of these that have an HOA are typically a community that's gone through more of a co op type arrangement to where the actual individuals only like fractionalized share of the community, the residents that live there, and so then they have a the oversight from an HOA that's managing the daily operations, managing the financing, managing the budget, things like that. But in our communities, no, there is not an HOA, I'd say the one other thing that's typically included in lot rent is they don't have property taxes, right? So we own the land, and so the individuals that live in these units aren't paying individual property taxes. A lot of states require that they have a registration fee, just like you do in your vehicle, that they would have to pay on an annual basis. And then most of them have insurance as well. You know they're covering you're carrying homeowners insurance on the actual dwelling itself. Outside of that, it's, again, just pretty straightforward,    Keith Weinhold  14:47   yeah. So here we are in this low competition, low supply niche that we're talking about here we think about communities and nimbyism and building, not in my backyard. ISM oftentimes that's a sentiment that residents of a certain area have, residents say something like, ah, we don't want this new 200 unit apartment building or mobile home park here in our single family home neighborhood, like, that's nimbyism. But in mobile home parks, to me, it seemed like nimbyism is often at a different level. It's at the government or the municipal level, like your town or city, might not want one, because it doesn't generate as much property tax revenue as a new single family neighborhood would. Is that the reality? Kevin,   Kevin Bupp  15:31    that's absolutely the reality. And that's why you don't see new parks getting built. I think last year, ones that I know of, there are about a dozen that were built, many more than that. They're actually shut down, you know, for redevelopment purposes. And so that is absolutely huge part of it. In fact, you know, it's frustrating, because pretty much every municipality across the country the topic of affordable housing, it's on the radar, and it's probably one that is discussed quite often. And in all reality, again, these mobile home parks really would help resolve that challenge at most of these you know, municipalities are the shortage of homes, affordable homes, that they're facing across the country. And so, you know, another big piece of it, you mentioned the tax basis, absolutely, you know, the municipality would make, they'd have much better tax revenue from pretty much anything else that could be built there. And so that's a big barrier. But the nimbyism piece of it, I think a big part of that is it's unfortunate. I think it's getting better over time. There's bad operators in our space, just like they're bad operators in the apartment space, just like there's bad operators landlords that have single family homes that just let them deteriorate over time and don't repair things. Unfortunately, we kind of get lumped all the mobile home parks get lumped in that bad bucket. And so while there's, you know, I always joke and say there's mobile home parks that are on the wrong side of town, wrong side of the tracks, right? You don't want to go to and during the daytime. Well, guess what? There's subdivision, the single family home, neighborhoods that are the same thing, and there's apartments that are like that as well. You don't go anywhere near them. And you've got the middle of the road, right? You've got just the good, hard working, blue collar folks that want to send their kids to good public schools. We've got those communities apartments are that way too single family home subdivision, you got white collar stuff. You got some higher end stuff. Unfortunately, we kind of all get lumped in that bad bucket. That's where the assumption that's made by folks that don't understand mobile home communities have never driven through one. They just assume that it's all, you know, basically, drug, sex, rock and roll, the wrong element that we do not want in our neighborhood. We don't want anywhere near us. It's going to devalue our home prices. And for that reason, you just don't see them getting built. It's unfortunate, but it's the truth.    Keith Weinhold  17:20   Yeah, I'm just thinking about the mobile home park that I drive past most often. It's sort of walled off. There's maybe an eight or 10 foot high wall around it. I don't know if that's something that the municipality erected to sort of screen its appearance off, or something that the mobile home park built, which is my guess as to who built it, but not all mobile home parks look blighted   Kevin Bupp  17:43   absolutely, yeah. And I don't know the case that you just referenced there. I mean, it could be for sound deadening purposes, if it's off of a busy road. It could have been something put up as far as just to kind of shield off so folks that are driving past don't see the community. My guess would be that's probably not the the reason that was built. But in any event, these are, there's, you know, we've got a number of communities, Keith, that if you drove through, and I didn't, if I blindfolded you and you drove in, so you went past the entrance, you went past a sign that said manufactured home community, and I took you down a road, you wouldn't believe that you were actually in a mobile home park. Some of these homes, they're double wide homes, and they look like ranch homes, and so they're actually laid out perpendicular to this, or parallel to the street, and then they have two car site built garages that are attached to them via breezeway. So they look like your traditional ranch style home, but they're absolutely 100% mobile homes that could be moved if you wanted to move them, and for a fraction of the price of what a neighboring single family home might sell for. So there's all different qualities. They all come in different shapes and sizes. But to my point earlier, some of these communities, they're not even affordable. There's actually, there's down here in Florida, we've got what we call lifestyle communities. It's very common out in Arizona as well, where it's a lot of times a second home for snowbirds, you know, retirees that want to come down and want to live an active lifestyle. You know, they want to have two swimming pools. They want to have an activities director. They want to have, you know, shuffleboard and pickleball courts and tennis courts, and they want to live this lifestyle. And those units are anything but affordable. In fact, there's many. There's a community down the road for me that, you know, their lot rent is $1,200 a month, and so you factor that in with probably a house payment. And you know, you might be looking at 2000 to, you know, $2,300 a month, all in for the house and the lot rent. And so not necessarily in the affordable scheme of things, but they come in all shapes and sizes and again, unfortunately, we just get lumped into that bad bucket. It's unfortunate because I do think that we could really help start making a dent in this affordable housing crisis. I don't how it's going to happen any other way. I really don't, because we can't build affordable products at this point in time. It's not possible    Keith Weinhold  19:37   a posh an exclusive mobile home park there that you're referencing in Florida. As paradoxical as that sounds, tell us, Kevin, how that really works, because I know you help investors get in to mobile home parks. Does this mean an investor owns a full Park? Or I wouldn't imagine you're just doing it at the level where you just own one lot and then have One dweller pay you the lot rent. So tell us about how it works from the investor angle.    Kevin Bupp  20:05   We have fund structures that we typically roll out through sunrise capital investors and any one individual fund will own somewhere between nine to 13 somewhere, typically in that range, mobile home communities. These communities can range in size from maybe as small as 80 or 90 lots to the largest community we own at present time is 780 lots. And so it's quite large. I mean, the size of a small town. But essentially, investors come in and they own a based on their investment. They own a proportionate share of the various properties that are owned underneath that fund umbrella. And so one, an individual, might come with 100,000 and own a smaller proportion share than someone that comes in with a million dollars. But they are owners. They're absolute owners. They participate in the cash flow, they participate in the the upside, and they participate in the proceeds. When we have capital events, either cash out refinances or potential sale events.    Keith Weinhold  20:56   Tell us more about why it's so profitable. Why do mobile home park investors get excited,    Kevin Bupp  21:01   as with anything, Keith, you know, you got to buy it, right? And, you know, we look at a lot of deals, and a lot of deals don't pencil like, if we bought it for what they're asking, we would make money. We might lose money. And so the money's made on the buy, just like with any other type of real estate investment. But I think the one factor that really has allowed mobile home parks to be an attractive investment vehicle over the past, really, the last decade, it's grown the attention of lots of different private equity groups, institutional investors, that 15 years ago, they weren't in the space, and the biggest reason is a lot of these. It's a very fragmented niche, and so there was no consolidation that existed 10 years ago. There was really only two public traded companies outside that. It was mom and pops, mom and pops, that typically owned one, maybe sometimes two or three communities, but it was just a very fragmented niche. And what you find those fragmented niches that there's a lot of inefficiencies that exist in the operations. There's a lot of inefficiencies that exist with regards to utility management or managerial oversight within the community, or even keeping up with market rents. And so very often, we'll get into a community we just bought one at the end of last year, and right outside of Ann Arbor, you know, great sub market in Michigan. It's it literally has never traded hands. It was built back in the 80s by the gentleman we purchased it from. He was a subdivision developer, but he got into the manufactured housing space, so he built this, what looked like a subdivision, but it was mobile homes and and he basically owned it up until we acquired it last year, but gorgeous community, well maintained, needed some upgrades, different amenities that just were a little worn out and tired. But the biggest element within that community was that the market rents in the local area were roughly $800 a month. $800 a month for lot rent, and when we purchased it from him, the average lot rent throughout the community was $477 so there was a significant loss lease that exists. And we see this quite often with just over time they've owned it, free and clear, they go 567, years out, doing rent increases, and sooner or later, they find themselves in a situation where they are severely below the local market rents. And so there's typically a lot of loss, at least recapture, that we find going into these communities. Sometimes we'll also go in and we'll find there's a lot of waste with the water and sewer cost. It might not be billed back for usage to the residents, to where if you're not paying for something, sometimes you're abusing it. And a lot of times we can go in and put individual meters in and almost send entirely that savings down to the bottom line and find it as additional noi on our PNL. And so it's just inefficiency of operations, and again, quite common, given the mom and pop nature of this asset class. But it's very quickly becoming consolidated. Now it looks very different today than what it looked like as far as the ownership groups. When I go to an industry event 10 years ago, those other guys like us, and then a lot of mom and pops. Now it's, you know, the likes of reps from Blackstone and Carlisle group and and got lots of other institutional groups that are showing up there. So just it's very different world, and probably more akin to that of what the apartment sector looks like, as far as ownership groups and the consolidation that's happening.    Keith Weinhold  23:52   You're feeling more of that competition. Kevin and I are going to come back and talk about another, I suppose, real estate investment that has something to do with wheels, and that is investing in parking lots. I'm your host, Keith Weinhold   Keith Weinhold  24:07   if you're scrolling for quality real estate and finance info today, yeah, it can be a mess. You hit paywalls, pop ups, push alerts, Cookie banners. It's like the internet is playing defense against you. Not so fun. That's why it matters to get clean, free content that actually adds no hype value to your life. This is the golden age of quality email newsletters, and I write every word of ours myself. It's got a dash of humor. It's direct, and it gets to the point because even the word abbreviation is too long. 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While it's on your mind, start at Ridge lending group.com that's Ridge lending group.com.   Ted Sutton  25:51   Hey, it's corporate directs Ted Sutton. Listen to get rich education with Keith Weinhold, and don't quit your Daydream.   Keith Weinhold  25:59   welcome back to get rich education. We're talking about two real estate investment niches with Kevin bump today, an expert in both mobile home park investing and in parking lot assets. And Kevin, I got to tell you, I am more skeptical about parking lot investing than I am about mobile home park investing, but you can probably help me with this. I think we know that. I mean, gosh, just historically, ever since Henry Ford did his thing. I mean, mass transit adoption is really slow in most US cities. But anymore, one needs to wonder, okay, can autonomous cars disrupt the parking model? A Robo taxi can just constantly stay on the road, dropping off and picking up passengers where, you know, some people foresee a day in the not too distant future that people won't even need to own cars. They'll sort of have a subscription to a car service, but now this is where your expertise is. So I'm sure you thought above and beyond that. So what are your thoughts there, just for the need for parking spaces?    Kevin Bupp  27:11   You make a valid point. I think the adoption of that, it's, I think it will be very different from market to market, say, the city, whereas, if you want to maybe look at one area. We have a parking garage today in downtown Phoenix, Arizona. Phoenix is very much a driving city. It's parsed out very far the public transit. It's not great there. And again, it's just it's a wider state, whereas, if you compare it to like a San Francisco, the adoption of Robo vehicles and robotaxis and things like that autonomous vehicles is much, much faster than that of a of a phoenix. But also San Francisco is much a much more consolidated marketplace as far as the urban core. And so for that reason, you know, we look at parking, it's got a there's a couple things also that feed into that. So I want to back up a little bit. One of the major changes that has been really playing out over the past 15 years within the parking sector is that building departments within now, I think it's over 100 cities across the country. Denver just announced last week that they're also adopting this policy. And that policy is that historically, if you were Keith, you're going to go on, hey, I want to build this in downtown. I want to go build this apartment complex, condo complex, mixed use property, whatever it might be. Historically, they would have required you, whether you wanted to or not. They would have made you put in a certain amount of parking per 1000 square feet, every municipality would have a formula. And what, what a lot of these cities realized a couple decades ago is that, based on their, you know, antiquated formulas, they had a surplus of parking available on a lot of these downtown areas. You know, it wasn't being used. And given the developer an opportunity and the choice to say, Hey, do I want to build 20 more parking spaces that aren't going to get used? Or I want to build want to build 10 more apartment units, they're going to choose the apartment units. And so the parking mem requirements have been taken away, have been eliminated in a lot of cities over the last decade plus. And so that's created a shrinking supply of parking because now when developers build something, they're building only as much as they need, sometimes not even as much as much as they really need, because then they can still rely upon other ancillary parking structures within the immediate marketplace. And so, so there's a shrinking supply of parking. And every city that we own in today there's a massive shrinking supply of parking. So that's big piece of it that we know that inevitably, if we get the location right, an area where literally, you wouldn't be able to afford, based on the cost of construction and the cost of lands, they wouldn't be able to afford even building new parking structure, if you so chose to. And now that there's also a shrinking supply, diminishing supply, of this parking that we can be comfortable in our demand for our product, and so to the point of like autonomous vehicles and things of that nature, I do think there will be a time. I don't know how long that time is. I do think that there will be a time where we'll see some sort of impact. I don't know what that is. And so how we underwrite deals is we feel very confident over the next 10 years. We have to have a absolute confidence level over the next 10 years that there's going to be continual demand based on the various factors within this marketplace, the demand drivers that are servicing that garage, like, who's parking there, why they're parking there. But second to that, when we. Buy something. We need to have the air rights. We know that there inevitably will be a higher and better use. So Location, location, location, it's got to make sense today as parking. We got the underwriting has to stand on its own as parking, and we have to have a comfort level that 10 years, there will be sufficient demand throughout the duration of the next decade, in the event things start changing down the road, we know that, literally, the lowest use that it could ever have is its present use, which is parking because it's just a concrete structure, sometimes just an asphalt parking lot, to where, once you go vertical, that's where you're going to be able to unlock a lot of additional potential. And so we don't underwrite the future. We look at that as icing on the cake. But we know, based on the the location, the proximity to, you know what else is happening in that marketplace, that location will be in demand, not just today, but many decades to come. So I'll stop there and see if you have any clarifying questions.   Keith Weinhold  30:51   I think about how for the parking lot investor, Jamie Dimon has been really good for you. He is so hard on the return to Office. Mandate?   Kevin Bupp  31:01   Yeah, I'd say one thing that's important to make note is, I don't know what the future holds for office I tend to make the argument that wherever picking office building in a marketplace, wherever they're at with occupancy today, I think it's probably as good as it's going to get. We don't have to go down that rabbit hole. But I just I feel like it's been long enough since covid. And don't get wrong, there's gonna be a few companies that are going to be pressed that are going to be pressing, you know, in a big way, to get people back, but I think 80% of them that we're going to go back are already there. And so any parking asset that we look at, if it's got more than 10 or 15% as far as relationship with an office building or multiple office buildings in immediate vicinity, then we typically pass on it. And on top of that, it's got to have a variety of demand drivers. So it just can't be supportive of one or two different demand drivers. We have have at least five. And so it can be a courthouse, municipal buildings, sports arenas. It's got to be a 24/7 city where there's something happening, 24 hours a day, seven days a week, hotel, valet, restaurants, retail, things like that. And office has to be a very minimal part of that makeup, or else we just move on, because I don't know how to fix it. How to fix that problem yet. I don't know what's going to you know what the future holds for your traditional office towers, especially the ones that are, you know, 50, 60% vacant at the present time? Yeah, that's interesting, because when you look at a parking lot and you're evaluating its potential and its current use, yeah, you're basically thinking about, what is that tenant mix. You don't want 100% of it to be for one office building. You would probably want a number of uses. That's correct. Yeah, absolutely. Again, like I said, Five is our minimum. I mean, the more the merrier. And I'd say another big piece of it, if we had to look at the different demand drivers and put a value or a hierarchy of what we feel, what are the highest priority demand drivers, transient is the best. I want to know that the folks that are coming there, there's enough attractions in immediate vicinity, and we need to know what those attractions are, and better understand those attractions. But there's a variety of attractions in the immediate vicinity to where it's going to continually attract transient parking. So it's not just it's not a reliance upon one thing. And so, for example, we just closed on a garage in historic Philadelphia, and so it's a block away from Liberty Bell, two blocks from Independence Hall, any of other museums. I mean, like it's it is we talk about location, location, location. It's there that part of Philadelphia has been in demand by tourism for hundreds of years, and I don't foresee that that changing anytime soon. And so 70% of the makeup of the traffic in that garage is made up of transient traffic, so folks that are visiting the various attractions and immediate vicinity. So even if one of those attractions went away, which most of them are historical, they're not going to go away. If one or two did, it still wouldn't have that significant of an impact on the parking demand.    Keith Weinhold  33:36   That's interesting. Okay, a transient customer, not one that's showing up and parking there every day to go to work. And yes, the Liberty Bell, Independence Hall, there's going to be a long term demand to see those sorts of things in person. So that's an interesting way to think about that. And Kevin, while we've been talking about parking, at least in my mind's eye, a lot of times, I've just been thinking about one paved at grade parking area, but we're talking about parking garages as well. Or what are some of the trade offs there between parking garages and an at grade parking lot?    Kevin Bupp  34:08   Yeah, I mean, at grade parking lot is, can't get any simpler than that. I mean, typically they're asphalt or sometimes just crushed gravel, but that's it. So as far as future capex requirements, there's not many, right? It's very, very minimal. Whereas a parking garage, especially if it's in a colder environment, where there's snow and you've got salt on the road, salt that's making its way up the concrete, seeping into the cracks, you've got structural rebar issues to worry about, things of that nature. So weather can take a major toll on parking structures if they're not maintained well. Whereas you know the worst that could happen the same weather, you know, the weather takes the same toll on these asphalt parking lots, but it really only equates to maybe a pothole that you have to fill in, and a parking structure could be deteriorated to the point of no return if it's been neglected long enough to where it might be unsafe, structurally where you know now you're you're getting condemned or shut down. So big considerations there, it's interesting. We Own, the one we own in Phoenix, the Phoenix, it's a desert. It's a desert climate. They get very little moisture. And that was that parking garage was built in the 60s, so very long time ago. It's the oldest thing we have in our portfolio, but it better condition has been preserved better than that of of a recent garage we purchased that was built in 1990 that's all the environment that's in. You know, there's really not much that can deteriorate concrete once in the desert.    Keith Weinhold  35:22   Was there any last thing on parking lot investing like something that gets an investor really interested in this asset class? What's really compelling and profitable about it?   Kevin Bupp  35:33    It's very technology driven business, and what we have found is a lot of these parking assets, of either they're owned by, you know, an individual investor, or if they happen to be owned by an institution, they've never been viewed as the primary investment vehicle. A lot of institutions that own parking garages, they happen to own them by default, because maybe they bought the two office towers years back, and it just happened to come with parking right? And so a lot of times, they've been somewhat neglected, like the PnL has been neglected. They haven't found ways to really extract all the value out of these parking facilities. And so very commonly, we'll go in and we'll find that the technology that's in place is 10 years old. And think about what a computer 10 years ago look like, right? Like it's you're not catching all the license plates. You're not able to log in and adjust pricing in a dynamic manner based on supply, demand factors. And so we can simply go in and just create a more efficient pricing model and find sometimes, you know, 10 15% of additional revenue just from doing those simple things, like literally a few $100,000 worth of upgrades and technology, we can add millions of dollars of value. There's other factors, you know, just simple things folks want to park in a not just clean and safe, but well lit. You know, they want to feel safe in lighting. And we'll find parking facilities that still have old halogen lights. Half of them are burnt out. If you start serving people, they're actually not parking there in the evenings. They're finding somewhere else to go because they don't feel safe. And so just going in and doing a revamp, you know, an upfit with LED lights, making it nice and bright, bright and clean and letting everyone feel safe, we'll find a instant increase in demand and Parkers in the later evening hours. So I mean just little simple operational tweaks that we can make that just have simply been overlooked for many, many years by the prior ownership groups.    Keith Weinhold  37:15   That's really interesting, that oftentimes the owner of a parking lot owns that parking lot as an afterthought, because they were in it to purchase the building that accompanies the parking lot. So it would make sense that when you focus on that parking lot, you could really add value and profitability to that lot. Well, Kevin, these have been interesting chats between mobile home park investing and parking lot assets. I think that the commonality here is that you the investor, are just owning a lot, and therefore the maintenance and hassles with these things are really low. This gives our audience an awful lot to think about. So Kevin, are there any last thoughts that you have about this space overall, and then please let us know how our audience can learn more.    Kevin Bupp  38:02   No additional thoughts. I don't believe I'd say that if you have an interest, if we've piqued your interest at all, we've written a number of white papers on both asset classes, both parking as well as mobile home parks. You can download all that for free on our website. Invest with sunrise.com We've got a number of other case studies on our website. We're pretty transparent. Well, what we buy, what we've owned, what we've exited out of. We'll go as far as providing appraisal reports and third parties and things like that on our website. So if you just want to get a sense of not just who we are, what we do, but just have a better understanding of the investment thesis behind parking and manufactured housing, there's tons of resources that you can download from the website.    Keith Weinhold  38:37   Well, that's a great way to learn more about Kevin, what he does, and then maybe even invest alongside him. Well, Kevin, it's been valuable and eye opening. It's been great to have you back on the show.    Kevin Bupp  38:46   Yeah, thanks for having me, Keith. Been a lot of fun, my friend. Good seeing you again.   Keith Weinhold  38:57   Yeah? Good stuff from Kevin there. The MHP space becoming more consolidated and corporatized too. You know, single family rentals are different from mobile home parks in that way. I mean, 90% of single family rentals are owned by small mom and pops, which means those people that own between just one and five properties, Kevin used the term loss to lease a few times. That phrase loss to lease being a real estate education show what that term means is really a lot like how it sounds. It is the potential income that a property owner misses out on because the actual rent collected is less than the current market rent. That's what loss to lease means. Though, I like the long term future of mobile home parks more than parking deals. You know, Kevin did, though, have some great answers for why he still likes parking. He focuses on a 10 year horizon. He. Looks for at least five use types for the parking. And then another great point is that in a lot of cases, the land that the parking occupies is its lowest use. So therefore, when they sell the parking area, they can get some nice exit income. That makes a lot of sense. And being two native Pennsylvanians like we are, I am familiar with that part of Philly that he's talking about. In fact, what's funny is that, in producing this show today, I guess cookies are doing their thing. This parking lot deal in Philly just appeared in my Instagram feed next week on the show, it'll be back to no guest. It's going to be all me, and you're going to hear some things that you wouldn't expect to hear Until then, I'm your host, Keith Weinhold, don't quit your Daydream.   Dolf Deroos  40:51   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.   Unknown Speaker  41:19   The preceding program was brought to you by your home for wealth, building get richeducation.com

G'DAAAY LEGENDS!!!

This week on Payne Points of Wealth, Bob, Ryan, Chris, and Courtney dive into the evolving dynamics of the U.S. labor market. Despite predictions of a slowdown, companies are hesitant to lay off workers—even as hiring remains sluggish. Is this a sign of economic weakness, or are deeper demographic shifts like an aging population and reduced immigration reshaping the workforce?   We also unpack Wall Street's push to make alternative investments more accessible to everyday investors—a movement often branded as “democratization.” While financial firms tout the benefits of private equity and other alternatives, few are talking about the risks. In fact, as retail investors are being encouraged to buy in, institutional giants are quietly heading for the exits. Yale's $41.4 billion endowment is unwinding nearly $3 billion in alternative holdings.   Meanwhile, private credit—a market that barely existed a decade ago—is surging toward $2 trillion. Firms like Apollo and Blackstone are now lending directly to businesses, consumers, and real estate investors, giving regular investors unprecedented access. But is this truly a golden opportunity, or a hidden risk to your retirement? We break down the opaque, illiquid nature of these investments and what they could mean for your long-term financial future.   Tune in for our take on what's really happening in the job market and whether Wall Street's latest pitch is worth your hard-earned dollars.

What does it mean to live life through music? In this conversation, Adam Blackstone reflects on its power to heal, inspire, and connect, even in the face of censorship and politics. He recalls the unforgettable experience of performing in the Grace for the World Tour at the Vatican (now streaming on Hulu and Disney+), where artists from around the world united in song. Adam shares how music has defined his life, not just as a career but as a bridge across generations and communities, and he celebrates his latest album release, Humble Magic, Vol. 1, now available everywhere

Dan J. Berger is an Israeli-American entrepreneur, author, and community builder known for creating ventures at the intersection of technology, hospitality, and human connection.He is the founder of Assemble Hospitality Group, a reimagined lodging concept designed to elevate the corporate retreat experience by blending hospitality, collaboration, and culture.Previously, Dan founded and scaled Social Tables, a pioneering event planning software company that transformed the global meetings and events industry. Under his leadership, Social Tables grew into the go-to platform for event professionals before being acquired in 2018 by Blackstone-owned Cvent in a landmark $100 million deal. Earlier in his career, Dan served on Capitol Hill as a congressional staffer, sharpening his skills in leadership and public service.A recognized thought leader, Dan has been honored with numerous industry accolades, including the Pacesetter Award from the Events Industry Council. He earned his BA from Hunter College and an MBA from Georgetown University. His latest work, The Quest: The Definitive Guide to Finding Belonging (ForbesBooks, 2024), explores the universal search for connection and purpose in both business and life.Beyond business, Dan is deeply engaged in civic and cultural initiatives. He is the founder and chairman of the Idaho Israel Alliance, fostering bridges between communities. He lives in Boise, Idaho, with his wife and daughter.

In the penultimate episode of The Rumor Mill, Joe and Nathan dive headfirst into one of the season's most unexpected storylines: when the host himself becomes the news. What starts as a recap of a listener's feedback spirals into a candid discussion about paraphrasing, cultural nuance, and the perils of being quoted back to yourself. The conversation covers: A fair-and-balanced “news report” about Joe's back-and-forth with a listener from Berlin. Audio receipts, transcripts, and the hazards of context (or the lack thereof). The return of familiar voices on the voicemail line—including a Scottish tongue-twister, Brendan's zombie cameo, and a passionate plea for the comeback of Mr. Blackstone. Tom from Ireland pitches a brand-new Afterthought Media spinoff idea, sparking a debate about psychology, drag queens, and how deep is too deep. With just one week left before the finale, Joe and Nathan reflect on spats with listeners, conspiracies involving Blackstone, and whether Stefan himself might be orchestrating it all from behind the scenes. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Sean Milmoe, co-founder and CFO of 360 Energy, discusses his transition from working at Blackstone financing conventional oil and gas businesses as well as wind and solar projects to building a bitcoin mining services company, why a combination of Fed money printing and the unsustainability of energy economics led him to bitcoin, what parallels exist between underwriting bitcoin mining sites and conventional natural gas well economics, and how he sees bitcoin mining upstream in oil & gas fields evolving from nascent to being a core part of drilling programs in the next several years.