Podcasts about capital markets

While hearing how Elixir is being used in the Royal Bank of Canada's Capital Markets, we learned a lot of extra things we didn't expect! Thanos Vassilakis, head of R&D in the CM group, explained how middle managers talk about “scaling” to mean hiring staff with the goal of using all of their budgets. Not the kind of scaling we typically think about! Thanos identified the biggest problem limiting Elixir's adoption at large financial institutions and it wasn't what we expected. He also shared stories of how LiveView greatly out performed React when rendering hundreds of live updating financial charts and, after experimenting with it, the React devs fully adopted LiveView! Lots of great insights and stories in this one! Show Notes online - http://podcast.thinkingelixir.com/125 (http://podcast.thinkingelixir.com/125) Elixir Community News - https://phoenixframework.org/blog/phoenix-1.7-released (https://phoenixframework.org/blog/phoenix-1.7-released) – Phoenix 1.7.0-rc.0 released! - https://twitter.com/chris_mccord/status/1589721565692067840 (https://twitter.com/chris_mccord/status/1589721565692067840) – Chris McCord's Twitter announcement - https://github.com/phoenixframework/phoenix/blob/v1.7.0-rc.0/CHANGELOG.md (https://github.com/phoenixframework/phoenix/blob/v1.7.0-rc.0/CHANGELOG.md) – Phoenix 1.7.0-rc.0 changelog - https://www.youtube.com/watch?v=9-rqBLjr5Eo (https://www.youtube.com/watch?v=9-rqBLjr5Eo) – Chris McCord's keynote - https://twitter.com/clarkware/status/1587894081572569089 (https://twitter.com/clarkware/status/1587894081572569089) – Mike Clark shows how params can be added in embedded in Sigil P routes - https://hex.pm/packages/heroicons (https://hex.pm/packages/heroicons) – Heroicons - https://github.com/mtrudel/bandit (https://github.com/mtrudel/bandit) – Alternative webservers like Bandit become possible - https://twitter.com/bernheisel/status/1589803460320710656 (https://twitter.com/bernheisel/status/1589803460320710656) – David's diff of for going to new Phoenix 1.7 - https://utils.zest.dev/gendiff (https://utils.zest.dev/gendiff) – David's free Diff Generator tool for Phoenix projects - https://twitter.com/josevalim/status/1589738157196869634 (https://twitter.com/josevalim/status/1589738157196869634) – Jose Valim's summation of new Phoenix release - https://www.youtube.com/watch?v=mOeONt6Hkf8&list=PLqj39LCvnOWbmaPrkGCAzFMC_FYZUkmSr&index=15 (https://www.youtube.com/watch?v=mOeONt6Hkf8&list=PLqj39LCvnOWbmaPrkGCAzFMC_FYZUkmSr&index=15) – New batch of ElixirConf 2022 videos were released Do you have some Elixir news to share? Tell us at @ThinkingElixir (https://twitter.com/ThinkingElixir) or email at show@thinkingelixir.com (mailto:show@thinkingelixir.com) Discussion Resources - https://www.rbccm.com/en/ (https://www.rbccm.com/en/) - https://shapeshift.com/ (https://shapeshift.com/) - https://en.wikipedia.org/wiki/Ada(programminglanguage) (https://en.wikipedia.org/wiki/Ada_(programming_language)) - https://en.wikipedia.org/wiki/JoeArmstrong(programmer) (https://en.wikipedia.org/wiki/Joe_Armstrong_(programmer)) - https://en.wikipedia.org/wiki/Hope(programminglanguage) (https://en.wikipedia.org/wiki/Hope_(programming_language)) - https://en.wikipedia.org/wiki/Miranda(programminglanguage) (https://en.wikipedia.org/wiki/Miranda_(programming_language)) - https://www.investopedia.com/terms/c/capitalmarkets.asp (https://www.investopedia.com/terms/c/capitalmarkets.asp) - https://www.investopedia.com/terms/f/financialrisk.asp (https://www.investopedia.com/terms/f/financialrisk.asp) - https://couchdb.apache.org/ (https://couchdb.apache.org/) - https://www.ericsson.com/en (https://www.ericsson.com/en) - https://docs.oracle.com/cd/E1526101/tuxedo/docs11gr1/techarticles/CORBA.html (https://docs.oracle.com/cd/E15261_01/tuxedo/docs11gr1/tech_articles/CORBA.html) - https://www.amazon.com/Programming-Erlang-Concurrent-Pragmatic-Programmers/dp/193778553X (https://www.amazon.com/Programming-Erlang-Concurrent-Pragmatic-Programmers/dp/193778553X) - https://www.postgresql.org/ (https://www.postgresql.org/) - https://github.com/absinthe-graphql/absinthe (https://github.com/absinthe-graphql/absinthe) - https://github.com/lasp-lang/partisan (https://github.com/lasp-lang/partisan) - https://github.com/devinus/poolboy (https://github.com/devinus/poolboy) - https://docs.python.org/3/library/multiprocessing.html (https://docs.python.org/3/library/multiprocessing.html) - https://en.wikipedia.org/wiki/XWindowSystem (https://en.wikipedia.org/wiki/X_Window_System) - https://openwhisk.apache.org/ (https://openwhisk.apache.org/) - https://www.drools.org/ (https://www.drools.org/) - https://en.wikipedia.org/wiki/Rete_algorithm (https://en.wikipedia.org/wiki/Rete_algorithm) - https://en.wikipedia.org/wiki/COBOL (https://en.wikipedia.org/wiki/COBOL) - https://sqlite.org/src4/doc/trunk/www/bt.wiki (https://sqlite.org/src4/doc/trunk/www/bt.wiki) - https://www.honeybadger.io/blog/elixir-memory-structure/ (https://www.honeybadger.io/blog/elixir-memory-structure/) - https://docs.python.org/3/library/multiprocessing.shared_memory.html (https://docs.python.org/3/library/multiprocessing.shared_memory.html) - https://github.com/membraneframework/shmex (https://github.com/membraneframework/shmex) - https://semiengineering.com/the-rise-of-smartnics/ (https://semiengineering.com/the-rise-of-smartnics/) - https://www.nvidia.com/en-us/networking/ethernet-adapters/ (https://www.nvidia.com/en-us/networking/ethernet-adapters/) - https://www.nvidia.com/en-us/networking/products/data-processing-unit/hpc/ (https://www.nvidia.com/en-us/networking/products/data-processing-unit/hpc/) - https://github.com/zeroc-ice/ice (https://github.com/zeroc-ice/ice) - https://github.com/afiniate/seresye (https://github.com/afiniate/seresye) Guest Information - https://twitter.com/thanos_tweets (https://twitter.com/thanos_tweets) – on Twitter - thanos.vassilakis@rbccm.com (thanos.vassilakis@rbccm.com) – Email - https://www.rbccm.com/en/ (https://www.rbccm.com/en/) – Royal Bank of Canada Capital Markets - https://elixirforum.com/u/thanos/summary (https://elixirforum.com/u/thanos/summary) – Thanos on Elixir Forum Find us online - Message the show - @ThinkingElixir (https://twitter.com/ThinkingElixir) - Email the show - show@thinkingelixir.com (mailto:show@thinkingelixir.com) - Mark Ericksen - @brainlid (https://twitter.com/brainlid) - David Bernheisel - @bernheisel (https://twitter.com/bernheisel) - Cade Ward - @cadebward (https://twitter.com/cadebward)

Saema Somalya is EVP for Legal and Risk, General Counsel and Corporate Secretary for Remitly Global, Inc., where she leads the Legal, Compliance Risk and Privacy teams. Prior to joining Remitly, she was senior vice president, deputy general counsel (corporate) and assistant secretary at Fifth Third Bancorp and Fifth Third Bank, N.A. and senior vice president, general counsel and corporate secretary at Warren Resources, Inc.Previously, she served as senior legal director and corporate counsel to PepsiCo, Inc. Ms. Somelya began her career as an associate in Davis Polk's Capital Markets group. Ms. Somalya is also active in industry, community and civil rights forums and serves as the Board Chairman for Muslim Advocates, a national civil rights advocacy organization. She earned a B.A. in international relations and affairs from Yale University and a J.D. from Yale Law School. She is British born, American raised and lives in the Seattle area with her husband and daughter. Hosted on Acast. See acast.com/privacy for more information.

Senior Vice President of Capital Markets at Bion Environmental Technologies, Craig Scott, joins us to discuss breaking ground on a new Gen3Tech Facility in Indiana.

Our guest today is at that intersection of public and private partnerships here in Ontario, Canada. Brenda Hogan is the CIO of Venture Ontario, a $205M joint initiative between the Government of Ontario and leading institutional investors to invest primarily in Ontario-based and focused venture capital and growth equity funds that support innovative and high-growth companies. About Brenda HoganBrenda M. Hogan is the Chief Investment Officer at the Ontario Capital Growth Corporation (OCGC) and has over 15 years of experience in strategy and execution in venture capital at the co-investment, fund of funds, and fund level investing.Brenda has held senior roles in corporate development, finance, and strategic investing with Bell Canada, EY, the Business Development Bank of Canada, and a software start-up. Brenda sits on the Board of the Canadian Venture Capital Association and Chairs the Membership Committee; served as Co-Chair of Canadian Women in Private Equity (CWPE); serves with the Institutional Limited Partners Association (ILPA) as a member of the Content Committee; and served three terms on the Board of Women in Capital Markets, serving as Chair of the Governance Committee. She also served on the Board of Governors at Dalhousie University and Chaired the Finance, Audit, Investment, and Risk Committee. Brenda holds an MBA in finance.A word from our sponsor:At Ripple, we manage all of our fund expenses and employee credit cards using Jeeves. The team at Jeeves helped get me and my team setup with physical and virtual credit cards in days. I was able to allow my teammates to expense items in multiple currencies allowing them to pay for anything, anywhere at anytime. We weren't asked for any personal guarantees or to pay any setup or monthly SaaS fees.Not only does Jeeves save us time, but they also give us cash back on our purchases including expenses like Google, Facebook, or AWS every month. New users can earn up to 3% cashback for their first 90 days.The best part is Jeeves puts up the cash, and you settle up once every 30 days in any currency you want, unlike some other corporate card companies that make you pre-pay every month. Jeeves also recently launched its Jeeves Growth and Working Capital initiative for startups and fast-growing companies to enable more financial freedom for companies. The best thing of all is that Jeeves is live in  24 countries including Canada, US and many other countries around the world.Jeeves truly offers the best all-in-one expense management corporate card program for all startups especially the ones at Ripple and we at Tank Talks could not be more excited to officially partner with them. Listeners of Tank Talks can get set up with a demo of Jeeves today and take advantage of our Tank Talks special with a‍ $250 statement credit after the first $2,500 in spend or a $500 statement credit after the first $5000 in spend. Lastly, all Jeeves cardholders receive access to their Lounge Pass program and access to over 1300 airports globally.Visit tryjeeves.com/tanktalks to learn more.In this episode we discuss:03:00 Brenda's journey to becoming an LP04:59 What it was like navigating corporate culture at one of the oldest companies in North America06:29 What Venture Ontario is and how it works08:02 How Venture Ontario Sources it's deals11:39 Working with emerging managers with limited track record12:30 What makes a good fund manager15:16 Red flags from managers to LPs18:20 Positive signals managers can send to prospective LPs20:49 How Brenda focuses on becoming a better LP and adding value23:54 Investing in 202226:04 The Canadian Investing scene27:57 Risks and rewards she is underwriting for in 202232:23 Investment categories Brenda is excited about33:54 Strategies to mitigate risk in new commitments36:04 Best career advice she's recievedFast Favorites*

My guest this week is Marc Angelos. Marc joined my Discord community (link below) to share his wisdom on how we can all build better and stronger web3 communities through relationships and adding value (he doesn't like the term "marketing" and frankly, neither do I). Marc brings 30 years of sales experience from the FinTech side of Capital Markets to the conversation. His firm, Anvictus, helps business owners convey value more effectively through content and social-selling. Marc has personally penned over 500 articles on selling and content and has appeared on public stages, live television, business podcasts and media outlets such as CNBC, Bloomberg, Informa, Traders Magazine and the Creator Economy Expo. In his spare time Marc has also posted several hundred videos on sales strategy across LinkedIn, Instagram, Medium, Twitter, TikTok, Youtube and Discord. Stay connected with Marc on Linkedin here https://www.linkedin.com/in/mangelos/ Mitch Join my discord here https://mitchjackson.com/discord

Episode 77: Eyeing the bond markets Unusually painful performance in fixed-income investments this past year seems to be blurring investors' vision. We see potential opportunity in current and future economic conditions. Is fixed income worth a second look? Let's turn our sight to some financial factors related to bonds: • how a recession can affect the fixed-income market • where we are in the current bear market cycle • U.S. Federal Reserve's interest-rate cycle to combat inflation • historical relationship between bonds and equities • yields vs returns … and more. And why are some people eyeballing used cars lately?

Terry sits down with Mark Gibson, CEO of JLL Capital Markets Americas, for their annual discussion on the state of capital markets today and impacts on commercial real estate. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ • Changes in debt/equity financing trends ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ • Interest rate predictions and inflation ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ • Key CRE trends impacting DFW and other active cities ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ • The renewed demand for office and retail product types Links: About Mark Gibson JLL Capital Markets Topics: (1:15) - What has changed in the capital markets since we spoke last year? (8:28) - Do you have a forecast on how high-interest rates could be pushed by the FED and how long they'll stay there? (12:16) - How do you think RE investors are likely to behave strategically given inflation and recession risk? (15:44) - What are the long-term inflation and interest rate expectations? (19:45) - Where do you think cap rates will be in 4 years? (21:51) - What are your opinions on key trends impacting DFW and how do you see the metroplex performing amidst economic uncertainty? (25:51) - What are your thoughts on the Houston market? (27:05) - What's your view on the Office Sector? (33:38) - What are your views on the Retail Sector? (35:01) - What trends are you seeing that will have an impact on RE investing and development going forward?

There's no watertight formula for building a strong, effective treasury team. But every treasury leader has their own ideas on how to cultivate success. This week's guest on The Treasury Career Corner believes that investing in people, nurturing their capabilities and empowering them to pick up transferrable skills is a surefire way to build a functional team. Gavin Waugh, SVP, Treasurer, Risk Management and Corporate Development at The Wendy's Company, joins this episode to discuss his route into the industry. He also highlights the importance of mentorship in treasury, how he built a strong team and reveals the questions senior treasury professionals should be asking themselves in 2022. Gavin Waugh serves as SVP, Treasurer, Risk Management and Corporate Development for The Wendy's Company, operator and franchisor of the Wendy's® restaurant brand. He is responsible for Global Treasury, Capital Markets, Corporate Development, Non-Cash Consumer Payments, Risk Management and Enterprise Data Governance. Waugh, a 25-year+ Treasury and Finance veteran, holds a bachelor's degree in Economics and Business Management from the University of South Africa, an MBA from Kennesaw State University, and is a Certified Treasury Professional (CTP). He began his career as Treasury Manager at Total Audio Visual Services (TAVS) from 1996 to 1998 in Atlanta, Georgia. He then went on to spend 7 years at RTM Restaurant Group as Senior Treasury Analyst and later Treasury Manager and Director of Treasury. On the podcast we discussed… Gavin's move from South Africa to the States His roots in accounting The secrets to keeping a long-term role interesting Why building capabilities internally is a winning formula The challenges and benefits of hybrid work Assessing interviewees You can connect with Gavin Waugh on LinkedInAre you interested in pursuing a career within Treasury? Whether you've recently graduated, or you want to search for new job opportunities to help develop your treasury career, The Treasury Recruitment Company can help you in your search for the perfect job. Find out more here. Or, send us your CV and let us help you in your next career move! If you're enjoying the show please rate and review us on whatever podcast app you listen to us on, for Apple Podcasts click here! If you're interested in learning more about the fundamental pillars of treasury, download my free Corporate Treasury eBook by clicking here!

This episode has CII General Counsel Jeff Mahoney covering the top 10 important events affecting institutional investors from October 3-31.

On this episode of the DIVI Crypto Podcast our host Steve McGarry is joined by Brent Xu, the Founder and CEO at Umee. To start the show Brent talks about his introduction into the world of crypto, and how an early class on bitcoin taught by Campbell Harvey changed his mindset on everything. Brent expands on what the mission behind Umee is and what exactly they are trying to accomplish with their platform. Steve asks Brent to further explain what rehypothecation means to the audience, and how that pertains to bitcoin. Brent also talks about Umee using IBC, and why he believes it is the winning route as opposed to other bridges. Umee is the first borrowing and lending platform aimed at offering universal cross-chain DeFi functionality that combines the strengths of blockchain architecture with the fundamentals of traditional debt markets. Umee plans to replicate the $200 trillion global debt capital markets using open source code, crypto primitives and web3 technology, while constructing a universal yield curve and enabling a foundation for a modern monetary policy that is globally unified, transparent and decentralized. - Twitter @Umee_crosschain- https://twitter.com/umee_crosschain - Website - https://umee.cc/ - LinkedIn - https://www.linkedin.com/in/brent-xu-ba698315/ - LinkedIn - https://www.linkedin.com/company/umee-network/ – DIVI is creating the world's first closed-loop, vertically-integrated cryptocurrency ecosystem. Much like Apple's ecosystem is anchored by iCloud, the DIVI Project blockchain serves as the core of the DIVI network of technologies. Thanks to a keen understanding of the divide that separates the mainstream from the crypto world, the DIVI team is able to create solutions to the industry's biggest problem: adoption by non-technical users. DIVI's user-friendly, one-click solutions aim to bring blockchain-based payments into modernity with great UX. In this podcast, we will cover all aspects of cryptocurrency, hot topics, and technology as worldwide adoption grows.

Andres Vinelli is the CFA Institute's Chief Economist, an expert in financial markets and in the analysis of highly regulated markets who leads the Research function, which is foundational to developing the organization's advocacy positions, standards, and codes. Andres also guides economic market analysis and the creation of derivative products to inform and support policy positions and the development of industry standards. As a member of the Research, Advocacy and Standards Leadership Team, Andres works to augment cross-departmental and cross-functional original research. Before his service at the CFA Institute, Andres was the Vice President for Economic Policy at the Center for American Progress where he spearheaded the strategic direction of economic policy for the organization. Areas of focus included macroeconomic recovery and the COVID-19 pandemic as well as incorporating Environmental, Social, and Governance considerations in financial market regulation and in corporate governance. Andres is also an Adjunct Professor at the McDonough School of Business at Georgetown University, where he teaches the MBA course “Financial Markets and Crises." On this episode of Outside In, Jon talks with Andres about short-termism, regulation, capital markets and standard setting.

Join Monica Summerville, Head of Capital Markets at Celent and Rob Palatnick, DTCC Managing Director, Head of Technology Research & Innovation as they discuss the recently released research paper, Preparing for a Cloud-Enabled, Data-Driven World, and how the adoption of cloud technology can help firms modernize, introduce efficiencies and reduce risk for the markets.Copyright 2022 - DTCC. All rights reserved. DTCC, DTCC (Stylized), ADVANCING FINANCIAL MARKETS. TOGETHER, and the Interlocker Graphic are registered and unregistered trademarks of The Depository Trust & Clearing Corporation.The information and views contained herein are provided for informational purposes only and should not be relied on for any other reason. This material is not intended to be relied upon as a forecast, research, legal or investment advice and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt an investment strategy. The information and views expressed are current as at the date of this document, but subject to change and do not necessarily reflect the views of DTCC and no assurances are made as to their accuracy. Any reliance upon information in this material is at the sole risk of the recipient. Where the information contained in this material is from third party sources, this information is from sources believed to be reliable, but DTCC has not independently verified any of the information contained herein and does not assume any liability for it nor any obligation to modify or update it. This Service is governed by applicable Rules, Procedures, and Services Guide for each DTCC subsidiary, which contain the full terms, conditions, and limitations applicable to this Service.

Students at all levels and institutions were invited to this careers panel where practitioners in various Middle East-related fields will talk through their career paths. Reza Afshar is the Executive Director of Independent Diplomat, a non-profit non-governmental organisation founded in 2004 by British former diplomat Carne Ross to give advice and assistance in diplomatic strategy and technique to governments and political groups. Previously, Reza was head of the team responsible for Syria policy at the UK's Foreign and Commonwealth Office (FCO). During his time at the FCO, Reza also served as head of the Middle East, Asia and Europe Team at the UK Mission to the United Nations (2009 to 2012). He was awarded an OBE in 2012 for his work as lead negotiator on Libya in the UN Security Council. During his 13 years of service, Reza also worked on Iraq (2003-2004), Zimbabwe (leading the UK Foreign Office's crisis team in 2008), and negotiated new arms control protocols relating to cluster munitions and landmines. Hind Hassan is an award winning international correspondent for VICE News covering conflicts, humanitarian crisis and the biggest developing stories from around the world. Since joining VICE News, Hassan has reported on wars and uprisings across the globe including the post-ISIS legacy in Syria, Lebanon's blast demonstrations and the battle over Nagorni-karabakh where her team became the first journalists to independently confirm the use of cluster munitions against civilians in Azerbaijan. Most recently Hassan travelled to Ukraine where she documented war crimes and the devastation caused by Russian bombs in the city of Kharkiv, just 30 kilometres from the Russian border. She was also part of a team that investigated the essential oil industry's frankincense supply chain, uncovering allegations of abuse made against a multi-million dollar American wellness company. Hassan embedded with the Taliban in Afghanistan just months before the group's takeover of Kabul and was on the ground in Jerusalem and Gaza ahead of the military offensive on the Strip. Prior to joining VICE News, Hassan worked as a reporter for Sky News. Ahmed Tabaqchali is a Visiting Fellow at the LSE Middle East Centre and a capital markets professional with over 25 years' experience in US and MENA markets. He is the Chief Strategist of the Asia Frontier Capital Iraq Fund. Ahmed is a Senior Fellow at the Institute of Regional and International Studies (IRIS), and non-resident Senior Fellow with the Atlantic Council - Iraq Initiative. He is a board member of Capital Investments, the investment banking arm of Capital Bank-Jordan. Previously, he was former Executive Director of NBK Capital, the investment banking arm of the National Bank of Kuwait, Managing Director and Head of International Institutional Sales at WR Hambrecht + Co., Managing Director at KeyBanc in London and Director & Head of Capital Markets & Institutional Sales at Jefferies International in London. He started his career at Dean Witter International in London. At the LSE Middle East Centre, Ahmed is researching Iraq's economy and political economy with a specific focus on the economic aspects of the relationship between the GoI (Government of Iraq) and the KRG (Kurdistan Regional Government). Michael Mason is Director of the LSE Middle East Centre. He is also Associate Professor in the Department of Geography and Environment and Associate of the Grantham Research Institute for Climate Change and the Environment. His research interests encompass environmental politics and governance, notably issues of accountability, transparency and security.

In this episode, we explore how the latest cycle in the cryptocurrency market has impacted institutional adoption of the underlying technology; blockchain.  Enterprise adoption of the technology is still prevalent. In Finance we are seeing blockchain technology adapted for multiple use cases, for instance, International Payments, to address some specific niches in Capital Markets, in Trade Finance, looking to solve Digital Ownership, looking to disrupt Loyalty  and the tokenization of private assets.Within Financial Services, the ‘purists' have been building underneath the hype.We will look at where the institutional adoption of blockchain is at right now, what are some of the most applicable use cases, and where we might see it go in the future.Timestamps:- 06:23: Institutional blockchain adoption - What is the current state, and where are we heading?- 10:24: What are the appeals and use cases of organisations using blockchain technology?- 18:12: What are the different types of blockchains, and where will adoption head in the future of the financial services industry. - 24:16: Risk focuses and adopting new use cases on chain. - 36:00: Risk controls when using blockchain infrastructure. - 41:23:  Will Web2 companies continue to invest in this space?- 45:48: Where will blockchain technology develop, and be adopted, looking 10 years into the future from now?- 49:02: Will the adoption of blockchain technology by other industries outside of FS lead to widespread adoption? Please subscribe to the show so you never miss an episode, and leave us a review if you enjoy the show!You can find Adam Davis hereYou can find Thomas Olsen hereYou can find Morgan McKenny hereYou can find Todd McDonald hereSources cited:   

Joe Gulesserian is an entrepreneur and published author of the Practical MBA book series. The pages of the Practical MBA bring to light the roots of our economic order of today, and help explain the world around us, how we arrived here, and what might lie ahead. It is comprehensive, fast-paced, making for magnificent theatre, full of spills and chills, from stock market crashes to sovereign debt default, to the 1944 Bretton Woods reset, the IMF, the WTO, U.S. Dollar reserve, and mercantilism. Through his book, we come to meet the economic thinkers that shape our world today from Adam Smith, Richard Cantillon, John Maynard Keynes, David Ricardo, Murray Rothbard, and Milton Friedman. After earning his MBA from Edinburgh Business School in the U.K., Joe taught Corporate Finance, Capital Markets, Statistics and marketing, as an adjunct professor at Toronto colleges. You can follow Joe Gulesserian and purchase his book at PracticalMBA.ca.***Follow the Greg Krino Show here...GregKrino.comYouTubeInstagramFacebookTwitterLinkedInIf you enjoyed the podcast, please leave a 5-star rating and friendly comment on your podcast app. It takes only a minute, and it really helps convince popular guests to join me.If you have comments or ideas for the show, please contact me at gregkrinoshow@gmail.com.

Description: The power of predictive analytics in the Investment space is undeniable. Bambu is a new Microsoft ecosystem partner and this prompted my curiosity to discover more use cases within the Microsoft ecosystem. Capital Markets is no low-hanging fruit within financial services and its digitalization requires in-depth expertise. I discuss these topics with Ruchi Nanda, an Industry Advisor in the US Capital Markets business at Microsoft. Ruchi Nanda is an Industry Advisor in the US Capital Markets business at Microsoft where she helps business and technology executives in the industry digitally transform their firms using advanced software. Her areas of specialization include wealth management, market infrastructure, and regulatory compliance. https://www.linkedin.com/in/ruchinanda/ Dr. Efi Pylarinou is the No.1 Global Woman Influencer in Finance & the Data conversation by Refinitiv, a Top Thought Leader by Onalytica, and a Top Digital Futurist, Linkedin and Twitter Voice, by Engatica. A seasoned Wall Street professional & a recognized technology thought leader on innovation topics. Founder of Efi Pylarinou Advisory servicing Big Tech, Financial Services and Fintech clients. She strongly believes in building bridges between the old and the new economy. She shares her passion of content creation with her 190,000+ followers on Linkedin and 18,000+ on Twitter. Join her on the social platforms https://linktr.ee/Efiglobal

Join Amy Creason, director of sales for Freddie Mac's Secondary Market Advisors (SMA) team, and Ted Kramer, founder and president of Innovient, for a discussion of best practices for managing loan pricing economics. 

In the highly regulated financial services industry, gaining insights and simplified reporting capabilities is essential. Learn how companies can solve their most pressing needs and be more agile with Workday's Industry Accelerator for Banking and Capital Markets. https://blog.workday.com/en-us/2022/workday-podcast-transforming-banking-capital-markets.html

Mike Reynolds and Christian Valencia, vice president of CRT Investments and Capital Markets, and Jeff Shue, senior director of CRT Investments and Capital Marketing, discuss the current state of the market and what to expect in the upcoming quarter.

Thought leader David Faller (SVP of Capital Markets at Associated Bank) has been responsible for leading market execution activities in Foreign Exchange, Interest Rate and Commodity Derivatives. He has been the go-to analyst for everything Brexit-related and joined Steve Grzanich in this week's Associated Bank Thought Leader Conversation to talk about the resignation of the Liz Truss, Prime Minister of the United […]

Jon Bock, CEO of Barings BDC, moderates a wide-ranging discussion with leading private credit investors at the recent Barings 360 conference. Panelists:Geoffrey Berg - Chief Investment Officer, Retirement System Investment Commission of the State of South CarolinaFran Beyers - Head of Capital Markets, CliffwaterIan Fowler - Co-Head of Global Private Finance, BaringsDavid Mihalick - Head of Private Assets, BaringsEpisode Segments:(01:27) - Intros and today's private credit market as a Halloween candy(05:59) - Is today uncharted territory for private credit? (11:58) - What's most attractive: large, medium or small transactions?(21:21) - Do covenants matter?(25:42) - How private credit teams and platforms can thrive through uncertainty(33:50) - Where are private credit allocations heading over the next five years?(41:15) - The continued proliferation of private credit in the wealth channel(43:52) - The current leverage dynamics in private credit(50:00) - Will illiquid markets outperform liquid markets in the years ahead?IMPORTANT INFORMATIONAny forecasts in this podcast are based upon Barings' opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”).NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy.Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the informationAny service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings' consent.22-2556008

“It Is Weird Out There”: Space Economists & Space Capital Market Experts To demystify just what is happening in the space capital markets and the space economy writ large, Laura Winter speaks with Justin Cadman Partner at Quilty Analytics; George Pullen, Chief Economist at Milky Way Economy, Adjunct Professor at Columbia University in New York, and Author of the book, “Blockchain and the Space Economy”; and Brendan Rosseau, Researcher and Teaching Fellow at Harvard Business School, and Associate at Booz Allen Hamilton.

Mike Millman, Global Chair of Investment Banking, and Carly Roddy, Head of West Coast Private Capital Markets, discuss trends driving capital formation across public and private equity markets. Mike and Carly touch on factors impacting the IPO market, share insights on buyside investor sentiment, and examine how private companies are raising capital in the current market environment. They also offer their perspectives on how to navigate the current environment and tools to raise public and private capital, including Capital Connect – J.P. Morgan's new digital platform to help founders and investors in early-stage private markets. There are a number of liquidity paths available to companies and shareholders and being ready to access the market is key in a volatile environment. This episode was recorded on October 13, 2022. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm's research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2022 JPMorgan Chase & Company. All rights reserved.

Tyron Breytenbach shares expert mining stock investment strategies and pro tips in this 40-minute episode. He also reveals some stocks in which he is invested. Tyron is a former equity analyst at Cormark Securities and Stifel Canada where he interacted extensively with the international investment community. Prior to joining Aris Gold (now Aris Mining) in 2022 as SVP Capital Markets, Mr. Breytenbach was a Senior Partner and Managing Director in the investment banking group at Canada's largest employee-owned dealer. Prior to entering capital markets, Mr. Breytenbach spent a decade in the mining industry as a geologist where he focused on orogenic and epithermal gold deposits and specialized in resource estimation. Mr. Breytenbach holds a BSc (Honours) Degree from Rand Afrikaans University in South Africa and is a designated P.Geo in Ontario. 0:00 Introduction 0:38 Tyron's professional background 4:30 Bridging the gap between rocks and stocks 5:42 Screening for new mining investments 8:23 Back-of-the-napkin work 9:36 What to look for on a site tour 12:13 Easy bullish signs to look for in a junior miner? 16:46 Near-ology plays 20:50 When to sell after a discovery? 24:46 Short action in junior miners 25:45 Financing a junior miner 27:10 Can investors trust sell-side research? 30:24 Some mistakes mining investors make 31:53 Key things to look for in a technical report 34:55 How to value a pre-resource explorer? 36:22 Where are you investing your money? Tyron's Twitter: https://twitter.com/Tyronsgold Tyron is VP Capital Markets at https://www.aris-mining.com/overview/default.aspx Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 This was not a sponsored interview. Osino Resources, mentioned by Tyron, is a long-time MSE sponsor company. The content found on MiningStockEducation.com is for informational purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. It is based on opinions, SEC filings, current events, press releases and interviews but is not infallible. It may contain errors and MiningStockEducation.com offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on MiningStockEducation.com or our videos. We may hold equity positions in and/or be compensated by some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. MiningStockEducation.com may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on MiningStockEducation.com is to be used at your own risk. By reading MiningStockEducation.com, you agree to hold MiningStockEducation.com, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred.

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Former Swiss Investment Banker and current Bitcoin and peace advocate, Pascal Najadi joins me to talk about his family's history of fighting for peace and freedom. We discuss his passion for Bitcoin, the Russia - Ukraine war and the award winning film, "Grounding - The Last Days of Swissair".Be sure to check out Swan Private, the trusted Bitcoin financial services provider for high-net-worth individuals and businesses worldwide: https://www.swanprivate.com/breedloveGuestGoogle Results for Pascal Najadi: https://www.google.com/search?q=pascal+najadi&rlz=1C5CHFA_enUS773US774&oq=pascal+najadi&aqs=chrome.0.0i355i512j46i512j0i512l2j69i61l3.2721j0j7&sourceid=chrome&ie=UTF-8PODCASTPodcast Website: https://whatismoneypodcast.com/Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400 Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE?si=wgVuY16XR0io4NLNo0A11A&nd=1RSS Feed: https://feeds.simplecast.com/MLdpYXYITranscript:Outline00:00:00 “What is Money?” Intro Music00:00:08 “What is Money?” Intro Message00:00:54 Learn about Bitcoin with Swan Private at SwanPrivate.Com00:01:48 Do More with Your Digital Assets with Ledn00:02:33 Pascal's Career in Banking and What Brought Him to Bitcoin00:14:44 Creating the Capital Markets in the EU and Croatia00:26:45 The Russia - Ukraine War00:42:26 Pascal's Family History of Fighting For Peace and Freedom00:48:13 Putin Standing Up To Western Sanctions and How Money Printing Effects Global Inflation00:58:46 The Energy Dependence of Russia in Europe and The Nord Stream Pipeline01:04:38 Take Control of Your Healthcare with CrowdHealth01:05:40 A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet01:06:16 Join me at The Pacific Bitcoin Conference 2022 in LA!01:06:55 Join me at Bitcoin Conference 2023 in Miami!01:07:40 Invest in the Fine Art Market with Masterworks01:08:15 Hold Bitcoin is the Most Secure Custody Model with Casa01:09:03 Edward Snowden Being Granted Citizenship in Russia01:14:15 How Countries Are Adopting Bitcoin and Gold to Fight a Unipolar World01:23:58 Bitcoin, Proof of Work and Having a Long Time Preference01:42:50 How Will Government Bonds and Financing Change Because of Bitcoin?01:53:00 Fighting Against CBDC's and Switzerland's Laws on Bitcoin and CBDCs02:02:27 Pascal's Movie, "Grounding - The Last Days of Swissair"02:14:00 Cuban Missile Crisis Compared To Today02:22:46 Where to Find Pascal's Work02:25:06 “What is Money?” Outro MusicSOCIALBreedlove Twitter: https://twitter.com/Breedlove22WiM? Twitter: https://twitter.com/WhatisMoneyShowLinkedIn: https://www.linkedin.com/in/breedlove22/Instagram: https://www.instagram.com/breedlove_22/TikTok: https://www.tiktok.com/@breedlove22?lang=enAll My Current Work: https://linktr.ee/breedlove22 WRITTEN WORKMedium: https://breedlove22.medium.com/Substack: https://breedlove22.substack.com/ WAYS TO CONTRIBUTEBitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7Sats via Strike: https://strike.me/breedlove22Sats via Tippin.me: https://tippin.me/@Breedlove22Dollars via Paypal: https://www.paypal.com/paypalme/RBreedloveDollars via Venmo: https://venmo.com/code?user_id=1784359925317632528The "What is Money?" Show Patreon Page: https://www.patreon.com/user?u=32843101&fan_landing=true RECOMMENDED BUSINESSESSwan Private guides high-net-worth individuals and businesses in all areas of Bitcoin strategy: https://www.swanprivate.com/breedloveLedn lets you do more with your digital assets: https://www.ledn.io/CrowdHealth offers an innovative health insurance model based on Bitcoin and community: https://www.joincrowdhealth.com/breedloveWasabi Wallet is a Bitcoin wallet with privacy built-in by default: https://wasabiwallet.io/Okcoin is an innovative and education-focused cryptoasset exchange platform—earn $50 in free Bitcoin by signing up at: https://okcoin.com/breedloveJoin me at Pacific Bitcoin Conference 2022 in LA, use discount code BREEDLOVE: https://www.pacificbitcoin.com/Join Me At Bitcoin 2023 in Miami, and use discount code BREEDLOVE for a chance to win 10M sats: https://b.tc/conference/2023Masterworks let you access the fine art market at more affordable price points (use discount code BREEDLOVE): https://www.masterworks.comCasa is the most secure way to custody your Bitcoin (use discount code BREEDLOVE): https://keys.casa/Automatic Recurring Bitcoin Buys and Withdrawals: https://www.swanbitcoin.com/breedlove/

Bruce and Jeff are joined by Tim Murray, capital markets strategist at T. Rowe Price, to talk about all things capital markets. The big question: is this economic slowdown inevitably going to become a recession? They discuss supply, demand and inflation to sort out the possibilities. They also touch on the effect the economic slowdown is having on equity markets.Guest Bio:Tim Murray is a vice president of T. Rowe Price Associates, Inc and a capital market strategist in the multi-asset division.Murray's investment experience began in 1996 and he has been with T. Rowe Price since 2007, beginning in the portfolio analysis group. Prior to this, Murray was employed by ASB Capital Management as a vice president and director of consultant relations. He also was an adjunct faculty member at Loyola University Maryland.Murray earned a B.S. in economics from Towson University and an M.S. in finance from Johns Hopkins University. He also has earned the Chartered Financial Analyst designation.

Today Shamus Madan sits down with Glenn Hubbard, a Professor and former Dean of Columbia Business School. Dean Hubbard is a specialist in public economics, managerial information, and incentive problems in corporate finance and financial markets and institutions.  He has written over 100 articles and books on corporate finance, investment decisions, banking, energy economics, and public policy, including two textbooks, and has authored The Wall and the Bridge and coauthored Balance, The Aid Trap, and Healthy, Wealthy, and Wise.  Hubbard has applied his research interests in business (as a corporate director consultant on taxation and corporate finance), in government (as a former Chair of the U.S. Council of Economic Advisers and the OECD Economic Policy Committee, as well as Deputy Assistant Secretary of the U.S. Treasury Department and as a consultant to the Federal Reserve Board, Federal Reserve Bank of New York, and many government agencies) and in academia (in faculty collaboration or visiting appointments at Columbia, University of Chicago and Harvard).  He is co-chair of the Committee on Capital Markets and Regulation and past chair of the Economic Club of New York and the Study Group on Corporate BoardsOn today's show, Dean Hubbard will be breaking down today's current economic landscape and digging deeper into his recent book on how countries can take advantage of bridges to solve economic issues. Twitter of Host (Shamus Madan): @mbitpodcastPurchase The Wall and The Bridge Here.

Matt Kimmell of CoinShares and I talk about the 12% difficulty increase, Greyscales new mining product, miners raising capital and the latest in Compute North's chapter 11. Matt Kimmell: https://twitter.com/MatthewKimmell Will Foxley: https://twitter.com/wsfoxley STORIES https://www.coindesk.com/business/2022/10/06/grayscales-new-venture-aims-to-capture-bear-market-opportunities-in-bitcoin-mining/ https://www.finsmes.com/2022/09/aspen-creek-digital-raises-8m-in-series-a-funding.html https://www.coindesk.com/business/2022/10/06/bitcoin-miner-marathon-invested-313m-in-bankrupt-data-center-compute-north/ https://www.theblock.co/post/175143/greenidge-seeks-to-raise-up-to-22-8-million-in-stock-offer https://compassmining.io/education/miners-face-millions-in-debt-payments-as-revenues-dry-up/ https://data.hashrateindex.com/network-data/btc TIMESTAMPS: 00:00 Start 00:24 Intro 01:49 12% upward difficulty adjustment 06:20 Grayscale new mining product 09:20 Aspen Creek Digital fund raise 13:09 Greenidge 16:46 Marathon MINE Start mining your own bitcoins with Compass. https://bit.ly/3CehBf1 WATCH https://youtube.com/c/CompassMining?sub_confirmation=1 LISTEN Apple Podcasts https://apple.co/3fNfrdi Spotify https://spoti.fi/3tSf9G1 Amazon https://amzn.to/3557cqg Anchor https://bit.ly/3rmb7UF Fountain https://bit.ly/3NeNTec RSS https://bit.ly/3chpULV

This episode has CII General Counsel Jeff Mahoney covering the top 10 important events affecting institutional investors from August 30 to October 3.

Episode 520: NAMIC CEO Neil Alldredge sits down with Aon's Patrick Abbe to break down the 2022 Mutual Factor assessing the mutual property/casualty insurance industry's market performance.

Every year, Northern Trust Asset Management issues a multi-asset class, five-year investment outlook known as its Capital Market Assumptions Report. Per the recently released 2023 edition, Northern Trust is expecting market returns to be slightly below long-term historical averages. While they believe lower stock valuations may provide some support, upside will be limited by higher interest rates. They see a somewhat similar dynamic playing out with bonds, where returns will be supported by higher yields that will be capped by flatter global yield curves. Among the Every year, Northern Trust Asset Management issues a multi-asset class, five-year investment outlook known as its Capital Market Assumptions Report. Per the recently released 2023 edition, Northern Trust is expecting market returns to be slightly below long-term historical averages. While they believe lower stock valuations may provide some support, upside will be limited by higher interest rates. They see a somewhat similar dynamic playing out with bonds, where returns will be supported by higher yields that will be capped by flatter global yield curves. Among the six investment themes they've identified as driving markets over the next five years are Slow Growth Transitions, which looks at such slow transitions across the globe as pandemic to endemic; globalization to regionalization; and fossil fuels to renewables. Here today to discuss CMA's themes and forecasts is Chris Shipley. - Here is a link to Northern Trust's Capital Market Assumptions Report. Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022.

Nigerian Public Universities'over-reliance on government direct funding has beenthe major cause of constant disagreements between the university staff unions and the federal government, which has come to see university funding as a millstone around its neck. These disagreements have led to lockdowns of the university system in the form of prolonged industrial actions, translating to time wastage on the part of students, poor learning outcomes, and loss of faith in the education system, with their attendant economic consequences.Amid the over seven-month-old impasse between the Academic Staff Union of Universities (ASUU) and the federal government over non-implementation of the previous agreements

So much of the investment conversation is dominated by companies that have already gone public. But it's not always just about listed companies. Investors in private assets, particularly in equities, for many years have considered Asia and especially China as one of the most exciting markets anywhere. And while there have been challenges and setbacks along the way, the private asset space in Asia and China continues to develop at a really impressive pace. In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, are joined by Jarlon Tsang, Managing Partner & Head of China at Eight Roads, and Jackie Chien, Director of Capital Markets. With additional contributions from portfolio managers Vivian Liu and Dale Nicholls. Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.

So much of the investment conversation is dominated by companies that have already gone public. But it's not always just about listed companies. Investors in private assets, particularly in equities, for many years have considered Asia and especially China as one of the most exciting markets anywhere. And while there have been challenges and setbacks along the way, the private asset space in Asia and China continues to develop at a really impressive pace. In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, are joined by Jarlon Tsang, Managing Partner & Head of China at Eight Roads, and Jackie Chien, Director of Capital Markets. With additional contributions from portfolio managers Vivian Liu and Dale Nicholls. Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.

Whilst the hype around AI is justifiable the reality around how it's being used in banking and capital markets looks a lot less exciting and more down to earth. Tune in and find out more in this insightful episode. Where can AI help banks and traders? How is AI being used nowadays and where is the industry heading? Will AI determine the unsafe usage of unstructured data? Listen to Bradley Howard and seasoned experts Stephane Malrait MD Global Head of Market Structure and Innovation for Financial Markets at ING and  Pierre  Kovacs,  Industry  Consultant  Banking  and  Capital  Markets take a closer look at how AI is shaping the banking industry. “…it's  still  under the  supervision  of  a  trader  on  the  desk.  So all the automations  that  we do there is  people  monitoring  it  in  real  time.  The  machine  is  never  alone  to  make  those  decision  and  to  manage.  There  is  always  supervision  on  top  of it. So I think we put a lot of  safeguards  to  make  sure  it  doesn't  go  crazy.  And  even  the  regulator,  as  I  say,  want  to  make  sure  that  all  the  algorithms  that  we  write  are  tested,  validated  review  approved  by the compliance officer,  the  risk  manager,  et  cetera.  So  there is a algo framework  model  that  is  used  by  every  bank  and  validated  by  regulators  to  be  able  to  put  those  barriers.  And  I  think  it's  needed.  And  it  fair  that  those  barrier  exists  to  make  sure  the  system  stay  resilient  and  safe  for  clients.” – Stephane Malrait

Kevin Swill has more than three decades of deep and extensive experience in the commercial real estate and finance industries. He is a proven leader in initiating and driving change that is required to continue to positionThirty Capital Financial as the trusted, innovative partner that our clients rely on in an ever-changing commercial real estate industry.   Kevin served as Executive Vice President of Capital Markets for Lloyd Jones and has held positions as Director of Capital Markets for Willton Investment Group, a family office with a concentration in multifamily development, Operating Officer of The Carlton Group, President of Westminster Capital, and Kushner Properties. Kevin has also held several senior positions at Merrill Lynch, CIBC, Deutsche Bank, and Citicorp/Citibank. He received a bachelor's degree in finance and business administration from Muhlenberg College and holds Series 7 and Series 63 licenses.   In this episode, he gives us anything we need to know about defeasance. He also talks about the benefit of transitioning from LIBOR to SOFR and how to prepare for it, and how you could protect yourself as a buyer/seller in this volatile economic market.  [00:01 - 07:47]  What is Defeasance and How Does it Work Kevin's current focus is on helping his clients navigate through the recession Pioneering the defeasance space: educating the entire real estate ecosystem on different aspects of real estate Differentiating defeasance and yield maintenance   [07:48 - 18:01] On Managing Interest Rate Caps Understanding the rising interest rates  Kevin's company, Thirty Capital advises customers on the best course of action What is a “springing” interest rate cap How Thirty Capital Financial is different from other financial institutions, especially when it comes to interest rate caps [18:02 - 21:01] LIBOR to SOFR: What's in it for you? LIBOR can negatively impact a borrower if they're not paying attention What are the loan types that will be affected [21:02 - 25:27] Closing Segment Kevin talks about Lobby CRE, and how it could help with your operations and make your property data accessible  Reach out to Kevin!  Links Below Final Words   Tweetable Quotes   “We're not taking advantage of our clients. We're trying to help our clients, whereas in a large institution, it's literally two separate business units. So they're looking out for themselves” - Kevin Swill    “You don't know what's going to happen between now and July of 2023, where your LIBOR might be at one level, but by then, SOFR might be a lot higher. And now when you go to make that change, you're paying a lot more in interest.” - Kevin Swill  ----------------------------------------------------------------------------- Connect with Kevin on LinkedIn and visit Thirty Capital and Lobby CRE to know more!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] Kevin Swill: Being able to negotiate with your lender on an interest rate cap, what you can ask for what you can, whether you're being taken advantage of. To be honest with you, there are so many institutions out there, you know, I don't even mean to name any, but they have their trading floors at these huge institutions. So if you say, hey guy,, I know you have your loan with us, but you need to get an interest rate cap, our trading floor will do it.. Well, guess what? You're about to get scammed for about 25 to 75 basis points, possibly.   [00:00:42] Sam Wilson: Kevin Swill is a C-suite CRE professional with more than 25 years of CRE experience. He's an owner, a broker and equity raiser and a structuring and investor professional. Kevin, welcome to the show.   [00:00:54] Kevin Swill: Nice to see you, Sam. Hey, nice to be here.   [00:00:57] Sam Wilson: Thank you so much for coming on. Certainly appreciate it. There are three questions. Kevin, I asked 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?   [00:01:07] Kevin Swill: Started out in investment banking, immediately starting as a pioneer in the CMBS world for investment banking, then went over to the private equity side and was president of a development company, and then went around the world and raised equity for many of my sponsor friends. And now I'm on the FinTech side. That's it. That's 30 years all wrapped up.   [00:01:32] Sam Wilson: It's 30 years all wrapped up with a lot of moving parts, you know. Inside of that, what would you say are your major focuses today?   [00:01:43] Kevin Swill: Our most important focus right now is helping our clients navigate through the recession, navigate through development projects that they have, understanding how to change from LIBOR to SOFR. We've always for 22 years have done defeasance, we were the pioneer, the first ones to do it, we also do a lot of interest rate caps and swaps. And then we have a whole other side of our house, which with engineers, developers from around the world. And what they do is they create applications that will help the commercial real estate ecosystem. So it can be a one-stop shop that we can do anything from live real-time cash flows, to forward curve analysis on your real estate, so that you can make an intelligent decision as to whether or not to refi, sell or hold your asset. [00:02:35] Sam Wilson: That is amazing. I want to hear more about that. You mentioned something there that you guys have always done and you pioneered the defeasance space. What does that mean?    [00:02:46] Kevin Swill: Well, you know, back in the early, I guess, early 90s, when CMBS came around, or even before CMBS, which is the commercial mortgage-backed securities, you know, borrowers were allowed to prepay their loans, you know, very similar to like a house. On a house, there isn't any prepayment penalty. But in commercial real estate either have these 5, 4, 3, 2, 1, meaning in the fifth year, you pay 5% of the outstanding balance, and it goes down. You also have yield maintenance. And then all of a sudden, jumping onto the scene in the year 2000 was this defeasance formula, which people and lenders really enjoyed and liked it. It was very complicated. But it seemed to be an alternative to yield maintenance. And Thirty Capital, which its predecessor name was Commercial Defeasance was the first one out there and we pretty much covered the market for the first seven years.   [00:03:39] Sam Wilson: What did you do in the market? What was the need in the market that you guys were or the problem may be in the market that you guys were solving?   [00:03:47] Kevin Swill: It was definitely not a problem. What was happening was, you know, from as we all know, before the crash of 2008 market valuations were just going through the roof, very similar to what we've had the last three years. And as such borrowers wanted to sell, and in order to sell, you know, you have to get out of your collateral and with the CMBS, which is a very complex structure, which we don't have to get into today. But those end users, the end buyers, they want their interest payments for the full 10 years. So you know what, I just felt that my property just doubled in year seven, my valuation. I want to sell, great, go read your loan documents, your loan documents, say yes, you can sell, you can either have them assume the loan, or you can have pay a defeasance fee, we'll structure it, we'll you know substitute securities for your collateral and you're gone. And you know, a lot of borrower was understood it and they did it because they were making so much money on the profit or the capital gains from that sale that it was worth it for them to pay the defeasance cost and move on. That's the way it worked. [00:04:53] Sam Wilson: So what did you guys, what was your role in that?   [00:04:57] Kevin Swill: We were the advisors. You couldn't do a defeasance without having an advisor. And we were the only ones out there that understood that methodology. And we were the ones who perfected the system.   [00:05:09] Sam Wilson: So I would call you, I'd say, Hey, Kevin, you know, I got this property, we bought it for 20 million, we're selling it for 40 million. I'm in year seven, I'm about to sell. And I'm getting hammered on whatever this defeasance is, how do you help?   [00:05:23] Kevin Swill: Well, we walk them through the calculation. So we have on our website, for example, a defeasance calculator. You'll put in certain aspects of the loan, and things of that sort. And then we'll come out with whatever that number is, which are, which really is the cost of securities, the substitute for those more monthly payments that you were making as the borrower. So we're that advisor to help you go into the marketplace and unload your collateral.   [00:05:51] Sam Wilson: Got it. It's a complex series of steps that have to happen in order for you to get out of a property early.   [00:05:57] Kevin Swill: Right. Yes. And that's one of those things that some borrowers especially Mamas and Papas, need to understand, that when they're reading loan documents, you know, you don't think about when you're going to sell and you don't think about prepayment rights. But you know, there's very something very important that you need to read and understand. And part of our business, quite frankly, is we educate. We educate all the time, we have an academy at Thirty Capital Financial So we're educating the entire real estate ecosystem on different aspects of real estate, especially defeasance, especially for students that are just getting out of college and starting their careers.    [00:06:34] Sam Wilson: Yeah. That's really, really interesting. Let me ask this question because this is a question I've probably had for too long and haven't answered what's in between defeasance and yield maintenance?   [00:06:45] Kevin Swill: It's all formulaic. It's all formulaic. It's easy to get into that I could, but it becomes very complicated. And I'm not sure if your listeners really want to know the differences.   [00:06:55] Sam Wilson: Probably not, I guess so. So for all intents and purposes, are they essentially the same, just with different than function differently, or?   [00:07:03] Kevin Swill: For the most part, but I think that, you know, a lot of people, once they understand the defeasance calculator is very simple and will explain to them I mean, there are loan documents that say, you have a choice of yield maintenance or defeasance. But I think since the year, probably 2003, it's only been defeasance. They took away yield maintenance. [00:07:24] Sam Wilson: Got it. Okay, hey, see, I learned something new every day. And this is why I'm doing a podcast is because I get to ask you all the questions and learn myself. So this is fun, absolutely fun.   [00:07:35] Kevin Swill: Like, I'm in class, I feel like I'm in class, you know, taking a normal exam.   [00:07:42] Sam Wilson: Well, let's not do that. That's no fun. I love to learn, but I hate school. So let's not do class. Tell me this where we are on interest rates right now. I mean, one of the big conversations, obviously, there's fear of where interest rates are going, we're seeing kind of things cool off, or at least the market shift slightly because of the interest rate changes. What's happening? How are interest rate caps being affected? What's that whole market looks like in the marketplace that surrounds it?   [00:08:09] Kevin Swill: Well, I'll try to put it into a nutshell because we don't have the whole day here. But you know, I think anyone that's in commercial real estate understands the volatility that has gone on this year based on inflation, based on what's going on in the market. I mean, you know, I live down here in the southeast of the United States during COVID. I mean, a house wasn't on the market for more than a day, right? And the same thing happened on commercial real estate, people were buying condos left and right before the construction even started. My particular home that I live in, is now doubled in value just in the last two and a half years, which is absurd, unheard of. But it's there and very similar to what happened in 2006. It's not that different. But now you have the inflation factor, you have, you know, a lot of issues with construction, with, you know, the chain blocks, and what's going on there and getting your supplies. So that's created a problem. So you put all that together, and people are nervous. So at the beginning of 2022, everyone was selling. 2021, everyone was selling, I think there was $78 billion traded in the year 2021. And it's gone up in 2022 from that. So where we're stuck right now is interest rates are rising. We know that. We understand that. For the older folks out there, we understand that the average rate should be 6 or 7 or 8%. Because that's what we lived with normall. It's unprecedented at 2 and 3%. And it can't last. So now we're at this crux where we have so many investors out there that either wants to sell their assets or buy, you know, or buyers out there, and what we've seen is up until 2022, it was easy as can be. Everything was above asking price. Now, what we're finding is people being unrealistic based on where cap rates are, based on what the inflated value of an asset really is. So now you're finding a lot of these transactions are dying, and people are getting stuck, the sellers either now have to make a decision. I can't sell it because there isn't a buyer at the price I want. So do I refinance it? And if I refinance it, do I do it short-term, just until we get through this crisis? And if we are doing it short term, do I get interest? Do I do a floating or bridge loan? Or do I get a short-term fixed-rate loan? And that's the dilemma that a lot of owners are in. And what we do at our company is we try to advise our clients, which way is the best way for you to go and how to execute that. And I know there are a lot of intermediaries that do that. And we're not an intermediary. But we want to make sure that our clients understand that if they're going to do a short-term fixed rate, you're counting on the market changing in that period of time. And it's going to be to your advantage to be accretive to you. If you do a floating rate deal, you're giving yourself that flexibility because you don't have any exit penalties and things of that sort, prepayment penalties. But what we've noticed is that, in order to do a floating rate, almost every lender out there today is requiring an interest rate cap. And the reason for that is they want to protect the institution. But also it's a protection for the borrower. So there's an insurance policy in play. And like with normal people that have you know, personal life insurance, you pay monthly to keep your term or whatever it may be, that you have. In real estate, the one challenge you have is on an interest rate cap, you're paying all of it upfront. So if you're going to do a three-year bridge loan because you're building a new condo, right, they'll say, Okay, fine. It's you know, it's a $65 million dollar project, it's for three years, we want you to get an interest rate cap, we want you to purchase it. Now, that's literally throwing away money the way people look at it. But it's also an insurance policy because, at the end of the three years, you can be in the money. So you might want to start selling and replacing it with something else. But what's most important is people are saying in the last three or four months, I should say, what the hell's happened. Because if I bought this interest rate cap seven or eight months ago, it might have been 20,000. Now we're talking about 400,000. And it's just money out the door. But I like to say to those people that you have to look at your investment, what is it that you're looking to do, you're looking to get through this issue of the economy with the inflation and interest rates, and then hopefully be able to build your condominium, and then be able to sell you know, those units at enough margin, that you don't have to worry about the interest rate cap. And for some of these large institutions, if you think about it, if they're building four or five projects right now, or they're refinancing, four or five projects at $400,000 a clip, that's a lot of equity that you need to throw out. But it's important, you have to have it if you want to work with some of the larger institutions. So there has been a new thing that came out, which is called springing interest rate caps. And we do a lot of that at our shop. And really what you're saying is okay, I need it for three years, the lender is telling me I need a three-year cap. So what am I going to do? So you negotiate, we help you negotiate with the lender, and we say, Look, why don't we do this? Why don't we agree upon a strike price, and let's just do a one-year interest rate cap, it's going to save me a hell of a lot of money in year one. The risk you take is, is that at the end of year one you have to renew, then you either renew for a two-year or a one-year. And that's the risk you're going to take, you know, where is it going to price out in a year from now. So you have two schools of thought, do you just buy the three-year, bite it, say goodbye and just deal with it and move on and hope that, you know, you build a successful project and you make a lot of money. Or to just put a little bit of the money in now and take a gamble on what's going to happen in the future. So those are the things that we help you figure out and help you through that process. Because for a lot of borrowers, it is complicated and something that they really don't want to spend too much time thinking about. Because at the end of the day, they can just say, you know what, we're going to put the whole project on hold, or we're not going to do any value added to the property for another year. We're going to keep it as is and keep raising rents. But eventually, you get to the rent point, a threshold where people are saying, I can't even afford to rent anymore. Right now we're seeing a lot of now.    [00:15:01] Sam Wilson: Right. Thank you for taking the time to kind of break down some of it's some of the intricacies of that. I mean, it's got to be on a project by project or a borrower by borrower basis that these are these options are analyzed and you know, then integrated into the projects. That's crazy. You guys are also running a interest rate market and interest cap marketplace. Is that right?   [00:15:25] Kevin Swill: That is correct. That is correct. So we are at the forefront of being able to help with the clients with that. We have an entire trading floor that works specifically with clients, advise clients, advise brokers, and advise even lenders on you know what it is that they need to do to execute a transaction with interest rate caps, you know, that's part of it. And our trading floor also does a lot of education on what's going to happen in July of 2023, which is the conversion of the last day of even hearing about the word LIBOR. So right now, if you have a LIBOR loan that you got two years ago, and you have two more years left, and you're not thinking about today, how to convert it to SOFR, we're actually doing it SOFR before the rates go even higher, you know, you're doing a disservice for yourself, and we'd like to make sure that our clients are informed and make the right decisions.   [00:16:21] Sam Wilson: There are a couple of questions here, I want to come back to the LIBOR to SOFR. discussion, but on the trading floor, it sounds like interest rate caps. And my understanding, again, I have no experience in this personally. So I'm asking the short position of ignorance. Can interest rate caps be bought and sold?    [00:16:39] Kevin Swill: Yes.   [00:16:39] Sam Wilson: Is that what's happening on your trading floor?   [00:16:43] Kevin Swill: You know, we're not in the business of really trading,  that's for someone else in some other organization to do. We're just really helping them through the process of securing an interest rate cap, being able to negotiate with your lender on an interest rate cap, what you can ask for what you can't, whether you're being taken advantage of, I mean, to be honest with you, there are so many institutions out there, you know, not only need to name any, but they have their own trading floors at these huge institutions. So if you say, hey, guy, I know you have your loan with us. But if you need to get an interest rate cap, our trading floor will do it. Well, guess what? You're about to get scammed for about 25 to 75 basis points, possibly. Our shop at Thirty Capital Financial, we go as far as willing to share the screen of our Bloomberg to show you that we're not taking advantage of on basis points, we have a flat fee that we charge. And then the rest is just all formulaic. And we don't make any basis points on that we're not taking advantage of our clients, we're trying to help our clients, whereas in a large institution, it's literally two separate business units. Sothey're looking out for themselves.    [00:17:54] Sam Wilson: For sure. Got it. That gives them some definite color to that, you know, that question. Thank you for this. LIBOR and SOFR, so tell me how that could negatively impact a borrower if they're not paying attention today?   [00:18:09] Kevin Swill: Well, you know, it's interesting, because today, they just coincidentally, they happen to be right about at the same level. So now's a good time to transition, where the rates are for SOFR, and let's say, the 30 day LIBOR and where that is, it's fairly close. But you don't know what's going to happen between now and July of 2023, where your LIBOR rate might be at one level, but by then, SOFR might be a lot higher. And now when you go to make that change, you're paying a lot more in interest, a lot more. So what we try to tell our clients is watch the LIBOR, watch the SOFR and interestingly enough, when we do these interest rate calculations for caps and stuff, or if we're trying to do a transition of SOFR and LIBOR, our calculators on our website actually tell you that if you do it in LIBOR, or if you would have if you have a LIBOR, this is what the rate is. But if you had SOFR, this is what the rate would be. So you can make an intelligent decision. And we post every week, where SOFR is where LIBOR was, and so forth. And then you can plug in your deal. [00:19:21] Sam Wilson: What are the loan types that are subject to this that it would make a difference? I'm thinking on a 30 year again, I'm just throwing out, you know.   [00:19:30] Kevin Swill: Well typically, it's all on floating rate loans. Yeah. SOFR and LIBOR, only based on SOFR, you know, so that's really a construction loan, a value add loan, you know, a small bridge loan, things of that sort.    [00:19:45] Sam Wilson: Okay, that answers the question is if you have floating rate debt and you're not paying attention to it, so what are the action steps that someone takes then? Okay, hey, you know, Kevin, I was on your way on your site, I did the calculation and I see that I should be converting this now, I guess, if I'm even using the right terms.   [00:20:02] Kevin Swill: No, that's fine. And quite frankly, what it is, is it's whether or not the borrower was knowledgeable. Some borrowers don't even know what their finance department put in place. But we tell everybody to go through your portfolio, see which ones are floating and if they're floating, what are they based on? If it was in the year of 2022, we already know it has to be in SOFR. If it was prior to that, it could still have been a LIBOR deal and you're still on the LIBOR. So we tell you look at that closely. And if you need assistance understanding it, we can help you. But it's time for you to go speak to your borrower, I mean, your lender, i.e. your servicer and saying, Hey, look, we have a LIBOR legacy loan, we think that it's time for us to convert it to SOFR. And that's it, we don't do that. That is between the borrower and and the lender or servicer, but we'll give you the tools and the ammunition to help you with that transition.   [00:21:00] Sam Wilson: I love it. I love it. Kevin, thank you for taking the time to break down some of the some of the more nuanced portions of that, certainly appreciate it. One last question for you here, you guys are building prop tech called Lobby CRE. Can you give me a 30-second overview of what that is, and where our listeners may be, you can start looking out for that when it goes live?   [00:21:21] Kevin Swill: Yes, it is live now. And in the few months that we're live, we have over 10,000 units. And really what it is, in a nutshell, is very simple. And I like to do it from 30,000 feet, you're a CEO or a COO, you wake up in the morning, and you want to know because you have 100 properties. And you want to know, hey, what's my occupancy since yesterday or last week on my whole portfolio. In real time, we will tell you to the decimal what your occupancy is, you can then touch that little circle on your screen, and it'll break it down either by region by state or by property manager or regional manager. So you'll know where the problem is. And then you can get all the way down to every single line item in your financial statement that you want to compare to your other properties or to your comp properties, whatever that may be, you can say so. So from that standpoint, you can see that in a second. Also, you have 100 properties, you want to do a financial statement. Usually you go to your regional property managers where your regionals you, hey, give me your cash flows. And then someone in your main office puts it together, five seconds, we can give you a whole portfolio,. We can give you your portfolio, cash flows by you know, one property, that's only one aspect. Now we're including debt management. So you can analyze your own debt on your portfolio, or on your assets, all done for you all automated. Same with equity. How is your equity, how the waterfalls coming? We can do all of that. And the biggest thing that we just started now that we talked about ESG in the world, is we have really legal entities. So you can actually put all of your loan documents into the portal, we will remind you every year, your registered agent, because every state is different. Your registered agent is due, would you like us to go do it for you? All automated, everything is automated. You want to go sell your property, you tell your lawyer, hey, it's not going to take you hours that you charged me $1,000 an hour, go into the portal, here's the property, every document you would ever need, including financials, tax return, anything, it's all in the portal, and that can be done. So this Lobby CRE is a way to have any borrower or any company's ecosystem all wrapped up into one and to be live. You're getting real-time data.   [00:23:43] Sam Wilson: That is fantastic. Kevin, thank you.   [00:23:44] Kevin Swill: As you can see, I'm a big cheerleader. I'm a cheerleader of our business.   [00:23:49] Sam Wilson: I love it. I absolutely love it. That's really cool. Look forward to checking, certainly, checking that out. Kevin, if our listeners want to get in touch with you, learn more about you your defeasance services, your Lobby CRE, any of those, what is the best way to do that?   [00:24:04] Kevin Swill: You can come visit us at thirtycapitalfinancial.com. Or you can go right onto lobbycre.com. Any one of those will take you to whatever you need to say if you go to thirtycapitalfinancial.com, that's where our defeasance that's where our SOFR, that is where all of our financial stuff is. Lobby CRE allows you through technology to grasp all of your stuff. And the last thing is we have an academy that we set up last year, which is accredited and it's really serving the entire industry for young people that want to learn about real estate that don't have the experience but want to get a job and they get their job and they say boss, you don't have to train me. I can go to this class one hour a week for eight weeks, and I'll be as good as a two-year underwriter for you.     [00:24:45] Sam Wilson: That is very cool. Kevin, thank you so much. I certainly appreciate it. Thank you for coming on today.   [00:25:00] Kevin Swill: All right. Thank you, Sam.   

Thank you to Appraisal Logistics for sponsoring today's podcast. Just this year, Appraisal Logistics decided to make AIM-Port, their appraisal management platform that has propelled them to success as an AMC, available for mortgage lenders looking get a better handle on their own appraisal operations. AIM-Port is a dynamic appraisal management platform that reduces costs, improves operational efficiency, and elevates the borrower experience for lenders who are seeking to maximize returns in these market conditions. Born from Appraisal Logistics, a full-service AMC licensed in all 50 states, AIM-Port's robust integrations, custom automations, and granular reporting tools are battle tested daily by their own staff and their many lender clients. Lenders using AIM-Port experience improved internal communication, automatic order allocation, seamless payment processing, and much more. Reach out to info@aim-port.com for to join the growing list of mortgage lenders seeing improvements in appraisal operations. That's info@aim-port.com

Rob Sechrist is the Co-Founder and President of Pelorus Equity Group. Under Rob's leadership, Pelorus Equity Group saw 434% growth year-over-year in 2021 and currently has more than $250 million assets under management (“AUM”) and $200 million of equity – more equity than any other privately held or publicly traded commercial real estate lender in the cannabis space.

Janice Stanton, Executive Managing Director at Cushman and Wakefield and Victor Calanog, head of CRE at Moody's Analytics join the podcast to share their views in Commercial Real Estate and how it impacts the U.S. economy. Mark, Cris, and Ryan discuss recent developments in financial markets and the latest decision by the Fed. More Info on Janice Stanton:Ms. Stanton is an Executive Managing Director in the Capital Markets group at C&W. She is responsible for advising global investors on the real estate investment markets. Ms. Stanton has more than 25 years of industry experience in real estate investment research and analytics, finance, and pension fund management.More info on Victor Calanog:Dr. Calanog is the Head of Commercial Real Estate Economics at Moody's Analytics. He and his team of economists and analysts are responsible for the firm's commercial real estate market forecasting, valuation, and portfolio analytics services. For more on the long-term impacts to the built environment if remote and hybrid work models continue, check out the Future of Work research hub.Follow Mark Zandi @MarkZandi, Ryan Sweet @RealTime_Econ and Cris deRitis @MiddleWayEcon for additional insight.

"The  one  thing  that  blockchain  really  does,  it  removes  friction  from  the  industry.  And when  I  talk  about  friction,  I'm  talking  about,  there  is  one  version  of  the  truth  that  exists  there.  So  we don't  have  reconciliations,  which  is  a  huge  part  of  what  we  do  in  financial  services.  We  are  always  reconciling  what  we  know  against  another  party.  And  now  there  are  other  ways  of  doing  that,  but  blockchain does it in a  way  which  is  clean,  which  is  sophisticated.  And  as  Stephan  does,  it  allows  us  to  do it  in  real  time,  removing  risk.    The  thing that I  really  get  excited  about  blockchain,  which  I  think is  the  benefit  and  also  one  of  the  drawbacks  about  it,  is  the  excitement  and  the  ideas  that  people  have  about  what  can  be  done  there.  I  think  it's  forcing  us  to,  encouraging  us  to  think  in  new  ways,  think  about  what  the  things  are  we  could  do  with  technology.  I  think  the  drawback  about  that  is  a  lot  of  people  get  over  excited  about  it  and  run  off  down  rabbit  holes  around  things  which  don't  actually  add  benefit  to  what  we're  doing."  - Wynn Davies, EVP, US Finance Sector, Endava Listen to the full episode here for an in-depth look into how blockchain is influencing the banking industry. Bradley Howard and seasoned experts Stephane Malrait and Wynn Davies take a deep dive into the real and projected benefits of blockchain, what are some of the most exciting DLT implementations and what's in store for the future of the market. Got questions? We're curious to hear them: https://www.linkedin.com/company/endava/  podcast@endava.com

For children, school has begun again. For investors, school is never really out. What subjects should you pay attention to? Will the bell ring to end to the unexpected market volatility of 2022? Our resident Capital Markets Strategy instructors have written some relevant topics on their chalkboard. They cover: • rising inflation and interest rates • economic slowdown • earnings being priced into the markets • possibility of a recession • investing over the coming months And in this episode, we introduce a new segment on what's making recent media headlines. Class is in session.

Mairead McGuinness, EU Commissioner for Financial Stability, Finance Services and the Capital Markets, on Russia's invasion of Ukraine, energy, and the cost of living.

Richard Chilcott is a Principal with the Avison Young Capital Markets Group providing acquisition and disposition services of investment properties to financial institutions, REIT's, private investors and pension funds. Richard began his career in 1991 with Hans House Group, a private investment and development company based in London, England. Since joining Avison Young's Toronto Capital Markets Group in 2001 Richard has been involved with transactions totalling in excess of $5 billion. In over 25 years of commercial real estate practice Richard has completed a wide variety of real estate transactions ranging from smaller private client businesses to more complex portfolio transactions   In this episode we talked about: Richard's Bio & Background The transition from the USA to Canada First Notable Transaction Corporate Real Estate The Impact on Richard's Business over the last 2 years Comparison between Surburban and Downtown Office  Interest Rates Environment Real Estate Industry Outlook Richard's Advice to Beginners in Real Estate Mentorship, Resources and Lessons Learned Useful links: https://www.linkedin.com/in/richard-chilcott-946b5a3/?originalSubdomain=ca Transcription: Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, my name's Jessica galley, and you're listening to working capital the real estate podcast. My guest today is Richard Chicot. Richard is a principal with Avis and young capital markets group providing acquisition and disposition services of investment properties to financial institutions, res private investors and pension funds.   Richard began his career in 1991 with the Hans house group. We now know that there's over 25 years of commercial real estate experience. And Richard has completed a wide variety of real estate transactions ranging from smaller private client business to much more complex portfolio transactions, Richard, how's it going?   Richard (1m 2s): Great. Thanks Jess. It's good to be here. That's a great intro. And it, it, it does seem like I've been here a long time. If you say   Jesse (1m 8s): 19 91, 19 91. So you you've, you know that it's funny, a lot of the investors, you know, you won't work with certain sponsors of deals unless you've been through some version of oh eight or 90, you know, their early nineties or some sort of recession to, to kind of understand that the, that we, we live in a cyclical real estate environment.   Richard (1m 29s): Yeah, it totally is cyclical. What we're in right now, I think is, is different and a bit more challenging. And I don't have a longevity for that. So I've actually been trying to find some sort of the people who are senior to me and some of, some of the mentors I've had over the years, days, what happens during inflationary periods. That's an interesting,   Jesse (1m 49s): Yeah, you don't, you're saying you don't remember the panic of 1907.   Richard (1m 54s): No, no. Although someone the other day suggested I should know what was going on in the 1970s and eighties with inflation and strikes and I guess fuel shocks and things like that. So I can just don't remember that at all.   Jesse (2m 9s): I can just hear my dad double digit interest rates, but before we, we delve into some of the more topical stuff, maybe for, for listeners, you can give a little bit of a background of, of how you got started in real estate and kind of the path that you took to, to where you are today and have been for the last little while at Davison young.   Richard (2m 30s): Yeah. There's, there was sort of one major, major turn in my career when I, when I changed country and went from, from the principal side to agency brokerage. And that was 2001. But before that, it was pretty hard to get, I always wanted to be in real estate. Half of my family was in commercial real estate. The other side was engineering. And that was always the choice, I think. So I looked at other things, not wanting to make a choice, but in the end sort of real estate got me, but it was not easy finding a place to start in the early nineties.   So that was in London, London, England, and I got a job and I had a high following title of surveyor for car parks. That was my job. And I was responsible. I, I remember when was 16 or 18 car across, I think all in England, different parts of it. And they, none of them were automated and it was my job to look after everything, to everything, to do with those car as a young sort of 21 year old guy at the end of 91.   And I think the people that worked for me totally saw me coming. And, but eventually we sort of got to grips with it, but that was sort of a fun experience as you start off on a very limited understanding of anything, really, and then you sort of, you have responsibility and you grow it from there, but that was an interesting company. It was a development company that would turn its hand to almost anything, right? So they built a, it was a redevelopment company. So you look at being, being such a heavily, already built environment.   You could be incredibly creative. You could look at an office building and wonder if you could turn that into a hotel or you could. The one deal we did was a, a pumping station used to pump water in and out of a shipping base, right by tower bridge in London. And we managed to get an option on this building. And then we decide the best thing to do would be to let's make it a residential building. And so we sort of punch this glass funnel through the middle of there, which, which is where the apartments are gonna be.   That was in the mid nineties. And things just started taking off. So started off as car park and then sort of shifted out of that is more like an administrative role into other things. We built some pretty cool things. A lot of the times we would entitle sites come up with a concept and then sell 'em before construction. It was a small company. It was great fun. Hmm. And then in the end I moved to Canada. So that was 2001, everything, everything for me ended at one, I married a Canadian in London and that was the deal.   So we were shoot to three years in London and I'd do three years in Canada and we would end up where we ended up. So I don't think we ever look back, but Canada's an amazing, an amazing place. UK's an amazing place too. So I've just been back and it's, you, you, you remember all the wonderful things that I got up to there, and what's just an amazing vibrant environment, but Canada's got lots going for it when you're sort of starting a young family and other things like that. So,   Jesse (5m 46s): So that transition, that transition from the UK to Canada, the, did that, did that coincide with working over here for a, a UK based company? Or did you switch jobs with the   Richard (5m 60s): Move? No, it was a complete switch. I didn't actually have a job when I came. It was just, it was, it was a good sort of break in deals. And I knew I had to do my three years. And so it just a good time. And my wife had got a great job back in Toronto where she's from. And so it was just if it didn't work out, we'd go back. Right. So it was, we were pretty lucky. We were very lucky immigrants, right. We had a great job to go to and no language barriers and things like, so we were, we, we were pretty privileged in how we could go back boards if we wanted to.   Jesse (6m 32s): Yeah. Pretty good. When you're coming from, from the country that invented the language.   Richard (6m 38s): So it sort of invented itself if you think about it.   Jesse (6m 43s): The, so when you came over here, you kind of, as you got into the job market was Avison young. Did you start in 2001 at Avison young? Is, is that I   Richard (6m 53s): Did. I got a, I got a, I didn't know what I wanted to do, but obviously I had a real estate background. Yeah. And it was a pretty quiet time in Toronto at that time. I think the, the tech crash was in full swing and I don't think Toronto had actually recovered from its late eighties, early nineties crash. Whereas London already had, London's a bit of a hedge fund economy sort of boom and bust. And it rebounded super quick. I don't think Canada had, there was still the stump that, and, you know, SAU hadn't been built, but it was, it, there was still construction and development, but it was   Jesse (7m 30s): Sorry by, by the stump we're talking about bay Adelaide parking lot bay   Richard (7m 34s): Adelaide was. Yeah. I think I only saw the end of the stump. I think it was there from the early nineties. So   Jesse (7m 40s): For, for non sorry for non-Canadian listeners bay, Adelaide was probably the, the, the textbook example of something that was built and never finished until the economy recovered. But yeah, that's, it's, it's such a good meme or, you know, symbol of, of that time and   Richard (7m 57s): Error. I think it was the elevator shafts, the sensational office building yet to be built, which was still because of the recession. So it was, but the parking lot was built. Like all of the underground was done. It was a fascinating you're right. It was at the time you could just, you could, it was, you could see where the economy had stopped. Like you'd actually physically see, see it, which was interesting.   Jesse (8m 20s): Yeah.   Richard (8m 21s): But, but Canada was, there was a lot of, there was a lot of suburban development, but particularly in residential. So it was sort of Greenfield, you know, large housing estates and subdivisions, which I was, which is a complete to what I've been doing in, you know, the city was from, so I did, I went for a few interviews. I went for, I went and I got offered a couple of things. Someone actually famously said, you, you, I wanna offer you this job, but you'll stay for four months, which was sort of interesting.   So anyone's listening as I think a lot of people have had that where you, you sort of, you overqualified. Yeah. But you're not overqualified cuz you went for the job. So, you know, I would tell all the employers take these people. They, they could be pretty loyal and stay with you. And in the end it, it became, the realization came to me that I just don't think I could do development and I didn't really wanna do asset management or anything like that. And so I couldn't continue what I, what I'd been doing before.   And I had sold a whole bunch of investments for our, our company in London through some agents. And then they set me up with a large international brokerage and they actually offered me a job which was greater than, and I didn't take it. They sent me to see a whole bunch of expats. And is there a difference between agency brokerage, each side of the pond? Is there a difference in how people are and businesses are and things like that? I, it didn't cross my mind any, there were any differences, but they me to see all these expats and they said, look, you know what, when you, when you come over, you might want to, you might wanna start in a village, right?   And that village will make sure that you are meaningful and that you've got a contribution and you sort of find your feet and then you can go and join the big company. That was what they said. So at the time Aon was Aon was a very small company, but a number of these people, I think I went to see eight people. And I think four of them, many of whom is still the business said, no, you should go and see a guy called Robin Whiteson young. Who's Robin is an itself.   And so I came to Robin, this company full of Canadians and a couple of Brits in it. And it was just a great little company. And you could just, it wa because that time wasn't about the money, it was about just feeling, you know, making a new life somewhere new on my own. Right. So I certainly didn't wanna have my entire life wrapped up with my wife's life. Yeah. Might edit that out. I dunno. It's possible to leave it in, leave it in. But yeah. So the idea was to sort of create your own, your own life business and, and with the, and with the people in business that you wanna be with.   So, and then, so I stayed. So I actually went into, I worked for, for the investment department and I actually took a step back. So you learn a lot of humility when you, when you do things like that, you take a step back. And from being who I, I thought I was, you know, a pretty hot young developer with everything going for me. And then you come and work for a company and you've become, you become the assistant. So I was the investment department assistant. I went actually from having my own secretary in London to actually typing people's emails.   There were some people at Aon years ago who didn't want to convert to doing things like that themselves in 2001. And I actually typed their, they would, they would give me scraps of paper and I would type their emails for them and improve them in bigger. And I do the financial underwriting and analysis too. So, yeah, but that was, that was quite the experience. Just taking a step, you take a step back to go forwards.   Jesse (12m 12s): Yep. Absolutely. It's one of those things where, you know, even, well, we call them associates now, but the, you know, the assistant aspect, it's just the nature of real estate for anybody that's, especially on brokerage. They want to break in. I'm curious, the, I don't think we've ever talked about this in terms of the real estate or redevelopment, the, the UK version of real estate and, and the way people operate in this space. Did you know, were there some stark differences between Canadians and real estate, which I assume somewhat similar, maybe not as aggressive to our us counterparts, but did you notice a different way of working between the UK and Canada?   Richard (12m 51s): Yeah, I mean, in terms of market to market, Canada is a real interesting place because it has its its major connotations and is a major country in terms of population and GDP, but it's very spread out. So you don't actually see that same power as you would in, in a country of an equal size. Now I know the UK's bigger, but you don't see it because it's geographic sort of spread. If you know, Vancouver exists at one end of Ontario and Montreal, the other end of Ontario you'd have these sort of three powerhouses and put Calgary somewhere else.   It would be incredibly vibrant and very competitive place because of the geographic difference. You found that there, it wasn't an enormous marketplace. You found people operated in a marketplace and there was a certain amount of them. And so everyone had that sort of dis everything was dispersed. And I think the other thing which was great is that you could telephone and speak to anybody. And I think you still can in Toronto and it's, I don't think people in Toronto realize how amazing it is, how open people are in.   And maybe you found this with your show, Jessie, right? People are super happy to take a call and find out what you're doing and who you are. And it's not, not as if you needed to speak to a friend to get an intro, which is sort of how it was for the, if you wanted to speak to the big wigs of London, we had to just, you had to sort of almost go through to start with and made it, there were so many of them, but I actually think it's more sort of more about, so Canada was great from that perspective, everyone's open everyone's available, but there was, there was certainly less business.   It was a much smaller marketplace. And, and again, you know, half the population and I don't know, I dunno how much bigger it is. Is it 50 times the size? I dunno, it's that creates in itself just a thinner layer of clients and customers in business because it's spread. So, so thinly.   Jesse (14m 56s): Yeah. I've never actually thought about the, kind of the major Canadian cities, if you house them all in, you know, Ontario where, you know, our province, which you probably could fit, you know, Italy and, and another other decent sized countries in the actual, yeah. It it'd be a fairly crowded room.   Richard (15m 14s): Imagine what the sporting events would be   Jesse (15m 16s): Like. Oh yeah.   Richard (15m 18s): It would just be, it'd just be unbelievable.   Jesse (15m 20s): So Richard, your first notable, or kind of sizable transaction when you started working, I assume you started in the, in the investment side, on the cap markets team.   Richard (15m 31s): Yeah. I started started the cat markets and then we, we did with a number of interesting. So I think it was very much a midmarket firm when we started and very, very creative and we worked. So I, I ended up sort of teaming up with Robin white and John Gordon, Robin is still still practicing today and sits in the office next to me. And typically office is what we would do, but we did a really interesting portfolio, which was a, a breakup of a small portfolio for Woodington properties.   There were his historic Loblaws premises through a number. And I think it was 14 buildings across sort of the GTA and write it down as far as Windsor. And so that was quite a fun experience. There were a number of agents on the team and I sort of sat in the middle as the analyst, if you will, to sell these all different sort of shapes and sizes of assets, but some, some had become restaurants and some had become office buildings.   I wanna become a movie theater. And it was just an interest. That was a really interesting process, but that wasn't typically what we do. We typically sold, sold office buildings. I actually made a mistake on underwriting. One deal, which Robin laughs about to this day, because I didn't put a vacancy allowance in my numbers. And the guy said, wow, you're 10% higher and everybody else, but you won it. We won a pitch. And it told me that that was sort of POS. That was a positive mistake.   Jesse (17m 11s): That's a good lesson, both ways. It's almost that, that fine line of when you, when you win something, if you, you have it too high, you're like, okay, how am I gonna sell this now? But yeah, I think that's, yeah, this, this building, it doesn't have any vacancy. That's pretty standard.   Richard (17m 26s): Yeah. No. Well, as a, as a small company back then, you had to outperforming underwriting. You, you know, people were always wondering if you'd missed something we never did, but that was one occasion we did, but it had a positive outcome. We sold that building a great experience. We did a lot of, but it's it, it was it's, it's exactly the same business as it is today. There's many more players, many more buildings, oh, RAs makes this make me sound, just making me sound super old, but it is a much bigger city now, but we would for, you know, we would have to photocopy boxes or leases, literally deliver boxes.   Thank goodness we got rid of that pretty soon after it started. And we actually got into digital age and we used to deliver a CD. It's a, it's, it's bizarre to think about today, how much got done without that technology. And I, you know, my first, my first desk outta computer on it, and we had spreadsheets and we did analysis and desktop publishing. But before that people would do their analysis with a pen and paper and it was, I, I have no idea how they did it, but I think my assumption is that today we can run 3000 models to work out exactly what we think's gonna happen with an asset going forwards back then they did it three times, but they did it right.   So I just, it, you know, that's a discussion about efficiency. So   Jesse (18m 59s): What, so when you, when you got started on the cap market side, I think this is a common question. Whether it was back then or, or today we have listeners that invest in, in commercial real estate, in retail multi-family office. But in terms of where the place that you started in, I find that, you know, if you wanna do leasing the barrier to entry barrier to entry, once you get in with a company is fairly low, you can, you can basically have a, a rockstar first couple years, if you hit the right tenants or right clients, you know, the same thing I think goes for multi, multi res now in terms of office and more what I would call more corporate real estate.   It's, it's a matter of, you know, where do you even start? So when, when you got in the, in the game, you had Robin, so you had a, a senior person, is that still to this day, really what you need to break into the more   Richard (19m 54s): Side. I mean, you, even if you start, even if you start in the private business, even you start with private clients in the smaller end of the marketplace, you still, you have no track record and you are going market dispose and advise on someone's carefully purchased and nurtured real estate investment. And if you don't have a track record, it's super hard. So you don't, you don't borrow a track record, you have to bring someone who's got one. And then I think you, you know, you start off as a junior and then you come alongside them.   And then perhaps you can either break out on your own or go further ahead. But we did, we, we tell people to join our department. There, there is a very, very long incubation period. And if you, if you know, maybe I don't even wanna put a number on it, cuz I think it frightens people off, but it's, it's a long time. If you were gonna do something on your own before you, before you can get that sort of track record on your own. Yeah. So you need a team. So it's a very much a teaming environment always has been and there's, and there's also enormous amount to do in underwriting valuing marketing.   There's just a lot of it. And none of it, in my opinion is rocket science, but it does take a village to get everything done. So you sort of have to have that in you as a, as a human being, to be a share and a team player from day one. And I think you find that in cap markets, teams across Canada is that there are few people who are very individualistic.   Like everyone has a team around them or they're part of a team. Or, and I think you'll find those people are pretty much interchangeable as individuals in other people's teams or other people's companies perhaps. Right. So I think, and that's a great accolade to my peers in the, in the industry. They they're, they're good people who do, I mean, I think we can, it's rare. You can find something that someone else hasn't found in a way to evaluate or, or underwriter a transaction because there's a pretty close group of people out there.   Jesse (22m 11s): Yeah. Yeah. And I, you know, we look over at the capital market side and definitely there's similar similarities. I think for, you know, if anybody says two, three years in the industry, I, I don't think it's even close in terms of how much time you really, if you want to commit to this industry how much time you actually have to give it. But I always saw the cap market side, especially the institutional side as even a longer incubation period. Like you're saying as opposed to some of the other groups and it's, you know, you start selling to institutional and if you're just a new person in the industry, you can be the smartest person in the world, but there's no credibility there.   And unless you're bringing somebody to the table.   Richard (22m 47s): Yeah. And I think the, the other thing which I'm always conscious of is that our client, our clientele on, on the private, all the institutional side, they are there for your entire career. There's, there's, there's a finite amount of them. The city's the city's now much bigger. We all, you used to be able to know everyone now that's impossible, which is so of interesting dimension now. So that's a little bit more like how it started when it started career in London. There's, there's way more diversity of clients.   There's so many more of them. You don't know everyone and be all things to all people you can have, you can have favorites specialties. Yeah. But I think the, the people you will meet, if you're a start as an analyst, people you will meet as an analyst in your twenties will be the people you perhaps are working for on the institutional side in 30 years time. Right. And that's, that's sort, sort of cool, but it's also a bit daunting.   Yeah. Because you just can't make a mistake. And if you do, you gotta own up and be, you know, super. And that's sort of, not, not that it's easier in, in the other side of the business to say leasing, but there's just many more of the, the Cleon on the leasing side. Right. So cuz you have the tenant side too, so yeah. Yeah. It's an interesting, it's an, it's a very interesting marketplace and some very, very smart people work in that marketplace. When in Toronto, our clients are very, very talented people who spend a lot of time learning their craft and they know an awful lot about the marketplace.   So again, that's where sort of that little stretch where you have to learn some humility, it, it just sort of fits well, it, your clients know a lot more than you sometimes about the marketplace, which you are selling it to. Yeah. Which is quite interesting.   Jesse (24m 45s): Yeah, for sure. I think, yeah. Especially when you're, you're dealing with whether it's private or institutional, you're dealing with ownership. I find a lot on the private side too, because it's usually their baby or babies, you know, they're building or portfolio. So over the last, what is it now? Dare I say two years,   Richard (25m 3s): Don't say, don't say it. Don't say   Jesse (25m 5s): So we've gone through kind of a, you know, we'll be analyzing this in the same way that, you know, MBAs and, and real estate streams analyzed the nineties. Oh 1 0 8, the, the players that emerged on top of the market, you know, multi res industrials gone crazy over the last couple years. How has your side of your, your side of the business, how has that been impacted over the last year and a half? What are you doing differently or, yeah,   Richard (25m 34s): Super interesting. Look. Most things seem to be, like I said, broad statement, but most things seem to be cyclical. We didn't sell an awful lot of industrial as a company when I started cause we didn't have a lot of industrial work and we, it was just a very small company and subsequently that has burgeoned. And we have a very, very like top tier group in a number of offices around, around the world and certainly in Canada for industrial.   But when I started, it was a, it was a relatively quiet area of the business. A lot of the product had been built in the sixties, seventies and eighties and was already sort of tired and there was no income growth to speak of Europe. Five 50 rent was pretty good, whatever you did to the building, you get five 50 rent. So it was a very, it was, it was pretty black. And then to get those numbers up, you had to have something pretty sensational, but then the tenants may not have paid for it.   So, and then it all started moving. There were lots of changes and I think we're going from, you know, manufacturing to warehousing and distribution plus population growth, entities, cetera, and just gen the way that industries worked just in time and things across the world, we need more warehouse per person. And we had more people. So that was sort the main driver with industrial office.   At the same time when I started, it was a real flavor to move out of downtown. And I think maybe it was the end of that period, but people were building pretty cool office building for the suburbs and then moving whole apartments out to the suburbs where people who get a great house and they could community leader work and they could bark in the parking lot. And that was sort of, that was sort of new and fresh. And there was a major tax differential to downtown Toronto, just the, just the suburbs charge, way, way less of taxes.   And I think that that sort of ended as I, as I, as I arrived and came up with some great policies to, to build buildings and bring people back, not not least of which is transit, right transit. The one place everyone can get to the GTA is downtown by transit easily. It's the only place. So, I mean, they're the two sort of major things that have happened. And now we seem to roll further. Along from that there's discussions about the value of retail.   Retail is, is fabulous in segments of it, of its issues and are tired and old and may not come back. But the other components, it's something that everybody needs everyone to go shopping. You don't necessarily need to go to a store, but people like to go to stores, right? So we found that's a far more robust industry than people thought at the start of COVID office is really interesting and that we we've sold. I've sold a lot of office buildings in my career and they do tend to come in and out of favor, they're sort of high, a high or high capital high reward assets.   And I think what's happening right now is working out how much space people need, where they want it is the commuting gonna continue. If you've got work from, there's just a lot of questions about it, but I've no doubt that it is a fabulous asset class. And even though we've got the technology not to be in the office, the way humans work is it's great. If we get together as much as possible without ruining the other, the other part of people's lives or the efficiency of it, right? So office will come back, but it is definitely going through a softer period and the prices you can buy office that are significant discounter replacement cost.   And now, now in the GTA, you could, you know, you could throw a building away and say, great, we'll just, we'll build something next door on the Greenfield. You can't do that anymore. So there is value to all of this older product that into whatever you might wanna change it into. And then you get into a discussion about, well, what do you wanna change into and what creates jobs? And that's where perhaps you get the, the fight between the developers and municipalities. So, and that will go on forever.   That, that, that fight. So,   Jesse (30m 2s): So on the office piece we had, we, I think it was last week, I was speaking to the chief investment officer for, for crowd street. And we were talking about office space and kind of the bifurcation between downtown assets, well position or, you know, in theory, well position assets versus suburban office and with places like San Francisco, New York, Toronto, all these, a large majority of these north American cities still have not had the people come back into the office in terms of some of the cell phone data that we gather in the vitality index.   Do you see a, a positioning, a difference in positioning as, as it relates to the comparison between suburban and downtown office and maybe just as a follow up, you know, what, what are they gonna have to do downtown in these, in these office buildings or these investors that, that own these assets to entice companies to want to be in the office and want to be in space that I guess has more amenities.   Richard (31m 5s): Ah, now that's you could probably look, I definitely got an opinion and I, you know, my, my job is to value them and sell them and advise on them as opposed to fill them. But there's some, there's just some thinking that is me going on lately. If you, if you want people to come back to the office five days a week, it's gotta be easy and quick to get to for your staff. And it's gotta be a great place to be.   And that's sort of where we have problems, because if you've got a, a, let's go, let's got the suburban belt around Toronto, the 9 0 5 belt, it could take people an hour to get into the office and then there's a cost to it. And maybe there's more time than just the hour on the train. Maybe there's a bit longer. So you got one hour 20 each way, five days a week, that's look, this isn't, this isn't an official policy. It's just an open think Jesse. And the thinking is, if you're gonna make people do that five days a week, something's gotta give right.   You can provide them with amazing space, but that isn't really how they want their lives to live, particularly when they can pick up the computer and work from anywhere. Right. So you, so perhaps that is a positive suburban office. So perhaps a suburban office is where you have your, the people that you want all the time in the spoke, the hub and spoke discussions that you've, I had, you know, perhaps that's where the spoke is.   And then you have a sort of suburban location. And then the hub perhaps is work from home, telling everyone comes downtown every now and then. And that's where everybody in intermingles. So it's a complicated, it's a complicated theory, but because it's two things at the same time, and I think everyone's trying to avoid you two things at the same time, but they might have to do that. And I just have no doubt that like our younger staff learn so much, if they're in our offices and we have an open door policies, you know, and you just learn, you just learn and you don't have to like, press a button to call anyone and ask this Jupi question because there are no stupid questions, but it becomes a stupid question.   If you make a, if you make a deal out of   Jesse (33m 24s): It, right. Make, make a zoom call for, for the stupid   Richard (33m 26s): Question, that's right. A zoom call for a comma is stupid. But if you call through someone's doorway, if not stupid. So I think that sort of humanity is gonna have to start factoring in and I'm not quite sure that's that's happened yet. And I think the other thing is we've got this crazy well, it's crazy in a historical sense is the cost of refurbishing office space to the standards that one wants today is really a real problem. So maybe it's $200 a foot maybe, but you can't get those rents.   The rents that would support that unless you're in top accommodation downtown. So maybe that's a supply chain thing, identical, but it, it, if you do look at suburban office, look at the, you know, the average price per square foot suburban office is two to 300 a foot, but it's gonna cost you four to 500 of it to build it, let alone the land, which now competes with industrial lab, which maybe three, four, 5 million acre in those areas. It just something's, something's gotta give, and to me, it just looks as if those opportunities are very, very cheap, but I can't quite see, see the, the end of the tunnel on that yet.   Jesse (34m 41s): Yeah. Well, that's good to hear cuz those of us in the office world, we, we can't either right now it's you never really know you're in something until you're playing Monday morning quarterback When it, when it comes to the, so if you, our advising clients that are investors, asset managers, institutional clients that actually own this type of real estate that we've kind of come out of this, this world that was crazy for a while and the extra wrinkle just cuz we hadn't had enough, was the interest rate environment very different than it was a year.   Yeah. Even a year ago. How does that inform if it does, you know, to what extent does that inform your advising with clients? Is it them that's calling you, calling you to consult on that? Or is, is it something that's, that's a key piece of the, the decision making?   Richard (35m 33s): Yeah. Debt is a, is a, an invaluable part of the capital stack and it's become more and more and more so. And even to the extent was if you are a large institution of buyer and are forbidden or don't want to use debt, you will still underwrite as if you, as if you have a need for debt so that you actually make a market judgment. That seems to be what our clients do. So it's such an important part. I think it's a really integral part of modern life as well.   So if it's, it's sort of the interest rates sort, the one stick that the central banks have in terms of controlling sort of monetary supply. And if you just keep printing money in doing Q and having sort of QE to get us out of a hole, at some point you've gotta sort of constrain that supply. And the only tool we see or one the, the main tool I say we have for that is, is an increase in, in the I rates, which gets passed onto everything else.   That's gonna have an undoubted effect on the value of real estate because you still need a spread to risk adjust to non-risk returns. So if you've got real estate has some risk to it, different real estate, there's a lot more risk to it. You need to have those absolute, absolute spreads. And if you are return increasing with non-risk investments, then you're really gonna have to probably move your pricing out.   But what goes around comes it'll come back again. As you know, as your, your dad's comment, when, when you're a kid, I think I hear a lot of those scar stories. I would never have wanted 18 mortgage or even I've never even had an eight mortgage. It's all sounds a bit frightening, but you know, my grandfather was in development in the 1920s and he this, when I was real estate in nineties, he said that had interest rates in the 1920s.   And I said, well, that must, that must have been amazing. You know, that must have been just great. You could do so many deals. And he said, no, everything was expensive. So I guess it's all relative to me, the, the, the, the actual interest rate is relative, but the availability of that component of the all components of the capital stack, but it be equity or debt, the availability and the liquidity of those markets is far more important.   So if tomorrow, someone said you can't get any debt. It's not that it's changed from three, your or 5%. We don't lend that will cause huge problems.   Jesse (38m 25s): Yeah. And in terms of the, in the landscape that we're, that we're seeing with that I've heard just kind of anecdotally companies talking about more looking for properties that are, that are not free and clear and potentially having an assumption of, of current mortgage rates, because they are at, you know, what is now considered much lower than the current, say five or 10 year commercial loans. Are you seeing that is, or is that just, you know, is that just banter in our space?   Richard (38m 55s): It's what people used to do, Jess. I mean, we, people used to look when we've gone through these sort of periods before people, people used to look for those assets getting paid for it is another matter, right? It was you more than anything, a lot of these things don't necessarily change the value of the product, but it does. It may do indirectly, not as directly as well. I think, because what it does is improve on your buy a pool, improve. Lot of people who are looking. So a couple of people would look at it because it had that sort of low debt. Perhaps they get a larger spread on it. Does it improve the value?   I guess indirectly it does. Yeah, but I mean, Canada is such a, a, well, it's a very well structured environment that has pretty conservative debt in commercial lending to start with. So it's not a country where you see people setting up voucher funds and trying to take people outta trouble because they're really people aren't actually in trouble. They're just not as great as they were last month.   Jesse (39m 51s): Yeah. Fair enough. So we've got four final questions we ask every guest before we, we get to that just generally speaking, are there certain aspects of our industry and it can be asset class or just trends that you think are, you know, positive and, and you think are on the horizon, that, that you're bullish on   Richard (40m 14s): All of it. And I, and I don't mean that to be facetious. And I think that's the country we sit in. It's a very, very special place. We're very lucky to live where we do. And I think that goes to many parts of the world, but, but some, obviously it doesn't apply to. And what we've got is a, is a, a fair system and we've got, and we've got people who want to come to Canada. And in the long term, that's probably, you know, there are some, there are some finite things in the world there's real estate, but not that we have experienced it yet, but there's also population and population growth is tailing off.   Notwithstanding what the UN is. I think this week we hit 8 billion people around the world. The countries like Canada, it's very easy to grow the economy. If you have more people and if you attract great people, it's even easier. So there's probably gonna be some more competition people, but that's the long range view of Canada is fantastic because we haven't hit 40 billion people. And it's the second largest country in the world. And it's a wonderful, wonderful country. It is amazing place with amazing people. So that's why all aspects of real estate there'll be nuances about what the next flavor is and what the past and the future looks like in immediacy.   But speaking, it's very positive. So it sort of sounds flippant, but there's a, there's a reason.   Jesse (41m 37s): Oh, I like it. All right. So four questions, Richard, what would you say to somebody that's trying to break into our industry? Somebody that's just starting their career, whether it's in the stream that you took or, or just generally in investing or brokerage,   Richard (41m 54s): What would I say to them?   Jesse (41m 55s): Yeah. What   Richard (41m 56s): That's, open-ended in, where they would, where they should start, where they should go.   Jesse (42m 1s): Yeah. Yeah. It's somebody that's trying to break in. You know, what, what would you do kind of, you know, your, your 21,   Richard (42m 9s): I think people need to analyze what their personality is because there's so many components to it and you know, you and I can see that in, on our side of the business, on the brokerage side, let alone, let alone on the ownership side or the construction side of development. I mean, it's a fabulous business, but you do sort of need to know where you, where your mind fits. So if you are an instant overnight person, maybe you don't wanna go onto, maybe you don't wanna go to capital rockets, brokerage, because you have to build a, build a track record, learn the tree, and that goes for everything.   Right. So I think that's what I would say is that you do sort of need to know yourself a little bit. And if you dunno, go try but be open, ask as many questions as you can. And that's a, that's a wonderful thing about the industry. You can ask anyone anything, and they will give you a genuine answer. They will try and try and make the time to, to, to give you the time of day to, to give you, give you a functioning or thought out answer. And I don't know if you find that in every industry, but certainly real estate is great for that.   Jesse (43m 9s): Yeah. It's I mean, it's come up time and time again on this show, we've talked about how we're, we're lucky in an industry where a lot of the senior, the veterans really do want to give help to people that are curious and interested in, in our space. What's something that, that, you know, now in your career that you, you wish you learned when, when you're a younger lad.   Richard (43m 32s): Oh, well, when I first started work, I it's, one of the simplest of things is a lot of things got right when I started being an analyst at Avis and I start ma making lists. Whereas I did development work. It was sort of, I was less list conscious and I sort of tried to juggle things. You can just get so much done if you made lists. Yeah. It's, it's absolutely crazy. I wish someone had told me that when I was 17,   Jesse (44m 3s): I like it. I'm definitely in that boat, you know? And when you're younger, you're always like, ah, I'll remember that. I'll remember that now. You're just, you're like, you, you know who you're dealing with, you're dealing with the person that, that didn't remember it last time. And yeah, sometimes it just takes some time. Are there any resources that you would find useful for listeners for real estate, whether you know, a book on a book in our space, something you're reading a podcast you're listening to?   Richard (44m 32s): No, I think I, I think some of the industry groups are really good. Like NAOP is a fabulous industry group and you can find different, different parts of NAOP, which would be appealing. And they, they do a great job and they do a really good job, I think, events or thoughts about the junior members, more so than the senior members, which is great. So that's a good one to follow you. You, you do have to know your math. I, I can't remember the names. I, I can't remember the names of the books I had, but there was one, one book.   I don't even know if circulation, but it was by a guy called Jack Rose. It was square feet. It was a picture of a square foot on the front, obviously. So, but that was it. But you do, I think you do. I would just, I wouldn't, there's nothing I'd necessarily recommend other than you do have to work out. I do the math, right? The math is it's actually really, really straightforward math, but I come across so many people who do not understand the connection between a cap rate dropping and a price going up. And I'm just flabbergasted how people have not.   And they literally don't understand it. And I'm flabbergasted at that. And I would, in every one of them, I will take them to one side, get posted note and actually show how it works, because it is the simplest things. But so being inquisitive as you can, I think, because it, it, ain't hard.   Jesse (45m 56s): Yeah, for sure. No excuse not to know it. All right. Last question. Stole this from one of my favorite podcasts, Bloomberg masters in business, first car, or make and model.   Richard (46m 7s): Oh, seriously. Okay. That is an interesting question. I had a, I grew up on a phone oddly and in the, in east, in the deepest countryside. And I was given when I was 13, a 1964 land Rover, but it didn't work,   Jesse (46m 29s): But it didn't work.   Richard (46m 30s): It didn't work. And it was a summer project to get it working. And it took me most, most of the summer, but the end of it, I had this fantastic thing to drive around the field, which was great. So that was my first. That was my first love. Really?   Jesse (46m 43s): I thought I was gonna get an, an mg or an Opal or something.   Richard (46m 47s): No, I had some great cars in London. No, I had a, yeah. I had a Lotus and I had a TVR, which   Jesse (46m 52s): That's right. Lotus of.   Richard (46m 54s): Yeah. But do you, life changes, you pick up, you pick up, it's a rolling stone. Yeah.   Jesse (46m 60s): Not a lot of, not a lot of grocery. You can carry in the Lotus of spree.   Richard (47m 3s): That's right.   Jesse (47m 4s): Fair enough. Well, Richard, I appreciate you coming on the show for those that are interested in kind of the cat market side, is there anywhere they should kind of, aside from LinkedIn or a Google search, where, where can we send them to?   Richard (47m 19s): No, I think come find me or Jesse on LinkedIn or com you'll find us, I'm super happy to speak to anyone about the business, what we do, where it may be going. And I'm the first person to say, I can be wrong, but it's great to have a discussion because no, one's got a monopoly on wisdom. So I'd love to hear. Thanks very much. Jesse. Appreciate the time.   Jesse (47m 38s): My guest today has been Richard Chicot. Richard, thanks for being part of working capital.   Richard (47m 43s): Thanks, Jesse.   Jesse (47m 52s): Thank you so much for listening to working capital the real estate podcast. I'm your host, Jesse for galley. If you like the episode, head on to iTunes and leave us a five star review and share on social media, it really helps us out. If you have any questions, feel free to reach out to me on Instagram, Jesse for galley, F R a G a L E, have a good one. Take care.  

Bradley Howard: Do you always  start  with  a  new  technology  and  see  how you  can  use  it?  Or  sometimes  do  you  look  at  challenges  within  the  business  and  think, "Oh  we  can  solve  that  using  X,  Y  and  Z,"  which  doesn't  always  need  to  be  the  latest  technology? Stephane Malrait: It's  a  very  good  question  and  I  think  it's  a  mix  of both to be honest. If  the  business  is  not  aware  of  what  is  available  to  them  as  new  type  of  technology,  you  will  never  move.  A  good  example  is  when  the  iPhone  came  out.  Everybody  was  on  Blackberry  and we were very happy to be on  the  Blackberry  phone.  They  didn't  know  they  needed  to  change  but  then  a  new  tech  arrive  and  everybody  jumped  to  that  new  tech  because  there  were a lot  more  functionalities  in  this  new  type  of  solution.  And  I  think  here  it's  the  same.  It's  the case that sometimes  the  demand  comes  from  the  business,  system  is  too  slow  or  too  outdated  and  we  need  to  change,  and  then  we  push  to  make  some  automation  or  change  the  technology,  but  other  time is the other  way  around,  and  we  find  technology  company  or FinTech  company, we  have  very  good  solution  and  we  say, " Oh, it  can  help  us  to  dramatically  improve  the  way  we  do  business  so  we  should  integrate  with  them."  A  good  example  will  be  natural  language  processing.  In  NLP,  we  have a lot  of  text,  we  have  a  lot  of  data,  and  we  didn't  know  we  could  do  a  lot  more with  that  type  of  information  until  we  discovered  there  are  NLP  solutions  out  there  who  can  help  to  get  more  than  translating,  unformatted  data  to  formatted  data  point  based  on  the  text  or  the  chat  that  we  have,  and  then  using  this  data  to  improve  the  customer  experience.  So  this is more  technology  led  than  business  led,  but  at  the  end,  the  result  is  the  same,  you  have  an  improvement  that  you  want to have. Listen to the rest of this insightful conversation between Stephane Malrait MD Global Head of Market Structure and Innovation for Financial Markets at ING, Toby Dixon, Delivery Director, FS, Banking & Capital Markets and Bradley Howard, Dive deeper into what builds technology innovation in the banking and capital markets arena as two seasoned professionals talk through what trends are currently shaping the industry and some of the lessons they learned in the technology innovation programs they were a part of from a dual perspective: ING - a bank's and a service partners. Should you have any questions – don't hesitate to contact them or us directly. Subscribe to get notified when the next two episodes of our series dedicated to the banking and financial industry will be released. Until next time!  

Capital remains available for commercial real estate, albeit with tighter underwriting and increased selectivity about asset quality, type and location. Val Achtemeier joins CBRE global capital markets leaders to assess the risk and opportunities in the debt market.

Social Media Handle + Links: : @hnhaus | @hannahmnieves Website:: www.hnhaus.com Hannah Nieves is a multidisciplinary entrepreneur, creative visionary and voice of inspiration for many. As a recognized expert in marketing, branding and PR, Hannah has been featured in Forbes, Nasdaq, In Style, Business Insider and has spoken at Northeastern University and Nasdaq Entrepreneurial Center. With a Bachelors of Business Administration from the AACSB accredited, Lubin School of Business Hannah knows what it takes to build, market and promote authentic brands and create bottom-line results. Hannah began her career in the Capital Markets division of Cushman & Wakefield, one of the largest commercial real estate firms in the world. During that time she worked to market and sell buildings, land and air rights in Manhattan. When she wasn't underwriting $525,000,000 worth of real estate assets, she was marketing them.  Fast forward to her role as Director of Marketing and Trade Development for California Closets, she was managing a multimillion dollar marketing budget and working with some of the largest real estate developers across the country. Now she's the founder of Hannah Nieves Consulting, a full service consulting agency, HN Haus, a network and business education platform for multi-passionate women, and This Hudson Studio, a multifunctional creative studio in the Hudson Valley.  Hannah truly loves the work she does and created this business out of the sheer passion of being able to serve multidisciplinary founders. Since its inception Hannah has served hundreds of brands from across the globe and regularly talks about entrepreneurship on her top rated podcast, HN Haus.