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How do 1031 exchanges actually work — and how does LSCRE support investors and fund managers through the process?In this episode of the LSCRE Podcast, Craig McGrouther sits down with Dasha Beardsley, Director of Investor Relations at LSCRE, to break down 1031 exchanges, investor experience, capital partners, and how LSCRE has facilitated over $150M in 1031 value.This episode is a deep dive into how institutional-grade investor relations actually function behind the scenes.Topics covered:Dasha's 4+ year evolution at LSCRE (from college to Director of IR)How LSCRE delivers white-glove investor experienceMonthly reporting, transparency, and communication standardsWhy response time and accessibility matter for investorsHow LSCRE works with fund managers and capital allocatorsThe onboarding process for capital partnersMarketing, compliance, and brand alignmentOverview of LSCRE's investor events and summits
Send us a textLubaaba Al‑Azami discusses her book, Travellers in the Golden Realm: How Mughal India Connected England to the World For a complete episode transcript, http://www.womenandshakespeare.comLubaaba's Book: https://www.hachette.co.uk/titles/lubaaba-al-azami/travellers-in-the-golden-realm/9781529371321/Interviewer: Varsha PanjwaniGuest: Lubaaba Al‑AzamiProducer: Yu-Kuan Miao Transcript: Benjamin PooreArtwork: Wenqi WanSuggested Citation: Al‑Azami, Lubaaba in conversation with Panjwani, Varsha (2026). Lubaaba Al‑Azami on Travel and Exchanges between India and England. Women & Shakespeare [podcast], Series 6, Ep.3. http://womenandshakespeare.com/Insta: earlymoderndocEmail: earlymoderndoc@gmail.com
Scaling a real estate portfolio to nearly $1 Billion requires more than just good deal flow; it requires a mastery of tax strategy, investor relations, and operational systems.In this premiere episode of Mechanics of Money, Sam Silverman sits down with Rob Beardsley, Founder & CEO of Lone Star Capital (LSCRE). Since 2018, Rob has acquired over $900M in multifamily real estate, becoming one of the industry's leading authorities on deal structure and underwriting.We strip away the hype to look at the specific mechanics of how sophisticated investors use real estate to preserve wealth, not just create it.In this episode, we cover:The Tax Mechanics: How the ultra-wealthy use Bonus Depreciation and 1031 Exchanges to legally pay zero tax on millions in revenue.The "Liquidity Trap": Why you should never invest money you need in the next 3 years into a syndication.Family Office vs. Retail: How deal structures change when you move from $100k checks to $5M checks.Rent vs. Buy: Rob's controversial take on why owning your primary residence is "financially irresponsible" for high-net-worth individuals.The Operator's Journey: The operational reality of scaling from a startup to 200+ employees.Links & Resources:Newsletter: Join the Mechanics of Money weekly deep dive: https://www.mechanicsofmoney.coInvest: Invest with Silverman Capital: https://silvermancapital.coGuest: Learn more about Rob & Lone Star Capital: https://lscre.com/About the Host:Sam Silverman is the Founder of Silverman Capital, a private equity and real estate investment firm. Mechanics of Money is the audio playbook for high-net-worth individuals moving from "High Earner" to "Sophisticated Allocator."
Interview with Reza Saidi, MD
In the third and final episode of the Goldman Sachs Exchanges Outlook 2026 series, Goldman Sachs Research's Peter Oppenheimer, Kamakshya Trivedi, Daan Struyven, and Christian Mueller-Glissmann share the trends shaping assets and portfolio allocation in 2026. Learn more about Goldman Sachs' outlooks for the year ahead. This episode was recorded on January 7th and 8th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices
Have you ever felt like a completely different person after a life-changing event...almost as if you are not YOU anymore? In this powerful episode, we explore the mystical phenomenon of Walk In Souls. A Spiritual experience where one soul exists the physical body and another, often a more evolved soul takes it place to fulfill a higher purpose. We will discuss the signs of a walk in soul experience, the spiritual contracts behind them and why these souls often arrive during a near death experience, traumatic events or quantum healing awakenings. Chances are you already know someone that is a Walk in Soul. Here are some of the symptoms you may feel as a walk in. If you have ever questioned your identity, felt disconnected from your past, or suddenly awakened to your divine mission, this episode might reveal the soul truth you have been seeking. My client automatically begins to channel the higher soul of her walk in energy and revelas the soul contract they had with each other. Awaken to your soul mission and remember who you are. #walkinsoul #thewalkinsoul #soulbraiding #soulexchange #soulkarma #highermission #soulmission #pastlifetherapy #soulsignshypnosis #mayrarathMayra Rath is a Spiritual Hypnotherapist specializing in Past Life Regression Therapy and QHHT Hypnosis. With over 26 years of experience, she has guided countless individuals through transformative journeys into their past lives, helping them uncover deep-rooted patterns and heal emotional wounds and traumas connected to previous incarnations.Based in Los Angeles, Mayra conducts sessions through her private practice, Soul Signs Hypnosis, both in-person and remotely.Connect with me Website: https://www.soulsigns.netSocial Media:TIKTOK:@SoulSignsHypnosisInstagram:@SoulSignsHypnosisFacebook Group: https://www.facebook.com/groups/1009959799420939 Youtube: @SoulSignsHypnosisPODCAST: Past Lives with Mayra Rath (Apple & Spotify)#pastlivespodcast #starseedmeaning #starseedactivations #qhhtpractitioner #qhhtsessions Hosted on Acast. See acast.com/privacy for more information.
My guest today is Marc Faber, editor of the “Gloom Boom & Doom Report.” In today's episode, Marc explores the unpredictable nature of financial markets, the resurgence of precious metals and how money printing has fueled economic inequality. He argues that bonds are currently under-owned and may offer opportunity, and explains why emerging markets such as Thailand and Vietnam deserve consideration. To close, Marc underscores the importance of diversification in an increasingly uncertain world. (0:00) Starts (2:25) The rise of precious metals (10:18) Impact of money printing on asset prices and social problems (23:14) Bond bull case (29:31) History of wealth redistribution (36:13) Global investment insights: Thailand & beyond (48:40) Importance of diversification ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Want to learn more about 351 Exchanges? Visit Alpha Architect's 351 Education Center for use cases, tools, FAQs, upcoming launches, and more. Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices
In the second episode of the Goldman Sachs Exchanges Outlook 2026 series, Goldman Sachs Research's David Mericle, Andrew Tilton, and Jari Stehn discuss the trends shaping economies in the US, Asia, and Europe in 2026. This episode was recorded on January 7 and 8, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices
Crypto News: The Senate crypto market structure markup that was schedule for tomorrow has been cancelled as crypto industry companies such as Coinbase back out from supporting the currency bill draft. Visa taps BVNK to power stablecoin payouts on Visa Direct.Brought to you by
Today on the High Stakes Podcast, I'm joined by Brett Swarts, founder of Capital Gains Tax Solutions., Brett helps business owners and real estate investors defer capital gains taxes when selling highly appreciated assets. He's the best-selling author of Building a Capital Gains Tax Exit Plan and host of the Build It to Billions and Capital Gains Tax Solutions podcasts. Brett is one of the few professionals in the world who has closed Deferred Sales Trusts, Delaware Statutory Trusts, and 1031 Exchanges. He's closed over half a billion dollars in real estate transactions and was the first to help Bitcoin investors defer millions in capital gains taxes. Today, we're talking about how to maximize wealth through smart real estate exit strategies.”
In the first episode of the Goldman Sachs Exchanges: Outlook 2026 series, Goldman Sachs Research's Jan Hatzius and Dominic Wilson discuss the trends shaping the global economy and markets in the coming year. This episode was recorded on January 8th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices
Yay, Eleanor's back! Just in time as we continue our accelerated but-scoot towards ultimate dystopia. And if it seems like there's too much going on to the point that you can't even focus on any one thing because then another terrible thing happens...that's part of the plan, and it shouldn't distract us from our common goals and enemies. leecamp.net artkillingapathy.com artfromgaza.com
Welcome to The Chrisman Commentary, your go-to daily mortgage news podcast, where industry insights meet expert analysis. Hosted by Robbie Chrisman, this podcast delivers the latest updates on mortgage rates, capital markets, and the forces shaping the housing finance landscape. Whether you're a seasoned professional or just looking to stay informed, you'll get clear, concise breakdowns of market trends and economic shifts that impact the mortgage world.In today's episode, we look at President Trump saying he will ban institutional investors from buying up homes. Plus, Robbie sits down with the Texas Stock Exchange's Jeff Karcher for a discussion on the origins of the TXSE, why its founders believe U.S. markets need more competition, and how its 2026 launch aims to reshape capital markets through technology-driven trading and long-term vision. And we close by reviewing what December prepayment speeds reveal about borrower behavior.
Ideally, college classrooms provide students with a comfortable but challenging environment in which diverse ideas and viewpoints are openly exchanged; the reality they experience, though, is often quite different. In this episode, David Laibson joins us to discuss how Harvard University is attempting to identify and address barriers to this ideal. David is the Robert I. Goldman Professor of Economics and a Faculty Dean of Lowell House. He has published dozens of heavily cited articles on a wide range of topics, including behavioral economics, self-regulation, behavior change, household finance, and aging. David is a Research Associate in the Aging, Asset Pricing, and Economic Fluctuations Working Group at the National Bureau of Economic Research, member of the National Bureau of Economic Research, and serves on numerous advisory boards. He has received Harvard's Phi Beta Kappa award and a Harvard College Professorship in recognition of his high quality teaching. David is also a co-author of popular textbooks on introductory economics and a co-editor of the Handbook of Behavioral Economics. A transcript of this episode and show notes may be found at http://teaforteaching.com.
Although geographically distant from Chinese shores, Latin America and the Caribbean occupy an important place in Chinese foreign policy. In the past decade, China has significantly expanded its influence in the region. The main vector of Chinese involvement has been economic, including securing access to commodities such as soybeans, copper, oil, and lithium, creating markets for Chinese companies, and deepening financial ties through trade, lending, and infrastructure investment. On December 10, China released a new white paper on its relationship with Latin America and the Caribbean, the third such document following earlier editions in 2008 and 2016. The White Paper characterizes the region as “an essential force in the process toward a multipolar world and economic globalization.” Its release came on the heels of the Trump Administration's release of its National Security Strategy, which places unprecedented emphasis on the Western Hemisphere and asserts that the US seeks a region “free of hostile foreign incursion or ownership of key assets,” highlighting the growing strategic salience of Latin America and the Caribbean in US-China competition. To discuss the new White Paper and the implications of China's policies in the LAC for the United States and US-China relations, we are joined by Dr. Evan Ellis. Dr. Ellis is a research professor of Latin American studies at the U.S. Army War College Strategic Studies Institute. He previously served on the Secretary of State's policy planning staff with responsibility for Latin America and the Caribbean as well as international narcotics and law enforcement issues.Timestamps:[00:00] Introduction[02:07] US and China on a Collision Course? [04:50] Chinese Priorities in Latin America [08:33] U.S. Security Risks from Chinese Port Investments[11:45] How China Uses CELAC to Advance Its Agenda[14:27] How Latin Americans View China's Growing Presence[17:22] Honduras and the Republic of China[21:22] How Beijing Might Address U.S. Concerns [25:09] China's Reaction to US and Venezuela
The Moneywise Radio Show and Podcast Monday, January 5th BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Radio Show & Podcast" call: 661-847-1000 text in anytime: 661-396-1000 website: www.MoneywiseGuys.com facebook: Moneywise_Wealth_Management LinkedIn: Moneywise_Wealth_Management Guest: Karen Clemans, CES®, Business Development Director for Accruit website: www.accruit.com/ The opinions voiced in this podcast are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Karen Clemans and their company are not affiliated with nor endorsed by LPL Financial or Moneywise Wealth Management].
If you own investment property in California, you may have wondered how to handle the built-up gain without losing a significant portion to taxes. Robert sits down with Damian Gallagher, Senior Vice President at Blue Rock, for a grounded, practical walkthrough of 1031 exchanges and DSTs. The conversation opens with the history of 1031 rules, then moves into what actually happens when you sell, how timelines work, and why so many investors struggle with the 45-day identification window. Damian also explains DSTs in plain language, including when they might help reduce hands-on management and how they fit into long-term estate planning. What to expect: How like-kind rules truly work The 45-day and 180-day deadlines are explained in real terms When DSTs may help simplify life for aging investors The lesser-known 1033 disaster exchange option And more! Resources: Educational videos (bottom of the page) Connect with Damian Gallagher: LinkedIn: Damian Gallagher Bluerock Capital Markets, LLC. Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. Bluerock is not adopting, making a recommendation for or endorsing any investment strategy or particular security or promoting the individuals or businesses referenced. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. All investing is subject to risk, including the possible loss of principal. Bluerock cannot guarantee that the information herein is accurate, complete or timely. Past Performance does not guarantee future results. There are a number of significant risks that should be considered and reviewed when considering an investment in real estate or real estate securities. This is neither an offer to sell nor a solicitation of an offer to buy the securities. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Our website must be read in conjunction with the applicable offering documents in order to understand fully all of the implications and risks of the offering of securities to which it relates and a copy of the offering documents must be available to you in connection with any offering. Securities offered through Bluerock Capital Markets, LLC | Member FINRA's BROKERCHECK® Affiliated with Bluerock Real Estate, LLC
John interviews Dave Foster, breaking down how investors can legally defer capital gains using 1031 exchanges and why timing, preparation, and the right intermediary matter more than most people realize. Dave explains common misconceptions around the 45-day identification window, how overlapping closings and contingencies can dramatically extend real decision time, and why many investors fail simply by waiting too long to plan. He also covers red flags when choosing a qualified intermediary, limitations of using 1031s in syndications, and practical workarounds for investors transitioning from active ownership into more passive strategies. Dave FosterCurrent role: Founder, The 1031 InvestorBased in: FloridaSay hi to them at: https://the1031investor.com Visit bestevercrypto.com today to get started and earn up to $2,500 in bonus crypto. Try QUO for free PLUS get 20% off your first 6 months when you go to quo.com/BESTEVER Join us at Best Ever Conference 2026! Find more info at: https://www.besteverconference.com/ Join the Best Ever Community The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria. Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at www.bestevercommunity.com Podcast production done by Outlier Audio Learn more about your ad choices. Visit megaphone.fm/adchoices
Dan Taylor, Professor of Accounting at the Wharton School, discusses how his research helped shape new legislation requiring foreign company executives to disclose stock trades and protect U.S. investors from opportunistic insider selling. Hosted on Acast. See acast.com/privacy for more information.
Jonathan Levin, Co-founder and CEO of Chainalysis, joined me to discuss the firm's blockchain data platform, which is used by governments, exchanges, financial institutions, and more around the world.Topics: - Blockchain data tracking - How governments and institutions are using Chainalysis - Stopping scams and hacks - Interesting trends from Blockchain Data - Tokenization data monitoringBrought to you by
¿Qué es realmente el dinero? ¿En qué se diferencia una criptomoneda de un token? En este episodio de Tertulia de Dinero, nos sumergimos en el ecosistema cripto junto a un invitado de lujo: Aníbal Garrido, CEO de BTC Tecno y director de la Academia BTC UCAB.Acompáñanos en esta conversación educativa donde desmitificamos la tecnología Blockchain y exploramos cómo los criptoactivos están ofreciendo una alternativa de libertad financiera y autonomía, especialmente en contextos como el de Venezuela.En este episodio aprenderás:- La esencia del dinero: ¿Por qué Bitcoin es considerado un sistema de efectivo electrónico de usuario a usuario? - Criptomonedas vs. Tokens: La diferencia fundamental basada en el uso de autopistas (blockchains) propias o ajenas.- Seguridad y Custodia: Todo lo que necesitas saber sobre Exchanges, Billeteras Calientes y Billeteras Frías (Hardware Wallets).- Trazabilidad: Por qué el blockchain es, en realidad, una herramienta de transparencia radical y no un refugio para el anonimato ilícito.- Herencia Cripto: Cómo asegurar que tus activos perduren para tus seres queridos mediante frases de recuperación y respaldos físicos como las Steel Wallets.
How to Turn Holiday Returns into Lifetime Customers for Your Apparel Brand Returns don't have to hurt your brand...they can build it. In this short yet powerful episode of The Business of Apparel Podcast, Rachel shares how returns and exchanges, especially during the busy holiday season, can be transformed into a strategic advantage for your apparel brand. Instead of dreading post-holiday returns, learn how to handle them for quality data, improve your customer service touchpoints, and build brand loyalty. Rachel walks through how to handle customer feedback (the good and the brutal), why you should never chase perfection for everyone, and how to create a customer experience that leaves people talking, in a good way. Whether you're deep in the return season or planning for next year, this episode will shift your mindset and help you lead with confidence. Key Moments: 00:00 Introduction to Returns and Exchanges 00:31 Holiday Returns: Turning Stress into Opportunity 01:56 Collecting Valuable Feedback 03:13 Handling Sizing and Fit Issues 07:18 Quality Concerns and Customer Preferences 08:51 Creating a Positive Customer Service Experience 11:35 Conclusion Sign up for the Secrets Behind Billion Dollar Apparel Brands Masterclass here: https://www.thebusinessofapparel.com/secrets Join The Board here: https://www.thebusinessofapparel.com/the-board We can't wait to hear what you think of this episode! Purchase the Business of Apparel Online Course: https://www.thebusinessofapparel.com/course To connect with Rachel, you can join her LinkedIn community here: LinkedIn. To visit her website, go to: www.unmarkedstreet.com.
In this episode of the Be Wealthy Podcast, Brett Tanner sits down with Michael Velasco, founder of Exchangeable, for a deep dive into the powerful world of 1031 Exchanges and how savvy investors use them to grow wealth while legally minimizing taxes.Michael shares his 20+ year journey through real estate, accounting, and tax strategy, showing how every step of his career prepared him to become a leading expert in 1031 exchanges. Together, Brett and Michael break down the fundamentals of exchanges, common mistakes investors make, and the advanced strategies high-net-worth individuals use to protect and multiply their portfolios.This episode blends real-world investing strategy, tax education, mentorship, and long-term wealth thinking—making it essential listening for any serious real estate investor.
Send us a textIs your ERP digital concrete? Or does it have the flexibility and capability to deliver what your organization needs in the era of AI? In this episode of Exchanges, host Hannah Story is joined by guests Ted Kempf from Microsoft and Marcus Raddatz and Nick Gulmon from Hitachi Solutions, to discuss the importance of a flexible and AI-enabled ERP solution.In this episode, you'll hear from Ted, Marcus, and Nick as they discuss:What Makes Microsoft ERP Special The Importance of Data Integrity, Interoperability, Security, and FlexibilityHow AI is Simplifying ProcessesWhy You Need to Know About MCPglobal.hitachi-solutions.com
Adam Balsinger shares how he went from broke with no experience to building a thriving investment portfolio that prioritizes freedom, family, and creative cash flow using co-living and wholesaling strategies anyone can start with.See full article: https://www.unitedstatesrealestateinvestor.com/from-broke-beginnings-to-true-freedom-through-smart-investing-with-adam-balsinger/(00:00) - Introduction to The REI Agent Podcast(00:58) - Welcoming Adam Balsinger and Holiday Small Talk(02:10) - Adam's Background in Sales and Early Entrepreneurial Life(03:12) - What Drew Adam Toward Real Estate Investing(06:10) - Family Influence, Time Freedom, and Early Wealth Awareness(10:45) - First Exposure to Rental Income and the Real Estate Lightbulb Moment(12:19) - Transition From Flipping Houses to Wholesaling(15:45) - Scaling Deals and the Reality of Fix and Flip Margins(18:07) - Moving Into Multifamily and Apartment Syndication(20:03) - Market Risk, Cap Rates, and Lessons From 2022(23:27) - Pivoting Away From Syndications and Reassessing Strategy(24:55) - Focus on Affordable Housing and Small Multifamily Units(27:47) - Introduction to Co Living and Rent by the Room Strategy(29:27) - Comparing Section 8 Income Versus Co Living Cash Flow(31:34) - Short Term and Mid Term Rental Comparisons(33:07) - Mid Term Rentals and Market Demand Insights(36:09) - Property Management, PadSplit, and Tenant Vetting(39:59) - Golden Nugget Advice for New Investors(44:03) - Recommended Books and Investor Mindset(47:19) - Tax Strategies, 1031 Exchanges, and Investor Advantages(47:52) - Where to Follow Adam and Community Resources(48:38) - Final Thoughts and Episode Closing DisclaimerContact Adam Balsingerhttps://www.facebook.com/adambalsinger/https://www.instagram.com/theadambalsinger/https://www.facebook.com/groups/1164343795565413/https://youtube.com/@theinvestorboardroom5630 If Adam's journey taught you anything, it's this: you don't need to have it all figured out to start. Just take action and stay the course. For more life-changing stories and strategies, visit https://reiagent.com
The clock is ticking toward a historic moment in Hainan Province, as it is set to formally launch island-wide special customs operations (01:06). Thailand has demanded Cambodia be the first to announce a ceasefire after more than a week of clashes while Cambodia has not responded (23:32). The Chinese mainland authorities have criticized the Democratic Progressive Party authorities for restricting exchanges across the Taiwan Strait (31:41).
Never speak for free. When you speak for no-fee, there is always an exchange of valueThere's a world of opportunity waiting when you think beyond a paycheck. When you step in front of an audience, your expertise becomes your currency. Real exchange happens when both you and the event organizer benefit.Most people settle for zero when they could be gaining connections, resources, and visibility. Instead, you can walk away with new leads, content, and credibility that propels your business forward. It's time to discover how to turn every speaking opportunity into a Win-Win!Here's what you'll learn:A long list of ideas that you can ask for when there's no speaker fee, so you never leave the room empty handedHow to leverage introductions and referrals, enabling new bookings and business growthCreative ways to gain visibility, so your brand stands out even if you're not paidSmart strategies to collect testimonials and content, boosting your authority and marketingMethods to negotiate perks like travel, VIP access, or marketplace exposure, multiplying the benefits from each gigStop thinking of speaking as free and start thinking strategic exchange.***To ask a question to hear on a future episode: https://SpeakPipe.com/BIDLinks and resources mentioned in this episode:If you're looking for support to grow your personal brand and communicate with confidence schedule a call to explore options to work together.Listen to the Public Speaking Monetization podcast on Apple or SpotifyNewsletter: https://speakandstandout.com/bid-newsletterInstagram: @laurieann.murabitoLinkedIN: https://www.linkedin.com/in/laurie-ann-murabitoClick and read more into over on my website.
John Casmon interviews Yonah Weiss, a cost segregation expert known as the “Cost Seg King,” about how cost segregation works as an advanced form of depreciation and why it can be a powerful cash-flow tool for real estate investors. They break down who benefits most, plus other scenarios like the short-term rental “loophole” and income-based exceptions that can allow depreciation to offset active income. Yonah also explains depreciation recapture in plain English and shares common strategies investors use to defer or reduce tax impact at sale, including 1031 exchanges and Opportunity Zones. Finally, they shift into marketing—why Yonah built his brand on LinkedIn through consistency and real engagement, and why in-person networking is still hard to beat. Yonah WeissCurrent role: Regional Business Director, Madison SPECS Based in: New York City, New YorkSay hi to them at: https://www.yonahweiss.com/ | https://www.instagram.com/yonahweiss/ | https://www.linkedin.com/in/cost-segregation-yonah-weiss/ | https://twitter.com/YonahWeiss | https://yonahweiss.madisonspecs.com/ Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Visit bestevercrypto.com today to get started and earn up to $2,500 in bonus crypto. Join us at Best Ever Conference 2026! Find more info at: https://www.besteverconference.com/ Join the Best Ever Community The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria. Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at www.bestevercommunity.com Podcast production done by Outlier Audio Learn more about your ad choices. Visit megaphone.fm/adchoices
Today on AirTalk: CA colleges settlements; AI Disney characters? Giving up gifts; Mayor Karen Bass; LA County inspector general retires; More water for CA farms; and TV Talk. Today on AirTalk: CA colleges settle complaints relating to alleged antisemitism (0:15) AI Disney characters? (15:05) Giving up gifts (23:46) Mayor Karen Bass (46:00) LA County inspector general retires (1:01:29) More water for CA farms (1:19:10) TV Talk (1:30:11) Visit www.preppi.com/LAist to receive a FREE Preppi Emergency Kit (with any purchase over $100) and be prepared for the next wildfire, earthquake or emergency
As the political term tapers to a finish, Dáil exchanges get heated, the Government details its defence spending plans and blister packs suddenly burst onto the agenda.
Send us a textWhat do navigating economic uncertainty, integrating AI, data privacy, personalization, and marketing ROI all have in common? They are few of the challenges marketing leaders face today and in this episode of Exchanges, host Hannah Story is joined by guests Tracie Poland and Michael Green, to discuss the relationship between data and these challenges.In this episode, you'll hear from Tracie and Michael as they discuss:The Complex Challenges Marketing Leaders Face Today Why Customer Expectations for Personalization Require a Data-Driven Mindset How to Overcome Data Privacy, Complexity, and Organization ChallengesAnd More!global.hitachi-solutions.com
Tune in live every weekday Monday through Friday from 9:00 AM Eastern to 10:15 AM.Buy our NFTJoin our DiscordCheck out our TwitterCheck out our YouTubeDISCLAIMER: The views shared on this show are the hosts' opinions only and should not be taken as financial advice. This content is for entertainment and informational purposes.
Tune in live every weekday Monday through Friday from 9:00 AM Eastern to 10:15 AM.Buy our NFTJoin our DiscordCheck out our TwitterCheck out our YouTubeDISCLAIMER: The views shared on this show are the hosts' opinions only and should not be taken as financial advice. This content is for entertainment and informational purposes.
Send us a textIn this episode of Exchanges with Hitachi Solutions, host Matt Volke sits down with Alex Rigaud, Vice President of Incubation Solutions, fresh from Microsoft Ignite in San Francisco. Together they unpack the biggest announcements from Ignite—including Microsoft's new Agent 365 platform—and explore how organizations can move from experimentation to truly embedding AI across their business.In this episode, you'll hear Matt and Alex discuss:Why Agent 365 is a game changer for identity, security, and compliance in the age of AI agentsHow organizations can get ahead of the challenge of shadow AI before it overwhelms their networksWhy starting small—like building a Lego set or boiling pasta—is the smartest way to approach AI adoptionHow workshops at Ignite revealed that data governance and structure remain the biggest hurdles to effective AI useWhat it means to be a Frontier Firm and how Hitachi Solutions is “walking the walk” by embedding AI into its own workflows before bringing solutions to customersWhy proof‑of‑concepts aren't enough, and how moving to execution with agents and co‑pilots creates real business valueWhether you're curious about Microsoft's latest innovations or looking for practical insights on how to responsibly scale AI, this conversation offers a candid look at where enterprises stand today—and what it will take to reach true enterprise‑level AI.global.hitachi-solutions.com
‘Tis the season for the annual swapping of gifts between the Prime Minister and broadcaster Mike Hosking. For Prime Minister Christopher Luxon the festive season has begun with meal tray tables bearing the longtime broadcaster's face, after the pair exchanged gifts in a Christmas tradition that dates back several years. As for Hosking, he'll leave the Newstalk ZB studio today with a bespoke calendar with a range of dates highlighted, from sports events to Parliament's Question Time and random world elections. “I get a lot of unsolicited advice when I'm in Parliament during question time. So, I've marked out in green all the times that you can give me that unsolicited advice,” Luxon said. “And then the other two big interests in your life are obviously F1 and the Warriors games, so they're all mapped out there on the planner. And then sometimes you love to give a bit of esoteric advice to the listeners around sort of the Cameroonian election that might be taking place. So, down this side, I've just given you a list of random world elections.” Luxon also gave the broadcaster two wine glass rubber lanyards, briefly alarming Hosking as he unwrapped his gift, which was “only for you and [wife] Kate”, Luxon said. “Oh my Lord, what is it?” Hosking replied before the Prime Minister revealed the lanyards were bought at Ikea after the Swedish giant opened its first New Zealand store in Auckland yesterday. Prime Minister Christopher Luxon and Newstalk ZB host Mike Hosking after the pair exchanged Christmas gifts on the Mike Hosking Breakfast this morning. Photo / Cameron Pitney “I was the first person in the country to make a physical purchase in the store at Ikea. And I bought Mike ... wine glass lanyard[s], because as he ponders his estate ... him and Kate go wandering around and they often have a glass of wine in hand. “As you've got older, I don't want you to trip and fall, because that'd be a real problem.” You can listen here to the exchange. The tray tables were inspired by a comment Luxon made this year about him and wife Amanda eating dinner on their laps while watching Netflix. “Stop eating dinner on your knee, it's not healthy”, Hosking scolded the Prime Minister. “All I ask of you when you're sitting with that on your lap looking at me … is not to spill your food.” The Prime Minister described the trays as having “lovely wood surrounds” and the image of Hosking as being “very wistful”. “It's ponderous and thoughtful,” Hosking said. “The question I'm asking you with my eyes is, ‘Do you really think you'll win the election next year?'” The Government has been struggling in the polls as economic challenges continue, with Luxon himself the subject of ongoing speculation that his leadership may face a challenge from within his own party. But the Prime Minister's response was to the point. “Oh hell yeah, don't you worry about that.” ‘The Complete Guide to Surviving a Mike Hosking Interview' Last year, after Luxon's first full year in the top job, Hosking gave the Prime Minister a gift he described as “one of one” and a “prototype”. It was a book titled “The Complete Guide to Surviving a Mike Hosking Interview”, which Luxon described as “genius”. Luxon gave Hosking a Christmas card with a family photo on it and some “furikake seasoning,” a Japanese seasoning typically made with toasted sesame seeds and nori. “People like me, who are men of the people, just use salt, I mean, I come from a very humble background,” Luxon said. “This is what really posh people do.” “Absolutely love it,” Hosking said in response to the gift. Prime Minister Christopher Luxon on Newstalk ZB's Mike Hosking Breakfast with host Mike Hosking in October. Photo / Mike Hosking Luxon also gave Hosking a “special energy Voost” that was described as “posh Berrocca”. Former Prime Minister Jacinda Ardern also exchanged gifts with Hosking during her time leading the country. This included in 2018 a framed photo given to Hosking of the pair riding Lime scooters together and, in exchange, a T-shirt with a picture of Hosking holding a vacuum cleaner. Broadcaster Mike Hosking proudly wearing his Christmas gift from Prime Minister Jacinda Ardern - a T-shirt immortalising a verbal stoush between the pair. Photo / Supplied The following year Ardern – who in 2021 would cancel her regular weekly interview on the Mike Hosking Breakfast – gave the broadcaster a T-shirt showing the pair mid-verbal stoush and with the slogan “I heart Tuesdays”. “This could go wrong,” Hosking then said as he prepared to give Ardern her gift, a miniature “one-off Mike Hosking vacuum cleaner”. “And I don't want you to think it's a sexist gift either because … no one loves to vacuum more than me.” Broadcaster Mike Hosking gifts Prime Minister Jacinda Ardern a miniature vacuum cleaner in their annual gift exchange in 2019. In 2020, Ardern pranked Hosking by gifting him a Labour billboard featuring the ZB host alongside the Prime Minister herself, a present she said Hosking will grow to love as the years roll on. “Do you want me on board? Have you seen my magnetism as a vote-getter?” Hosking joked. Ardern then unwrapped two presents from Hosking, one for daughter Neve and one for herself. Hosking gave Neve a Mickey Mouse soft toy with Neve's name engraved before pranking Ardern back with his own gift to her, a series of face masks with his face printed on the front. “When I first opened it, I briefly worried it was a g-string,” Ardern said. LISTEN ABOVE See omnystudio.com/listener for privacy information.
In this conversation, Jon Sanchez (Sanchez Gaunt Capital Management), Dwight Millard (Highlands Mortgage) and Cory Edge (Edge Realty) discuss year-end strategies for real estate investors, emphasizing the importance of preparing for tax deductions and understanding market dynamics. The discussion includes insights on the current economic landscape, market recap, and effective tax strategies for investment properties, including cost segregation and 1031 exchanges.Chapters00:00 Introduction 08:14 Year-End Real Estate Strategies11:54 Market Recap and Economic Insights13:59 Navigating Year-End Home Buying Strategies18:00 Maximizing Investment Property Returns19:28 Year-End Tax Strategies for Real Estate Investors29:01 Executing 1031 Exchanges and Refinancing Options30:15 Disclaimer
China's international trade promotion body says it will lead a delegation of Chinese entrepreneurs on a visit to the United States in early December.
Owner Financing & Note Investing Podcast with Dawn Rickabaugh
Most people would probably be surprised to know how seller financing in 1031 exchanges can work. A seller wants to do a 1031 exchange, but they end up with a buyer asking for owner financing. Do they have to reject the offer? Not necessarily. If structured properly, a note can be created (giving the buyer what they need) and then sold, giving the seller the cash they need for their upleg. In this month's Property & Paper Live, I break down exactly how seller financing in 1031 exchanges works in the real world — plus the pitfalls, timeline traps, and creative strategies that experienced investors use to pull these deals together smoothly. NoteQueen.com
We’re weeks away from 20 million Americans seeing a massive spike in their healthcare premiums. That’s if no deal can be struck to extend subsidies under the Affordable Care Act. We heard from some of those being affected. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy
Marc Rubinstein is author of Net Interest – a leading weekly newsletter on the world of finance. Before this, Marc spent ten years at leading hedge fund Lansdowne Partners, where he was a partner and portfolio manager. This was after he spent time on the sell-side working for Barclays Investment Bank (BZW), Schroders and then Credit Suisse, where he was head of the European banks research team. In this podcast we discuss:. AI bubble historical analogies 1907 crisis and non-bank growth Private credit risks Fraud cycles and market corrections Jane Street's technological edge Exchanges commoditise trading Banks adopt blockchain technology Fintech challenges incumbents AI disrupts entry-level finance jobs Books mentioned: 1929 (Andrew Ross Sorkin), Land Trap (Mike Bird)
We’re weeks away from 20 million Americans seeing a massive spike in their healthcare premiums. That’s if no deal can be struck to extend subsidies under the Affordable Care Act. We heard from some of those being affected. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy
Check the episode transcript hereABOUT SCOTT SAUNDERS Scott Saunders is a Senior Vice President with Asset Preservation, Inc. (API), A subsidiary of Steward Information Services Corporation. Scott has an extensive background in IRC §1031 exchanges, having been involved in hundreds of thousands of 1031 exchanges during his 37 years in the exchange industry. Mr. Saunders presents classes on advanced §1031 exchange strategies to accountants, attorneys, financial advisors, real estate brokers and principals. Mr. Saunders received his bachelor degree in Business Economics from the University of California at Santa Barbara. THIS TOPIC IN A NUTSHELL: Understanding the Basics of 1031 Exchanges What qualifies as a "like-kind" property? Why 1031 exchanges are a key tool in deferring capital gains tax The role and importance of a Qualified Intermediary The 45-day identification window explained The 180-day completion requirement How to identify replacement properties Trading up from residential to commercial or multifamily Simplifying your portfolio through consolidation Geographic diversification to manage risk Reverse and build-to-suit exchanges The most common mistakes investors make during a 1031 Why early planning is crucial for a successful transaction Growing interest in DSTs (Delaware Statutory Trusts) How inflation and rising interest rates are changing investor strategy Regional investment shifts and institutional-style diversification Final Takeaways Connect with Scott KEY QUOTE: “Deferred taxes are dollars you can reinvest — and that's how portfolios grow faster." ABOUT THE WESTSIDE INVESTORS NETWORK The Westside Investors Network is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career... investing, for those starting with nothing to multifamily syndication. The Westside Investors Network strives to bring knowledge and education to real estate professionals that is seeking to gain more freedom in their life. The host AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management, and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas, please visit www.uptownpm.com. If you are interested in investing in multifamily syndication, please visit www.uptownsyndication.com. #1031Exchange #Reverse1031 #RealEstateInvesting #RealEstateInvestor #TaxStrategy #RealEstateTaxBenefits #RealEstatePortfolio #InvestmentProperty #ReverseExchange #CashFlowRealEstate #PassiveIncome #WealthBuilding #BuildWealth #ScaleYourPortfolio #RealEstateEducation #RentalPropertyInvesting #LongTermInvesting #WealthStrategy #GenerationalWealth #AssetProtection #TaxDeferral #PropertyInvesting #RealEstateTips #InvestorMindset #FinancialFreedom #RealEstateTaxes #CostSegregation #BonusDepreciation #SmartInvesting #RealEstateGrowth CONNECT WITH SCOTT: LinkedIn: https://www.linkedin.com/in/scott-r-saunders-6278273 CONNECT WITH US For more information about investing with AJ and Chris: · Uptown Syndication | https://www.uptownsyndication.com/ · LinkedIn | https://www.linkedin.com/company/71673294/admin/ For information on Portland Property Management: · Uptown Properties | http://www.uptownpm.com · Youtube | @UptownProperties Westside Investors Network · Website | https://www.westsideinvestorsnetwork.com/ · Twitter | https://twitter.com/WIN_pdx · Instagram | @westsideinvestorsnetwork · LinkedIn | https://www.linkedin.com/groups/13949165/ · Facebook | @WestsideInvestorsNetwork · Tiktok| @WestsideInvestorsNetwork · Youtube | @WestsideInvestorsNetwork
In this episode we explain marketplace exchanges, ACA enrollment, and share educational Ritter resources for selling ACA! Read the text version Contact the Agent Survival Guide Podcast! Email us ASGPodcast@Ritterim.com or call 1-717-562-7211 and leave a voicemail. Resources: 3 Benefits of Selling ACA Insurance Plans 4 Reasons Why Ritter Insurance Marketing Should Be Your FMO Insurance Agency ACA Enrollment Periods Explained Agent Requirements for ACA Sales Announcing the Launch of IntegrityCONNECT Everything You Need to Know About the ACA OEP FAQs About Selling On-Exchange & Off-Exchange Under-65 Plans Learn more about Ritter Insurance Marketing! Register with Ritter Insurance Marketing Simplify Marketplace Enrollment with HealthSherpa The Complete Guide to Selling Affordable Care Act Insurance Plans References: “Getting Health Coverage Outside Open Enrollment.” HealthCare.Gov, www.healthcare.gov/coverage-outside-open-enrollment/special-enrollment-period/. Accessed 31 Oct. 2025. “The Marketplace in Your State.” HealthCare.Gov, www.healthcare.gov/marketplace-in-your-state/. Accessed 31 Oct. 2025. “Welcome to the Health Insurance Marketplace®.” HealthCare.Gov, www.healthcare.gov/. Accessed 31 Oct. 2025. Follow Us on Social! Ritter on Facebook, https://www.facebook.com/RitterIM Instagram, https://www.instagram.com/ritter.insurance.marketing/ LinkedIn, https://www.linkedin.com/company/ritter-insurance-marketing TikTok, https://www.tiktok.com/@ritterim X, https://x.com/RitterIM and YouTube, https://www.youtube.com/user/RitterInsurance Sarah on LinkedIn, https://www.linkedin.com/in/sjrueppel/ Instagram, https://www.instagram.com/thesarahjrueppel/ and Threads, https://www.threads.net/@thesarahjrueppel Tina on LinkedIn, https://www.linkedin.com/in/tina-lamoreux-6384b7199/ Not affiliated with or endorsed by Medicare or any government agency.
This week: 39 days into a ceasefire, Israel has killed at least 260 Palestinians in Gaza. Palestinians from Gaza were sent to South Africa under unclear circumstances. Exchanges of remains continued between Hamas and Israel. Israel has killed more than 69,192 Palestinians in Gaza since October 7th, 2023. In this episode: Bernard Smith, (@JazeeraBernard) Al Jazeera Correspondent Nour Odeh, (@nour_odeh) Al Jazeera Correspondent Hind Khoudary (@Hind_Gaza) Al Jazeera Correspondent Episode credits: This episode was produced and mixed by Marthe van der Wolf. Our sound designer is Alex Roldan. Our lead of audience development and engagement is Andrew Greiner and Munera AlDosari is our engagement producer. Alexandra Locke is The Take’s executive producer. Ney Alvarez is Al Jazeera's head of audio. Connect with us: @AJEPodcasts on X, Instagram, Facebook, and YouTube
Esteemed Colleague Carol reached out to ask about bowing out of office gift exchanges. xo Jess Join me live every week for the Monday Club inside the Leader Assistant community on Circle! Jess Lindgren 4465 E Genesee Street STE 114 Syracuse, NY 13214 Join the newsletter if you're feeling fancy: Substack | Click Here Patreon is another fancy option: Patreon | Click Here I always love to hear from you: askanassistant.com Book a 1:1 with me: jesslindgren.com/coaching
Ready to own Bitcoin but not sure where to start? In Part 2 of our cryptocurrency series, host Kirsten Howe continues her conversation with Jirayr Kembikian, CFP® and Managing Director of Citrine Capital, to break down the three distinct ways to acquire and hold Bitcoin—each with its own unique trade-offs. Jirayr walks through everything from Bitcoin ETFs (the easiest and most familiar option) to exchange custody and self-custody, explaining why he believes "the only wrong answer for Bitcoin allocation is zero." He reveals the critical phrase Bitcoin purists use—"not your keys, not your coins"—and why understanding custody matters for your financial security. You'll discover why Bitcoin-only exchanges are safer than multi-crypto platforms, learn about the estate planning risks of keeping Bitcoin on exchanges, and understand why a 2-3% allocation keeps you market neutral. Perhaps most surprising: you don't need $112,000 to get started. Bitcoin is divisible into 100 million Satoshis, meaning you can start with as little as $10 through dollar-cost averaging. Whether you're considering your first Bitcoin purchase or evaluating your current approach, this episode provides the practical guidance you need to make informed decisions about cryptocurrency ownership. Time-stamped Show Notes: 0:00 Introduction 1:58 Bitcoin ETFs approved last year—the easiest approach using familiar brokerage accounts. 2:57 ETF advantages: Clean titling for trusts, beneficiary designations, and zero complexity beyond buying and holding. 3:58 ETF trade-offs: Not actual Bitcoin in your possession, custodial risks, and varying expenses depending on the fund. 4:41 Buying Bitcoin on exchanges—the historically most common method before ETFs existed. 5:23 Critical recommendation: Bitcoin-only exchanges minimize attack vectors compared to multi-crypto platforms. 6:23 Exchange custody risks: Customer lockouts, poor service, theft, and loss of funds plaguing the space. 7:22 The worst form of ownership: Keeping Bitcoin on exchanges presents maximum vulnerability. 7:54 "Not your keys, not your coins"—the phrase that defines Bitcoin security philosophy. 8:35 Estate planning dangers: Exchanges often restrict account titling and lack beneficiary options. 10:00 Self-custody—the superior method that requires responsibility and practice, like learning to drive. 10:45 The wallet analogy: Cash in your possession versus cash floating in cyberspace at the bank. 11:15 Self-custody advantages: Complete control means only you have access to your Bitcoin. 11:45 Self-custody risks: Lost passwords mean lost Bitcoin forever with no password reset option. 12:35 How Citrine Capital has allocated Bitcoin since 2020 for clients who didn't opt out. 13:56 Surprising reality: Most clients use ETFs despite self-custody being theoretically superior. Take the Next Step in Your Estate Planning Journey If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll: Learn about your unique situation and goals Answer questions about our services Determine if we're the right fit to work together Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today. Follow and Review: We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast. Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.
Our Research and Investment Management analysts Michael Cyprys and Denny Galindo discuss how and why cryptocurrencies are transitioning from niche speculation to portfolio staples. Read more insights from Morgan Stanley.----- Transcript -----Michael Cyprys: Welcome to Thoughts on the Market. I'm Mike Cyprys, Head of U.S. Brokers, Asset Managers and Exchanges for Morgan Stanley Research.Denny Galindo: And I'm Denny Galindo, Investment Strategist for Morgan Stanley Wealth Management.Michael Cyprys: Today we break down the forces making crypto more accessible and what this shift means for investors everywhere.It's Tuesday, November 11th at 10am in New York.We've seen cryptocurrencies move from the fringes of finance to being considered a legitimate part of mainstream asset allocation. Financial platforms, especially those serving institutional clients, are starting to integrate crypto more than ever.Denny, you've written extensively about the crypto market for some time now among your many jobs here at Morgan Stanley. So, from your perspective in wealth management, what are you hearing from retail clients about their growing interest in crypto?Denny Galindo: Yeah, we actually started writing about crypto back in 2017. We had our first explainer deck, and we started writing extensive educational reports in 2021. So, we've covered it for a while.Advisors who dabble in crypto typically had this one client. He asked a lot of questions about when they could do more. We also had some clients who were curious, maybe their neighbor made a lot of money, bought a new boat and they were like wondering, you know, what is this Bitcoin thing?Now, this year we've seen a sea change. I think it was the election really started it; the Genius Act, and some of the legislation also kind of added to it. Almost all this interest is really on Bitcoin only, although we also have gotten a decent amount of interest about stablecoins and how those might impact things. But it's really just the beginning and I think it's an area that's; it's not going to go away.Mike, on the institutional side, what trends are you seeing among asset managers and brokers in terms of crypto adoption integration?Michael Cyprys: So, we've seen a big move into the ETF space as large money managers make crypto easier to access for both retail and institutional investors. Now this comes on the back of the SEC approving the first spot Bitcoin and Ethereum ETFs back in 2024. And since then, we've seen firms from BlackRock to Fidelity, Franklin, Invesco, and many others, including crypto native firms having launched spot Bitcoin ETFs and spot Ethereum ETFs. And these steps in the minds of many investors have legitimized crypto as an investible asset class.Most recently, we've seen the SEC adopt generic ETF listing standards for crypto ETFs that can make it easier to accelerate ETF launches in reduced regulatory frictions. And today the crypto ETF space is about $200 billion of assets under management and saw inflows of over [$]40 billion last year, over [$]45 billion so far this year – despite some of the near-term volatility. And most of the asset class today is in Bitcoin, single token ETFs, with BlackRock and Fidelity managing the largest ETFs in the space.Speaking of products, what types of crypto are retail investors most curious about? And why do those particular ones make sense for their portfolios?Denny Galindo: Yeah, I think you hit the nail on the head. The most popular products are really the Bitcoin products. We as a firm allowed solicitation in Bitcoin ETPs more than a year ago in brokerage accounts. We just expanded them to allow them in Advisory in October. So, we're still early days here. There really hasn't been that much interest in the other crypto products.Now when people think about this, there's three buckets here. There are some people that think of it like digital gold. And they're worried about inflation. They're worried about government deficits. And that's kind of the angle that they're approaching crypto from. A second group think of it like a venture capital, like a disruptive innovation in tech that's going after this big addressable market. And, you know, hopefully the penetration will rise in the future. And then the third bucket is really thinking [of it] out it as a diversifier. So, they're saying, ‘Hey, this thing is volatile. It doesn't match stocks, bonds, other assets. And so, I kind of want to use it for diversification.'Now, Mike, when you have these discussions with institutional clients, how do they view the risk and potential of these different cryptocurrencies?Michael Cyprys: What's interesting with the crypto space is adoption started on the retail side with institutions now slowly beginning to explore allocations. And that's the opposite of what we've seen historically with institutions leaning in ahead of retail in areas, whether it's commodities or private markets. But it's still early days.On the institutional side, we're starting to see some pensions, endowments, foundations begin to make some small allocations to Bitcoin as a long-term inflation hedge. But keep in mind, institutions tend to make investments in the context of strategic asset allocations, often with a broader macro framework.Denny, you've written quite a bit about the four-year crypto cycle. Could you explain what that is and where you think we are in the current crypto cycle?Denny Galindo: Yeah, if you look at the data, you see a pretty clear trend of a four-year cycle. So, there's three up years and one down year, and it's been like clockwork, since Bitcoin was invented.Now when you see something like that, you always try to explain like: why is this happening? So, there's two kind of dominant explanations that we've seen. So, one's macro, one's micro. Now the macro version for crypto is really the M2 cycle. So, we see that M2 to that global M2 money supply has kind of accelerated and decelerated in four-year cycles, and Bitcoin tends to really match that cycle. It tends to accelerate when M2's accelerating and it tends to decline when it's decelerating or declining.But there's also this bottoms-up way of looking at it, and commodities are really the place we go to for that analysis. So, a lot of commodities, you know, could be coffee, could be oil – if something disrupts supply, you tend to get the shortage, you get the price moving up.Then you get commodity speculators piling in, adding leverage. And it'll just kind of go parabolic. At some point something pops the bubble, usually more supply, and then you get like a great depression. You get like an 80 percent draw down. All the leverage comes out and the whole thing crashes. So crypto has also followed that.Now, we break the four-year cycle into four seasons: spring, summer, fall, and winter. And each season has a different characteristic about which parts of the market work, which don't work, what things look like. We are in the fall season right now. And that tends to last about a year. We wrote a note last year on this. Fall is the time for harvest. So, it's the time you want to take your gains.But the debate is, you know, how long will this fall last? When will the next winter start? Or maybe this pattern won't even hold in the future. And so, this is the big debate in the crypto circles these days.And Mike, given the volatility, given the great depressions we talked about in Bitcoin with these, you know, 70-80 percent drawdowns, how do you see it fitting into institutional portfolios compared to other cryptocurrencies?Michael Cyprys: Compared to other cryptocurrencies, Bitcoin is still viewed as the flagship asset within the crypto space – just given higher adoption, greater liquidity, the sheer market value. It has longer history and better regulatory clarity as compared to other tokens. But given the volatility as you mentioned, and the early days nature of cryptocurrencies, adoption is still quite nascent amongst institutional investors.Some institutional investors view Bitcoin as digital gold or macro hedge against inflation and monetary debasement. It's also sometimes viewed as a low correlation diversifier within multi-asset portfolios. But even that's also been a debate in the marketplace too.As we look forward from here, crypto adoption within institutional portfolios could potentially expand as regulatory clarity establishes a clear framework for digital assets, right? We had the Genius Act recently that focused on stablecoins. Next up is market structure. There's a bill working its way through Congress.We've also had developments on the ETF side that lower[s] barriers for institutions to gain exposure there. Not only is it more accessible within traditional portfolios, but the ETF fits nicely into day-to-day workflow.So, bottom line is institutional views on Bitcoin and crypto are evolving, and how firms view Bitcoin – we think will depend upon the institution's objectives, their risk tolerance and portfolio context. And keep in mind that institutional allocations don't turn on a dime. They tend to be slower moving.Denny, do retail clients take a similar approach or are they more likely to take bigger bets?Denny Galindo: Our clients struggle with this question. And so, we get a lot of questions like, ‘Okay, I don't want to miss this. I'm a little nervous about it. What allocation should I use here?' And so, we go back to our three, kind of, typical investors when we try to answer this question. We really try and help people figure out where is equal weight.So, we wrote a note in February called “Are you Underweight Bitcoin?” And we have three different answers depending on how you're thinking of it. And, you know, there's a big debate. There's no clear answer. And that's not really where we want our clients. We want them to be smaller where they can have some exposure if they want it. Not everyone wants it, but if you do want it, you can have it. And it won't really dominate the volatility of the portfolio.Now, on another note, Mike, are you seeing legacy platforms start to offer crypto as well?Michael Cyprys: So crypto ETFs are generally available in self-directed brokerage accounts across the industry today. Schwab, for example, commented that their customers hold $25 billion in crypto ETFs, which is about, call it 20 percent share of the ETF space. But access to these crypto ETFs is a bit more restricted within the Advisor-led channel. But we're starting to see that broaden out for ETFs and eventually might see model portfolios with allocations toward crypto ETFs.But when you look at spot crypto trading, though, that generally remains out of reach of most legacy platforms. The key hurdle for that has been regulatory clarity and with a more crypto friendly administration that is changing here.So, Schwab, for example, acknowledged that they have the regulatory clarity needed and they're working towards launching their spot crypto trading platform in the first half of next year.On that topic, Denny, how do you view the merits of holding crypto directly versus through an exchange-traded product like ETFs?Denny Galindo: Yeah, I mean, our clients are mostly not day trading this product and kind of moving it back and forth.So, the ETPs have been a pretty good answer for them. The one issue is liquidity. And so, we're not used to thinking of this in; the U.S. equity markets are the most liquid markets. But in crypto, the crypto markets, the spot markets are actually more liquid than the equity markets.So, you get a lot of liquidity even after hours, even 24x7. And as other markets around the world kind of take the lead. But most of our investors aren't treating it that way. They're not day trading it, and they're really keeping it more like that digital gold allocation. And so, they just need to adjust the position size, you know, once a month, once a year maybe; just kind of buy and hold.But I wonder, you know, as more people get more comfortable, it could become more important in the future. So, it's an open question, but for now, the ETPs have been a pretty good answer here.Michael Cyprys: Fascinating space. Denny, thanks so much for taking the time to talk.Denny Galindo: It was great speaking with you, Mike.Michael Cyprys: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.
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