Podcasts about Blackstones

 ​Today, we are breaking down the  global alternative asset manager, Apollo. I reflected on my personal experiences with Apollo for this episode, and there's a saying that hard work can beat talent when talent doesn't work hard. Well, Apollo has talent, and Apollo works really damn hard. They will do everything they can to protect their capital, so if you're on the other side of the table from them, you never feel fully comfortable. I am joined by Hunter Hopcroft, a financial analyst and writer based in New York. We get into what makes Apollo, Apollo, and Hunter share the backstory of how it was born out of Drexel Burnham and Michael Milkin's DNA. We get into some of the early deals, the theme of craving complexity, how they differ from the KKRs or Blackstones, and the future of the industry. Please enjoy this Breakdown of Apollo. Subscribe to Colossus Review For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. —-- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Business Breakdowns (00:02:49) Apollo's Current Landscape (00:07:45) Apollo's Founding and Early Days (00:10:39) Key Deals and Strategies (00:17:09) The 2000s and Financial Crisis (00:22:10) IPO and Public Transition (00:25:47) Leadership Transition to Mark Rowan (00:31:20) Rowan's Vision and Athene Merger (00:35:12) Investment Strategies of Alt Managers (00:36:28) The Athene Merger and Its Implications (00:38:30) Rowan's Breakthrough in Spread Generation (00:39:49) Innovative Asset Origination Platforms (00:44:42) Private Credit and Market Dynamics (00:46:49) The Future of Apollo and Private Credit (00:52:09) Evaluating Apollo's Business Model (01:05:33) Reputation and Evolution of Apollo (01:08:50) Lessons from Apollo

**Karen's Roots & Toots Reggae Show Replay On www.traxfm.org. This Week Reggae/Lovers & Contemporary Reggae Featuring Dub Wizards Band, Rita Marley, The Blackstones, Sgt Pepper, Bucky Jo, Vadie, Green Lion Crew & Kumar, Shamir, Lila Ike ft H.E.R, Jaz Elize, Jah Niceness, Triggah Fyah, Mosiah & House Of Riddim & More #originalpirates #reggae #reggaemusic #loversrockreggae #ContemporaryReggae #rootsreggae Karen's Roots & Toots Reggae Show Every Sunday From 9AM UK Time Listen Live Here Via The Trax FM Player: chat.traxfm.org/player/index.html Mixcloud LIVE :mixcloud.com/live/traxfm Free Trax FM Android App: play.google.com/store/apps/det...mradio.ba.a6bcb The Trax FM Facebook Page : https://www.facebook.com/profile.php?id=100092342916738 Trax FM Live On Hear This: hearthis.at/k8bdngt4/live Tunerr: tunerr.co/radio/Trax-FM Radio Garden: Trax FM Link: http://radio.garden/listen/trax-fm/IEnsCj55 OnLine Radio Box: onlineradiobox.com/uk/trax/?cs...cs=uk.traxRadio Radio Deck: radiodeck.com/radio/5a09e2de87...7e3370db06d44dc Radio.Net: traxfmlondon.radio.net Stream Radio : streema.com/radios/Trax_FM..The_Originals Live Online Radio: liveonlineradio.net/english/tr...ax-fm-103-3.htm**

Welcome to Tembo Sounds - The Culture, where we take you on a smooth reggae journey that soothes the soul and uplifts the spirit. Tonight, we're vibing to classic hits and fresh rhythms, starting with Coco Tea's uplifting “Good Life” and Pam Hall's heartfelt “Truly.” We'll also explore roots vibes with Rita Marley and The Blackstones, and dive into the modern reggae sound with Stephen and Damian Marley. From Romain Virgo's soulful beats to Shaggy and Beres Hammond's timeless grooves, this playlist is set to keep you in the ultimate reggae mood. Sit back, relax, and feel the rhythm! Here is the link to the complete playlist https://serato.com/playlists/Tembo_Sounds/tembosounds-549-steel-city-reggae-62

**Karen's Roots & Toots Reggae Show Replay On www.traxfm.org. This Week Reggae/Lovers & Contemporary Reggae From John Holt, The Paragons, Peter Hunnigale, Courtney John, Greyhound, Yellowman, Dennis Brown, Bob & Marcia, The Meditations, Dillinger, The Mighty Diamonds, Tetrack, The Blackstones, Delroy Wilson, Lord Creator, The Heptones, Bob Marley & The Wailers & More #originalpirates #reggae #reggaemusic #loversrockreggae #ContemporaryReggae #rootsreggae Karen's Roots & Toots Reggae Show Every Sunday From 9AM UK Time Listen Live Here Via The Trax FM Player: chat.traxfm.org/player/index.html Mixcloud LIVE :mixcloud.com/live/traxfm Free Trax FM Android App: play.google.com/store/apps/det...mradio.ba.a6bcb The Trax FM Facebook Page : https://www.facebook.com/profile.php?id=100092342916738 Trax FM Live On Hear This: hearthis.at/k8bdngt4/live Tunerr: tunerr.co/radio/Trax-FM Radio Garden: Trax FM Link: http://radio.garden/listen/trax-fm/IEnsCj55 OnLine Radio Box: onlineradiobox.com/uk/trax/?cs...cs=uk.traxRadio Radio Deck: radiodeck.com/radio/5a09e2de87...7e3370db06d44dc Radio.Net: traxfmlondon.radio.net Stream Radio : streema.com/radios/Trax_FM..The_Originals Live Online Radio: liveonlineradio.net/english/tr...ax-fm-103-3.htm**

We have to be thinking what if Kamala wins? What would I do now? What would I do differently? What would I do for the future? And that's really what this is all about, and the reason why the Coens and the Blackstones and Blackrock are buying hard assets is because they know that that the Republicans will ultimately not take the white house forever and eventually will succumb to a hardcore left ideology both on a social and fiscal policies. Rare coin prices have gone up considerably in the last 3 years.    According to Trump's Website - 20 Core Promises To Make America Great Again, nobody cares about most of it. The things that women actually care about is why Kamala is surging in the polls. Nobody cares about deportation, nobody cares about inflation, women don't care about that because free health care alone lowers their cost or you could almost say increases their standard of living by 20 to 30 percent. That's a tax cut. That can be re-engineered regurgitated and said we are giving you a tax cut. This is the problem. We wonder why we lost so heavy in ‘22. The conservative platform is really logical and measured and it's true governance but the other team plays the emotional heartstrings and they go to the emotional leads and they're really really good at that.

In this episode of The Fat Guys with Smokers Podcast, authenticity is at an all-time high when John forgets to hit the record button, leaving John and Mike to laugh about their 20+ minutes of lost content. After a quick recap of a big cook John did for the employee event at Nibley City, the guys share a funny story about an awkward encounter they witnessed at Maverik between a group of teenagers. The main segment dives into quick, easy meals you can whip up using BBQs and Blackstones. Expect a lot of laughter and some unfiltered, real-life moments as John and Mike bring their best—and most genuine—selves to the mic.   #OnePitWonder #BBQPodcast #QuickBBQMeals #BlackstoneGriddle #BBQLife #RealLifeLaughs #FatGuysWithSmokers #Grilling #BBQCommunity #AuthenticMoments

**Karen's Roots & Toots Reggae Show Replay On www.traxfm.org. This Week Reggae/Lovers & Contemporary Reggae From The Heptones, The Blackstones, Wesrok, Ghilly Fresh, Capleton, Soja ft Stick Figure, Rik Jam &Dalway Feat Zuggu Dan, Vernon Maytone, Freddy Locks, Rae Nicole, Jah Lyric & DJ Moocha Feat Prof Joosty, Perfect Giddimani x Young Shanty x Sinky Beats, Audley Rollin, Abby Dallas, Cornell Campbell & More #originalpirates #reggae #reggaemusic #loversrockreggae #ContemporaryReggae #rootsreggae Karen's Roots & Toots Reggae Show Every Sunday From 9AM UK Time Listen Live Here Via The Trax FM Player: chat.traxfm.org/player/index.html Mixcloud LIVE :mixcloud.com/live/traxfm Free Trax FM Android App: play.google.com/store/apps/det...mradio.ba.a6bcb The Trax FM Facebook Page : https://www.facebook.com/profile.php?id=100092342916738 Trax FM Live On Hear This: hearthis.at/k8bdngt4/live Tunerr: tunerr.co/radio/Trax-FM Radio Garden: Trax FM Link: http://radio.garden/listen/trax-fm/IEnsCj55 OnLine Radio Box: onlineradiobox.com/uk/trax/?cs...cs=uk.traxRadio Radio Deck: radiodeck.com/radio/5a09e2de87...7e3370db06d44dc Radio.Net: traxfmlondon.radio.net Stream Radio : streema.com/radios/Trax_FM..The_Originals Live Online Radio: liveonlineradio.net/english/tr...ax-fm-103-3.htm**

**Karen's Roots & Toots Reggae Show Replay On www.traxfm.org. This Week Reggae/Lovers & Contemporary Reggae From The Sensations, The Blackstones, Melody, Sly & Robbie ft Ali Campbell, Rosh Reign, Anthony John, Sister Julie, Jazzy D ft Fireverse, Bakita, Kemla & Little Lion Sound, Nixon Omollo, Aj Brown, Peter Hunnigale, Hopeton Lewis, Easy Star Allstars ft Steel Pulse & More Karen's Roots & Toots Reggae Show Every Sunday From 9AM UK Time #traxfm #reggae #lovers #Rock #contemporary #reggae Listen Live Here Via The Trax FM Player: chat.traxfm.org/player/index.html Mixcloud LIVE :mixcloud.com/live/traxfm Free Trax FM Android App: play.google.com/store/apps/det...mradio.ba.a6bcb The Trax FM Facebook Page : https://www.facebook.com/profile.php?id=100092342916738 Trax FM Live On Hear This: hearthis.at/k8bdngt4/live Tunerr: tunerr.co/radio/Trax-FM Radio Garden: Trax FM Link: http://radio.garden/listen/trax-fm/IEnsCj55 OnLine Radio Box: onlineradiobox.com/uk/trax/?cs...cs=uk.traxRadio Radio Deck: radiodeck.com/radio/5a09e2de87...7e3370db06d44dc Radio.Net: traxfmlondon.radio.net Stream Radio : streema.com/radios/Trax_FM..The_Originals Live Online Radio: liveonlineradio.net/english/tr...ax-fm-103-3.htm**

**Karen's Roots & Toots Reggae Show Replay On www.traxfm.org. This Week Reggae/Lovers & Contemporary Reggae From Ranchie McLean, Pat Kelly, The Mellow Lads , The Wally Brothers , The Maytones , Tyrone Taylor The Paragons , Fermena Edwards , Bitty McLean , Mighty Diamonds , The Blackstones , Burian Fyah , Phyllis & Hopeton , Pat Satchmo , Toots & The Maytals , Bob & Marcia , Dennis Brown & More Karen's Roots & Toots Reggae Show Every Sunday From 9AM UK Time #traxfm #reggae #lovers #Rock #contemporary #reggae Listen Live Here Via The Trax FM Player: chat.traxfm.org/player/index.html Mixcloud LIVE :mixcloud.com/live/traxfm Free Trax FM Android App: play.google.com/store/apps/det...mradio.ba.a6bcb The Trax FM Facebook Page : https://www.facebook.com/profile.php?id=100092342916738 Trax FM Live On Hear This: hearthis.at/k8bdngt4/live Tunerr: tunerr.co/radio/Trax-FM Radio Garden: Trax FM Link: http://radio.garden/listen/trax-fm/IEnsCj55 OnLine Radio Box: onlineradiobox.com/uk/trax/?cs...cs=uk.traxRadio Radio Deck: radiodeck.com/radio/5a09e2de87...7e3370db06d44dc Radio.Net: traxfmlondon.radio.net Stream Radio : streema.com/radios/Trax_FM..The_Originals Live Online Radio: liveonlineradio.net/english/tr...ax-fm-103-3.htm**

Joe Roderick chats with former Safety, Tank Williams on Radio Row at Super Bowl 58. The boys start off talking grills and Blackstones, and move on to football careers and fantasy talk Coverage of Super Bowl Week on Claibs Online is brought to you by Mungenast St. Louis Acura, Mungenast Alton Toyota, Graybar, Western Illinois University, Trice Consulting, Inskip Law, Painting and Decoration Foundation, Bootleggin' Tavern, and Glory Pro Wrestling

John Stoltzfus, Oppenheimer Chief Investment Strategist, says the consumer and the jobs market will play an important role in 2024. Elliot Ackerman, US Marine Corps Veteran & Former White House Fellow, overviews the latest in the Middle East and Indo-Pacific as global geopolitical tensions continue to rise. Sarah Hunt, Alpine Saxon Woods Chief Market Strategist, says six rate cuts could indicate a weaker economic scenario. Thierry Wizman, Macquarie Global Interest Rates and Currencies Strategist, advises holding a long position on oil. Doug Kass, Seabreeze Partners President, details the catalysts that could drag down stocks in his '10 surprises of 2024.' Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance  Full Transcript: This is the Bloomberg Surveillance Podcast. I'm Tom Keane, along with Jonathan Farrow and Lisa Abramowitz. Join us each day for insight from the best and economics, geopolitics, finance and investment. Subscribe to Bloomberg Surveillance on demand on Apple, Spotify and anywhere you get your podcasts, and always on Bloomberg dot Com, the Bloomberg Terminal, and the Bloomberg Business App. John Stolfus joints chief investment Strategist at op co Op and I'm our asset management and we speak to him about the bullmarket he nailed last year and continues to nail this year. John, I'm going to take it back to the analog of the middle seventies, a horrific recession, the leap in nineteen seventy five, and then a follow on in nineteen seventy seven. It's twenty twenty four, a follow on bullmarket. I think in many ways it is, Tom. I think the question here really is, or rather the difference is, it's a substantially different background in terms of a digitalized global society for business as a consumer and what was back then, which was essentially an analog world. And I think things get digested much quicker. I think that the data is a better quality. And because we've been in crisis in an out of crisis since two thousand and eight, all the players as well as you know, the traders as well as the investors are more experienced with dealing with volatility. John, I think what's so important here is only Stolphus is talking about last year was a prelude. I just think that's so important. Fifty two hundred price target year rent this year, John, let's build on that. You and I have talked about this a few times in the last few months, and I've appreciate it. Can we just address it right now? How dependent that call is on interest rate cuts from the feder Reserve? Not much really. You know, we're not of the camp it's looking for six cuts this year in twenty twenty four. We're looking for perhaps one or two. And we're not looking for the first half for cuts. We think it'll happen in the second half of the year, and lightly later rather than earlier. In the second half. To us, the Fed has been remarkably sensitive in practicing its mandate. You know, where as able to comy and full employment is described by unemployment between three and four percent, and we think it wants to keep it that way, and so that's what we're looking at A little bit different. We like the Fed. Ironically, very few people do we think the Fed has done. It shows the Ben Bernank legacy carried on through Jerome Powell in the sense of communication and clarity. So it might not necessarily the rally my not be dependent on j. Powell. But how much is it dependent on the Central Bank of Tim Cook? I would have to say, perhaps I'll keep it away from a company specific here, but I would say certainly a business, the consumer and the jobs market will play an important role this year. Keyword to watch for is resilience when we look at economic data, what we're looking at is for things to show resilience, and naturally is a challenging environment when you're making transitions and you have the levels of trouble around the world. The geopolitical risks seems to keep ramping up by the day. But consider where business plays out in this where the opportunities are both this cyclical point where we are on the calendar, as well as the secular trends that are driving potential growth for all eleven sectors. Okay, So in other words, his text still lead me. I guess if that's the question at a time, or that accounted for fifteen percent of the twenty four percent game of the SMP last year at least, I think tech certainly remains a major participant in this, But I think what we need to watch well, of course communications services, which is about fifty percent tech related, you also have when you look at the other sectors, just think about industrials and all the technology in that. And it's a good customer of technology, whether it's it's sensors of robotics or what have you, and the cloud, big data and all that aon. So when we look at this, it's you know, whether it's it's a utility company, whether it's a materials company, whether it's a pharmaceutical or a biotech. Technology is where it's at. So we can but think. The other reason is last year Tech was was fabulous it's performance because it had been so brutalized in twenty twenty two when the Bears sold all of Tech, the long duration they sold because they were worried about red dancings, but they sold the good stuff that was highly profitable positive cash low, create products, and deeply embedded in the lives of business and the consumer. John the cliche is the boat has left the duck. I would guess a very large percent of the surveillance audience feels like they missed twenty twenty three. How do you get back in the game if the boat's left the duck. Yeah, Tom, I would say for the people who missed this, I would say it's a question of layering in. That's not back up the truck. At these levels, consider opportunities that show up when you get some weakness in names that may have gotten away from you. Look for babies that get grown out with the bathwater in downdrafts to add to positions that you're building, and in essence, what you want to avoid is just blindly buying deps. You want to be selective, even within what appears to be a nicely broadening rally. After as Lisa pointed out earlier, I mean we're still back to the future in terms of the prices of stocks. In many cases outside of the magnificent seventy eight there you know they've got it would look like they've got plenty of headroom available to move higher in so many ways. We had a decade in a year. As Lisha and I discussed a little bit earlier on the program, John want to put to catch up with you, sir, Happy new year. John stelfiestet of Oppenheim arrasted management. Right now, we need perspective, and we get it from someone gifted. He's served the nation in the Marine Corps, also a White House fellow, and critically he is a king of speculative fiction with James Travitis, Elliott Ackerman's must read two thou thirty four, boy is out of mustard right now, given the Philippines, given the South China Sea, and we eagerly anticipate two thousand and fifty four that you'll see in March. Elliott Eckerman joins us this morning. Elliott, if this is not speculative fiction, it is reality in the Red Sea. What is lost in the press coverage? I think the one thing that is often lost is we have a tendency to focus kind of specifically on military events while losing perspective that all military events happen in a political overlay. You know, ultimately these are political questions. What's going on in Taiwan? What's going on in Ukraine, what's going on in Israel. And the longer these wars play out, the more and more central the politics of the war it self become. And what the outcome is going to be the heart of your fiction with the Admiral st Vetus is things happen suddenly and then in sequence, do we have the ships in place against these terrorists whatever you want to call them. Do we have the process in place where unexpected bad things can happen in sequence? I think when it comes to the Middle East and the challenges that we're seeing there, yes we do. And that is a situation where we the United States vis the Iranians. We are not facing a peer level adversary necessarily in Iran. And I agree with Terry's comments that the underappreciated conflict here is Taiwan. And when it comes to Taiwan, you know, the United States does not have the forces in place, at least peer level forces in place that could meet Chinese aggression across the Taiwan Straits, and that's one of the huge challenges that we face it. But the Chinese would be fighting that conflict in their backyard and we would be fighting it from across the Pacific Ocean. I want you to elaborate a little bit on the point that you just made that all of these international conflicts have real domestic political implications. What are some of the ramifications that we've seen over the past year, how the conflicts have developed, and how public opinion has shaped the inaction that we're currently seeing in Congress to continue providing aid. I think when we go around the go around the world, if we look at Ukraine right now, I would argue that that's probably a war that's not going to be decided on the battlefield as those conditions stagnate. Is a war that's going to be decided at the ballot box. And I think in Ukraine, in Israel, as we see this war is now extending in two months, I think domestic political considerizations in Israel are going to determine the outcome of their war with Hamas. And I think when we look at the United States, you know, the elephant in the room is we have an election. It's going to occur this fall, and how that election unfolds will be determinatives of those conflicts. And lastly, when we look at Taiwan, I mean, in two weeks the Taiwanese people are having a presidential election, and the outcome of that election will certainly affect China's perceptions on what they should do in Taiwan. How different is the foreign policy of Donald Trump versus President Biden. I think the foreign policy of Donald Trump is much more unpredictable, and I think the foreign policy of Joe Biden, as we've seen it, as much more. It has it much more incremental. So I don't think anyone can necessarily say what Donald Trump's policies would be on any three of these conflicts Taiwan, Ukraine, or Israel, Whereas I think we've seen sort of a more consistent approach that Joe Biden has applied. I mean, I look, Elliott where we are, and it's about public service. There's a lot of people watching this across this nation that have loved ones. That's the loved ones on long tours of duty. I know that the Ford is coming back from the Mediterranean. Are we fit now in our defense budget for multiple wars you mentioned Taiwan. Let's say our war Ukraine, our war Iran, maybe our war China. Do we have a budget near capable of meeting those three threats? I think we're I think we have to take a very very hard look not only at the budget and the financial resources that we're applying, but you know, also the intellectual resources. And that's actually where I have the most concerns. You know, is a what a war against China look like a repeat of the Second World War, in which the coin of the realm and naval battle or aircraft carriers eighty years after the aircraft carrier became the corner of the realm. And I don't know that that is necessarily the case. You know, we've seen in places like Ukraine that the Ukrainians have been very effective in sinking Russian ships of the line with shore based missiles. And so I know, I'm a marine veter in my own service right now is in the midst of doing some real strategic a real strategic reset about what it would look like to fight a revisited island hopping campaign in the South China Sea, and they're restructuring the entire Marine Corps to do that. So I think there's a budgetary question, but there's also an intellectual question of you know, what will the wars of the future look like, and that work needs to be done now, and it's going to force some American military institutions to transform in ways that are going to be very uncomfortable with the war of the future. Elliott, what's a more effective strategy one that's predictable or one that's unpredictable. Well, I think in terms of your battle plans, you always want to be unpredictable. The word I would use is one that is adaptive. Because it's very difficult to predict what the war the future is going to be. It's most essential not to get the prediction right, but to get the prosture right so that your forces can adapt to whatever the next conflict looks like. And to use an analogy from the Second World War, at the outset of the Second World War, in terms of naval warfare, again, the coin of the realm was the battleship, and it had been the corner of the realm and was the central platform for centuries. But as we all know, you know, Pearl Harvard, the entire US battleship fleet was sunk, and we had this new platform, which is the aircraft carrier, and that platform was able to adapt and become the central force around which naval battles were fought, and I think whatever the next war is, we're going to see a similar process of adaptation need to occur. It's going to have to occur very fast, and the side that gets their right will probably be the side that wins oty. Just to finish that, what do you suspect it is. I think it's going to probably be a network of platforms. I think it's going to be unmanned, unmanned ships, unmanned aerial vehicles, our ability to fight both a high tech war and also a hybrid low tech war where many of those high tech systems are taken offline and our forces ability to kind of toggle between the two. So it's gonna be very, very complex, but more of the network centric version of warfare as opposed to a platform center version of warfare built around you know, very big ships and aircraft and things of that. Interesting. Interesting Elliott, thank you, I appreciate your time this morning. Always do Happy New Year, Sir Akman, US Marine Corps veteran whether surround the table. Sarah Hunt, chief market strategist at Alpine Saxon Words, Sarah, good morning and happy New Year. Let's revisit that quote from Berkley's This Morning. We believe the continued period of week results coupled with multiple expands is not sustainable. You on the same page. I think you almost have to be. I mean, you know, the theme for twenty twenty three was all about the FED and what was going to happen, and as soon as the cycle peak, you could be okay. So if we pulled forward a lot of multiple expansion on the back of the idea that rates are going to come down, they're probably not going to come down to that great Financial crisis level. If they come down a couple hundred basis points. Is the multiple expansion already too much? And I think that that's going to be the big tension in a lot of them. And you know, for Apple, which we were talking about, you've got to look at all that consistency and all that cash onlo and that's what people are paying for that and the exclusivity of its Apple, and people will keep replacing those products. It's that assessment true. If the whole market of just a select group of stocks that dominate the market, I think it's more select group. I mean, you have to I think valuations and we keep saying and it's one of like, this is Europe's year, this is valuation's year. It's going to matter this year, right, I don't know when it's going to matter, but at some point it will. I think having money have a cost makes valuations matter in a way that we had fifteen years where you know, people talked about it, but it didn't really matter. And maybe that starts to happen now and maybe people really start looking at those metrics. But I think you've got a lot of money on the table, and you've got a lot of places that you know, I got a lot of money that needs to be invested. Frame out total return. You could go to the Bloomberg folks. The terminal tr is the function, and you can model in and your return quickly one year back, two years back, three years, et cetera. And the answer is we're now addicted to oh, I made fifteen percent. I failed Blooney, it's a single digit return. At the most, you're going to make eleven percent. But the answer is do we need to get use again to equity return of eight or nine percent? I think that you do. And I think that you also have to look at history. I mean, yes, you had a huge move last year, and a handful of names, and yes, some of the other stocks started to catch up at the end of the year. I'm just looking at a chart of L three Harris before I come on here, and I was like, Wow, that back end of the performance was really really quick. I don't know where you end up with multiples here, but I don't think that you can have the kind of growth that we've had given the kind of economic backdrop that we're looking at. You. If the Fed's really going to cut six times like the market is pricing in, then we probably have a much weaker economic scenario than earnings are pricing in. So I don't know. There's a tension here. In twenty twenty four has got a lot of questions that need to be answer. You're the person I've been wanting to ask this question too. One of the big surprises last year was that the great underperformance came from oil. Tom and John were talking about why that was so surprising considering some of the conflicts that really were escalating in the Middle East. At this point, we are seeing oil perkop just a touch with relative in relation to what's going on in the Red Sea. Could this increase if it continues, change the disinflation narrative absolutely, I mean just the changing the trade routes alone could change some of that because you're going to things get more expensive. But you've had a huge supply response to oil demand and you've got you were talking about earlier, the US is a huge producer now right commodities are priced on the margin. If I've got excess supply, I can't get prices to really move that high, which is why the Saudias had to keep taking oil off the market. But if you start to see a crimping of some of those roots and you can't move things the way you thought you could before, then you're going to see then you could see some problems. And that's been a huge help for the inflation picture. And if that changes and you start to see data that is a little bit more inflationary, that narrative on how much the Fed's going to cut has to change, and then that's going to be a question. Then where to equity multiples go given that scenario. I know that you're bullish on energy stocks through the beginning of last year, then you've got a little more tapid as you saw as some of the moves at this point, how much are you leaning in to some of those names because of just how offsides people would be if the disinflation narrative fades an oil prices surge. Well, we think of energy as an area where you need to have some position, but you trade around that position, and you get heavier when you think that you've got an opportunity, and you get lighter when you think that the market is not going your way. When the supply came up a lot, that's where you sort of lighten up on your energy positions. I don't think you want to be out of it entirely. You've got a lot of very good dividen yields in those and you've got a lot of stocks that act better in a bad market than some of the other things do. So I think that's something you want to trade around. And we still think that energy has a longer tail. You've got a Barbell portfolio, You've got short term stuff for your day trading. We know you're famous for that, Sarah, and then you got the buy and hold. I want you to talk to the audience that their heads are spinning off of COVID. They're stating, Okay, COVID's over. Can I maintain some form of three year or four year or five year ownership of whatever equity uncomfortable? Can you still do that act? I think you absolutely can, and I think that this is the time to really be thinking about that thematic trade of what's going to happen in the next few years. Right, so we look at something like Tetratech that does all sorts of engineering construction but basically on a lot of water and some of the infrastructure stuff. I think that you can definitely look at companies that have a longer term theme that are playing into some of the things that are going on, but the volatility within that you have to be able to say, okay, this is where I will allow some volatility to occur, because some of those stocks that we like a lot still have had some challenges in a year where someone makes an acquisition or somebody does something. But I think you can look at the matic investing now because you really got a longer term view and you've got a market. It's fairly expensive, so you better really like where you're positioned. Let's finish on the banks, the regional banks specifically, not a big players, the regionals Kori closely followed Regional Bank ETF you know them well, up almost fourteen percent in November of sixteen percent in December. Is that just a leftige trade on what's happening in the bond market in treasuries as yields fall aggressively or is there something to get your hands around for twenty four I think that's a lot to do with what's going on with interest rates, and I think it's also a lot to do with people looking for okay, where has completely still been on the floor and maybe we can pick something up here, because the valuations on that group were very, very not challenging relative to the rest of the market. I think you still have issues with the yield curve. I think it's still difficult to make some money in some of those and I think we still have some commercial real estate issues that we haven't flown through yet. So it's a little bit challenging to say that that's a definite thing about the environment as more as like it was being picked up off the floor. Speaking of the yeld curve, Lisa two year versus ten year still negative thirty six basis points. They're not going to really make up some of the difference through lending long and borrowing short. To also Sarah's point one hundred and seventeen billion dollars of commercial mortgage debt coming to just this year alone, that's really going to raise some questions on that front. With some of these reached out. I had the same article. I believe it is in the fteam. My brain's frozen on that right now. But the answer John is I saw a bar chart. I'm going to say ten cities in America, there's basically New York in some of all the others, and maybe every other city combined is the same as New York. I mean, it's amazing. Now this is a local issue for us. E Sarah, It's going to see you. Happy New year, Sarah. About pont Snackson Woods. Let's quickly get the ry isman of acquiry here on global FX and all the other things that get us back to a great bull market in the United States. Wonderful to have your after Wiseman to get us started for the year. Let me go to the larger view, which is everything hinges on China. Do you agree not for twenty twenty four? No, Although I do think that China is a very important part of the macro story. Globally. We have this central banks in the US to worry about, we have the central banks in Europe to worry about, and we have supply shocks, especially in the natural resource markets and the oil markets to worry about too. So China is important, but it's not all or nothing as it comes to China. I will say this though, I think the market is somewhat wrong in focusing too much on the property sector in China an agurate demand in China. I think what the market has lost sight of to some extent is President's willingness to go after the tech sector in China and more generally, you know, against the whole concept of private property in China. I think this is what is souring sentiment for China, and I think to the extent that that is find some relief in twenty twenty four, it could be a bigger deal for China on the upside than you know, some resolutions to the problems on the balance sheet of the property sector. There's been a multi decade failure of international stocks and some correlated over to an ever stronger dollar. Is a dollar finally broken where there's an unspoken opportunity in international equities. Well, if you're asking, is the dollar is a lot dollars a reserve currency as the standard for international trade, international finance is over No, I know, I don't think so. If what you're asking for, is there going to be a structural break with regard to the status of the dollar, international capital markets, and international trade, I think the answer is no. Remember that we had a period before we had globalization, before nineteen ninety five for that matter, when China and Russia and the other emerging markets were not that fully integrated into the global economy or the Washington Consensus for that matter, and yet we still talked about the dollar is the reserve currency of the world. Why, because you know, a good part of the of the world still depends on the dollar for its trade and for its commerce and for its it's financing. So no, I don't think that's going to happen anytime soon. At least, one of the trades that we do at the beginning of every year is to come up with potential tail risks, which inevitably will probably be wrong. But there is a question here. Tail risk the dollar being somehow profoundly debased, seems to be off the table. From what you just said, what about a sort of the tail risk of some sort of significant supply shock. You sort of alluded to that initially in the commodity space, so that I think is a bigger tail risk, and I think it behooves every investor out there to at least have some oil in one's portfolio, be long oil, because when you think about US recessions in the postwar period, you'll find it an amazingly large number of them had been preceded by a rapid rise in oil prices. You'll see that, and it behooves investors to have some oil in the portfolio because we just don't know to the extent that we do have a supply shock. Oil prices will go up, and you'll offset the losses you would otherwise experience from seeing stocks go seeing bonds go down. In that context, this raises a question to me of how off size the market would be should there be some sort of oil supply shock. Given the fact that people have kind of gotten accustomed to the idea that the US is a producing record amounts, and then even in the phase of conflict, oil prices went down, how wrongly positioned are people for this kind of this kind of event. I don't know how wrongly positioned they are. There is a case to be made, however, for the logic of oil prices having come down in the last few months, and the logic is very straightforward. The elasticity of supply in oil is actually quite high, potentially higher than the market surmised before six months ago. What we have seen with the increase in oil prices that preceded this decline is a huge increase in oil production in the US, and that is the basis for why oil prices are down. But if we were to get a shock, a shock out of the Middle East, for example, a shock out of Russia, it's not conceivable that production can go up quickly enough to offset that in a very short period of and that's the risk that we face right now from these shocks. Over the long term, there'll be an adjustment in US supply that's positive and beneficial, but not in the short term. Is the US donar a commodity currency now? No, I don't think so. Certainly the market doesn't see it that way, right. It's interesting there are some emerging markets that we don't necessarily associate that much from the perspective of their current account balance and their trade with oil, because they're not huge net exporters Brazil, for example, but they are large producers. And yet the market tends to associate the Brazilian real with oil more than it does associate the US dollar with oil. Do you expect that to change anytime soon? No? I don't think so. And that's because no one's going to really associate the US with a very large net export balance in oil. It really has to get to a point where US trade is dominated by oil, and that is not the case. Yet it's still dominated by services. Knowledge very true, TK The number is just absolutely staggering when it comes to production, thirteen million barrows a day in this country. Yeah, well, it's interesting here is we don't have an oil policy. I mean, we take great pride that Washington has never come up with the plan. We've got this plan, that plan, whatever plan. I guess it's a technological success. Not sure. We needn't want no plan. Well to that point, do we need one? It's Washington is the White House of renovant with regards to this conversation, only to respect that oil is such a geopolitical issue, and of course geopolitics and politics generally have to manage you through diplomacy or through some management of market forces that are relevant to geopolitics. That's ok. There's a case be made for the energy market to be managed from that perspective. But if it wasn't for the importance of oil from a geopolitical perspective, I don't think so. Terry. It's good to see you. Happy new year. Thank you, sir, Terry Wiseman of Macquarie. We're beginning strong this year, and part of that is with Doug Cass, who is many of you know out on social media. Seabree's Partners is a great pinata and Doug, before we get to your always interesting, thought provoking ten ideas, if I'm cautious on the market, or if I'm short on the market and the market runs away from me the other direction, what do you do? What do you do? In December? Given this bull market leg up? How did you respond? We were short in two time frames. One was timely mated after July after the majorly I run, but we didn't lose money in the majorly run, and we were net short in November and December. We didn't lose money either. And now how do you do that? I think a lot of people want to know, Doug, how do you not lose money? It's tough, you know, to begin with, Why did I get it wrong in the last two months? I think I underestimated the animal spirits and the price momentum that had been accumulated. I underestimated the power of the herd as the pressure on the upside intensified, and so did Fomo. I understand. I estimated the contribution from market structure, which had basically intensified the upside to equities, and same applies to interest rates. The momentum and the yields to the downside accelerated. And you know, we live in a market which is has a structure. It's far different than I started when I was a housing analyst kit or Peabody. Buyers live higher and sellers of lower, so you have to adapt. Warm Buffett said the first two lessons on investing don't lose money, and the second lesson is don't forget the first lesson. So we trade opportunistically around short positions and risk averse. Because my short book is pretty diversified, and when I'm wrong, I take a lot of small office that's the answer. But as we entered the new year, I am not short. So how do you think about here this twenty twenty four? Again, I think the you know, late October through the year end twenty three caught a lot of people by surprise, the vigor of that rally here. So what do we do here on January second? Well, I always find it amusing that there is now a universal view almost after the quantum rise, especially the NASDAC, the markets are headed higher. However, I think it's important Paul, to observe how wrong the confident consensus has been in each of the last two years. If you remember, in the end of twenty twenty one, the herd was optimistic. In twenty twenty two was a disaster. We had such a bad experience in twenty twenty two that the consensus ended that year wildly confident, and that especially but this time barish, especially on tech stocks, and that couldn't be for their off sides. Today, the consensus found the momentum is very bullish and an area bear can be found. In fact, many of the bears that I watch when I'm on the desk stars the NBC have now become bulls. So I see a vast of a ray of unexpected political, geopolitical, economic, and market surprises that could be untapped for next year. And my biggest concern is the equity risk premium. And despite the enormity of the drop in yields, the equity risk premium is still paper thin, and historically this is a reasonable predictor of weak markets. Paul Apple, Yeah, exactly, Doug surprises for twenty twenty four. What should Maybe we're not thinking about it. I mean we should, sure. I think one of the things we're not thinking about is in part due to fear that the Democrats will continue to hold on to the presidency. Foreign powers step up military confrontations and my surprise, my second surprise, is that the West continues to lose patients with how the war is going with Ukraine, as a US backs off and support and negotiations of a territorial split began and Ukraine is forced to give up east side of the country. North Korea, with support from Russia, undertakes skirmishes in the DMZ and makes threats to invade South Korea. Iran completes its nuclear build up, which provides a direct attack from Israel. Though China doesn't invade Taiwan, it continues with aggressive war game tactics in the Kia Sea. So my feeling is that the global economy, Tom and pol are more susceptible to supply shocks than has generally believed. And with Russia and Saudi conspiring on production cuts, I wouldn't be surprised as a surprise that the price of oil exceeds one hundred and ten dollars a barrel, and the price of a gallon gasoline US approaches six dollars, and shares of Exxon oxy chevron each rise by a third in the year. Doug, I want to get to send it's so important within all of this, you really go after the Blackstones, the Apollos of the world. You say, private equity quote to get torn to shreds. Discuss that that's important for global wall Street. Sure, Surprise number seven is Wall Street's most vicious vultures. Private equity are about to get torn to shreds. And remember we still Tom have elevated interest rates, and we have a slowing global economy. We have the loan rate reset cliff beginning at the last half of this year, and I think it's going to contribute to a leader in private credit failing. Blackstone shares could drop by a third after the BREI, which is the private real estate fund run by the company, and the public fund bx MT come under new redemption pressures. And finally, I wouldn't be surprising. I was involved as a director of a business development company in New York Stock Exchange and I personally saw vividly the phony marks in our books. So my surprise is that shares a private equity stocks like KKR, Apollo and Blackstone plunge as the SEC opens and investigation into the failure of the private equity industry to realistically marked to market their portfolios in the timely manner. Wow, interesting because that's been an issue for a long time, particularly now that these companies are public. How about private credit, Doug, This is a new business for you, Tom and me. Over the last decade or something. It's just exploded in terms of size. We were all comfortable with, or we think we understand private equity, but private credit has become a huge business and it just doesn't feel like it gets the regulatory scrutiny that they get the regulatory scrutiny at all. Paul it's hurting the banking industry. It's one of the reasons why I'm so negative on banks, besides the credit cycle, the emerging credit cycle. So this is something to watch, you know, whenever there is such quantum increase in balance sheets as are currently in private equity, we have to be on the alert. Well, speaking of alert, Doug, I got time for one question. I read my Padres in Red Sox the athletic coverage this week. I'm sorry Juan Soto for the dreaded New York Yankees. He's basically Weighe bogs with power that changes the Yankees lineup, doesn't. It's a massive move for the Yankees. Our team has lacked left hand sluggers in recent years, and we never had the necessary lineup support for Aaron Judge. Remember, he bats left handed right and he's fully capable of taking advantage of the short porch in right fielded Yankee Stadium. I think we're one Jordan Montgomery type away through the World Series. But the problem is Montgomery, Montras, Manea Lugo, they're all going, they're all signing. But this is a powerful lineup from may U Sodo, Judge, Zo, Stanton Torres, twenty seconds. Dougcast, could you do something about the food at Yankee Stadium? People that live in glasshouses in Fenway Park? Doug, Thank you so much. Doug Cass the series partners. Subscribe to the Bloomberg Surveillance podcast on Apple, Spotify, and anywhere else you get your podcasts. Listen live every weekday starting at seven am Eastern on Bloomberg dot Com, the iHeartRadio app tune In, and the Bloomberg Business app. You can watch us live on Bloomberg Television and always. I'm the Bloomberg Terminal. Thanks for listening. I'm Tom Keane and this is Bloomberg.See 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**Karen's Roots & Toots Reggae Show Replay On www.traxfm.org. This Week Reggae/Lovers & Contemporary Reggae From The Abyssinians , The Blackstones , Cornell Campbell , Sanchez, Shalom, Alton Ellis , John Holt , Frankie Paul , Nicky Fyah , Isha Bell , Beres Hammond , Brown Sugar , Saxman Jerry Johnson ft Roland Alphonso & More Karen's Roots & Toots Reggae Show Every Sunday From 9AM UK Time #traxfm #reggae #lovers #Rock #contemporary #reggae Listen Live Here Via The Trax FM Player: chat.traxfm.org/player/index.html Mixcloud LIVE :mixcloud.com/live/traxfm Free Trax FM Android App: play.google.com/store/apps/det...mradio.ba.a6bcb The Trax FM Facebook Page : https://www.facebook.com/profile.php?id=100092342916738 Trax FM Live On Hear This: hearthis.at/k8bdngt4/live Tunerr: tunerr.co/radio/Trax-FM Radio Garden: Trax FM Link: http://radio.garden/listen/trax-fm/IEnsCj55 OnLine Radio Box: onlineradiobox.com/uk/trax/?cs...cs=uk.traxRadio Radio Deck: radiodeck.com/radio/5a09e2de87...7e3370db06d44dc Radio.Net: traxfmlondon.radio.net Stream Radio : streema.com/radios/Trax_FM..The_Originals Live Online Radio: liveonlineradio.net/english/tr...ax-fm-103-3.htm**

Nueva sesión de baile desde nuestro garito subterráneo. En esta ocasión todo el material procede de las bizarras y divertidas valijas que compiló esa logia musical conocida como la Sociedad Internacional del Vicio. A disfrutar. Playlist (Todas las canciones extraídas de diferentes volúmenes de la colección International Vicious Society); (sintonía) BLACKSTONES “Os monstros” LOS ROCKERS “En la fiesta” ENNIO SANGUSTIO “Habibi Twist” QUINTETO MARAVILLA “El rock del timbal” THE POPCORNS “The counter” LOS ELECTRÓNICOS “A la salud” CHARLY COTTON “Wilhelm Tell twist” CHILO MORÁN y SUS SOLISTAS “Mezcal” STEVE JORDAN and THE JORDAN BROTHERS “La Bamba” THE DELTEENS “The bunny hop” BILLY NASH “Mr Chang” LOS H.H. “Escucha cowboy” FRANCISCO “Colosal” ENNIO SANGIUSTO “African twist” EQUIPE 84 “Papa e mama” THE BRAIN TWIST “Brain twist” NICKY ROBERTS and HIS THREE BARS “Abra-te” MOUSTACHE “He youls” THE DANIELS “Wee wee” LES DIABLES NOIRS “Ouli oula twist” THE HOT DOGS “Hot dog shake” BOBBY LEWIS “I’m nervous” FATS and HIS CATS “Well alright” MEHR POOYA “Don’t be krul” JORGEN INGMANN “Eco boogie” Escuchar audio

Welcome to "Off Your Flosser," the dental-based comedy podcast that combines laughter and oral hygiene! Hosted by the dynamic duo, Carlos and Sandy Lee, this podcast takes you on a wild ride through the quirkiest tales and dental-themed humor. In this episode, they delve into a range of topics, from bizarre anecdotes to everyday mishaps, ensuring a rollicking good time for listeners. The hosts kick off the show by introducing their friend, Linda Sherman, setting the stage for the entertaining stories to come. From there, they take listeners on a laughter-filled journey, covering a wide range of topics that showcase their comedic prowess and dental expertise. One of the highlights of this episode is the discussion on unexpected situations, such as waking up in a field or near-bathroom accidents. Carlos and Sandy Lee masterfully weave hilarious tales around these scenarios, leaving listeners in stitches while also sharing valuable insights on taking care of oneself. The podcast's unique charm lies in its ability to seamlessly blend dental-related content with random and amusing tangents. Whether it's delving into the mysteries of mangoes, exploring the significance of Guantanamo Bay, or even sharing tips on Blackstone grills and fire starters, "Off Your Flosser" keeps the audience thoroughly entertained and engaged.  Carlos and Sandy Lee's energy shines through, making it feel as if you're part of a lively conversation with old friends. Whether you're a dental professional looking for some comic relief or simply someone seeking a good laugh, "Off Your Flosser" delivers on all fronts. The hosts' genuine enthusiasm, coupled with their knack for blending comedy and dental knowledge, makes this podcast a standout in the genre. If you're ready to embark on an entertaining journey filled with laughter, dental anecdotes, and a touch of randomness, be sure to tune in and remember, "Go floss yourselves!" Love Carlos and Sandy Lee, https://offyourflosser.libsyn.com TDCC info and tickets here: https://dentalculturecon.com  USE DISC CODE CARLOS to save 5% of your event ticket fee.  Emotional Intelligence with Carlos, https://www.carlosrdh.com Thru The Lens Event Photography https://www.facebook.com/profile.php?id=100090129523346 **DENTAL PROFESSIONALS ONLY** Use this link, Ambassador info: https://mailchi.mp/theautoflosser/oyf Join Our Facebook Page Here: https://www.facebook.com/offyourflosserpodcast Subscribe to our Youtube Channel: https://www.youtube.com/channel/UCTlSaKUhUITjRztbl8t-_qw For More OYF Info,Booking Information and Sponsorship Opportunities https://www.offyourflosser.com Use our discount code FREE SHIPPING 1 https://aflexxassistarm.com

You can grab your copy of Blackstones Heart from: Apple Books audiobookAudibleKindle/Kindle UnlimitedFormer Marine Special Ops Ethan Blackstone thought his day would start off with business as usual at Blackout Security Inc. until a call for help from Austin's top DA changes everything.Krista Jameson's a romance novelist. She's also the DA's only daughter and Ethan's first love from long ago. With the success of her latest book, a crazed fan has marked her as his. When her stalker writes threatening letters to Krista's father, it forces him to hire security and unexpectedly brings Ethan back into her life. Ethan was dangerous to her heart as a teenager, the man he was now could be lethal.Will being forced to work together rekindle a flame that was never truly dead? As the danger to Krista grows so, too, does their passion. Together they will face her nightmare, but as their past meets their present, will they have a future once the danger ends?This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5520412/advertisement

John and Mike are back with another exciting episode, and they have some great news to share. Mike recently went on vacation to St. George and had a chance to visit Pica Rica, a new BBQ restaurant. He got to see the pits there and meet the pit master, who was a great guy and made him feel right at home. Meanwhile, John was back home and hit up the Blackstone warehouse sale, which he didn't even know was happening until Whitney, Mike's wife, tipped him off. John cleaned house and even picked up a Blackstone for Mike.   After sharing their updates, the guys dive into the topic of the week: breakfast. They talk about great options to cook on the smoker, like Fatties, and also discuss the things they're excited to cook on their new Blackstones. As always, they share some laughs and jokes throughout the episode.

Episode 70.1: New Years, Loud Motorcycles, Blackstones, Pool Table Set Up, Bad Investments, and Andrew Tate

I det åttonde avsnittet av podcasten Fastighet & Finans diskuterar och analyserar Anders och Michael de kvartalsrapporter som hittills trillat in, vad man kan förvänta sig av resten av rapportsäsongen samt de senaste nyheterna på transaktionsmarknaden som efter en trög start på april fått lite vind i seglen. I avsnittet går duon även igenom sina bästa respektive sämsta aktieaffärer, Blackstones enorma kapitalanskaffning och varför börsen har reagerat som den gjort i de bolag som hittills har hunnit rapportera. Anders hinner också med att ifrågasätta branschuttryck som Michael kastar in i diskussionen. Hosted on Acast. See acast.com/privacy for more information.

Fear can hold people back from making investments in real estate. And analysis paralysis is a common problem for many investors who have difficulty moving forward with their first deal. In today's episode, guest Jason Baik shares how you can overcome this and his insights on the importance of leveraging analytical skills in real estate investing and the importance of understanding underwriting and the numbers behind real estate.He also teaches us how to provide practical and realistic resources for aspiring investors and explains to us the definition of primary, secondary, and tertiary markets. Tune in now and find out the key metrics they look for when analyzing a market so you can enjoy having time and financial freedom according to your will!Key Points From This Episode: Jason shares the story about his crossover from data science analytics to multifamily investing.Jason talks about the genesis behind The Underwriting Lab.How does Jason help people with analysis paralysis?The key metrics one should look at when evaluating deals.The difference between secondary and tertiary markets based on Jason's personal experiences.What are the things that Jason looks for when analyzing the market at a high level?How to choose a market as a small investor?The places with lower margin of error when buying and why.Jason's goal for his business, Compounding Capital.The habit that Jason practiced consistently brought him to where he is today.Tweetables:“I decided to create a product that shows you a more behind-the-scenes look at multifamily as a business, about real benchmarks and real assumptions, and tough calls that you have to make.” - Jason Baik“I tell people a lot of times to focus on the operator, especially if you tend to be working with successful people who have made money in some other industry.” - Jason Baik“If you're choosing a market, as a small investor, if you're just beginning if you just have a small team, you need to find a price differential, more than you need to focus on macro metrics.” - Jason Baik“You can't compete on price when you're competing with the BlackRocks and the Blackstones.” - Jason Baik“You can make money in most places, and it's just about finding a market where you personally have some sort of competitive advantage in.” - Jason Baik“You develop some sort of operational advantage as you buy more units and get experience.” - Jason Baik“Not overpaying for an asset is one of the only things that you can directly control at least in that phase of your career.” - Jason BaikLinks Mentioned in Today's Episode:Jason Baik on LinkedInCompounding Capital WebsiteThe Underwriting Lab WebsiteCompounding Capital on FacebookAbout Jason BaikJason is the former director and vice president of Data Science, an apartment real estate investor, co-founder and managing principal of Compounding Capital Group, and the founder of The Underwriting Lab. He teaches others how to leverage analytical skills to break into real estate investing.

I det tredje avsnittet av podcasten Fastighet & Finans diskuterar och analyserar Anders och Michael det senaste som skett på direktmarknaden samt kredit- och aktiemarknaden. Moody's nedgradering av Balder till high yield och Blackstones prekära situation i Finland är två givna samtalsämnen. Rutger Arnhult och Ilija Batljans privata holdingbolag får sig också en genomlysning. Ett mer lättsamt inslag i det senaste avsnittet är en tyst minut för Anders sparpengar. Hosted on Acast. See acast.com/privacy for more information.

Today, Shivam talks about how the Gemini exchange is seeing internal turbulence and how UC Berkeley has bought into Blackstone's real-estate fund. Topics discussed: how the Gemini exchange is seeing internal turbulence how UC Berkeley has bought into Blackstones real-estate fund Links mentioned in this episode: https://invstr.com/gemini-earn-funds-dcg-grayscale/ https://invstr.com/berkely-invest-in-breit/ https://invstr.com/4-january-watchlist-5/

Private assets have traditionally been accessible only to large institutional investors and venture capitalistsBut that's quickly changing, thanks to investment platforms like Fundrise.Fundrise is an online real estate investment platform with over 300,000 active users. Through Fundrise, everyday investors can access real estate markets and deals that they normally would not have been able to invest in on their own.In today's episode of The Modern CFO, host Andrew Seski speaks with Fundrise CFO Alison Staloch about the democratization of private markets, alternative asset management, investor communications and transparency, and more.Show Links Check out Fundrise Listen to Onward, a Fundrise Production Subscribe to The Distance Newsletter, a Fundrise Publication Connect with Alison Staloch on LinkedIn Check out Nth Round Connect with Andrew Seski on LinkedIn TranscriptPlease note that the transcript is AI-generated and may contain errors. The content in the podcast is not intended as investment advice, and is meant for informational and entertainment purposes only.[00:00:00] Andrew Seski: Hello everyone and welcome back to another episode of The Modern CFO Podcast. I'm your host, Andrew Seski. Today's episode highlights one of my favorite topics again: thoughtful democratization and access to alternative investments. I know you've heard me discuss secondaries and venture funds with Aman and Andrea, regulating accreditation and the history of Reg CF with Woodie, even angel investing with Oslene. But today, I'm thrilled to take another approach at this topic, which is so important and so critical at this time, with Alison Staloch, the CFO of Fundrise. Alison, thank you so much for being here. [00:00:43] Alison Staloch: Thanks for having me, Andrew. Super excited for the conversation. [00:00:45] Andrew Seski: So could you give us a quick overview of Fundrise? I know it's actually the largest direct-to-investor real estate platform in the US today. Is that right? [00:00:54] Alison Staloch: Yeah, that's right. So Fundrise is a FinTech company with a mission, a really broad mission, of building a better financial system for individuals. But today, that means alternative asset management, primarily focused in real estate, really with the idea of giving everyday people access to the private markets that they were historically excluded from whether due to lack of scale, lack of wealth. And in that mission, we've built a capital-raising machine founded in regulatory excellence that allows us to scale thousands of individuals' investments to then utilize capital deployment technology to compete for alternative assets with the Blackstones and Starwoods. And with the launch of our venture capital fund and now with the Sequoias of the world, we have about three and a quarter billion in equity AUM offered exclusively through diversified portfolios. And our goal right now is to disrupt the private markets by using technology and new approaches on old industries to give outsized returns back to investors. [00:01:52] Andrew Seski: So I really like this approach and we're gonna go into the nuances of risk/reward investment profile for the differences between institutional investing and retail. But I'd like to go back in time first because you are a relatively recent CFO and in this industry. So I know you cut your teeth in the world of finance at KPMG, so Big Four experience. I want to take a minute to discuss your early career. And I think that sometimes people think that Big Four audit or accounting background is a qualification for a direct route to a CFO position, but you also worked at the SEC. So I want to kind of balance some of these, the regulatory knowledge that you have and some of the experiences that you had that are gonna make you and continue to allow you to be a really successful impact engine at Fundrise. [00:02:41] Alison Staloch: Yeah, so I joined Fundrise as CFO last year, so 18 months in the making. I've been a CFO for a whole 18 months. Like you said, prior to that, I was in audit, I was at the SEC. I was in a policy-oriented regulatory role as the chief accountant for the Division of Investment Management, which is the division that regulates registered investment companies and registered investment advisors and sets policy for them. And I think that that background has been particularly important for Fundrise. We have kind of a business built on regulatory discipline and that's been a huge differentiator for us, really has set us apart. I always joke like, oh, we literally chose to play in like, all of the securities laws, not just like one of them. And whether that's Regulation A+ or the 40 Acts, I think the structure that we've built requires a ton of regulatory compliance and discipline for a company of our size and for really kind of a startup to deal with. And we've focused on that regulatory excellence within the organization since the beginning, innovating within the regulatory requirements. I think within Regulation A+ we're, I think we're the biggest user and the most successful operator in that regulation. [00:03:53] And so, that comfort with the compliance and the regulatory discipline was one reason that I felt comfortable moving to Fundrise from the SEC. But obviously, my background is heavily, heavily accounting. And when you think about finance, it's obviously much broader than that. I think it makes sense for Fundrise and where we are. But certainly as we look to the future, we'll want to focus on hiring finance team members with different backgrounds that complement my background.[00:04:23] Andrew Seski: Yeah, it almost seems like we're teasing out your definition of a modern CFO, so we could really, we could start there as well. I think that we get an overwhelming amount of guests who just argue that CFOs, the new breadth of responsibilities has really changed, especially today, whether it's, like you just mentioned, hiring, human resources, being a leader that attracts other team members from more diverse backgrounds and keeping them engaged. The retention I think is a huge issue right now in the churn of employment. So, really curious as to what you think. Even though it's been 18 months, these have been a pretty volatile and unique 18 months to take on this leadership position. So, really curious to hear it from your perspective. [00:05:05] Alison Staloch: Yeah, so I think there's two things I'd mention. Maybe one more kind of like a mantra or approach to being a CFO today. And second, what I think is really important for a mission-oriented business like Fundrise to consider when hiring a CFO. So the first one, I think it's that you have to be constantly evolving. The CFO role is constantly changing, but what I mean is that as a modern CFO you must be constantly evolving as an individual and as a professional. Like you said, like any C-suite or senior leadership role, there's a really broad spectrum of knowledge and disciplines underlying the role and especially when you're in a high-growth environment of a tech company. So you can't possibly know everything, but you need to be agile and responsive to the needs of the business. And I think on top of that, being the CFO of a startup is very different than that of a late-stage kind of pre-IPO business is very different than that of a matured, institutionalized business. Obviously, my lens at Fundrise is kind of mid- to late-stage. We're a mission-oriented business and, again, my first CFO role, so take this all with a grain of salt. But I think what that has meant for me is really being able to flex as an individual, as a professional, and relying on resources, whether that's internal team members or external consultants to kind of help you have that breadth of knowledge. [00:06:21] I remember, the SEC is a regulator. Whenever you are engaging with the public, you share this disclaimer, I'm sure you've heard it: the views I express today do not reflect those of the commission and commissioners, my colleagues, and staff. And I'm thrilled to be on the other side of that and to not have to watch what I say so closely. But I still have a disclaimer, which is, I think every day I want people to know I reserve the right to get smarter. And I think that's been true my entire career. When you ask people if they have a five-year plan, I would always laugh at that because I had a 50-year plan . But that 50-year plan did not point me with the expectation of landing in a CFO role. It did not point me to working at the SEC nonetheless as the chief accountant of a major operating division. It didn't even actually point me to being an accountant in the first place. I was pre-med in undergrad. I was a psychology major. That knowledge has actually like, really, really been incredibly useful in leadership roles. But I think it's the ability to pivot, to embrace discomfort in doing things you've never done before, and then again to constantly evolve. That has served me so well in my first 18 months as CFO. I want to say ask me again in five years, I might have a different answer.[00:07:33] Andrew Seski: Right. Well, we'll do that. I'll mark it on my calendar now. I want to ask; point to something that you sort of teased a second ago on the complexity of the security environment and regulatory environment in general here. And I'm curious as to what you think about investor relations and investor communications and transparency because you have your own investors and stakeholders of Fundrise itself. Yet you also have thousands, I think I saw 150,000 investors since 2012 come through the platform. [00:08:07] Alison Staloch: 380,000, I think. [00:08:09] Andrew Seski: Okay, alright. So, that posits a unique challenge in ensuring transparency because I think that the compromise of understanding risk can be, it's a hard thing to help people go point them to the right resources just because of the breadth of the variety of background and education in alternative investments, understanding liquidity risk, understanding risk in general, and understanding alternatives and what opportunity cost of capital they have elsewhere. So all of that to say, I'm curious as to how you think about investor communications and transparency for Fundrise's stakeholders and how maybe that standard that you have to set in terms of transparency and communication with 300,000 plus investors, maybe those translate across, maybe you've created this really high bar for the rest of us to learn from in terms of managing our own stakeholders. Our firm here does not have 300,000 shareholders, yet we feel a very powerful need to be really transparent with them. So, kind of curious as to how those interact with each other and the standard that you set.[00:09:22] Alison Staloch: Yeah, so it's interesting you asked that. I think because of the technology, because of the apps that we work through and how we engage with our investors directly, not through any intermediaries, we have a tool handy to communicate with them as often as we want really. And so, it's funny sometimes when I ask our auditors for feedback, they always say, you disclose a lot. And that's actually really rare, right? That you over-disclose. But we put out emails to our investor base every time we acquire a property or some major update happens that information is readily available in the app. You can go find it. We think that there are investors that don't care and they don't want to know every minute detail. But we think there are a lot of investors who also are interested in learning about that. And making that all available in the app gives them a tool at their disposal to go research anything that they want. We also have an investor relations team that handles incoming inquiries and certainly a lot of time in engaging with investors that have questions. [00:10:31] And then in terms of understanding risk, I think something that's obviously, well, I think it's obviously unique about our platform, is that because of our incentive alignment, we're endeavoring to cut out the middleman. We don't work with sponsors of real estate anymore. For example, don't charge a 2 and 20. We don't have a promoter carry. And so, our incentives we think are therefore more aligned with investors to not have huge, huge risk because we don't need home runs 'cause we're not getting a carrier promote. And so, I think that also makes our platform a little bit interesting in communicating the risk and volatility of our returns to investors. [00:11:13] Andrew Seski: Yeah, that's a really good point. I think that understanding all of the stakeholders in any sort of investment's really important just to ensure incentive alignment. And also, you point to a huge trend that we're gonna see in the venture world where maybe scaling at all costs and growth at all costs isn't the best for the entire industry, and maybe momentum in the venture world will be less of a strategy and maybe those dollars will switch. I think we're already starting to see growth at all costs, which to extending runway and being more protective over that runway. If we have more of a market turndown, I think we're gonna end up seeing a lot of consolidation of talent, a lot of consolidation of venture dollars. I think deal flow might slow a little bit. I think rounds might stay pretty large, but I think it's gonna be really competitive in the next few years. So, I think finding allocations into those environments is also really tough. [00:12:07] We hosted, we actually hosted an event last year called Bridging the Gap in Private Equity. And we had a multifamily office investor, private equity investor, VC, and a small-cap hedge fund all get out on stage and talk about access and liquidity. And in the real estate world, I think about, there's a firm called Cadre. There are a couple of people who are really trying to hammer this point home that even extremely wealthy individuals, even family offices, RAAs, have an incredibly difficult time competing with institutional dollars because it's far easier for an investment firm to manage one to two pension relationships or endowments or any other institutional dollars than it is 300,000 individuals. And a lot of that can be solved through reporting efficiencies like technology. But even getting access to in a competitive environment like alternatives is really difficult. KKR just listed one of their healthcare funds on Securitize, trying to see if they could democratize some access, but I still think those were all qualified purchasers, qualified buyers. [00:13:20] So there's a huge conversation here around access. I'm really curious to know. Obviously, Fundrise is really unique in terms of way, way smaller investment size minimums, right? And I just don't know that that exists elsewhere. There are fundraising platforms out there, but I worry that those have sort of a Costco-effect of startups and everything. I like the fact that Fundrise does a really great job of communicating and showcasing exactly what the offering is. And I really like the competition of fees. I think that's healthy for the environment altogether. I think you should be able to prove your value in competing in this space. So, that was kind of a small diatribe on my part, but it's really interesting.[00:14:03] Alison Staloch: Yeah, no. I mean, to answer, I think you alluded to this. But, yeah. Our investment minimum is $10. I don't think that there's anyone else out there offering investments in institutional quality real estate for a $10 minimum. And that obviously requires a ton of technology. Like you said, in some ways, it is easier to manage bespoke needs of a couple of institutions. But I think we think that that's where technology is the differentiator. We have salespeople on staff and that's because salespeople salivate over the institutional investor over the $10 million, $20 million, $100 million investor, right? But our software doesn't care. It doesn't care if you're a $10 investor or if you're a thousand dollar investor or if you have millions to bring to the platform. I think that's where we're able to reach scale. And then now, we've been able to source institutional quality real estate and we are competing with the Blackstones and the Starwoods for real estate. That took some time to build up, but I think those are the reasons that we've been able to do that.[00:15:10] Andrew Seski: So I actually learned about…I want to move a little bit away from the traditional real estate offerings because the Innovation Fund is really interesting to me as well. I think there have been a few swings attempting to do this elsewhere that I'm not positive have gone as well. I suppose out there, I'm trying to think if there are a handful of public entities that are venture firms that maybe you could buy the GP stake in but pretty rare. I want to talk about the innovation fund, and I want to share, I probably shouldn't be promoting another podcast on The Modern CFO, but I learned about the Innovation Fund from the Acquired Podcast. There was a Fundrise advertisement throughout it. And I immediately went over to the site and I was actually pretty fascinated by some of the data and the deck that is out there. So I'd love to learn a little bit more about it and if it is the same access to retail or how that fund is gonna be structured.[00:16:05] Alison Staloch: Yeah, yeah. Absolutely. So, the Acquired guys are good colleagues and we love being able to advertise on, that's just an amazing podcast. So, glad you mentioned it. But yeah, so the Innovation Fund, we launched in July, taking a really slow approach to fundraising there. But I think there's really two reasons why we think this fund is so important. So, one, we want to give individuals access to investment opportunities they've been closed out of. This will be the same situation as our real estate funds, low dollar requirement minimum. And we think a low fee structure will allow them to get into pre-public companies, the private market equity, in the same way that they've been able to access real estate through our platform. But secondarily, we also want to offer founders an alternative to venture capital. We've avoided venture capital as a pre-IPO company. And that's been, it's been really unique. It's really allowed us to control our own destiny. [00:17:04] And so, we think that founders, I guess I would say we think we're reaching an inflection point in private company financing. Not only do founders and leaders want different sources of capital, I think they're going to require it after the insolvency that probably will stem from this coming crisis. And so, we think our timing has come together perfectly there. It's a massive opportunity to fund the next public companies while they build. And because of that exponential growth that you see in private companies today, you really can't be successful if you're not built on some massive technology-enabled solution, in our opinion. We think the outcomes are non-linear. So, price matters less than quality. We want great companies at good prices, not good companies at great prices. And we think that will really speak to founders. [00:17:51] I also think, you and I were hitting on this before we got started, the FTX Exchange meltdown. I think that's been really interesting, too. When you think about VC, I think there's so many venture firms that dumped their investors' money into something that it seems pretty clear they didn't understand or fully vet, whether it was fraud or lack of disclosure, I think the related party relationship, I just don't see how that didn't raise any red flags. And I think it's possibly part of a longer-term meltdown of trust in venture capital from both investors and founders. They've spent too long riding the coattails of their last successes. What do they say? Being successful in venture comes from being successful in venture, right?[00:18:33] Andrew Seski: Right. I haven't heard that one, but I like it.[00:18:36] Alison Staloch: And we think that's not enough anymore, at least in tech. And I think part of that is that venture has had a lot of power over founders, over entrepreneurs. The power to fund at like really insane pricing was their advantage. And we think the ability to truly evaluate the quality and sophistication of the technology will become the driver for successful venture investing instead. And you kind of see this already with venture firms, like they might have an engineer or two on staff or maybe one of their partners is a former engineer. But I think we would say, what if you had 150 technologists on your team who are currently and actively in the practice of building technology, something that changes literally every day, who could evaluate the technology of a portfolio company? And so, that's what we're doing. We think the ability to evaluate the fundamentals of the technology, which is the exponential growth driver of tech companies, is gonna be so much more important than the pricing power over capital that flows to pre-IPO companies. [00:19:34] Andrew Seski: That's fascinating. I really love the fact that there are differentiated approaches arising because it is a reflection of a pretty crying need. Is there gonna be a full-time venture team on the Fundrise staff that's coming? Or are there existing investors that are really passionate about the space, is it gonna be industry-specific or relatively vague? Is it gonna be, are there gonna be multiple funds or is there just gonna be one target, really large fund? Really curious about some of the dynamics here. [00:20:03] Alison Staloch: Yeah. So we already have a small team built out that has worked through the analysis of our buy box. And taking all of the like pre-public tech companies and narrowing them down to here are the ones that we think are probably good. And then starting to have conversations with those founders and leadership teams and then where there's interest, mutual interest, then starting to bring in our team of engineers to look at the technology and see what they think about the quality. Right now, I think the intent is to just have the one fund. We want to take a slow start to getting it up and running. We've started fundraising, but very, very slowly. And it won't open to all cohorts until probably sometime next year. But yeah, I think the plan for now is just the one fund and let's see where we can get traction and how we can engage with founders that, again, have an interest in an alternative source of capital.[00:21:02] Andrew Seski: Yeah, I think it's really interesting to think about the dynamics of growth where I think the venture scenario still forces binary outcomes and they want them fast because a handful of companies are going to return the entirety of the fund. And I don't know if that's a really healthy environment for founders. It sort of promotes just some sort of reckless business behaviors I think that aren't necessarily very healthy whereas if you've got family office investors and more patient capital, or it sounds like this new Fundrise innovation fund could be a new participant in building out that ecosystem. It's really interesting to see. There's a Stanford professor that I follow really closely who puts out the average SaaS route to, typical timing to IPO. And there are a handful of firms in the last few years that are one to three years. It's pretty incredible to see how the typical timeline from seven to 10. And it also forces the question: is all this value creation synthetic when the public markets get to evaluate? There has been, I mean, there was a huge bump in IPOs in technology and then the public market sort started to dry up again in terms of IPOs 'cause it's a little rockier and more volatile at the moment. But it's really interesting to see the public evaluate these companies that are not profitable and public. [00:22:29] So, there are some success stories still. There are the Ubers out there in the world and, but it's really interesting to see what's synthetic growth on paper and if there's going to be more liquidity solutions that are available for founders that can relieve that pressure valve a bit. I think that there's a more likely scenario that we have richer companies that take their time to grow properly. And I think that'll end up being great for the ecosystem. Also, probably better for investors over the long term. So, really, really interested to see that competition grow outside of the institutional dollars that are back in the VCs.[00:23:06] Alison Staloch: Yeah. And especially for those investors that get to have access to that when founders choose that alternative source. I think what you said is super interesting. I would think about this from a CFO perspective, too; a mercenary CFO, one who isn't focused on your mission can be as bad for you as a company as the wrong venture firm because they'll get you to the next milestone. I mean, you might be falling over the finish line, but you'll make it. But the future of your business will no longer be their opportunity because they're so focused on that like shortsighted milestone that they're trying to reach. And in the process of doing that, it can destroy your team, it can destroy your culture, it can destroy your mission, and maybe even ultimately the actual benefit that you're trying to create for your customer. So I think it's like super, super important that private companies are getting an alternative source to protect that. [00:24:02] Andrew Seski: Yeah. At the very least, it should be competitive. I think that's just healthy for the ecosystem as well. So we're making some pretty bold claims here. I want to also think about how we think this is gonna play out. So one of the things I really like to talk about is sort of short term, 12 month versus three to five year goals, priorities, and what you're thinking about in terms of what I think is gonna be a pretty aggressive shakeup in both public and private markets, which may actually be an interesting time to build the things that you're building. So I want to take a step back and think a little bit more broadly about the space. [00:24:37] Alison Staloch: Yeah. So I think we spend a ton of time right now talking about what the next 12 months will bring. In our minds, we think this crisis is likely to be a slow, long, drawn out one over the next 24 months and really thinking about what does that mean for the business and what challenges will that bring up but also what opportunities will that bring up for us and for our investors. And so, we think that the only place to be at the moment is on the sidelines, kind of hoarding capital, waiting for the opportunistic rescue money plays to those opportunities to come up. [00:25:14] I think longer term, one of the things, I'll say even longer, longer than three to five years, I think the technological developments that are coming and how they will impact both health and wealth preservation are really interesting. I think there's going to be massive shifts in how we think about that over the near term and then what tools are available to us. I'm gonna sound a little bit like a futurist, but I think we're living at a time when life expectancy has the opportunity to really change. I think many Gen X and millennials will easily see their hundreds. I think Gen Z will see that as an average. If you look back 25 years ago, we barely had the internet. 15 years ago, we finally got smartphones. A lot has happened even in the last two years during the pandemic. And I think we're gonna see an exponentially different world in 20 to 30 years. [00:26:05] And so, what we'll see over the next three to five that will make that possible from a health perspective I can't really predict. That's not my area of expertise. But I think the healthier you remain, the more you'll be able to capture benefit from those technological advantages. But from a wealth perspective, I think it'll require you to step outside the traditional approach to retirement and investing. 60/40 stock bond allocation won't cut it anymore and private market investments really need will grow. And those who don't access it will be left behind. But I think that combined with a lot of the other paradigm shifts happening in the world right now — conversion to remote work environments, the wealth accumulation of millennials and Gen Z, death of the pensions, shift to self-management, and even like the distrust in institutions, the embracing of autonomy in individuals, network effects — all of those things. These coming years, we'll see individuals really owning their investment choices. It's really exciting I think for us because it means there's gonna be a lot of unsupervised capital out there from asset managers, old line asset managers who aren't thinking about individuals.[00:27:10] Andrew Seski: Yeah, you can already see some of this happening, consolidation of the RA space. The interesting way that Gen Z is choosing more nontraditional career paths and creating wealth in really unique ways. So, I think you're right. I think all of this is taking hold today and we'll definitely see indications of the next three to five years. [00:27:27] I think I've got a unique opportunity here also to discuss with you what you think the future of accreditation may look like. It's hard to speculate given the sort of more responsive nature of the SEC. It's hard to proactively regulate. I understand that it's a very, very challenging job to protect investors yet also democratize access to a space while educating on risk. And I think it's, like you mentioned, just a different world today, though, given the amount of access to complex investment theses and strategies. And if you take the time, I think you can be fairly sophisticated. I think it's a hard industry to cut your teeth in no matter what, given the risk associated with any highly illiquid investment. But as the world becomes more sophisticated and more comfortable with investing online, doing proper diligence and comparing that to the diligence of some of the best firms, I think it's fair to say that if you can gamble away at a casino, there's a good point that investors are who you can demonstrate education. Actually, I know Jason Calacanis is working really hard to create some sort of standard. I think he's raising a new fund, I'm not sure. But I think he's working very hard on that as well. And I know a lot of the regulators want to provide some more clarity on. I think maybe some of this will come, I hope not as a backlash from the crypto space in terms of investor protection. I hope we don't get set back too far. But curious as to your perspective on what the future of accreditation may look like and qualified purchase definitions and all that fun stuff.[00:29:06] Alison Staloch: Yeah, no. I mean, I could be wrong, definitely could be wrong. I don't know that we'll see anything in this administration doesn't seem to be a top priority for them. But I think that's the challenge of being on the staff. Like there's people, I met so many people when I was on the staff who are interested in learning from people out in practice, people out in industry, what makes sense, what do you think. But they have the challenge of, they're oscillating between these politically appointed leaderships. At different times, wants you to engage, wants you to talk to people. And other times, they won't allow it. But I think they are smart enough to meet you where you are. I know, like my former colleagues on, when I was on the staff, like, we read your tweets, they view your Reddit posts. They're watching your TikTok videos. And so, I think keep speaking to them, engaging with them. But have the patience to understand that I think regulatory processes is so complex. There's limited resources. People can only focus on so much. I do hope that, like you said, because of the advancements and the way people are accessing investments, some future version of the staff will see that and think about unique ways to modify the definition and the requirements to meet accredited investor status.[00:30:26] Andrew Seski: Well, maybe we'll see the advancement in, I think, well, the JOBS Act actually came out through the desire for more engagement from the public. Maybe it's a more cyclical thing that we discuss more proactively in market cycles. So maybe there's a way that that goes forward or if capital gains tax increases, maybe there will be more private investment exposure to drive revenue in the government.[00:30:53] But I really want to segue into my favorite part of the podcast which is always the question, do you feel that there's anything underestimated in the world today? Whether it's something in the world of finance or something completely unrelated. It's my favorite thing to learn from. CFOs think, very unique vantage points and perspectives as to an area that maybe we're not thinking about but that you feel we should draw some attention to. [00:31:21] Alison Staloch: Yeah. I love, I mean, I love this question. It's so big and broad. So, I'll maybe go big and broad but mention a few different things. To me, it's the power of the individual. And I think the dominance of the individual, rise of the individual, and the exponential value of scale that can come from empowered individuals. And we hear this a lot, right? Like, your vote matters, your wallet matters. But I think people really have a lot of agency over their future right now and including how you build wealth. I think that's super important. Obviously, that plays to our strategy, right? We believe that small but many is less fragile than large and few.And so, that's why we've targeted an individual investor. I think we think smart money won't be the big money, but the collective sentiments of the smaller dollars that aggregate to large effects and accrue benefits to the individual as well, which, again, puts the power back in the individual.[00:32:15] And I think that change is really underestimated by institutions today. And most importantly in wealth management, I think they still devote the broad swath of their resources to other institutions. And I think that's gonna continue to work for them for some time. Like, that's not changing immediately, but I think the switch is happening now. And you don't want to be behind on that work of engaging with the individual. And then I think from an individual perspective, I think that's where you have to focus on constantly evolving, constantly adapting to the resources and the opportunities that become available to you and taking advantage of those. [00:32:50] Andrew Seski: I really like that. I always say in these episodes that people should go back and just hit that back 30-second button and re-listen to a piece of the podcast. I really think that's an important trend that's already taking place, already capturing a lot of attention. And maybe we're seeing the rise of the next Blackstone as we speak right now. So that, I think that's really powerful; that the collective maybe the next institution just in a different way that we think about it. [00:33:17] One of the things that we didn't cover that I really wanted to was the transition to Fundrise. I think that you mentioned briefly the really formal institutional background of the Big Four of government. I'm kind of curious as to maybe for some of the other aspiring CFOs or CFOs who are relatively new in their position, how is that risk profile in your mind, has it changed since in the last 18 months? And what was the onus and catalyst for that for you?[00:33:50] Alison Staloch: Yeah. It's honestly been like such a big transition. In a lot of ways I was going from, I said this recently, like I was just judging what other people were doing from an auditor regulator perspective and not actually doing the work. And, man is doing the work a lot harder than you think when you're on the other side judging. But I think that transition from institutionalized organizations to a startup is just complex and challenging for so many reasons. I think a big piece of it is the mindset of technical specialization, right? Like when you work at a big institution, being very narrow and deep is super important. But then coming to a company like Fundrise earlier stage, then certainly where I've been in the past, you have to be able to step outside of that perspective of this very narrow accounting standard is so important and think about what does this mean more broadly for the organization? What's best for the company as a whole? And balancing all of those things. And I think that's, it's really challenging. I think I was prepared for it, but I don't think I was prepared for how difficult it would be. I'm really lucky to have a leadership team that appreciates that; that understands what a big transition that was gonna be. And so, they've like taken, they've brought me along on this journey so far. But I think if you're not prepared for that, that will be a struggle. [00:35:18] Andrew Seski: Yeah, no. I really appreciate it. I think that's a great comment on the mindset shift that needs to take place for those thinking about making the leap to a similar company of size to Fundrise. [00:35:29] The last thing I'll mention is kind of fun. We were chatting about, it seems like we're both voracious consumers of articles and information. And for those listening, Alison's got a pretty full bookshelf behind her. And it's always funny to say we're chatting about the Newsfeed that Nth Round has and just curious if there are any that standout. We talked about the Acquired Podcast. That's really great for deep dives. And me personally, I'm very lucky I get to have conversations like this. Is there any sort of your favorite outlet? It's very hard to curate your social media to get all the information and data that you want but curious if you do anything interesting or have read anything that we should all take a look at. Let's put you on the spot. [00:36:09] Alison Staloch: Yeah. No, no, no. I love the question. It's so true. I always, like I keep hoping for some curated outlet that will — it for me so I don't have to. I think one of my favorite things to read — do you read Matt Levine Bloomberg? [00:36:22] Andrew Seski: Yep. Sure.[00:36:24] Alison Staloch: Yeah. So like I would highly, highly recommend him.I think it obviously speaks to my background. He focuses a lot on securities laws and. I'll tell an interesting story about him. I've kind of always, always read him. He recently, this is maybe in the last year, picked up on a nuance of like the accounting standards that don't work, particularly as it relates to digital assets. So with digital assets, if you're an operating company, you're in intangible accounting, and so it's impairment accounting. And so, you can never actually write it up. You can only write it down. If you think about huge companies like Tesla and Micro Strategies that have so much Bitcoin on their books, it's held at like the lowest price, the lowest market value that's been out there since they purchased it, which is just insane, right? And Matt Levine picked up on this and I just, I love that like somehow he was able to find that. But we used to joke that we should have a trigger as regulators or standard-setters that if Matt Levine picks up on complexity as a result of regulatory standards, then we should probably be looking at that. But he's, I mean, I highly recommend. So entertaining and so much fun to read. [00:37:33] Andrew Seski: Oh, thanks so much for that. I really appreciate it, Alison. And I should probably mention we've covered a lot of topics around alternative investing. Obviously, none of this is investment advice. Everyone should spend a lot of time managing their assets, talking to their advisors, and making really informed decisions. But I do have to say that Fundrise also puts out a lot of really great educational resources that I've had the opportunity to explore recently and I can definitely vouch to their quality. So, highly recommend checking out the website. Alison, is there a way for people to get in touch with you if they'd like to learn more, or is the website the best way to explore the new, all the new things that are happening at the firm?[00:38:15] Alison Staloch: Yeah. I think I'd say like Fundrise in general, our website, our app, sign up for our email. You don't have to be an investor to get information about the acquisitions we're making and our portfolio and our strategy and our letters. And then check out our podcast. It's called Onward. Not to mention another podcast but that we're slowly building that up. We also have a newsletter called The Distance, where we talk about long-term thinking broadly, not just as it relates to an investment strategy. And then for me, LinkedIn is probably the best. I'm on Twitter. I read a lot of it, but I'm a lurker. I don't actually tweet so. [00:38:52] Andrew Seski: Excellent. Alright. Thank you so much, Alison. It's been another episode of The Modern CFO Podcast and I hope you have a chance to circle back in five years.[00:39:05] Alison Staloch: It's great. Thank you so much, Andrew. I appreciate it.

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Today, we are joined by Randy Streig to talk about the power of building meaningful relationships. He is the founder of Friends in Real Estate, a commercial real estate networking group committed to getting to the fun part of networking without all the fluff. He takes us through how he has grown the group to over 600 people and how they are taking a different approach to networking.    Randy is also an associate at Dominus Commercial and he has a strong experience in underwriting with over $1 Billion+ of real estate underwritten and $100 Million+ worth of transactions. He shares with us his insights on retail and industrial real estate, particularly in the Dallas Fort Worth market.   [00:01 - 04:00] It's a Relationship Business Randy on how he ended up in real estate by accident One of the biggest lessons in his career is that the big deals take as much time and effort as the small deals  He was able to grow fast in real estate because he met, talked to, and learned from as many people as he could   [04:01 - 13:20] Dallas Fort Worth: Retail and Industrial Market Breakdown Retail has been severely affected by the pandemic and he believes that there will be a consolidation in terms of tenant mix Industrial continues to be a hot asset and there is a lot of demand in DFW To find opportunities, you need to understand the buyer market pool He recommends Class B and C properties in retail because more distressed assets have more flexibility   [13:21 - 19:24] Making Friends in Real Estate Randy has always been put off by the membership payments for networking groups or events He started inviting his friends to hang out and his friends invited their friends and so on Friends in Real Estate turned into something that has been a membership group without all of the professional orientation of most membership groups They value the personal connections and fun aspect of it Randy's advice to anyone who wants to create their own group: Start small What's next for Friends in Real Estate?   [19:25 - 21:01] Closing Segment Reach out to Randy!  Links Below Final Words Tweetable Quotes   “You need to make sure you're meeting as many people as you can and just asking as many questions as you possibly can.” - Randy Streig   “I would tell them to start small. Don't think about where you wanted to end up. Just let things unfold naturally and try to just invite people you think would get along well together.” - Randy Streig   -----------------------------------------------------------------------------   Connect with Randy! Follow Randy Streig, Friends in Real Estate, and Dominus Commercial on LinkedIn.   Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below:   [00:00:00] Randy Streig: it's really understanding the market from a buyer pool perspective, figuring out what exactly you would want to buy as an investor in comparison to what everyone else is buying because the least competitive class is going to be the one where you're going to be most successful in, as compared to the private equity groups of the world who know what their fairway is and know how to close a deal and are, you know, I can go to a seller and say, Hey, my guys can send you an offer and we can close in 30 days. And we're confident about doing that.  [00:00:26] Sam Wilson: Randy Streig is a commercial real estate broker at Dominus Commercial in Dallas, Texas. He's also the founder of Friends in Real Estate, a free to join and participate happy hour group with close to 600 members. Randy, welcome to the show.  [00:00:51] Randy Streig: Thanks for having me. I'm glad to be here.  [00:00:53] Sam Wilson: Hey man, the pleasure's mine. Randy, there are three questions I ask every guest who comes on the show: in 90 seconds or less, can you tell me where did you start? Where are you now, and how did you get there?  [00:01:02] Randy Streig: Yeah, so fell into commercial real estate by accident. Went to school originally for music, decided within my first semester that music wasn't going to end up paying the bills. And took random principles of real estate class at University of North Texas with John Bain, who ended up becoming a mentor and friend of mine, ended up running the real estate club there. From there did a case study project for ICSC, we took second place, our group mentor, Whitesman took me on as a full-time financial analyst, one of three guys for a billion and a half dollars retail portfolio, which was super fun. From there, went to work for 42 Real Estate who do a lot of FedEx ground build the soup projects, a bid on half a billion dollars of FedEx field issue projects, underwrote a hundred million dollars of portfolio acquisitions and a mid-rise acquisition here in Dallas. From there, went to a private firm. I can't publicly talk about, but it was a nice opportunity, but not where I ended up needed to be and kind of fell in here at Dominus, where I've been here for two and a half years now doing brokerage. So started with development, ended up here in brokerage and I'm loving it.  [00:02:06] Sam Wilson: That's impressive. Like, that's a lot of moving pieces. When you look back on that, what are some of the key maybe pieces of the puzzle that you learned along the way that you're using today in your brokerage business?  [00:02:18] Randy Streig: The biggest thing is that even the small deals, well, a better way to say it is the big deals take as much time and effort as the small deals and usually ends up taking less time. So if you can learn the fundamentals, the rest is easy and falls into place.  [00:02:35] Sam Wilson: That's very interesting. You even say that from the brokerage side. For you guys, it's just as much work to do as small deal as it is to do a big one.  [00:02:43] Randy Streig: Yeah. Well, yeah. I'd say even more work to do a small deal than a big deal. [00:02:47] Sam Wilson: Wow. What do you tell people? I mean, you know, you guys have a membership group there with 600 people in it. What do you tell people when they're, you know, I'm sure you get lots of, you know, people interested in real estate, you know, just getting started out. What do you tell 'em on that front? You just say, Hey, go big as fast as you can. And then if you do that, what steps do you tell 'em to take?  [00:03:07] Randy Streig: Really, I tell them it's a relationship business. You need to make sure you're meeting as many people as you can and just asking as many questions as you possibly can. One of the things I really took to heart when I was still at UNT, my high professor said, Look, you need to eat when you get out of school. That's the first thing, and you can kind of figure everything out later. When I was starting as an analyst, as kind of getting my feet wet, I was still networking around 12 to 15 times a week. I usually had a coffee, lunch, and happy hour set up every day and just meeting as many people as I could, talking to as many people as I could, trying to learn as much as I could, as fast as I could while I still had the energy to do it. [00:03:48] Sam Wilson: Right. Yeah. I think if you asked me to add 12-15 appointments to my calendar right now, every week, I just say that's not going to happen. There's just nothing. So I love the caveat there when I had the energy to do it. So you've gone into brokerage, you are now focusing on, what are you focusing on the brokerage side? You said it was retail and...  [00:04:08] Randy Streig: Yeah, owner rep, and tenant rep.  [00:04:10] Sam Wilson: Okay, and in what categories? Is that retail, industrial, or?  [00:04:14] Randy Streig: Yeah, Retail and industrial.  [00:04:15] Sam Wilson: Got it. Okay. Cool. That's a lot of fun. One of those is a hot asset class or has been the darling child for the last few years. And one of those has, you know, had some mixed reviews on it, depending on who you talk to. Some are like, Hey, man, retail's doing alive and well, just, you're not seeing it. Give me the kind of market breakdown, if you will, on those two asset classes and what your current view of where they are now and maybe where you see 'em going in the short term.  [00:04:42] Randy Streig: Yeah, well, you know when I started, I started at a retail shop and the big narrative at that time was, you know, retail is dying. It's all over from here. And while that's true with things like malls, it's definitely not the case for a lot of the bigger retailers. And by bigger, I mean national chains and franchises. A lot of the mom and pops have been hurt severely by inflation and just what's gone on with coronavirus and all that jazz. I mean, that's been really sad to see. You know, I just closed a deal with a luxury fitness client of mine out in Plano, and they're still wanting to grow rapidly and I'm seeing another couple Fortune 300 and 500 companies that been talking to for some lease deals, and they're still growing as fast as they can. So I think retail is going to consolidate in terms of the tenant mix that's expanding. So it's not going to be as diverse of a tenant mix that is growing. But the tenants that are growing are just going to kind of rocket ship, kind of using that parade distribution principle. So 20% of the retailers are going to have 80% of the growth across retail. And then for the industrial side, in Dallas Fort Worth specifically, it's going to continue to be hot. I mean, everybody's still wanting to come here to Texas and you're seeing like, you know, Elon Musk is coming here, even had Joe Rogan coming here. So we're building a big both entertainment and business-oriented culture out here, which is really interesting to see, especially 'cause I grew up in a town where the only grocery store was a Dell Diamond, if anyone even knows what that is. And then now in the same intersection you have a Walmart, an Albertsons, and a Kroger with AGB that owns a site just down the street. So DFW is going to keep growing rapidly across retail as far as I can tell, because another function of DFW and Texas, in general, is how much space there is geographically speaking. There's a lot of room to grow outwardly, and we still have Dallas Fort Worth International Airport, which is I think the number two or number one busiest airport in the US right now. You have still space to grow in there in line as far as industrial goes. The last time I checked there was 3 million square feet of industrial going up right now, going vertical and the demand to fill it. So I think the DFW is a great spot to be right now.  [00:07:00] Sam Wilson: How does someone find opportunity? Let's say they're not in the kind of know on these deals that are getting traded. How does someone find and develop opportunity in industrial today?  [00:07:13] Randy Streig: From a development side or from a user side? Or what side do you want to talk about?  [00:07:18] Sam Wilson: I'm thinking like if I came to you as an investor and I said, Hey, Randy, I've got, you know, I've got a pile of money, I'd like to invest in industrial, or I've got a backing with a bunch of investors. We really want to start investing in industrial. Where do they start? [00:07:32] Randy Streig: That's a good question. I would say you just look for the least competitive asset class right now and understanding who the other investors that are buying 'cause you have the Blackstones of the world that are kind of pulling back right now just because they want to see where interest rates are going to fall out to. And then you have, I'm working with a couple of private equity groups who we're still extremely bullish. They've got their investors lined up, but most of those groups have a very specific fairway they want to run down. So it's really understanding the market from a buyer pool perspective, figuring out what exactly you would want to buy as an investor in comparison to what everyone else is buying because the least competitive class is going to be the one where you're going to be most successful in, as compared to the private equity groups of the world who know what their fairway is and know how to close a deal and are, you know, I can go to a a seller and say, Hey, my guys can send you an offer and we can close in 30 days. And we're confident about doing that.  [00:08:24] Sam Wilson: Right. Right. And that if you're bating or playing in those leagues that, you know, it can be very challenging. So I like your idea of finding the least competitive avenue inside of maybe industrial and saying, okay, how do I get in here and make this a compelling investment thesis? That's really interesting. What do you see on the retail side of things? You know, is there, what would you say is the ideal buy box right now if, say, returns were our primary objective?  [00:08:50] Randy Streig:  I would try to stay in that the class B, class C. I mean, class A is always going to be class A. It's in the sense that your returns are always just going to be set by what the new development standard is. So with Class B and class C, though, you have more opportunity in the sense of you can redevelop it, you can you know, just improve the asset altogether. But I mean, I know some, a couple of groups that are looking at turning malls, like into industrial hubs. So just in the more distressed asset classes, you have a lot more flexibility because usually the retail is well positioned just from a geographical standpoint. And real estate is always about where you buy, how good is the land.  [00:09:30] Sam Wilson: Absolutely. Can you give me maybe quick definitions of A, B and C type of retail maybe? Define those classes broadly if you could.  [00:09:39] Randy Streig: Yeah, yeah. For a class A center I'm going to refer to retail specifically and not a mixed-use property. So retail specific, you're looking at a grocery-anchored center right now. Something with like a Kroger or AGB. If you're an investor and you actually own the grocery box, it's even better, but it's kind of unlikely right now. Most of the groceries like to own their own box. You want to have not too many big box retailers at the moment because their junior box faces are a little hard to lease up. So I would kind of classify those, more junior box-oriented power centers as the Class B retail strips right now or retail centers. And then class C is going to be anything where the building just looks a little dilapidated, maybe it was built in the eighties and no one's really put a lot of money into it, a lot of deferred maintenance. That's kind of the quick, quick scale that I look at.  [00:10:26] Sam Wilson: Right. And you see opportunity right now in that B slash C. And that's really where we should be looking if it's like, Hey, I want to find opportunity and you think that's a great spot in retail.  [00:10:36] Randy Streig: Yeah, I mean, there's more risk entailed and when there's more risk, there's more opportunity. [00:10:40] Sam Wilson: For sure, for sure. You know, but it's interesting. You know, I think about some of those places. There's some spots here that come to mind, you know, where they may have, like, and it's not last mile per se, but just maybe to get our listeners' wheels turning, you know, I'm thinking about like, you know, a hair studio or a laundromat or, you know, there's one place down here. It's a Mexican ice cream store. And it's like, okay, you know, it's like all these little shops that go in there. Maybe the risk is there, 'cause of course, they can pack up and leave in two days and it's like, well now you're high and dry as the owner, but yet at the same time, that's stuff that's just, you can't Amazon to your front door, so.  [00:11:14] Randy Streig: Right, right. Well, and another thing to think about too, and I'm going to reference the case study from my time at 42 Real Estate, the guys who, when they redeveloped Deep Ellum. You know, Deep Ellum was, it's a little crime oriented now, but at the time it was very crime oriented. But there was a lot of art. It was a very artist-centric hub. And when there's art, it tends to draw in a lot of people especially the creatives and the hipsters. And there's a joke somewhere that like, you know, the fourth horseman of gentrification is Whole Foods, but there's no whole foods there yet. But when you look at something like Deep Ellum, you look at a neighborhood that might typically scare away of a lot of investors because of crime, but where there's art, it'll draw in more people. And there's a lot of interest in bringing in new or people that want to revitalize the area. What made me think of that was you referencing the local stores, the mom and pop guys that are kind of local, not necessarily the big Main&Main retail strip, but somewhere in an urban area that has a local-oriented draw to it. So there's a lot of opportunity there too, if you can find it. [00:12:16] Sam Wilson: Right. Right. Yeah, absolutely. And I think especially when you see those old kind of more dilapidated buildings, that's where the market I would say is probably, I'm guessing here, correct me if I'm wrong, but that's where the market is still fragmented 'cause you still have single owner, you know, mom and pop, maybe they've owned it for decades, things like that. I would guess that's one of the last pieces in retail. That's still kind of where opportunity really would would lie and of course, risk as well.  [00:12:40] Randy Streig: Yeah. Well, and to that point, Deep Ellum was owned a lot by those mom and pop guys, but Scott Rohrman over 42, went and met with each of these owners individually and slowly, like, gained their confidence and trust over time that he could do something cool with the neighborhood and then ended up closing on 50 different parcels at once that were I think owned by 40 or so different owners. [00:12:58] Sam Wilson: Wow. That's a story in and of itself, which I would want time for, but I'd love to hear how someone strategically goes about packaging up 50 parcels with 50 owners and then closing all in one single go. I think that's a work of, yeah, that's a work of art in and of itself, figuring out how to do that and keep everybody on board. So yeah, that's very, very cool. I love that. You know, I want to take a little bit of time here and talk about your Friends in Real Estate group. I know you had mentioned early on that it was something that it was kind of accidental. Most people, especially in the syndication side of things, and as you probably are well aware of this, but we're all trying to always grow our network, especially when it comes to people interested in real estate looking to invest in real estate. You've grown a group of over 600 people accidentally. What are some you did on accident that worked and then tell us a little bit about the group overall if you don't mind?  [00:13:51] Randy Streig: Yeah, yeah. So I kind of got this notion when I was reading Never Eat Alone by Keith Ferrazzi and just kind of seeing the importance of networking, generally speaking. And when I got into commercial real estate, I joined the big networking groups out here, but I was always kind of put off in the sense that you have to pay a membership fee just so you can go to an event where you're paying another dollar fee to go to the event so you can meet two or three people to go have a drink with them or lunch. And I was, like, there's got to be a better way to do this. And so what I did was I just started inviting a group of my buddies out to drinks once a month. So I texted some friends that I already knew in the industry that I had met through some of those networking groups, and I said, Hey guys, let's go grab a drink altogether. And we had eight people come out to a bar out here in Dallas and we just, you know, shot the breeze and talked to each other and had a good time. And I was like, all right, well cool, you guys want to do this again next month? Why don't you invite a buddy of yours and, see if they want to come. And then it grew from that day to 12 or 15 the next time and then 20 the month after that and then three months later it was at 30. And within eight months I had somebody come to me and say like, Hey, we'd love to sponsor this event and host it at our office. And I was like, Okay. Sure. And by that time people had been, people that had attended said, Hey, add my friend so and so to the invite list. And by the time we had our first sponsored event, we had 50 or 60 people come out to the event. And after that I had people start lining up to offer to host the event and sponsor it. And they're adding people to the list, their friends are adding people to the list. And so just kept growing and growing and I was really trying to meet with every new person that would get involved with the list or get on the invite list just to try and make it a more personal connection there. And it's kind of grown outside of my ability to reach everyone. But I still try to at least catch up with as many people as I can. So the reason I started thinking even about having this monthly event was I started meeting so many people where I couldn't keep in touch with everybody on a one-on-one basis, but I saw it as an opportunity to at least, you know, have a touchpoint once a month with all these people, even if it's just me sending an invite out to a happy hour. Plus, it gave me an opportunity to offer something to people I wouldn't normally be able to offer them in the sense of like, Well, I may not be able to offer you anything from a service standpoint, but I can introduce you to somebody. And I looked at this happy hour group as a way like, Oh, you're in this field? Well, meet so and so, they're kind of doing a similar thing and this can help you out. And you know, I met banker buddies who made a bunch of deals off of it and got to sit court-sided the Mavs as a thank you, which was super cool. And I've met other people that are getting deals done, which is really exciting for me just to see Friends in Real Estate turn into something that has been a membership group without all of the necessary professional orientation of most membership groups and that we're still just a happy hour group to come hang out and make friends. We're not there to advance our business necessarily, speaking of business comes out of it great, but we're more focused on building the relationship first and if whatever business comes of it comes of it and it's just kind of happened naturally and or, and organically. To kind of reference what I mentioned earlier and seeing the necessity of building a relationship network in real estate because it is such a relationship-based business. So I figured if I can build my relationships with people and help other people build their relationships, then it'll kind of, you know, just grow out of there. And it's been a wild journey in the last five years that I've been doing it. [00:17:34] Sam Wilson: I'm sure, I'm absolutely sure. And then, you know, you get to kind of position yourself as the thought leader in the group as well, which I think is always a great spot to be in. Maybe you don't know everything, but still it's the person that organizes it is the one that kind of gets the front row to the whole thing. That's really cool. I love that. What advice would you give to somebody if they were going to launch, and I don't want to use the word meetup, but I guess I just did, a meetup or a group like this? What would you tell them to do? [00:18:03] Randy Streig: I would tell them to start small. Don't think about where you wanted to end up. Just let things unfold naturally and try to just invite people you think would get along well together. That's the biggest thing. And one of the things I'm really grateful for about Friends in Real Estate is there's a culture that's kind of created itself, and it's something I'm happy has developed because it's a bunch of people that share an interest in just the enjoyment of friendship and that has attracted more people of similar mindsets, and that's how it's grown from there. [00:18:37] Sam Wilson: That's awesome. That's awesome, man. I think that's really, really cool. What are your hopes long term for the group is they're like, Hey, you know, we're going to plan I mean, are there kind of bucket list items that you think about as it pertains to Friends in Real Estate?  [00:18:52] Randy Streig: We had looked at doing a bigger event this past year, but realized it just didn't have the bandwidth to actually like put it all together, which was no big deal. You know, kind of wish I had thought a little bit more about the amount of effort he would've taken to put on that event. So would like to kind of put together a bigger event maybe later down the road at some point and as dumb as it sounds, I really want to make merch because I've always wanted to just sell merch. I think it'd be fun.  [00:19:19] Sam Wilson: I love that. No, I think that's great. You'll have to put me on the buyer's list when you get your merch. I'll wear on the next show. So let me know when you get that done. Randy, this has been awesome. I've certainly enjoyed learning from you about the opportunities in retail. I think that's actually been a very fascinating conversation then you know, what you're seeing going on in the industrial side of things you've told us about friends in real estate, what it's been like to kind of launch and maintain that large of a meetup group. I mean, that's a lot of, I mean, how many people show up on average? I mean, you might have a 600-number role.  [00:19:52] Randy Streig: Yeah, I think 50 is kind of the set. Yeah.  [00:19:55] Sam Wilson: Okay. Right. But even 50 people descending on one bar or one location is still, I mean, it's still a lot of people, if they're not prepared for it. So it sounds like that figured out as well. But no, I think that's really absolutely great. Thank you for taking the time to come on the show today. If our listeners want to get in touch with you or learn more about you or any of the assets maybe that you are brokering right now, what is the best way to do that? [00:20:19] Randy Streig: Our website's still in the works, so I would say just check us out on LinkedIn. That's the best way to keep in touch at Dominus Commercial on LinkedIn. You can find me on LinkedIn, Randy Steig, and then Friends in Real Estate as well. It's all there.  [00:20:31] Sam Wilson: Fantastic. Randy, thank you again. Certainly appreciate it. [00:20:34] Randy Streig: Oh, thank you for having me. It's been fun.

Tom Carter is joined by Darren Trapps (Main Commentator and founder of the station) to kick off Series 2 of the podcast as they give their predictions for the upcoming 2022/2023 season. (s2e1) What time does your club feature? Holbeach, 1:56. Deeping, 8:24. Pinchbeck, 12:56. Skegness, 18:34. Sleaford, 23:06. Boston, 30:58. Bourne, 43:44. Harrowby, 47:48. Blackstones, 52:40. Wyberton: 55:17. Spalding United, 1:01:57.

Who is Ryan Gipson? Who is Black Trans Girl in Maine? BLACKSTONES is racist and transphobic. Who is Black Girl in Maine.

CHUNES FROM HOPETON LINDO, JR TUCKER, MR EASY, MAVADO, VYBZ KARTEL, TARRUS RILEY, TEEJAY, MR VEGAS, SINGING MELODY, BERES HAMMOND, TINGA STEWART, WAYNE WADE, WAYNE WONDER, NATURAL BLACK, MORTIMER, MIA STOOSH, THE BLACKSTONES, JAH DEVICE, SHINEHEAD, MICHEAL BUCKLEY, RICHIE STEPHENS, ROMAIN VIRGO, D MAJOR, COLLIE BUDDZ, KONSHENS, CHRIS MARTIN, BUSY SIGNAL, IWAATA, AGENT SASCO, CHRONIXX, JAHVILLANI, SKILLIBENG, DANE RAY SPRAGGA BENZ...

I Kaare Dybvads første år som minister i Boligministeriet har boligspørgsmålet flere gange været et helt centralt emne i den politiske debat. Lyt til denne artikel, hvor ministeren ser tilbage på det første år på posten.Især indgrebet mod Blackstones metoder og de potentielle konsekvenser for andelsboligmarkedet trak overskrifter i Kaare Dybvads første år som boligminister.Han har sat sig i stolen med det mål at få gennemført flere markante mærkesager - blandt andet vil han have almene boliger på Strandvejen i Nordsjælland og helt overordnet gøre boligpolitikken central igen.I denne artikel ser ministeren tilbage på sit første år på posten. Journalist Maria Neergaard Lorentsen har skrevet artiklen. See acast.com/privacy for privacy and opt-out information.

On Episode 139, Grills, Instant Pots, Blackstones, Air Fryers...what camp cooking gadgets do you really need? We’ve used them all, and we tell you what has stayed in the RV permanently, and what we’ve given up. Was there a worse time in recent memory to open a campground than just before the Coronavirus pandemic? We talk to one park about how they’re trying to survive by pivoting to help people without another place to go. All that, plus the latest Coronavirus travel updates.

Heroes-Gyros - S02E04 - Blackstones Shadow Back at the Tavern, Orchaco must unravel the mystery of Blackstones Corpse. ********************************************** Thanks you for checking out our Podcast Channel! Check out our other podcasts: We Are Error - Where we talk Movies, Entertainment, Whatever the fuck we want to talk about! Heroes-Gyros: A Dungeons and Distractions Sidequest We Are Bagu: A Video Games Podcast - Where we talk "Atari to Steam, and everything in between." i HATE being sober: Personal Stories from Epic People Please subscribe to Quack Attack 5000 on whatever Podcast App you use. We are available on Itunes, Stitcher, Spotify, and Podbean. Direct Links to Podcasts: Podbean: https://quackattack.podbean.com/ Youtube Podcast Channel: https://www.youtube.com/channel/UCS5vD1THOspthTwZRCseihA ITUNES DIRECT LINK - https://podcasts.apple.com/us/podcast/quack-attack-5000/id1447838748 (Please leave a 5 STAR REVIEW and we will have Javi read it on the air!) Check out our videos on Youtube at https://www.youtube.com/quackattack5000. Please subscribe, Like, Comment, Share! I promise I will reply! :D Also, you can join our social media! We are everywhere! INSTAGRAM: https://www.instagram.com/qattack5000/ PERSONAL INSTAGRAM: https://www.instagram.com/quackattack5000/ FACEBOOK: https://www.facebook.com/QAttack5000/ TWITTER: https://twitter.com/QAttack5000/ TWITCH STREAM! Every Monday at 9PM (Central Time)! COME CHAT WITH US! https://twitch.com/QAttack5000 Original Twitch Streams Videos can be found at this Youtube Channel: https://www.youtube.com/channel/UCJeVNk9oTrUFtKQwxji-RSw Email:quackattack5000@gmail.com We need to grow the channel, so every click helps us! EVERY SHARE REALLY HELPS! Love you guys! Let's do this! #quackattack5000 #weareerrorpodcast #wearebagupodcast #heroesgyros #ihatebeingsober  

In This Episode:[2:10] How Will got to where he is today.[22:19] How Will found the bravery to make a change with his music.[27:32] Will's involvement with youth.[31:03] How Will is influencing adults as well as children.[37:30] Where Will is going from here.[39:52] The biggest thing that's keeping people separate.[42:03] Is fear stopping you from making a contribution?[45:35] Will's biggest fear.[47:50] The next project for Will.[51:07] Do you feel like you're alone?[53:30] Are you living authentically?[59:09] How to be more open.Important Quotes:"In my heart, I wasn't a gangster.""If someone tells me I can't do something, I do it.""When I saw my first child, everything switched.""I'm going to keep fighting.""You need to keep moving if you believe.""I'm here 'till the end.""I have to level up so the kids see that it's possible.""Communication before education.""I don't want to stay still.""We can do it together.""You don't have to be perfect."About The Guest:William Holmes aka “Will Keeps” is from Chicago, Illinois. He was born into a life where at age 7 he was sexually abused by his step father. At that time, his home was no longer a place that was safe and secure, a place where he no longer called “home”. Due to the sexual abuse, Will was left feeling confused, sad, angry and searching for answers over the next several years. In Will’s journey to find answers, he learned that what he really wanted was a loving father and mother that would protect him and love him unconditionally. Just like many other young teenage boys in similar situations, they did find that love in their own home so they look for that love and protection in the form of a gang. Will found his “love” and “protection” with The Blackstones gang in Chicago. At an early age of 13, Will found himself living a lifestyle of gang member. This lifestyle went from feeling powerful, cared for and protected to almost losing his life and seeing others die.At age 15, he witnessed his friend being murdered by a rival gang and when the gun was pointed to his to his head, the gun jammed. Will was then beaten almost to death. The gang cut him with knives and beat him with a baseball bat. Will was left for dead. Gratefully, Will survived and this was the beginning of his journey to saving others lives.Will moved to Des Moines in his 20’s and began a new life where he wanted to focus on his future and how he wanted to be remembered. He wanted to make a change for others so they don’t have to go through life without feeling cared for, loved, or being in a home where they can feel safe. His legacy started when he started giving back to his community and to youth who are faced with similar situations that he was in. He began mentoring youth on a daily basis as a team member of the ManUp Iowa program for at risk youth. Will found that his true God given abilities were helping others and empowering them to go down a better path…one he wishes he would have had the opportunity to go down when he was younger.Will is busy inspiring at risk youth in the Des Moines Public Schools, motivating through speaking events, and performing his empowering songs. Among the songs that he has released over the last several years, his hit song “Wake Up Iowa” is the song that means the most to him and the song he spent the most time on. Wake Up Iowa sends a message to people that violence and hate is not the Iowa way and instead we need to learn from other cities mistakes so we don’t end up being ravaged by violence and crime.Many leaders around the city and state are becoming familiar with Will and his music, as well as his passion for helping youth and his overall huge heart and amazing spirit. He has been in the press countless times for his movement and is the first to ever have city officials in his music video. Will has strong relationships and has been in collaboration with Governor Kim Reynolds, Police Chief Dana Wingert, and Pastor Al Perez.In a world where violence and hate is far too common, it takes individuals like William Holmes to help rid the world of these atrocities. One thing is for sure, however, Will cannot continue his mission of empowering youth to make positive life choices through music, sports, education or whatever their dreams may be without all of our help! The help of a community that owes it to all of our children to create a world where youth do not have to grow up like Will did. It’s also on our community to maintain that world for future generations to come and support good doers like Will. At the end of the day, you can tell when someone has a good heart and is doing things for the right reasons and this is William Holmes aka Will Keeps legacy.

This weeks show kicks off with music from Gentleman, Bushman, Morgan Heritage, Al Campbell, Earl 16, Luciano & Cocoa Tea, Bob Marley & The Wailers, Inner Visions, Black Roots, Gene Rondo, Dennis Brown, Wailing Souls, Carlton & The Shoes, and The Uplifter. New music this week comes from Richie Spice, The Meditations, Brother Dan & Kibir LaAmlak, The Blackstones, Tessanne Chin, Gentleman's Dub Club, Ras Akkurate and Ras Shiloh, Pressure Busspipe, Feldub featuring Kojo Neatness and U-Brown, Stranjah Miller, Leno Banton, and Junior Natural. Also this week we ride the Automatic Riddim, The Reggae Train Riddim as well as the Windrush Generation Riddim featuring artists like Romain Virgo, Spanner Banner, Anthony B, Perfect Giddimani, King Mas, and Teacha Dee. In The Dub Zone this week you will hear dubs from Gentleman's Dub Club, Green Lion Crew, Dubkasm, King Tubby, The Mighty Two, The Observers, and Yabby You. Extended dub mixes feature Johnny Clarke, Soul Power & Sound, The African Brothers with Soul Syndicate, Jimmy Riley, Horace Andy, and Gregory Isaacs with Niney The Observer. Enjoy! Gentleman - Dem Gone - Universal Message Vol. 3 - VP Records Bushman - Downtown - Signs - VP Records Morgan Heritage - Jah Seed - More Teachings - VP Records Al Campbell - Ites, Gold & Green - Jet Star Presents Reality Calling Vol. 1 - Jet Star Earl 16  - The Fittest/Collie Weed Version - Cultural Vibes Vol. 1 - Jah Solid Rock Dub Proof - Frozen Christmas Dub - Seasons Greetings - Dub Proof Music Luciano & Cocoa Tea - Rough Inna Town - Duets - Charm Bob Marley & The Wailers - Survival - Survival - Tuff Gong Inner Visions - Can You Feel It - Frontline - Blue Bitch Music Black Roots - Juvenile Delinquent - On The Frontline - Makasound Gene Rondo - A Land Far Away - Bunny Lee: Dreads Enter His Gates With Praise - Soul Jazz Records Dennis Brown - The Little Village - Live & Love Wailing Souls - Kingdom Rise & Fall - Jah Shaka Presents: The Positive Message - Greensleeves Carlton & The Shoes - What A Day - Live & Love The Uplifter - Strength & Power - C&S Sound Prod. 12” Richie Spice - Together We Stand - Strictly The Best Vol. 60 - VP Records The Meditations - Can’t Stop The Flowing - Can’t Stop The Flow Of Life - Mediations Music Brother Dan Meets Kibir LaAmlak - Strengthen My Faith/Dub You Like - Strengthen My Faith - 8 Eye Productions Soulshot - Who Better - Shot Heard Round The World - Small Axe Productions Dennis Brown - Their Own Way - Gussie Presenting The Right Tracks - VP Records Leroy Sibbles - Guiding Star - Gussie Presenting The Right Tracks - VP Records Ronnie Davis & King Tubby - The Power Of Love/King Tubby’s In Fine Styel - King Tubby’s In Fine Style - Trojan Records The Heptones - Party Time - Down In Jamaica: 40 Years Of VP Records - VP Records Stranger Cole - These Eyes (Crying Every Night) - Tresure Isle Presents: Original Reggae 40 Original Tighten Up Hits - Treasure Isle The Melodians - Come On Little Girl - Hottest Hits From The Vaults Of Treasure Isle - Treasure Isle Keith & Tex - Don’t Look Back - Greatest Hits 1966-1970 - Kebar Music Phyllis Dillon - Don’t Stay Away - Duke Reid Rocks Steady - Trojan Records The Blackstones - Sea Of Love - Got What It Takes - Stingray Records Tessanne Chin - Breakfast In Bed - Strictly The Best Vol. 60 - VP Records Romain Virgo - Love Doctor - Penthouse Showcase Vol. 3: Automatic Riddim - Penthouse Records Spanner Banner - Rolling Stone - Penthouse Showcase Vol. 3: Automatic Riddim - Penthouse Records Gentleman’s Dub Club - Summer Breeze - 100% - Easy Star Records Dub Zone featuring Strictly Dubwize & Extended Dub Mixes Gentelman’s Dub Club - Summer Breeze (Ben McKone Dub) - 100% - Easy Star Records Green Lion Crew - Ganja Seed (Be Still Dub) - Be Still - Ineffable Music Dubkasm - Beto’s Yard - Transformed In Dub - Sufferah’s Choice Recordings Dubkasm feat. Galgo and Digistep Horns - Victory - Sufferah’s Choce 12” King Tubby - Sufferation Version - One Sufferation - Guiding Star 7” The Observers - One Trainload Of Dub - The Essential King Tubby - Metro Doubles The Mighty Two - Su Su Version - No Bones For The Dogs - Pressure Sounds Yabby You - Lazy Mood - Pressure Sounds 7” Johnny Clarke - Jamaican Music - Music Works Soul Power & Sound - Yard Music - Hornin’ Sounds The African Brothers & Soul Syndicate - Practice What You Preach/Bubbles Exclamation Point Dub - Progressive International Records Jimmy Riley - Give Thanks & Praise - Third World Horace Andy - I Don’t Want To Be Left Outside - The Mighty Striker Shoots At Hits - Moll-Selekta Gregory Isaacs & Niney The Observer - Rock On/Murder Observer Style - Observer 12” ======================================== Third World feat. Damian Marley - You’re Not The Only One - More Work To Be Done - Ghetto Youths International Ras Akkurate feat. Ras Shiloh - Parental Guide - Overcome - Kohanim Records Jesse Royal feat. Protoje - Lion Order - Easy Star Records Pressure Busspipe feat. R City - Streets Keep Calling - Rebel With A Cause - I Grade Records Feldub feat. Kojo Neatness - Perilous Times - Weapon - Banzai Lab Feldub feat. U-Brown - Step Along - Weapon - Banzai Lab Stranjah Miller - Sailing - Sailing Riddim - Street Rockaz Family Anthony B - Consciousness - Reggae Train Riddim - Train Line Records  Perfect Giddimani - Natty Neva Trim - Reggae Train Riddim - Train Line Records  Real McKoy - Trampoose - Reggae Train Riddim - Train Line Records  Leno Banton - Pirates - Leno Banton Music Junior Natural feat. Pressure Busspipe - Still Watching - Get Aktive - Zion High Productions Jah9 - Ma’at (Each Man) - Note To Self - VP Records King Mas - Brain Drain - Windrush Generation Riddim - Giddimani Records Teacha Dee - Rat Trap - Windrush Generation Riddim - Giddimani Records Buju Banton - Life Is A Journey - Unchained Spirit - Epitaph  Prezident Brown - Learn It On My Own - Showcase Vol.1 -  Warrior King - Power To Chant - Virtuous Woman - VP Records

(Time 2) I forbindelse med Blackstones navneskifte, spørger vi, om et navneskifte kan få os til at glemme fortidens skandaler. Hvorfor er Donald Trump guf for komikere, og skygger man for substansen i snakken om Trump, når man laver sjov med ham? Det spørger vi om i time 2 af 4-toget. Medvirkende: Jakob Kemp Hessellund, Partner i PR bureau Kemp og Kjær. Torben Sangild, vært på Comedy Kontoret.

This weeks show starts out with classic selections from Bob Marley & The Wailers, Jacob Miller, Leroy Smart, Delroy Williams, Johnny Clarke, Rico Rodriguez, Black Uhuru, Hugh Mundell. Freddie McKay, Rod Taylor, Horace Andy, Nitty Gritty, and Linval Thompson. New music this week comes from Pressure Busspipe, Jah9, Empress Naphtali, Kush I Krown, Green Lion Crew with Akae Beka, Inkiline, Java Jukebox, The Blackstones, Warrior King, Artganic, Richie Spice, Etana, Jay Douglas & General Trees, Kali Grn, Lukie D, and Ras Akkurate. Also this week we ride the Come Together Riddim Reloaded featuring Capleton, Jah Thunder, and Million Stylez. In The Dub Zone this week you will hear dubs from Roots Radics, I-Tek Paul, Jah Warrior, Soultry Dubs, and Pecker. Extended dub mixes feature Pressure Busspipe & Zion I Kings, Brother Dan and Kibir La Amlak, Neville Brown and John Brown, Linval Thompson with Ranking Joe and Jam Tone, and Marcus Gad. Enjoy!   Bob Marley & The Wailers - Natural Mystic - Exodus Deluxe Edition - Tuff Gong Jacob Miller & Inner Circle - None Shall Escape The Judgement - Forward Jah Jah Children - Trojan Records Leroy Smart - Natty Dread I Strong - The Don Tells It Like It Is - Kingston Sounds Delroy Williams - Your Mind - Message 7” Johnny Clarke - Enter Into His Gates With Praise - Creation Rebel - VP Records Bunny Lee & Prince Jammy - The Gates Of Dub - Dubbing In The Front Yard & Conflict Dub - Pressure Sounds Rico Rodriguez - Ramble Dub - Wareika Dub - Island Records Black Uhuru - Time To Unite - Black Sounds Of Freedom - Greensleeves Hugh Mundell - Stop Em Jah - Blackman’s Foundation - Shanachie Freddie McKay - Fire Is Burning - Down In Jamaica: 40 Years Of VP Records - VP Records Rod Taylor  & Roots Radics - Mr. Money Man - 12 Inches Of Dub - VP Records Winston McAnuff  & The Fatman Riddim Section- Hypocrites & Parasites/Stabbed You In De Back - Roots Vibration Horace Andy - Serious Thing - Wackies Nitty Gritty - Morning Train - Progressive Int. Vol. III - Progressive International Linval Thompson, Ranking Dread & The Revolutionaries - Dreader Than Dread/Natty On The Rock/Africa Love Dub - Linval Thompson & Friends: Rockers From Channel 1 - Trojan Records Pressure - King Selassie First - Rebel With A Cause - I Grade Records Jah9 - Ma’at (Each Man) - Note To Self - VP Records Empress Naphtali feat. Jah Myhrakle - Keeping The Faith - Evergreen - Empress Naphtali Kush I Krown - Find Me In The Bible - Grindz Recording Studio Augustus Pablo - Skylarking - Gussie Presenting The Right Tracks - VP Records Green Lion Crew feat. Akae Beka - Be Still - Be Still - Ineffable Music Inkline - Free Yourself - Coconut Juice Production Java Jukebox - Its About That Time - Rise Up - Java Jukebox Brother Dan Meets Kabir La Amlak - Strengthen My Faith - Strengthen My Faith - 8 Eye Productions Jahdan Blakkamoore w/ Manjul & Burning Bob - Play The Role/Big Slap Dub Riddim - Baco Records Spragga Benz feat. Tanika - Believe - Chilagon - Easy Star Records Autarchii - Black Beauty - Look Where We Are - Montego Records Tarrus Riley - Cum Get Your Ish - Love Situation - Juke Boxx/Cannon Productions John Holt - Strange Things - Respect To Studio One - Heartbeat Records Gregory Isaacs - Storm - Mr. Isaacs - VP Records Tappa Zukie - Oh Lord - From The Archives - Ras Records Mighty Diamonds - I’m Still In Love - Original Dancehall Favorites - Ossie Music The Blackstones - Love Me Forever - Got What It Takes - Stingray Records Dub Zone featuring Strictly Dubwize & Extended Dub Mixes Roots Radics - Young Gal Dub - 12 Inches Of Dub - VP Records Bag O Wire - Rock Fort - Bag O Wire - Klik Records I-Tek Paul - Bangbelly Dub - In Dub Conference - Moodisc Jah Warrior - Reality Dub - Jah Warrior Showcase Vol. 2 - Jah Warrior Soultry Dubs feat. Ashley Irae & Sistren Kim - Babylon Fyah Dub - Soultry Sound - Stoney Eye Studios Pecker - Kylyn - 21st Century Dub - ROIR Pressure feat. Akae Beka - Rebel With A Cause - I Grade Records Zion I Kings feat. Pressure Busspipe & Akae Beka - The System Dub - Digital Ancient Dub - Lustre Kings Brother Dan Meets Kibir La Amlak - As Far As I Can See/Love Jah Dub - Strengthen My Faith - 8 Eye Productions Neville Brown & John Wayne - The Right Time (Boogie Down) - Rubadub Revolution - Pressure Sounds Linval Thompson & Ranking Joe w/ Jamtone - Watch Your Step Youthman/Don’t Fight The Youth/Dub The Youth - Jam Tone 12”  Marcus Gad - Leggo Your Ego/Leggo Your Ego Dub - Lustre Kings Productions ====================================== Warrior King feat. Mr. Diamond - Music Is Life - Macles Music  Artganic - I Live Live I - Crazy World/Get Your Mind Right - Artganic Musician Richie Spice - Together We Stand - VP Records Etana - One Draw - Dimensions - Freemind Music K. Vibes - As He Made You - Love Rasta Riddim - Strictly Yard Music Jay Douglas & General Trees - Jah Children/Jah Children Dub (Dubmatix Mix) - Slammin Media Romain Virgo feat. Agent Sasco - Fade Away - Down In Jamaica: 40 Years Of VP Records - VP Records Pressure Busspipe feat. Jah9 & Kabaka Pyramid - Lion Is A Lion Remix - Rebel With A Cause - I Grade Records Kali Grn - Be Thankful - Yard Unity Produce & Entertainment Lukie D - Bless Me - Tuff Links Records Ras Akkurate - Most High - Overcome - Kohanim Records Capleton - Call Mi Ghetto - Come Together Riddim Reloaded - Larger Than Life Records Jah Thunder - Dem Nah Worth It - Come Together Riddim Reloaded - Larger Than Life Records Million Stylez - Rub A Dub Warrior - Come Together Riddim Reloaded - Larger Than Life Records Sticky Joe & Kingston Express feat. Earl 16, Horseman, Cheshire Cat, and Solo Banton - Don’t Stop The Music/Don’t Stop The Dub - Kingston Connection - Joe Simpson  

This week, Kelsea & her pals, Riley & Kate, finish up Double Spoop month with a single spoop, “Frankenweenie” (but double the pals!). Before we start recording, we indulged in a super joint of Gelato 33 and Sour Grape Bubble Hash from Aim Higher Extractions, and we chat about the amazing snack that Kate made us with the Jalepeno Lime Salt from Regina Spices!Find Riley TONIGHT in a shadow cast of Rocky Horror Picture Show at Blackstones!Grown Ass Adult Spelling Bee performer call info can be found here!SLAPsgiving info and tickets here!Please visit www.pilotlites.com for more info on our sponsors, to find our social media, and a link to our Patreon so you can also support the show!This episode sponsored by:Best Bud Sponsor: Candy'sSubscription Sponsor: SensiBox (Use code RK10 for a 10% discount on your first purchase & to help support the show!)Stoned Sponsor: Aim Higher ExtractionsSnack Sponsor: Regina Spices

Det er tirsdag, og det betyder podcast. Denne uges afsnit blev lidt afsporet, da vi manglede en gæst, men I slipper ikke for os. Vi fik vendt en masse nyheder på bagkant bl.a. kokset i LA, som vi har lidt insider viden på. Derudover havde vi en aflyst partikongres, en vis kapitalfond, som har fået socialdemokraternes vrede og så selvfølgelig 24syvs styrt fra stjernestatus til lukket. Som altid er værterne Claes Kirkeby Theilgaard og Jakob Skyggebjerg Kjær.Hvis du kunne lide, hvad du hørte, så send det endelig videre til en ven eller tusind - eller hvis du virkelig vil gøre os glade, så giv os et like på Facebook, en anmeldelse på Itunes eller råd til mere podcast på 10er.dk.Support the show (https://ungdommennutildags.10er.dk/)

Møde nr. 87 i salen 1) Besvarelse af oversendte spørgsmål til ministrene (spørgetid). SPØRGSMÅL: 2) 1. behandling af beslutningsforslag nr. B 137: Forslag til folketingsbeslutning om billigere frugt og grønt. Af Pernille Schnoor (ALT) m.fl. (Fremsættelse 01.03.2019). 3) 1. behandling af beslutningsforslag nr. B 129: Forslag til folketingsbeslutning om flere boliger og lavere husleje i det almene boligbyggeri som følge af det lave renteniveau. Af Kirsten Normann Andersen (SF) og Jacob Mark (SF). (Fremsættelse 01.03.2019). 1) Til børne- og socialministeren af: Kirsten Normann Andersen Vil ministeren i forlængelse af ministerens svar på samrådsspørgsmål V SOU, Alm. del, den 19. marts 2019 vedrørende den manglende mulighed for tilskud til overvågning i medfør af § 95 i lov om social service til unge over 18 år med svære fysiske og psykiske handicap oplyse, hvornår forhandlingerne mellem regeringen og KL forventes tilendebragt, og om regeringen som følge af Venstreregeringens klare løfte helt tilbage fra 2016 og ministerens enighed på samrådet om, at vi har et stort problem, der bør løses, vil løfte sagen op i årets økonomiforhandlinger med KL, hvis ikke man har fundet en løsning inden da? (Spm. nr. S 769). 2) Til energi-, forsynings- og klimaministeren af: Søren Egge Rasmussen Mener ministeren, at det gavner klimaindsatsen at bygge Baltic Pipe, så Polen kan bruge fossil gas fra Norge frem til 2063, når EU´s klimaplanlægning går på at opnå, at EU bliver nulemissionsområde i 2050? (Spm. nr. S 792 (omtrykt). Medspørger: Eva Flyvholm (EL)). 3) Til energi-, forsynings- og klimaministeren af: Søren Egge Rasmussen Mener ministeren, at det er rimeligt, at danske forbrugere skal betale 6,3 mia. kr. til en gasrørledning mellem Norge og Polen, som danske gasforbrugere ikke får gavn af, og hvor mange lokalsamfund generes af, at en gasledning på 230 km graves ned, og en stor kompressorstation med støjgener skal genere et lokalområde ved Næstved, når Baltic Pipe ikke er en del af en bæredygtig energipolitik i EU? (Spm. nr. S 793 (omtrykt). Medspørger: Eva Flyvholm (EL)). 4) Til transport-, bygnings- og boligministeren af: Kaare Dybvad Er det et udtryk for ministerens holdning, når det fremgår af artiklen i Ekstra Bladet den 27. marts 2019 »FN fordømmer kapitalfondsmetoder i Danmark«, at ministeren ikke anerkender, at kapitalfonden Blackstones opkøb er et problem, og hvordan flugter det med den fælles aftale om nedsættelse af en ekspertgruppe, som skal undersøge og komme med forslag til opstramninger af boligreguleringslovens § 5 stk. 2, som kapitalfondene anvender, og som muliggør markante huslejestigninger? (Spm. nr. S 790). 5) Til transport-, bygnings- og boligministeren af: Kaare Dybvad Mener ministeren, at der er behov for at tilføre flere nye penge til nedrivningspuljen, eller mener ministeren fortsat, at det ikke er en statslig opgave at støtte nedrivning af faldefærdige huse i landdistrikterne, som ministeren giver udtryk for i JydskeVestkysten den 16. april 2019? (Spm. nr. S 791). 6) Til miljø- og fødevareministeren af: Christian Rabjerg Madsen Er det ministerens vurdering, at der er behov for omgående at gribe ind for at redde den udryddelsestruede bestand af snæbler i Sydvestjylland? (Spm. nr. S 745, skr. begr.).

The team examines the complex topic of real estate investment funds from a high-level and in the context of their real estate investment business.   (Transcript below.)   Ep. 6 - Raising a Fund for Real Estate Investment - Transcript   Ben Shelley: [00:00:07] Welcome to the Brick x Brick Podcast where we take you from the ground up on all things real estate. I'm your host Ben Shelley. We are fortunate to have Ryan and John back with us today. The focus of this episode is about raising a fund for real estate investment. As you begin to build your real estate portfolio and gain experience in the business the opportunity can arise to rapidly expand your operation by raising money from outside investors and utilizing an increased capital base to scale up your business and generate returns. For this discussion we'll take a deep dive into how real estate funds can be structured when might be a good time for you as an investor to consider raising a fund and how the increase in capital resource can help you upscale your business. Gentlemen let's jump right into it. John, why don't we start with you.   John Errico: [00:00:55] Yeah. So I think I want to take a very high level perspective on this to start with and then we can delve into some specifics. But just as a sort of perfunctory statement I think raising a fund like we're gonna be talking about is something that is not appropriate for all real estate investors and even kind of advanced or experienced real estate investors might not ever do or might not be ever interested in doing. And I'll explain why that is as we go on. But from a very very very high level perspective raising a fund is related to a previous podcast episode where we talked about real estate financing and how to get money for deals. So the way that Ryan and I generally get money for deals is on what I would describe a deal by deal basis. So we'll see a property - you can call it an asset for for this world. You'll see an asset and you say how can I raise money? Well I'm going to go to my investor friend or my partner and get money in whatever capacity and whatever structure I want to do for that specific property. If you don't want to do that for some reason so maybe because it takes a lot of time to do that or maybe because you have a lot of deal flow or maybe because you have such a large asset that it doesn't make sense to go to one individual person it may make sense for you to raise what what we are calling in this case a real estate fund. And when you do that you're entering into the world of what I would say is private equity. So a real estate fund is the way that we're using the term is a pool of money. It could be provided by a single investor. It could be provided by a bunch of investors. But normally or frequently in the real estate world or the private equity world the way that they're structured is you pool people's money together. The people who operate the fund are called the sponsors or maybe the general partners of the fund. They're paid a fee and they control all of the investments that the fund makes. So instead of going on a deal by deal basis and raising money you sort of do it all upfront. You say, "hey friend, I'm raising five million, 10 million, hundred million, a billion dollars and I'm an investor in this type of asset class in this strategy and I want you to put in money to this fund and let me manage it for you. I'm gonna do it for you." And so you might be familiar with companies like Blackstone or maybe Brookfield or maybe any sort of company that you like could jeez I wonder what they do you know kind of in the finance banking world. A lot of them are private equity companies and a lot of them raise humungous funds. A lot of times to buy real estate. So Ryan and I are in the midst of raising money for our first fund and the details of that and how it structure we can get into right now. But that's a very high level overview of kind of what the world is. Ryan, do you want to touch maybe a little bit on the why we in particular raising a fund as opposed to deal by deal?   Ryan Goldfarb: [00:03:40] Yeah. So that was a great summary of high level what a fund is. Now you may ask yourself why you would want to do that when what you've already been doing has been working with some degree of success. For us it became a matter of scale and we were at a point where we were wasting a lot of time, or maybe not wasting, but we were occupying a lot of our time with trying to line up investors on a deal by deal basis. And at the same time we felt like we were missing out on opportunities to buy other properties because we didn't want to have to go through that whole song and dance to raise maybe 50, or 100, or 150 thousand dollars because of the amount of time required to make that a reality. So the logical next step for us was to figure out something with a little bit more scale, which in this instance turned out to be this fund. So the impetus for this, or the logic here, is let's front load all of the fundraising. Let's front load all of the work so that over the duration of this fund we have discretion over the investments that we're going to make. And the moment we see something that we would like to act upon we have the resources to make it a reality. Now there are still plenty of opportunities to get creative and to borrow money or put some type of unique capital structure in place either on a deal by deal basis or by employing some leverage with the fund itself.   Ryan Goldfarb: [00:05:15] But we are no longer beholden to finding a new investor for every single deal every time something comes across our plates.   John Errico: [00:05:23] And one aspect of our decision to raise a fund as well is the idea of diversifying returns and risk so we will have deals that come through our doors that range from extremely speculative, very high risk but hopefully are usually very high return to quite conservative, quite middle of the road, but correspondingly quite modest returns relatively, and some of those deals might be appropriate for certain types of investors. Some investors want to do really high risk. Some investors wanted to conservative stuff but if you're raising money on a deal by deal basis that investor doesn't really have the luxury of saying, oh I don't. It may be awkward to say I don't invest in this, you know, low risk, low yielding deal but I would want to deploy money more aggressively. It's hard to to say like well just wait a couple of months and then I'll have another deal for you. In the fund structure we can say look we're doing all of that together, it's diversified, right. So we're buying stuff that's really high risk and we're also buying stuff that's conservative. But the blended return to an investor is hopefully a healthy return at a risk portfolio that. Almost any real estate investor in this world would be happy to accept.   Ryan Goldfarb: [00:06:38] One other benefit to this strategy or to the fund path for our investors is, you know, in comparison to let's say an equity partner who might be on a flip with us, that flip is only going to hopefully last six months, nine months, or 12 months. So it's a shorter term play and while the investor's rate of return on that investment on that single project may be quite high by the end of it, they get their cash back plus their profits but they're left with the same problem that they faced at the beginning. What do I do with this extra cash? They now have to find another deal, another quality deal, whether it's with us or somebody else, and they need to try to recreate those same returns. So the benefit to them in this scenario is they make this investment upfront, and while they may not have access to the cash for an extended period of time as depicted by the limited partnership agreement and as outlined by the fund itself, the benefit is that theoretical high rate of return is achieved on that capital from the point of inception up through the dissolution of the fund, which in this case is going to be many years down the line.   John Errico: [00:07:59] Yeah, that's true of the the fund structure that we are putting together. It might be significant to understand that there are many many many different ways to structure funds, real estate funds, even a REIT is a type of real estate fund structure, which is unique and has unique advantages and disadvantages. I mean even putting together money for a single deal you could think of it in a way as as a fund. And frankly it is subjected to the same legal requirements as even what we're doing. We're sort of talking about a fund in the very traditional private equity world of a fund. If you went to say Blackstone and said "how do you structure your funds?" they would be similar to the way that we are discussing structuring a fund. So as Ryan alluded to the fund structure is such that we raised money at the beginning usually within a small period of time and that money is essentially illiquid meaning it cannot be withdrawn from the fund, maybe your interest in the fund can be sold to another investor. But basically if you need the cash you don't have access to it until the fund sunsets. There are funds that are "evergreen funds" which are around forever but generally the most common option in what we're doing is a fund with a set time horizon so you invest money at the beginning, the fund invests that money over a - could be 4, 5, 6, 7, 8 year period of time - and in our case for doing a six year fund - invest that money over that period of time and at the end of that period of time the fund operators liquidate those assets either by selling them to potentially another fund or by selling them to buyers or refinancing out of them or doing whatever. But at that point all the money that you've raised is returned to investors and the investors will receive obviously more than the amount of money they've initially raised. And that difference is their return on their investment. And as Ryan alluded to before the if you sort of backdate the amount that they've been returned you can get a pretty healthy IRR, a pretty healthy yearly rate of return, for the amount of capital that was initially invested.   Ben Shelley: [00:09:57] So John you took us a little bit through there...   Ben Shelley: [00:10:00] The capital structure both of funds generally and specifically the fund that you and Ryan are raising now. I do want to get also into the fund raising process itself from your guys perspective, both your experience and also maybe strategies for potential investors transitioning to creating a fund, but just out of curiosity could you maybe also talk about whether it's yours or funds generally, the corporate structure. So if I'm an investor and I own real estate under multiple LLCs and I'm ready to take that next step, is there a specific way I should go about structuring my legal ownership of my already owned properties to take that next step?   John Errico: [00:10:35] Yeah, it's a great question and it's important to understand that underpinning or overpinning all of what we're discussing is a large legal apparatus and a large legal structure. Even to the extent of raising money for a specific deal which is something we discussed in a previous episode there is a legal structure that overlays that. And as Ryan was alluding to before, that's part of the time going through it because it's important to, for example, structure your purchase in an entity like an LLC. But to answer your direct question, funds are structured in a partnership model and partnership is - frankly not entirely sure of the current legal reason why it's done this way - but historically it has been done this way. You can think of it similar to an LLC. Basically there will be a pool of people that invest who are called limited partners and limited partners have certain enumerated rights and those rights might be things like the formation of the entity, the disposition of the entity, what happens if the the other partner is gone or dies. The other partner is called the general partner and the general partner will be the entity that controls the fund. The fund itself being the partnership. So if you're raising money for a fund, limited partners will be your investors, and general partners will be you or your entity and one of the great things about the fund's structure is that that general partnership can itself be its own thing. It can survive the lifespan of the fund and because that general partnership is making management fees, which are another component of the fund and making profit on the back end carry or carried interest after the fund is over, the general partnership can become quite lucrative and quite solvent and can go on to raise itself. Other funds. So when you hear these big companies, you say well how did Blackstone, for example, which is the largest, I believe, the largest private equity firm in the country, how does Blackstone operate? How does it become what it is? Well Blackstone, maybe through its subsidiaries, is a general partner in many funds and they make money by management fees and by carried interest. So if you want to build a real estate company that that sort of has a legacy that is beyond you as a person, this is one way to do it because you're not tied to individual assets, not tied to individual investments. You're really creating a business. A company that can survive and become quite large, you know, you can approach even an asset class that maybe right and I don't even know about yet commercial industrial whatever.   Ryan Goldfarb: [00:12:56] John, correct me if I'm wrong but I believe one other ancillary benefit of the limited partnership structure is that the LPs are shielded from certain liability, right?   John Errico: [00:13:05] So similar to an LLC, the LPs are shielded from personal responsibility for the debts of the the overarching fund.   John Errico: [00:13:13] One counter to that is that when raising money from partners that are purely passive whether it be for a specific house specific asset or in a fund structure there are federal securities laws and even state securities laws that are significant. So most people that raise funds consult an attorney and frankly it's a very expensive attorney to set this up. In our specific case, I'm an attorney and my wife Shannon happens to be a private equity attorney which is a humungous advantage to us because we don't have to pay a very large New York City law firm to put together this private equity fund structure. But having said that most investors who are passive must be accredited investors which is a quite large burden for structuring deals or getting investors. We can get into some of the legal complications and aspects of it, iff you're just doing a single deal essentially raising money for a single property but in a structure where you have purely passive partners generally they're going to have to be accredited investors.   Ryan Goldfarb: [00:14:14] And speaking to your point about creating a legacy and speaking to your point about why it is that we would want to start a fund, I think you hit the nail on the head when you brought up the Blackstones, the BlackRocks, the Brookfields, all of those players are behemoths. But at one point they started off in some capacity doing what we are striving to do today. And our secret sauce may not be the same secret sauce that they have. But at the end of the day, the value that these firms bring to the table is their ability to identify deals and investment opportunities and their ability to execute on those deals and investment opportunities. And while we may be playing in a different arena - we're not, you know, we're not raising a five or ten billion dollar fund, the thesis is still the same. And the underlying goal is still the same. It's to put forth a plan to execute on that plan and to make ourselves and our investment partners happy with the end result.   John Errico: [00:15:18] It's a great point in the way that I think of it as the difference between being an operator and being something else. So I actually love being an operator of real estate like I love just getting stuff done in the real estate space. However I think that the perhaps highest and best use of our skills is to one day no longer be just an operator but to be someone who sort of sits above it and controls the financing and gets money from people that we might even hire as operators. And that's what these humungous funds and companies do. So you are out there listening as an investor you know you are an operator right. You're the person, you're your boots on the ground. You're buying assets. You're doing the work. You're renting it out you're doing all that sort of stuff. The way to make the transition from being an operator to kind of the next level is the way that we found it is to be doing this fund. I think we're gonna be operators for a very long time. Because I actually love doing it but I also love the idea of building something that's bigger than just me or just on a deal by deal basis.   Ryan Goldfarb: [00:16:17] This really hits close to home because day in and day out over the past six or so months I've seen the extent to which John really loves being an operator and I often find myself trying to prod him in the other direction and taking a step back and saying you know John you're you may love doing this and this may be very helpful in the moment but there's a bigger picture here and I think to an extent we're selling ourselves short by getting bogged down by some of these tasks.   John Errico: [00:16:48] So I think it prefigured the larger conversation you can have in this podcast about what it is to mature as a real estate investor. And I think we are I myself certainly am learning and struggling even with that transition at times.   Ryan Goldfarb: [00:17:00] I think, the the way that I've thought about it over the last few months, is that we're trying to transition from being real estate investors and owner operators as you have specified before, we are transitioning towards becoming business owners who operate in the real estate space. Right. And what that entails is putting the systems in place and putting the mechanisms in place to execute on these strategies whether it's us or those who we put in positions to do so.   John Errico: [00:17:27] Right. That's a great way to put it.   Ben Shelley: [00:17:28] So when it comes to the fund itself what I'm curious to know from you guys and they think this will be a good way to to sort of wrap this conversation up is when an investor looks at any investment opportunity they're still weighing the similar risk factors when it comes to what's going to happen to my money. And so whether they're looking at a general S&P 500 or Nasdaq stock, a REIT investment, private equity real estate fund, they tend to look at similar risk factors and trying to make their decision of whether or not they should invest. So it doesn't necessarily have to be a pitch for Liberty Hudson, although it can be, but why should a individual investor invest in a real estate fund like you guys?   John Errico: [00:18:07] Well I think if you look broadly at the returns as you laid it out there are many many ways to invest money. If you look broadly at the returns that private companies generate it's outsized. It's much higher than you can get even doing I suppose doing very speculative stock trading maybe you can do some crazy things but you're investing in like an index fund or something moderately conservative investing private companies way way way a general outperforms that. As to why you would invest in a real estate fund specifically for me it comes back to faith in the asset class of real estate and what we do specifically is residential real estate. So faith in that specific asset class. I think if you look at all real estate and all of the country over the last 200 years or whatever it is has been real estate does not appreciate very well it appreciates maybe at inflation or something akin to that. However, if you look at certain pockets of real estate over certain times with certain investment theses it performs extremely well. So my pitch as to why somebody would want to invest in a private equity real estate fund would be that it's a way to diversify your portfolio in an asset class that has proven to be very high performing and that hopefully will outperform what you might be able to do were you to deploy your money elsewhere. And if you can find operators or fund managers that you trust and have demonstrated performance in the past so much the better.   Ben Shelley: [00:19:37] Ryan?   Ryan Goldfarb: [00:19:38] The way I think about it harkens back to what I was talking about before about this being a business. The two main focuses of the business are scale and efficiency and having an investment fund and having all of these funds pooled together makes the whole greater than the sum of its parts. So that scale leads to certain advantages in terms of efficiencies is in the sense that as a fund you are able to do things that as a singular investor you may not be able to do. You are providing a service to your investors and that service is returns. That service is providing an investment vehicle that would otherwise be unreachable for you as a solo investor. So if you are a wealthy professional, if you're a doctor, or a lawyer, an entrepreneur in a field other than real estate, and you have cash sitting around, more than likely the best use of your time is not to go and plunge a toilet or paint a ceiling or clean up someone's apartment after they just moved out and trashed your place. The best use of your time is what you are good at. What most fund managers and what most investment funds are good at are real estate investments - or investments in their specialized asset class. So for us we try to focus on that each and every day and we try to build a business around that core competency. And we try to open the door to others to kind of ride the coattails of that experience and that success.   Ben Shelley: [00:21:18] I know I appreciate this I know our listeners appreciate this and guys thank you for your time and your expertise as always.   Ben Shelley: [00:21:33] And thank you for listening to the Brick x Brick Podcast where we take you from the ground up on all things real estate. We will continue to bring you the best and brightest the real estate world has to offer as we leave no stone unturned in helping you the everyday investor. Thanks for listening.  

The rivalry is renewed as the new-and-improved Yonkers Unionizers come to Woonsocket for a tense matchup with the Blackstones.    Will the Unionizers prevail thanks to their new Youth Academy? Will Boom refuse to drop the topic of a certain player's familial ties to Nazi Germany? Maybe!  Starring: Martin Nolan Matt Stofsky Charlotte Calvert Nathan Duquette and Clay Grable

The Blackstones take on the Tucson Dabs at Buzzfeed Park, where the home team continues its desperate attempt to draw a crowd with the first-ever Fidget Spinner Night. Bernie Patriarca is on the mound for Woonsocket and his family's notorious past begins to impact the action on the field.   Starring: Matt Stofsky Martin Nolan Matt Laud Kevin Flynn and Clay Grable

Tempers flare as the Blackstones take on their division rivals, the Yonkers Unionizers. Starring: Matt Stofsky Martin Nolan Zach Kohn Clay Grable and Matt Laud Written and edited by Martin Nolan Produced by Martin Nolan and Dana Pelerin

General Levy-Jah Jah Bless Macka B-Beans and Egg Peter Hunningale-A little more Time Judge Dread-Reggae and Ska The Cimarons-Kick me or I'll Kick you The Equals-Police on my back Pato Banton-Handsworth Riot Black Roots-Bristol Rock Tippa Irie-The U.K. The Skints-Mindless The Bush Chemists-Good Sensi Dub 2 Zion Train-Zion High The Blackstones-The Beatitude Dub Voyage-Twilight Circus Dub Sound Jah Shaka-Chanting down the Wicked Lloyd Brown-I know

The Blackstones join Natty B this week for the brand new Reggae Chart Show podcast Natty’s naturally a reggae, roots n culture, dancehall man, but with a little soul in his blood too. Introduced to music age 7 he has a wealth of knowledge and know how under his belt. In this new series of podcasts, you’ll have another chance to hear tracks and interviews with some of reggae’s brightest talents. Tune in to Natty B every Sunday on Choice FM, 11pm - 1am for The Official Top 20 Charts. For more info visit itstherealnattyb.com

The Blackstones join Natty B this week for the brand new Reggae Chart Show podcast Natty's naturally a reggae, roots n culture, dancehall man, but with a little soul in his blood too. Introduced to music age 7 he has a wealth of knowledge and know how under his belt. In this new series of podcasts, you’ll have another chance to hear tracks and interviews with some of reggae’s brightest talents.