Podcasts about gfc

The property market is being driven by two powerful emotions right now. Fear and greed. And if you're sitting on the fence waiting for certainty before you make your next move, this episode is for you. Neil breaks down every major market disruption of the last 25 years. The GFC, the APRA crackdown, COVID, 13 rate hikes, the 2019 election scare. He shows you exactly what happened to investors who froze versus those who kept moving. The pattern is the same every single time: disruption, freeze, recovery, new highs. With the Federal Budget's proposed changes to negative gearing and capital gains tax creating noise in the market, Neil cuts through the confusion and gets back to the fundamentals that never change. Supply, demand, population growth, and the power of cashflow-positive property. You'll also hear Neil's honest take on why paying down your PPOR and parking everything in super is not the retirement plan you think it is, and why HMOs continue to build wealth in any market condition. Up, down, or flat. In this episode: Why scared money will never make money The disruption, freeze, recovery, new highs cycle every single time What the negative gearing changes actually mean for investors right now Why Perth fundamentals remain rock solid The real retirement math most Australians don't want to look at How cashflow-positive HMOs build wealth regardless of market conditions

In this episode of the Grow A Small Business Podcast host Troy Trewin interviews Tim Rexius shares how he lost nearly everything during the GFC, delivered pizzas at night, and sanded floors to fund the launch of Rexius Nutrition. He reveals how relentless networking, smart risk-taking, and a commitment to learning helped him grow multiple businesses, including three successful gyms. Tim also explains how Omaha Protein Popcorn evolved from a struggling idea into a global brand stocked in over 30,000 stores across 16 countries. Along the way, he discusses leadership, marketing, building a strong team culture, and why entrepreneurs must remain lifelong students. This inspiring conversation is packed with lessons on resilience, growth, and creating opportunities from adversity. Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let's get into it by clicking here. Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice. And a snapshot of the final five Grow A Small Business Questions: What do you think is the hardest thing in growing a small business? According to Tim Rexius, the hardest thing in growing a small business is access to capital. He believes many entrepreneurs have great ideas and the willingness to work hard, but securing funding is often the biggest challenge. Tim notes that borrowing money has become increasingly difficult, and when funding is available, the interest rates and repayment terms can be tough. He advises business owners to find creative ways to generate income while building their business so they can cover overhead costs and avoid making poor decisions under financial pressure. What's your favorite business book that has helped you the most? Tim Rexius says one of the business books that has helped him the most is Think Big, Shut the F Up and Work. He also credits Masters of Selling by Tony Robbins as a life-changing book that helped him understand communication, sales, and human behavior. Tim believes that learning how to sell effectively is one of the most valuable skills an entrepreneur can develop because it influences every aspect of business growth and success. Are there any great podcasts or online learning resources you'd recommend to help grow a small business? Tim Rexius shared invaluable entrepreneurial wisdom across several platforms, including his standout appearances on The Management Blueprint Podcast, The Deep Wealth Podcast, and the Phat Muscle Project Podcast, where he breaks down real-world scaling strategies and leadership frameworks. His home base at timrexius.com also offers direct access to Rexius Business Consulting, where he mentors entrepreneurs globally on franchising, retail expansion, and building strong team cultures. For broader small business growth, the Grow a Small Business Podcast hosted by Troy Trewin — the very show Tim featured on — delivers weekly deep-dives with founders tackling the same challenges. You can also follow Tim on Instagram, YouTube, and LinkedIn at @timothy_d_rexius for ongoing, no-BS business insights from someone who built a $50M brand from nothing. What tool or resource would you recommend to grow a small business? Tim Rexius shares that the most powerful tool for growing a small business is building genuine relationships, as he personally visited three gyms every day for three years to meet potential customers, proving that consistent human connection outperforms any paid marketing strategy. He also emphasizes leveraging social media to level the playing field, noting that a strong personal brand and winning attitude can make a C-class location just as successful as an A-class one, which he demonstrated by growing Omaha Protein Popcorn to over 30,000 stores across 16 countries. For direct mentorship and structured business guidance, Tim offers Rexius Business Consulting at timrexius.com, where he coaches entrepreneurs on scaling, franchising, and turning employees into entrepreneurial partners using his proven Entrepreneur Creation Framework. What advice would you give yourself on day one of starting out in business? Tim Rexius would tell his day-one self to stop waiting for the perfect moment and instead start hustling immediately, because delivering pizzas at night and sanding floors on weekends while building his first store taught him that grit and relentless action will always outwork privilege and perfect timing. He would also remind himself that it is far easier to turn customers into friends than friends into customers, so invest every ounce of energy into showing up, meeting people, and projecting a winning attitude — because the right mindset attracts the right opportunities. Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights! Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.     Quotable quotes from our special Grow A Small Business podcast guest: It's a lot easier to turn customers into friends than friends into customers — Tim Rexius You can have a C-class location but an A-class person, and still build a wildly successful business — Tim Rexius People really want to be surrounded by winners, so put on a winning attitude and watch the right opportunities find you — Tim Rexius  

Welcome back to the tenth season of the Eccles Business Buzz podcast. Today, guest-host Annesley Womble returns for a conversation with Colin Wright, Owner of Cole West Group, a real estate development group focused on developing master-planned communities, residential lots, urban infill communities and mixed-use properties throughout Utah. Wright traces his path from studying finance at the University of Utah, where real estate classes sparked his interest, to earning a master's in real estate development at Columbia University in New York, where he learned the private equity joint-venture model. When family and a great job opportunity brought him back to Utah, Wright found himself facing the Great Financial Crisis after leaving Ivory Homes too early. After pivoting to help build the University of Utah's Master of Real Estate Development curriculum, he taught classes to survive. Wright shares insights on timing, real estate cycles, partnerships, leadership, and scaling while reflecting on family pressures, Amy Chua's “Triple Package” framework, aspirations for campus and student housing, and his commitment to developing leaders, strengthening faith and family, and creating lasting impact.Eccles Business Buzz is a production of the David Eccles School of Business and is produced by University.fm.Eccles Business Buzz is proud to be selected by FeedSpot as one of the Top 70 Business School podcasts on the web. Learn more at https://podcast.feedspot.com/us_business_school_podcasts. Episode Quotes:On learning to become a better leader of people[21:41] I talked a little bit about, I think God made me to be an entrepreneur, deal maker, and I'm learning to be a good manager. So, as I started Cole West, same thing happened over again. I'm an entrepreneur. I'm growing. I started with three people. Next thing I know, I've got 30 people, and I'm back into this rut of, you know, managing HR problems versus doing deals. And that's when Darlene Carter, who we'd worked with previously, she came back and really helped fill that role of being an integrator and put me back in the seat of being a little bit more of an innovator, which is where I'm more comfortable.But every day I wake up, and I try to be a better integrator. I'm not giving up on, "Hey, you're just not a good leader. It's not natural to you." I wake up every day trying to be a better leader of people, and frankly, I think I have gotten a lot better just through effort, and attention, and study, and patience.Colin shares lessons from the Great Financial Crisis that shaped his company[15:07] So, I learned a ton about real estate cycles. It was the first one I really got to observe. My dad and Ellis Ivory lived through many in the '80s, and '90s, and 2000s, and they warned me and told me what it would be like 2006 to 2009. I watched it from the sidelines. And then 2022 to 2025, I lived it by having real estate investments. Personally, it was really hard. Couldn't pay the bills, you know, some kids and house payments, and it was really hard. I learned I wasn't ready, and that led me to a partnership with three other individuals. And I've always compared it to like a Madden score. If you're playing basketball or football on the Xbox, the players have a score from zero to 100. And in 2006, going into the GFC, I would guess my Madden score was like a 35 or 40. I thought it was 80 or 90, but it was probably a 35 or 40. And the way to survive coming out of that was to find three business partners who had complementing skill sets, where collectively we could be 100. And that was a good step for me, that if you're not an 80 or a 90 or 100, and you want to go into business, find some business partners that complement your Madden score so that you can get close to 100 and try to be successful, and that's what we did. So, we started a company, and the distress that was caused by the GFC, we started buying land and lots in Utah and Colorado, and we started a home builder called Henry Walker Homes. So, it was very entrepreneurial, three other partners, and we just went at it all together to try to work our way out of the Great Financial Crisis.Colin on President Randall's leadership & the U's world-class business education today[30:11] What President Randall has done over the past five years of, you know, you've got to put beds on campus, which he's doing an amazing job of, and then just the quality of learning at the U of U business school. I'm on the board at the business school. It's just amazing, the professors, the curriculum, the dean. It's just an amazing experience. It doesn't feel anything like it did when I was there. The kids, the energy, the entrepreneurs, the mentors, they have the access to these real estate classes. I mean, it is world-class. I firmly believe that.Show Links:Colin Wright | LinkedInCole West Group | AboutMaster of Real Estate Development | David Eccles Business SchoolDavid Eccles School of Business (@ubusiness) | InstagramUndergraduate Scholars ProgramsRising Business LeadersEccles Alumni Network (@ecclesalumni) | Instagram Eccles Experience Magazine

It was a pleasure to host a discussion with Ronnie Wexler, Global Head of Equities Distribution at Barclays, and solicit his insights on change – in markets, in client relationships and in the growing role of technology across the financial ecosystem. We begin with Ronnie's early years at Goldman Sachs during the final stages of the technology bubble and the sharp market reversal that followed. He reflects on how periods of market stress, from the post-dot-com bear market to the GFC, have shaped his perspective on risk and the importance of being adaptable in markets that are constantly moving. The conversation then turns to the changing structure of institutional investing. Ronnie discusses the growth of hedge funds in pursuit of industrial-scale alpha generation, highlighting how client needs have become increasingly cross-asset, and solutions-oriented. He explains how a sell-side equities business today functions as an integrated ecosystem that spans prime brokerage, derivatives, electronic trading, and financing. A major theme throughout the discussion is the accelerating pace of technological change. Ronnie describes recent experiences using AI development tools and outlines how firms are integrating them into workflows ranging from onboarding and automation to research distribution and client analytics. We also explore the rise of bespoke and OTC solutions, including quantitative investment strategies, custom baskets, and exotic option structures. Here Ronnie emphasizes that these products reflect broader changes in market structure, positioning, and risk transfer across institutional portfolios. The conversation concludes with thoughts on recruiting, apprenticeship culture, and the need for firms to balance human judgment with increasingly sophisticated technological infrastructure.

While the market's gaze is fixed on the horizon, the ground beneath quality stocks has shifted, delivering the toughest period of performance since the lead-up to the GFC. But as the saying goes, “it's always darkest before dawn.” In this episode of The Rules of Investing, James Abela explains why it is critical to have a process for navigating challenging markets, and highlights the bright spots, both globally and on the ASX, that are presenting a breadth of opportunities in small and mid-cap companies.

Season 7, Episode 5: How did RREAF Holdings grow into a $4.8B real estate platform across multifamily, hospitality, BTR, and master-planned communities? Today, we sit down with Kip Sowden, Chairman & CEO of RREAF Holdings, and Doug McKnight, President of RREAF Holdings, to break down the strategy behind the firm's growth across the Sun Belt. Kip shares how he moved from brokerage into principal investing after the GFC, while Doug explains how his fixed income background shaped RREAF's approach to capital, risk, and liquidity. The conversation covers distressed acquisitions after 2008, bridge lender opportunities today, and why RREAF focuses on “all things residential” across the South and Southeast. Kip and Doug also break down their approach to multifamily, extended stay hotels, beachfront resorts, and large-scale Texas developments, while sharing why they believe a new real estate cycle is beginning. Shoutout to our sponsor, Henry AI. The fast track to investor-ready decks that actually stand out. TOPICS 00:00 – Introduction 03:45 – Kip Sowden's Early Career in Brokerage and Mortgage Banking 09:28 – Moving Into Principal Investing and Launching RREAF 17:03 – Buying Distressed Notes and REO After the GFC 24:17 – Structuring $500M+ Multifamily Portfolio Deals 30:29 – Master-Planned Communities, BTR, and Texas Growth 36:39 – Why RREAF Is Bullish on Extended Stay Hotels 42:26 – Why RREAF Focuses on the South and Southeast 47:45 – Institutional Capital Returning to CRE 54:30 – Where RREAF Sees Opportunity in the Next Cycle For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America's economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry's biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 7, Episode 4: How does a firm managing $17 billion navigate global real estate through high interest rates and a "hope-driven" market? Today, we sit down with Tim Mooney, partner and global head of real estate and Jim Dunbar, partner and head of real estate lending at Värde Partners. They break down how Värde operates across the capital stack, from senior lending and structured credit to niche equity platforms in student housing and medical offices. Tim and Jim share how their "distress roots" from the GFC shaped their current strategy of building sector-specific operating platforms like Trimont. They explain why today's cycle is a "slow trickle" compared to 2008, the reality of the upcoming maturity wall, and how they are synthetically creating mezzanine returns. Whether you're curious about AI's impact on real estate demand or looking for insights into international markets like India and Europe, this episode is a masterclass in institutional credit. Join us for an unfiltered look at the conviction and data-driven discipline required to manage a global alternative investment platform in today's cycle. Shoutout to our sponsor, Henry AI. The fast track to investor-ready decks that actually stand out. TOPICS 00:00 – Introduction to Värde Partners 05:58 – Tim Mooney and Jim Dunbar's Backgrounds 10:05 – The Trimont Acquisition and Data Advantage 13:00 – Värde's Current Strategy: Staying Senior in the Stack 15:51 – Case Study: Repurposing Distressed New York Assets 22:44 – Lessons from the GFC vs. Today's "Hope-Driven" Market 30:50 – Middle Market Lending and Creating Synthetic Returns 34:26 – The Case for Medical Office and Student Housing Platforms 41:16 – AI Disruption and the Future of Productivity 45:15 – International Complexity: Lending in India and Europe For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America's economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry's biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

The MBA Partners Scholarship – in Memory of Denise Kaplanit's hard to have a 10-year plan when the GFC happens in your 10-year plan.“I just want clarity because everything's so confused right now.”George SorosOpen Society FundE29: "Time happens" with Mike KaplanE32: "God forbid men not having an erection" with Frederique Labadie

This week, I sat down with Lord Walker, Executive Chair of Iceland Food Group, Founder and Chairman of Bywater, and the Prime Minister's Cost of Living Champion. Richard started his property career on the JLL graduate scheme in the West End before moving to Warsaw to build a value-add business across Eastern Europe. After returning to the UK, Bywater spent several years searching for its niche before the former Costa Roastery site in Lambeth became Paradise - one of the UK's largest CLT mass timber office buildings. That project helped bring in Sumitomo Forestry, a 400-year-old Japanese partner, and gave Bywater the platform to scale into timber-led workspaces and living assets. In this conversation, Richard talks about patient capital, building through the GFC, why "long term greedy" shapes both Bywater and Iceland, how purpose and profit can sit together, and what his new role in the House of Lords means for his work around the cost of living. We also discuss Iceland's growth into a £4.5bn family-owned retailer, his year working on the shop floor, climbing Everest in 2023, and why resilience has been central to every stage of his career. ⸻ Key Topics Covered in This Episode ✅ From The West End To Warsaw Lessons from the JLL grad scheme and building in Eastern Europe through the GFC. ✅ Paradise, Vauxhall & The Mass Timber Thesis How the CLT office in Vauxhall became the deal that defined Bywater. ✅ Sumitomo And The Power Of Patient Capital Why a 400-year-old Japanese partner is rewriting how Bywater thinks about cycles and product. ✅ Scaling Beyond Offices £1 billion GDV by year end, a new pension-fund vehicle, and the move into living. ✅ Long Term Greedy Why purpose-led businesses last longer and why Gen Z is voting with their feet. [This episode was recorded on 16th April 2026] If you have thoughts or questions about this episode, drop them in the comments. I'd love to hear your take. The People Property Place Podcast is powered by Rockbourne, recruiting leadership talent for real estate funds, owners, investors, and developers. LIKE SHARE SUBSCRIBE

In this episode, Ted Oakley, founder and managing partner of Oxbow Advisors with 49 years in the business, returns to discuss the stark disconnect between Wall Street momentum and the collapsing consumer, revealing credit card and auto loan delinquencies are now at Great Financial Crisis levels while the economy has shifted from K-shaped to "i-shaped" with only a tiny dot at the top. He explains his letter "The Gambler" addresses how younger investors have abandoned real investing for a betting culture of sports gambling, one-day options, and Bitcoin, while most advisors no longer know when to "hold 'em or fold 'em." Ted maintains 50% cash in short-term treasuries, predicts inflation will hit 4.25% in May rising to 4.75% by fall with financial repression as the only way out of the debt trap, and reveals energy is his largest position up 35% year-to-date despite being only 3% of the S&P (it was 33% in 1980). He expects energy to rip like gold and silver did last year since nobody owns it yet, outlines his "well to the end" strategy covering producers to pipelines to rigs, confirms we're in early innings of a commodity super cycle, and warns speculation will continue pushing until a recession breaks the momentum. Ted draws parallels to 1999 when shorts got killed for nine more months, sees no recession on the horizon yet to break the fever, and cautions that baby boomers age 65+ hold more stock than ever in history making them the worst positioned he's ever seen for the eventual wealth transfer.Links:Oxbow Advisors: https://oxbowadvisors.com/YouTube: https://www.youtube.com/@OxbowAdvisorsX: https://x.com/Oxbow_AdvisorsBook: https://www.amazon.com/Second-Generation-Wealth-What-Want/dp/1966629168Timestamps: 0:00 Introduction - Ted Oakley returns, founder of Oxbow Advisors0:56 Two different things - Wall Street vs. the economy1:42 Consumer keeps falling apart - Credit card delinquencies at GFC levels2:24 K-shaped economy becoming more like an "i-shaped" economy3:32 "The Gambler" letter - Younger investors just betting, not investing4:02 Betting culture - Sports betting, one-day options, Bitcoin5:21 Know when to hold them, know when to fold them5:39 Cash position at 50% in short-term treasuries6:41 Long bond move - Topped 5.19% on 30-year6:57 Late 70s/early 80s parallel - Inflation went from 5% to 18%7:49 Are bond vigilantes coming back?7:54 Bond market eventually rules everything8:21 Expectation of more inflation ahead8:27 May CPI could come in at 4.25% or higher, 4.5-4.75% by fall9:30 Financial repression is the only way out10:36 Can't see how Fed cuts rates at all11:09 Asset holders benefited from inflation but that changes in linear inflation12:18 Energy is largest position - Up 35% vs. S&P's 20%13:11 Big tech stocks barely up from November/December levels13:41 Semiconductors probably at high for next 5 years14:34 Energy dramatically underweight in portfolios - Only 3% of S&P15:03 1980: Energy was 33% of S&P15:54 Energy names - Well to the end strategy16:53 Producers, midstream, rigs - The whole package17:34 Where we are in commodity cycle - Early innings18:38 Commodity positions - Rio Tinto, Vale, uranium, antimony, critical minerals19:18 Oil price and energy thesis20:16 AutoZone warning on motor oil shortages coming20:54 Precious metals positioning today21:54 Gold could go to $4,000 or $3,800 - Shake out momentum players23:12 1999 parallel - Momentum could continue 9 more months24:19 No recession on horizon - Need that to break momentum25:14 Speculative nature pushes until recession breaks it25:51 Second Generation Wealth - Massive wealth transfer concerns26:31 Baby boomers 65+ have most stock in assets ever in history27:22 Closing thoughts

What happens to your dental practice when life throws you a curveball? Not a minor inconvenience - a genuine crisis. Health problems, family emergencies, the kind of stuff that stops you in your tracks. For most practice owners, that's the moment they discover whether their business is a life raft or a dead weight. And the difference, as Jesse shares in this episode, comes down to what you built before the storm hit.Dental practice financial resilience isn't just about having a rainy day fund. It's about systems - the ones that keep running when you can't. In this episode, Jesse unpacks a real story from a friend who nearly lost it all, breaks down the gaps that almost sank them, and shares practical strategies for price-shopping calls, economic downturns, and reclaiming your agency as a practice owner.In This Episode:00:44 Why one practice owner's personal crisis became the ultimate stress test for their business01:16 The four financial systems that kept the wheels turning when the owner couldn't show up01:53 The slow leaks hiding in your practice right now that aren't screaming for attention02:44 Why price-shopping phone calls are actually buying signals, and how your reception team might be misreading them03:06 The difference between a script and a framework04:06 How to handle the "how much is a crown?" call in a way that books appointments instead of losing them06:38 What practising through recessions, the GFC, and COVID has taught Jesse about financial resilience07:29 The danger of dental Facebook groups during tough economic times08:25 Why your business results are more within your control than you think — and the skills you need to start building now.Links & Resources:Episode 548 — The Four Financial Systems for Dental Practices Join the free Savvy Dentist Facebook GroupFollow Dr Jesse Green on LinkedInVisit Savvy Dentist websiteMentioned in this episode:Savvy Dentist Team Training BundleIf your practice can't run without you, it's time for systems - not more theory. That's why we created the Savvy Dentist Team Training Bundle - five powerful, system-driven programs including Front Desk All Stars, the Million Dollar Dentist, Practice Manager Masterclass, Advanced Treatment Coordinator Training, and High-Performance Hygiene. Each course delivers practical, step-by-step systems your team can use every day to build accountability and create a self-managing practice. Save $2,000 for a limited time — visit savvydentist.com/team-training.Team Training Bundle 2025

Private credit is suddenly everywhere in the headlines. Redemption requests are rising. Retail investors are panicking. And many people who don't even understand private credit are suddenly convinced something is "breaking." So what's actually happening? In this special episode of Financial Detox, Jason and Alex sit down with Phil Huber, Managing Director & Head of Portfolio Solutions at Cliffwater, one of the leading firms in the private credit space, to unpack what private credit really is, how it works, the risks investors should understand, and why today's headlines may not tell the full story. What we cover today:

Keeping yourself fit and healthy and in shape is vital for life’s long game. And no-one understands that more than celebrated chef Neil Perry, who chats with organisational psychologist Dr Amanda Ferguson about what it takes to survive the demanding restaurant game for more than 40 years. About the episode – brought to you by Australian Seniors, in partnership with RSPCA. Join Jean Kittson for the seventh season of DARE: The time of your life (formerly Life’s Booming), called Better With Age. Too often ageing is painted as decline. In reality, Australians are living longer, healthier lives and reshaping what “older” looks like. This series flips the script and shows how ageing is not a dirty word but rather a time to be embraced, featuring interviews with extraordinary over 50s refusing to slip quietly into the background, who instead continue to survive and thrive in the long game of life. Neil Perry is Australia’s most decorated chef. The culinary genius behind Rockpool and winner of the 2024 World’s 50 Best Icon Award, Neil has spent 40 years at the very top of his craft, including his latest venture, the Margaret Family Group. Staying there hasn’t been accidental. It takes relentless passion, resilience, and an unwavering belief that what you put on the plate – and into your body – genuinely matters. Dr Amanda Ferguson is a registered psychologist, organisational psychologist, author and speaker, whose three-decade career has been devoted to helping people find meaning, motivation and wellbeing in work, life and relationships. – Watch DARE: The Time of Your Life on YouTube Listen to DARE: The Time of Your Life on Apple Podcasts Listen to DARE: The Time of Your Life on Spotify For more information visit seniors.com.au/podcast Produced by Medium Rare Content Agency -- TRANSCRIPT:​ Jean Kittson: DARE the time of your life, formerly Life's Booming, is brought to you by Australian Seniors in partnership with RSPCA. For more episodes of this and our Life's Booming series, visit seniors.com.au/podcast. Hi, I'm Jean Kittson. Welcome to the latest season, Better with Age, where we are celebrating Australians who are living, working, and ageing on their own terms. No ageing stereotypes for them. This week's episode is called Playing the Long Game, and no one exemplifies what that means more than our first guest, Neil Perry. With a career spanning more than four decades, he is one of our most influential chefs. Indeed, he's the only Australian to receive the prestigious World's 50 Best Restaurants Icon Award, the food oscars. The culinary genius behind Rockpool, and his latest venture, the Margaret Family Group, Neil has survived the often brutal hospitality world without disappearing or burning out. And joining him is Dr Amanda Ferguson, registered psychologist, organisational psychologist, author, and speaker whose career has been devoted to helping people find meaning, motivation, and wellbeing in work, life and relationships. Neil and Amanda, welcome to the podcast. Thank you. Neil Perry: Thanks, Jean. Good to be here. Jean Kittson: Neil, the restaurant business is often very brutal, long hours, highly competitive, stressful, fickle market, lots of pressures, all that, not that I want you to feel any pressure from me about this, but you've not only survived, but you've thrived for over 40 years. So, what do you think is the key ingredient or the secret ingredient to your longevity? Neil Perry: Well, I think just the enthusiasm of which I approach every day because, I mean, you know, it is an old cliche, but they say if you find a job you love doing, you'll never work a day in your life. And I am lucky enough to have found, you know, something that's intrinsic in lifestyle. So I kind of dream about food. I eat food, I wake up, I work in it. You know, my whole focus on a daily basis is about my restaurants, my staff and how we grow and continually evolve. So, I've kind of spent the last 51 years in the industry continually evolving rather than, you know, sort of deciding, oh my God, I've gotta change what I'm doing. I'm just day by day trying to do better than I did the day before. And that's a kind of mantra that we roll into the entire team so that they're always thinking about getting better and more focused and getting the best out of themselves and growing as people, which is really important. So, I think that's helped me keep an edge to continually keep thinking that. You know, I've got a role in the industry and I wanna keep moving forward. And, you know, tomorrow is another day and it's another day that I get an opportunity to be better than I was the day before. Jean Kittson: And you translate that to your teams by the sound of it, that is important. Neil Perry: Until I was 25, I was working front of house and managing restaurants and running restaurants, which has kind of helped me become a restaurateur rather than just a chef. And then at 25 transitioned into the kitchen and it was really obvious to me that there tended to be a kind of ‘us and them’ culture in the restaurant business. And we see with a lot of things at the moment on chefs and the way they treat people and they have treated people, and particularly in Europe, that it can be a very hard place to be. But, I made a very conscious decision to try and make it, you know – more about the way my personality is anyway – but to make it a place where it was really, everyone working together as one team, no front and back of house. It was, you know, really everyone coming together to make sure that the most important person in the room was the customer – and that we were supporting each other. So through the care philosophy, which, you know, is a really simple word, but it embodies itself in so many things that we do. So, you know, we care about our incredible suppliers. They're the lifeblood of our restaurant. Our amazing farmers and fishermen and, you know, incredible vignerons and so forth. And then it's really about caring about the place in which we work, because I really love to have a restaurant that's as beautiful 10 or 15 years down the track as it is the day that it opens. More patina, of course, but like a great pair of shoes – loved and comfortable – and that's really important to me. And then core to, I guess, the whole thing is we gotta care about each other. So we try to make sure that, you know, we're checking in. Are you okay? You know, are you doing your mise en place or can I help you set up the restaurant? And make sure that if we think somebody's coming in and they've got issues at home or with relationships, or even with a relationship within the restaurant, that we're trying to solve that and make sure that we can get to the point where we're all pulling in the same direction. And then for us, community's key. So caring about our community. We've always been involved in fundraisers and trying to help people that are less fortunate than us. We're in a very privileged position to be able to do that as restaurateurs and chefs. And then care about the environment because if we don't have clean air and clean water and clean earth, we can't get that amazing produce. It's my role to make them better chefs, better waiters, better sommeliers, better managers. But I like to make them better people. I always say at every large staff gathering, probably most of them under 30, that, you know, my generation kind of sucked the marrow out of the world, and it's up to them to make sure that the next generation of leaders are held to account. So, I do try to get them to think about community, you know, sustainability and politics – and their role in it. And that makes them hopefully, you know, more rounded people. Jean Kittson: Well, it sounds to me that longevity we're talking about and that success, so it would go the other way too. Do you get a lot of support from them? Because you give them so much care and attention and your expertise and you're bringing them up. And do they support you when there's challenges as well? Neil Perry: Yeah, of course. I mean, I always say that I'm kind of like a vampire. So, you know, I run this amazing team of people with huge amounts of energy and youth and they need to be guided and sort of, you know, given opportunities in life. But in return, I get so much energy and so much joy from them that that actually keeps me young. I look through my eyes and I actually think that I'm their age, you know? Jean Kittson: And Amanda, in your work, in different industries, do you see this teamwork as part of an essential ingredient as well in different industries? What helps your clients? Dr Amanda Ferguson: Yeah. Every industry is different in terms of how much teamwork you're gonna have and gonna need. Certainly in Neil's area, you can see the necessity of people there physically, and yet we've got a lot of remote working now and a lot of organisations have pivoted that way. But I think, Neil, you were talking beautifully about a whole lot of organisational psychology concepts like growth mindset; that the growth factor of helping these younger people moving forward and growing. And we know that the growth mindset is important for all ages and you know, fundamental to performance anyway, but then to ageing performance, this engagement Neil's talking about, what makes him engaged and motivated internally. That's what we know, as we get older, matters even more than when we're younger. So a lot of your younger staff, they're really motivated by extrinsic, which is external reward, which is building their careers and gaining money and being able to put down any roots that they can do at the time of their lives. And yet, these internal motivations are what are driving us as we age increasingly, which is about contributing, which is the influence you're having, the legacy you're creating. And that clearly motivates you as well with the care concept there, which is a wonderful driving factor. Jean Kittson: Do you think that keeps people more engaged with the work they do and able to meet challenges better? Dr Amanda Ferguson: Well, as long as you shift with your motivation. So we change across the lifespan, and Ericsson talked about the tasks of different ages and stages of life. Those travel with us during, staying at the top of our game. And so as long as we keep negotiating them, which is where our motivation's gonna change. So now, you know in our 60's, the main motivation there for the life stage is about legacy, and then it's gonna become wisdom, and moving into the wisdom part that we're negotiating with. So it's like in any generation pivoting, continuing to pivot even in older age. And you know, not giving up, you know, that there is a choice there that people make and have to be conscious of. Ericsson said at 63, it's a real challenge of; are you gonna regenerate or are you going to degenerate? Jean Kittson: Right. Dr Amanda Ferguson: Yes. Neil Perry: I think it's really important for people to recognise that a lot of things that happen to them are within their control. Dr Amanda Ferguson: Mm-hmm. Neil Perry: So for me, you know, I'll be 70 next year, so in 10 years I'm 80. So, you get a choice of thinking, well, you know, I've got 11, hopefully, very mobile years ahead of me. Because there's no guarantee physically, particularly when you've worked as many hours as I have and worn out most of the joints in your body, that you're going to be fabulously mobile. But it's important for me now, like, as we all know with longevity, like muscle mass is very important. So it's important for me to do enough exercise and it's really important for me to also think about balance and also flexibility. The three things that probably give you the most opportunity to get into your 80s and live the sort of life you'd still love to lead. And I know people who I always say are very inspirational to me who are like that hitting their eighties and, you know, still going out and playing golf and going on holidays and still working and doing things and I think that'll always be a very important part of my life. I couldn't imagine retiring. I could imagine taking it a little bit easier, you know, maybe not working every weekend, but I couldn't imagine not having the motivation mentally to come in and set parameters and talk to the chefs and speak to the wonderful fishermen and the farmers and the people that are the most important people in my life. So I just think for me, it's a matter of kind of putting the energy into those things that will give me the kind of outcome that I want. Dr Amanda Ferguson: And that's your internal motivation. Neil Perry: Yeah. There's a very traditional, you know, big pharma way of thinking about medicine and the body. And we now know that there's a very well documented and proven, you know, functional way of looking at it. We know diet's really important, so I eat really well. I mean, one of the things that's great for me is I don't eat really any processed food at all, probably except for bacon, which I love. Jean Kittson: You said processed. That's not processed. It's just dry. Neil Perry: Not really. It's like when I make our hamburgers, people say, ‘oh yeah, you eat a hamburger.’ Yeah, it's like freshly ground beef. That's what it is. It's got properly made sauces and it's got a bun, you know, so it's actually pretty good for you. I'm not sure about the other processed ones but, you know, I do think if you eat a lot of whole food, it's really important. I mean, my probably one sin in my life is I love red wine. So, I'm thinking a lot about, you know, how much I drink and maybe I should cut back. But every time I think about that it's just, you know. Jean Kittson: Too hard! Neil Perry: I think is it worth an extra couple of years? Maybe not. Jean Kittson: No, that's right. Benefit. Neil Perry: You gotta get the balance. Jean Kittson: Risk benefit. Risk benefit. Amanda, do you see that people with longevity in their chosen careers, do you see that as a psychological important part of them surviving, you know, playing the long game? Dr Amanda Ferguson: Oh, absolutely. And look, most of those people will either have really pivoted in their careers away from say, line management to supervising or training in a corporate kind of job. Or if you're lucky enough, I think as both Neil and I are, to actually love what you do and live to work because we get so much like a vampire back from the… Jean Kittson: Yes. Dr Amanda Ferguson: The beautiful energy of what we give out and what comes back. And that's engagement, that's called employee or work engagement, where we love and like our work. So clearly the cognition side that Neil loves, you know, the way he thinks about all his work as well as emotionally, what he's gaining and giving, and giving out cognitively – so everyone has a different long game. You know, I'll often say to people who have worked to live; ‘don't just retire, retire to something.’ And that's when they may sort of, you know, think of buying another business that is actually non-corporate, where they can have their staff if they're similarly engaged or creative outlets where they can really be more creative in the workplace or in hobbies or pursuits or golf. So, you know, the long game may be pivoting to being the brilliant golfer in your peer group. Jean Kittson: Right. Using your energy in your, yeah, well that sounds pretty good. but use that drive… Neil Perry: Frustrating game though. Jean Kittson: Yes. Frustrating game. Dr Amanda Ferguson: Well, yes, use the pivoting drives because as we age, the reason that we are motivated changes. So it's typically becoming, as we are entering post 50s, we're moving from – and certainly from late forties – we're moving from being really motivated by caring for others to wanting to build a legacy. And so if you feel your legacy is in the community, say, of having the surf club managed really that legacy may matter. And even having a plaque for yourself or you might become an elder to the local surf group. So, it's the pivoting and noticing and negotiating the lifespan changes that you have to go through in order to keep this motivation, engagement, growth mindset and risk failure – and have fun along the way. I mean, all those basic performance motivations and factors, they all still apply in older age. We draw on that breadth of knowledge and survive and thrive because of that, you know, it doesn't matter that the cognitive decline is happening. If you are pivoting, if you're compensating with all of that knowledge and ability and, you know, even muscle memory that you would have, definitely for your work. Jean Kittson: I think they call it crystallised experience. Dr Amanda Ferguson: Yes. Jean Kittson: Have you heard that expression? Dr Amanda Ferguson: Yes. Jean Kittson: Yes. So that's very valuable to workplaces. Dr Amanda Ferguson: Absolutely. Jean Kittson: I know you've been talking about legacy and I would think that Neil's already got an enormous legacy. Dr Amanda Ferguson: Exactly. Jean Kittson: And you could, you know, leave the business tomorrow and you'd still be as renowned and as admired and respected. Dr Amanda Ferguson: Except the care of the younger people. Neil Perry: Yeah, absolutely. Getting young people to care. I mean, it starts really with kind of, you know, you get young 16, 17-year-old people coming and working with us. I mean, we're very lucky through COVID that my daughters were in year 9 and 11. And when we came out of COVID and staff was very difficult, we'd already been doing, sort of, takeaway and burgers and everything we possibly could to survive. And one of the things that all these young kids loved, they loved coming and working for us because they're very social. And all of a sudden, for four months of their life, they were like, you guys cannot be together. So, for them to come and work and putting little bits of sources in containers and doing all that stuff. But to see them sit around a table, eight of them, and laughing and, you know, engaging and being social was just so wonderful because I know, with my girls, you could really sense that they were struggling and they really missed that. So they then came on to be, you know, the kids who worked in our restaurants, all of their friends, and they were anywhere from 15 through to 17. And we've put many of them through university. And so, they're a really important part of what Margaret is, and that makes it an incredible family restaurant beside the fact that my three daughters and wife worked there as well. So what was really wonderful was for their parents to come in and have dinner and just say, ‘thank you, you've really taught our daughters what it is to, or our son, what it is to strive,’ you know, to try to be the best you possibly can. And I just thought it was a really wonderful impact to have on young people. And then other times where we get young kids in the kitchen, 16, 17, and they're, you know, used to eating processed food and cans of drink and, you know, all the sorts of stuff that I dislike immensely. We don't force them, but we try to make them appreciate real food and whole food. And, you know, every day we have a family meal when we're open and it's not leftovers, it's a planned meal. We buy food in and our kids, you know, get in pairs and they get to prepare a family meal. We have some fantastic… Dr Amanda Ferguson: Wow. Neil Perry: dinners because we have kids from Korea and Indonesia and Singapore and China, Greece and Spain and Italy. And so we just get these amazing, very traditional meals cooked with real food. My motivation is to move the goals for those kids and to show them not just restaurant food, but what good eating is, to value and how to enjoy because, you know, part of their training is really tasting everything that we make and making sure that everything's perfectly balanced. But I want them to understand what, you know, eating and enjoying life is really all about because we have to eat to survive. So it's really wonderful. We can get great joy out of that as well. You know, it's the icing on the cake. Jean Kittson: That is a wonderful legacy, but also then they will learn and pass it on. I mean, do you see your role as a chef and a restaurateur, in the broader community, as education as well about food? Neil Perry: Yeah. Oh, very much so. And that's been like, I think I've got 11 cookbooks that I've put out since 1994 was the first one. Jean Kittson: And your recipes are fantastic, by the way. Neil Perry: Yeah. I wrote for Good Weekend for, you know, 15 years. Nearly every book is the same, in essence, because it all starts out with good cooking is good shopping. So, you know, if you buy beautiful produce, you'll end up, and that doesn't mean spending a fortune, it means cooking with a season, and often that'll be the cheapest way to buy fruit, vegetables, whatever it might be. And, you know, eating fresh food. You know, if you prepare fresh food or eat lovely fresh food when you go out, again you know, from a lifestyle point of view, it's just so much easier to process, so much better for you. You know, I really learned how to wash, dry and dress a salad properly at Stephanie's. And that's been very fundamental to all the things that I've done through my career and like people come to my place, they go, ‘oh my God, the salad's amazing.’ Well, it's just, you know, really well washed, dried and dressed and seasoned lettuce. I hope to impart on the next generation is just the fundamentals of doing stuff properly. Jean Kittson: Properly. I'm going to make sure I dry my lettuce properly now. Neil Perry: You must have a salad dry. You must dry your lettuce properly. Jean Kittson: Yes. It's pretty old. My salad dry. But to think that even three months with an elder in your business, like Stephanie, had such a big impact, shows what an elder and that experience has… Neil Perry: Well, she was older, but she wasn't that much older than… Jean Kittson: Oh I'm sorry. Neil Perry: Steph must be like, she would probably hate it if I said it, but, you know, approaching 80 or in her eighties. Jean Kittson: Oh, not that much older… Neil Perry: But back then she was probably in her early forties or whatever, and I was 26. I guess the reason it was so impactful for me is that because I'd run restaurants and managed restaurants and my father kind of taught me pretty much everything about food. Because he was a butcher, you know, mad keen angler. So we went fishing all the time on our holidays and he came from the country, so we were lucky enough to have a small garden and grew vegetables. So he taught me all about the seasons. But when I did my year of working with a whole lot of great chefs in Australia, I was 26, I'd run restaurants, you know, I'd been buying the wine, you know, doing lots of wine tastings, buying fish for the seafood restaurant I worked for, running the books, doing everything. So as soon as I jumped into that environment of working with chefs, I was like a 26-year-old, highly motivated, knew the business really well, so it really focuses you. Dr Amanda Ferguson: You've adapted and you've pivoted with the times, like you said with COVID and, you know, that's where you regenerate all the time. Neil Perry: Yeah, well, I have a nasty habit of opening restaurants in like – if I'm about to open a restaurant, anyone in the stock market should look at it and go like, ‘okay, where's my investment opportunity or divestment?’ Because when I opened Rockpool in– I started building in 1988. I opened it in the middle of the recession. We had to have, in 89, we had 18% interest rates. We'd borrowed 1.8 million, you know, Trish and I had to pay 360,000 in interest. I mean, made $0 for working 18 hours a day, six days a week for the first year. And we were just lucky that it all of a sudden hit the spot. So we were full. And I suppose the positive was unemployment was about 10%. So, it was easy to get staff. And then when I was opening Rockpool Bar and Grill in Sydney and Spice Temple, you know, we spent $11 million on that project and the GFC came along. And then the day that I was about to open Margaret in June, 2021, Gladys got on the TV and said, ‘okay, the Eastern Suburbs is shutting down.’ And then the next day she went, ‘the whole of Sydney's shutting down.’ And about a week and a half into that, feeling very sorry for myself, and this is the first time I'd owned a restaurant, 100%, you know, my own. I'd had partners before that since ‘83 all the way through. And I just remember that feeling of like, hang on. You just cannot sit here and feel sorry for yourself anymore. You've got staff to worry about, you've gotta get yourself back into action. So it was like, you know, zoom calls, getting all the staff, getting all the management team, making sure that everybody who worked for us was having the opportunity to engage in any government relief that they possibly could through the job keeper and workforce scenarios with state and federal. And importantly recognising what we could pivot to and how we can engage with the community. And it was incredible. We worked our butts off for four months. I made absolutely $0, but I didn't lose anything. And that was with a whack of government assistance. I'd been lucky enough to do some trials and have some corporate sellouts before they shut us down, before we were supposed to officially open. And it was an extraordinary time, but it meant that those 50 people that we were all working together every day, albeit not running the restaurant, but we were living in the restaurant. We were moving through the kitchen. We were cooking, we were doing all this stuff. And then we got to retrain again, and then we opened. And it's the best restaurant opening I've ever done. So we were under restrictions, we couldn't do as many people, but it was just extraordinary. And, to this day, like in the entire, probably open 27 restaurants in my life. So, that was just, you know, the most extraordinary opening ever because we had the time to do it properly. Dr Amanda Ferguson: So, that's a beautiful vignette I think of self-compassion, which is that hang on, you know, you can't feel sorry for your self courage. And the wisdom that, you know, I’ve done it before, pivoted before with major world crises. Do it again. Neil Perry: Yeah. Dr Amanda Ferguson: And you did it. Jean Kittson: Do you find that as a common experience for people who can… Dr Amanda Ferguson: Yes. Jean Kittson: Have longevity? Dr Amanda Ferguson: Absolutely. Because again, we've got the wisdom. We may not have as much cognitive capacity. We've got the wisdom. If you can find the courage, you know, and a lot of elderly people don't have that. They lose it because of ageism around us. It's having a big effect, the loss of self-esteem, but we have more ability to self-regulate, the research shows, generally, most of us. And so, you regulated yourself, which is very much about resilience and self-management and, you know, the wisdom that you drew on. And so it's leaning into the database that we really have inside ourselves, and the knowledge that isn't just about conscious ability. It's about, okay, I've been there before. Obviously you must have cast back to oh, we did the GFC, we did the other challenges. This is just another one. And age gives us that perspective that, okay, we are looking now from here to death, whereas people earlier– sorry younger than us are looking from how long I've been alive to where I am now. So that perspective… Jean Kittson: Right. Neil Perry: There is an end to this game. Yeah. It's interesting because, you know, you're right. I mean, I probably, it's only about five years, so probably since I was 64 or 65, I just started, you know, having these odd moments not of, you know, not of depression or, you know, dark thoughts. I've only got so long to achieve what I want to achieve. You know, so before, you're right, you were kind of looking forward, just going like, oh, there's no end game to this. Let's just keep forging forward. It's certainly a life perspective change that happens to you. Jean Kittson: So do you think the long game turns into the shorter game maybe? Neil Perry: Yeah. Gotta get this done game. Dr Amanda Ferguson: Or have fun while we can game! Jean Kittson: Or how do I ensure, really. When people– I'm just a little bit confused 'cause there's self-compassion. But what Neil mentioned kept him going was not self pity. So, what’s the difference? Dr Amanda Ferguson: Yeah. Self-compassion is completely different. And this is where we are finding a lot of, you know, high performing musicians and elite athletes cringe at the idea that they should take on self-compassion. No, it's about beating yourself up to get to move forward. Yeah. And then when you really counsel them that it's about courage. It's about wisdom that you're going to keep tearing your muscles if you keep pushing forward when you are actually having a weak day. Take some wisdom there and just back off a bit on the training. It's not, you know, feeling sorry for yourself. You know, a lot of people think, oh, self-compassion is self-soothing and positive talk. And if you dig deeper into the current research, it really is about this courage mindset, this wisdom mindset, even at younger ages. And once these younger people wrap their mind around it, and they take it on, they perform better. Look at Roger Federer. You know, look how he had to develop this self-compassion of courage and wisdom to learn how to play the ball. You know, he didn't retire till 41, but he was burning out and he was focused on performance and any failure, he was visibly, you know, having tantrums. He had to pivot his mindset to this courage, determination, grit, but also this mental resilience factor where it's not emotional now. And that's what you would've done too. You would've gone into the mindset that was needed, which is a growth mindset. It's like, how do we pivot? How do we learn? And Federer is a great public example, as are you, of course. Jean Kittson: When people lose their confidence as they get older because they are undermined, there is ageism, they probably feel that they are not achieving what they used to achieve on certain levels. Maybe it's, you know, they lose their confidence because of the way they talk to themselves, but also the way, external factors, some people are retrenched. How do people– how have you found that people overcome that lack of confidence? Dr Amanda Ferguson: So many different ways, Jean. You know, again, it's play to your strengths. I've counseled people who've been retrenched seven times, you know, it's like, you know, sick of that now the corporate burn and churn wheel, you know, is it time to pivot into something different if you're that jaded? And others are like no, I'm gonna start my own business. I've got a podcast on how it's an internal external conundrum – confidence. It's what you're thinking, so yes, the mindset, but it's also what you're doing to keep your confidence because the research shows that most of us know we're losing cognitive capacity. And if you’re then pivoting, accordingly, rather than feeling unconfident about that, that's just a part of life. Where’s all the rest of your confidence? Because we do know that if you do compensate with all the other confidence areas that we've got in wisdom, knowledge, expertise, experience, you know, the perspective of we’re looking towards the end of life now and that gives us a fantastic perspective that we need in our phase of life. Jean Kittson: Yes, and to pass on to others. Yeah. When you say we are losing cognitive capacity. Is it capacity or function? What ability? Dr Amanda Ferguson: It’s capacity. Yeah. Jean Kittson: Capacity. That's a scary thing because I think, oh, you mean we can't think as clearly, but I feel like I can make better decisions now than I ever could. So what is that word? Cognitive. Dr Amanda Ferguson: Information processing. It's very much up-skilling, re-skilling. We know that older people typically don't want to retrain. They don't want to relearn new things unless you can pivot them to what motivates them. Now, you are motivated about passing on and standards and excellence and your influence continuing. And so you've probably, you know, you are relearning as you go, what's happening with the economy, so that I can continue to be confident and have my capacity working for me. So, it's an unconscious thing we are doing, really, that we're compensating from capacity, which is about information processing, about retraining to, well, I'm willing to retrain. I'm willing to understand what's happening for the farmers, for the economy, for the fuel supply, for what organisational psychology calls VUCA times that we're in which is volatile, uncertain, challenging, ambiguous. You know, I'm relearning about the state of the world because my motivation is helping people of course. And so, if I wasn't motivated by that, I wouldn't use my cognitive ability that I do still have left for that. So, it's the combination of so many different factors at play as we age. Neil Perry: So Amanda, is that in speed of processing or is that just capacity of processing? Dr Amanda Ferguson: It's in speed. We don't want to work an 80 hour week anymore. So, that lack of cognitive ability that the twenties has – when we're in our twenties – we happily do an 80 hour week. We're just not interested and it's harder. The labour for that cognitively is harder because of our loss of capacity. And so, we have to keep pivoting. We have to keep drawing on the growing skillset that we do have, which is more about the wisdom and knowledge base that is so broad that we don't even realise what we're using often. And that continues to grow in middle age. Neil Perry: Yeah. Dr Amanda Ferguson: Into older age, and the research shows we can perform as well as people in their twenties. Neil Perry: By using that capacity of what we know as opposed to what they don't know. Dr Amanda Ferguson: That's right. Neil Perry: Yeah. Dr Amanda Ferguson: And you're not even conscious a lot of the times what you're drawing on. Neil Perry: Yeah. Dr Amanda Ferguson: That body of research is so robust. There's this concept that's totally misconstrued that we are less able as we get older. Jean Kittson: I think that whole cognitive decline is so loaded. I really, find... Neil Perry: Well, we live in the age of Alzheimer's and dementia and, I mean, you know… Jean Kittson: Yes, of course. Neil Perry: I just don't ever remember growing up, when I was younger, and ever hearing that term. And of course now it's like ADHD and everything that's happening with kids now, and everyone on the spectrum – and that just was not happening when I was younger. I just don't ever remember it even in my forties. But now, in the last 20 years, everything seems to be so focused on all of the various mindsets that can happen to a person. Jean Kittson: I just feel that the restaurant industry has retained so much of its human content. Neil Perry: Yeah, absolutely. Jean Kittson: Humanity, eating together with your team. And the care of food and the environment, it all goes hand in hand. So you are very lucky to be part of… Neil Perry: Yeah. Jean Kittson: That sector, rather. Neil Perry: Well, you know, somebody said to me the other day, ‘oh, when do you think you'll start using Tesla robots?’ And I said, ‘well, how about never?’ Our main focus is to create great memories, right? I tell everybody, ‘yeah, sure we're in the restaurant business,’ but our main focus is to create great memories. And that's what drives our business – word of mouth. People say, ‘oh my God, I have the best time at Margaret.’ And it was interesting because in 2002, I got a phone call from Scott Bowles, who is still doing Short Black, which is the gossip column in the Sydney Morning Herald for food. And he said a magazine in London, they asked 300 people their five favorite restaurant experiences in the world. And Rockpool finished fourth. And I thought, wow, that's incredible. And I spent seven years on that list. But, I came back to my team and I said, ‘see, we're in Sydney and most of these people would not have been to Sydney, so we must have got a lot of hits on the ones that did.’ So, that's living proof that great memories are created in this restaurant. By having you feel like this is your second home, you know, like our regulars are so important and anybody who's a first time visitor is a great opportunity to create a regular. That's how we look at it. Jean Kittson: Yes. Neil Perry: And we want people to feel like this is their second home. They're so comfortable here. You know, we know what they drink. We know what they like. We know the interactions and conversations and we want people to just think, oh, I've just gotta get back to Margaret, because I not only love the food, but I just love this whole experience of feeling like I'm part of the family. I don't think you'll ever be able to AI replace that. And I hope I'm well dead and buried if it ever happens, because it would break my heart if that happened. Jean Kittson: If we all had to do everything online and then, well, even the QR code doesn't code, doesn't… Neil Perry: Drive you crazy. Jean Kittson: In the pubs, now you order your food on the QR code. Neil Perry: I'm lucky enough to be well positioned to know people in restaurants that I want to go to or even around the world. So, I just never get online and make a booking. You know, it's always a phone call or a quick text or something, but all that stuff just takes the romance. I mean, I almost, I thought I wanted to give up restaurants when I got to the stage where we had to bring the EFTPOS machine over and leave it. I just thought romance is dead. Okay. I got over that. We moved on, and the technology works really well for everybody now. And, I guess the one thing about the stuff of the ordering and what have you as more and more restaurants move towards – potentially not even that – but different opportunities with technology on table, you'll still have waiters and all that stuff, but, you know, you get the walk, the check ability and all. It's just making life more convenient. But again, a lot of this is at the expense of the romance of what it's all about. And, you don't have a great memory of a seamless experience. You have a great memory of an interactive experience. Dr Amanda Ferguson: But you seem to be compensating for that with the care mentality. Neil Perry: Yeah. You have to. Jean Kittson: So Amanda, when Neil was talking about creating memories, do you think that translates into other businesses as well? Or even socially? I suppose, if we all thought that every interaction, we were creating some sort of memory, maybe we would get more pleasure ourselves from life and give other people more pleasure. Dr Amanda Ferguson: Yeah. Well, that's one of the internal motivators for our age group is the fact that we're connecting socially with other people for those memories, for the feel good in ourself. If that's about creating memories for others, maybe having memories for ourselves as well. That's driving us more at this age group. It's about memories and it's about pleasure and enjoyment and having fun. Neil Perry: And all those experience, kind of, industries are obviously doing the same thing, you know, whether that’s in the travel industry or events, airlines, you know, whatever it might be. That interaction that you have, you want people to get a lot of joy out of it. Dr Amanda Ferguson: And you want them to remember. I want them to remember, ‘oh, that's right. Amanda said 10 years ago,’ you know, because we’re in the people business. Neil Perry: Absolutely. And conversely, the fundamental thing that you have to get is job satisfaction. If you are already enjoying what you do, all the stuff we talk about with care, it's just not gonna come through. You know, all that has to be delivered with a genuine spirit of hospitality and that can't be done unless you are loving what you do and you're getting a lot of joy out of it. Dr Amanda Ferguson: Yeah. Job satisfaction is engagement. That was my PhD area, that you love and like your work. So it's cognitive and emotional. Neil Perry: Yeah. Dr Amanda Ferguson: And that's where you're giving memories. Creating memories. You're making memories for yourself. Jean Kittson: And so do you ever say to people who have not enjoyed their work and they're now in their fifties, do you ever sort of suggest they may like to find something they like doing? Dr Amanda Ferguson: Absolutely. Yes. If they've not enjoyed it, but they've worked for reasons that are external motivators like money, providing that kind of thing, they've now got an opportunity – especially with the perspective of, okay, we are now living to the end of our lives. What's gonna be important to you now, so that when you're on your deathbed, you can look back at the memories and go, I have got no regrets. Neil Perry: You crystallise that very well, Amanda. When you're on your deathbed. Jean Kittson: Is there something you would've told your 50-year-old self, which you were 20 years ago? It's hard to believe, isn’t it? Neil Perry: I know it is. Jean Kittson: Is there anything that you would've told your 50-year-old self that you know now that you would've thought, I would've done that differently or anything? Neil Perry: Look, you know, I've made a couple of mistakes in the past two years that I wish I hadn't, but experience told me that I shouldn't have done it, but I did. And it was partly, you know, just being drunk on the success of Margaret and vesting a lot in Double Bay that I probably shouldn't have done. You know, I'm happy where I am now, so I always managed to fight my way out of these things. But yeah, look, I would probably just sit back and say, ‘hey, just run the numbers one more time and remember all the things that you said that you were never going to do.’ Because there were a whole lot of red flags on what I did. And I’d never do a restaurant where it’s got da, da, da. Never do da, never do this, never do that. Did all of them because I really wanted it. And I think back then, I was 50 when I started, or a little bit younger, when I started building the Rockpool Bar and Grill part of our life, which was the business that I managed to sell for quite a bit of money and set myself up for life really. But, I was very focused on not making those mistakes. So maybe my 50-year-old self should be telling my almost 70-year-old self – or my 67-year-old self when I made these decisions – stay by your code of conduct and don't get over enthusiastic. Jean Kittson: Yeah, dry that lettuce. Neil Perry: Dry that lettuce. Exactly. So interestingly, I don't regret anything in my life, really. But I do think that when you are in a situation where you've lived as long and you've been in the industry for as long as I have been, and you've managed to have as much success, it's really very satisfying to look back and think about. And it was hard work, all the hard work that you put in, but, you know, all the rewards that you got from it. Jean Kittson: All the rewards that other people got too. Bringing training and mentoring and bringing up such a team. For someone who mainly works on their own, I just admire that so much and I feel that that must be one of your greatest legacies. Not only educating us all about food and introducing us to wonderful recipes and experiences and memories, but just what you've contributed to the following generations. Neil Perry: Well, I've got to, I've worked with an enormous amount of people. I mean I don't even know how I could figure it out, but it'd be, I don’t know, 50,000 people over my career probably. Jean Kittson: Wow. That's amazing. Congratulations. Well, Amanda, like you were saying before, so we don't have regrets on our death bed – I'm gonna have quite a few. Don't you worry about that. And, I may be seeking your advice on how to manage those regrets. But, most of us will have regrets and part of the resilience of getting older is how to manage, you know, mistakes we've made and how to sort of, I suppose, work out in our minds why that might have happened and forgive ourselves or move on. And do you find that that's a very important part of getting older and keeping on going? Dr Amanda Ferguson: Well, yes. Good that you mentioned resilience because that, in the research, is about self-regulation. So, managing ourselves and social competency. So, being able to manage dealing with other people and communication, relationships, conflict resolution. So yeah, resilience is the key factor to prevent burnout, to help with engagement. It's very important, and to avoid regrets. Yeah. Your example, Neil is exactly one of those that you manage yourself better now and we learned through failure. I mean, you can't avoid failure if you’re going to keep growing in your life and stay at the top of your game, failure's just part of it. Neil Perry: Oh, you've gotta embrace failure. Yeah. I mean, you know, you learn 10 times more from failure than it is from success. Dr Amanda Ferguson: Yeah. Neil Perry: So yeah, that's failing and then not being afraid to reengage, that's really important. Because some people fail and it causes them to overthink a lot and it causes them to not take the opportunities that are in front of them. So, it's really making sure that you look at the next opportunity and how do I make sure that those things aren't engaged in the thing going forward. Dr Amanda Ferguson: Exactly. Jean Kittson: Well, I think that is a really great way to end this conversation about continuing to fail is not a failure. Like continuing to fail is a good thing because you're taking risks and you're growing. And you have the confidence to not be damaged by it. Dr Amanda Ferguson: As Neil says, you can't avoid failure. If you fail to continue to be at the top of your game, there's a failure. But if you’re going to stay at the top of your game, you're gonna have to face failure. And that's a growth mindset. And welcome it because you're learning. Neil Perry: Yeah. Dr Amanda Ferguson: And you're still learning as you're getting older. How fabulous. Jean Kittson: How fabulous. Neil Perry: It's really about the amount of happiness that you have. So, there's no, no point in living an extra 10 years if you're not happy. Jean Kittson: Yeah. Neil Perry: So that's the key to life is like get to the end and be happy with where you've been, what you've done, and where you are. Dr Amanda Ferguson: Yeah. Agree. Jean Kittson: I agree too. That's fabulous. Thank you so much. Thank you, Neil. Thank you, Amanda. Thanks to our guests, Neil Perry and Dr Amanda Ferguson. You've been listening to Better with Age, season seven of DARE: The Time of Your Life, formally Life's Booming. Please leave a review and share this show with someone you know and visit seniors.com.au/podcast for more episodes. May you dare to live your best life. I'm Jean Kittson. Thank you. See omnystudio.com/listener for privacy information.

WORRIED ABOUT THE MARKET? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Thoughtful Money's endorsed financial advisors at https://www.thoughtfulmoney.comMike Green has become famous for his work empirically proving that net positive passive capital flows have predominantly been responsible for the strong performance of stocks since the GFC.He has also warned that should those flows weaken, or even turn negative, stock prices will start moving in reverse.And he's starting to see early signs that they may indeed be starting to falter?When will that matter?And what will that really mean for markets?To find out, watch this video#passiveinvesting #retirementplanning #capitalflows _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It's important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer's unique goals, needs & risk tolerance.All the details on Thoughtful Money's relationship with the financial advisors it endorses, many of whom regularly appear on this program, can be found in the following documents. We highly recommend you review these documents as they cover the terms that will apply should you choose to work with one of these firms at any time after watching this video.Thoughtful Money Disclosure Document: https://thoughtfulmoney.com/wp-content/uploads/2023/12/Thoughtful-Money-Disclosure-Document-12.6.23.pdf?pid=227Thoughtful Money Agreement: https://thoughtfulmoney.com/wp-content/uploads/2024/11/Thoughtful-Money-Agreement-Agreement.docx?pid=227IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2026 Thoughtful Money LLC. All rights reserved.

Season 7, Episode 3: How did ACRE grow from a post-GFC workforce housing thesis into a global real estate investment firm? Today, we sit down with Michael Van Der Poel, Founding Partner at ACRE, to break down the strategy behind that rise. Michael shares how he spotted workforce housing before it became an institutional trade, and how ACRE built its early portfolio by buying distressed multifamily assets at deeply discounted prices. We also get into raising capital from Asia, building a vertically integrated platform, and expanding across both equity and credit strategies. Whether you're interested in capital raising, private credit, or where real estate opportunity sits in today's cycle, this episode is a must-listen. Join us as we dive into the conviction, timing, and risk discipline that helped ACRE grow from a scrappy startup into an institutional investment platform. Shoutout to our sponsor, Henry AI. The fast track to investor-ready decks that actually stand out. TOPICS 00:00 – Introduction 02:17 – Michael Van Der Poel's Background and Early Real Estate Career 06:55 – ACRE's Workforce Housing Thesis After the GFC 09:56 – Raising the First Fund and Buying Distressed Multifamily 15:00 – Building ACRE's Credit Platform 21:13 – Why ACRE Plays Across Equity, Credit, and Development 23:21 – Pricing Equity Risk and Finding Returns in Today's Market 38:50 – Rental Housing, AI Disruption, and the Future of Jobs 41:03 – Where ACRE Sees Opportunity Right Now 46:19 – Multifamily Outlook and the Next Buying Window For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America's economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry's biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Mitch grew up watching his family lose everything in the GFC. Now, he owns 15 rental units.In this Case Study Sunday, Mitch shares why he focuses on cashflow over flashy properties, and how he's using social media to show everyday Kiwis what's possible through property investing. You'll learn:How this investor bought 15 rental units with average incomes in just three yearsHow this multi-unit deal in Rotorua changed everythingHow he's now getting a 13.5% gross yieldMain lesson? Great deals rarely fall into your lap. The investors who succeed long-term are usually the ones willing to learn deeply, move fast, and stay disciplined enough to wait for opportunities that genuinely stack up.And to see more from Mitch here are the links to his Instagram and TikTok.For more from Opes Partners:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up for the weekly Private Property newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠

The term premium — investors' compensation for holding longer-term Treasuries instead of T-bills — fluctuates with inflation uncertainty, federal deficit worries, and central banks' balance sheets. The New York Fed's Adrian, Crump, and Mönch model estimates the 10-year Treasury term premium is higher than before the pandemic but substantially lower than it was pre- GFC. The post-pandemic term premium will shape the path of longer-term Treasuries as bond investors consider what the new normal looks like. In this episode, we talk with Emanuel Mönch, Professor of Financial and Monetary Economics at the Frankfurt School of Finance and Management, about the models estimating the term premium, what's driven changes over the last forty years, and how it could shift under a Warsh-led Fed.

It's Friday huddle, pep talk time. New Zealand, we're going to need our number-8 wire, positive, can-do, problem solver attitude now more than ever. Air New Zealand's in the doldrums, Trump's at war in the Middle East, oil's chocked up, Xi's talking about Taiwan again. And for some perspective, if Taiwan kicks off, which some in the intelligence community reckon could happen as early as next year, then things will change pretty quickly. The world could be held to ransom over semi-conductors, not oil. Global GDP could drop 5% - that's Covid-era/GFC level stuff. For us, some sort of quarantine or blockade would be very bad. China's our number one trading partner - 20-25% of our exports, and we're an export nation. If they do what everyone expects they will do then there'd be Western sanctions. What happens to our goods when there's sanctions? The tap gets turned off. Or we turn a blind eye, and that's not likely. When I lived in Beijing, Taiwan was a constant topic of conversation, along with Hong Kong, because they're very important to the Chinese. Not just for historical reasons, but strategic. Their entire eastern seaboard is key to their economic success. It's within spitting distance of Beijing (political centre), Shanghai (commercial centre), and manufacturing and heavy industry port cities. Across the Pacific? America. So, any buffer's a good buffer. This is not to say we should freak out, but that we should be prepared and stay positive. Greg Foran had Covid at Air New Zealand. Nikhil Ravishankar's got a jet fuel crisis. The next guy will have something else. The hits won't stop coming. The world is smaller and dependent on each other via global trade. That means a cough in Taiwan means a cold in Southland, New Zealand. The best we can do is diversify, back ourselves, and stay positive.See omnystudio.com/listener for privacy information.

In this episode, I'm joined by Kirsty Grace to talk about her transition from financial services into executive and leadership coaching, and the experiences that shaped the work she does today. Kirsty shares how a difficult period during the GFC pushed her to reassess what mattered most and ultimately led her into coaching psychology and organisational development. Kirsty shares why she is so passionate about working with leaders and teams, and also shares what she's learned from building her own coaching business, including the value of patience, networking, and staying focused on the bigger picture while growing something sustainable. If you'd like to connect with Kirsty Grace, you can find her here: https://leadwithgrace.com.au https://www.linkedin.com/in/kirstygrace/ If you'd like to work with me to grow your own coaching business, you can learn more about the Corporate to Coach Accelerator at http://elliescarf.com/cca or book a call here: http://elliescarf.com/bookacall

The private credit landscape stands at a critical juncture amid rising technical defaults, restructurings, and redemption pressures. Our guest, Luca Blasi, draws on his unique experience in valuation, banking, and regulatory oversight, our industry expert observes parallels with the rapid growth, compressed risk premia, weaker underwriting discipline, and opaque pricing prevalent in the pre-GFC era, but highlights a key difference: today's capital is largely held by longer-horizon investors like pensions and insurers rather than highly leveraged banks. Luca analyzes potential spillover effects from private equity's current slower exits, echoes a clear need for better data standards and benchmarks in assessing risks, and makes a compelling case in reinforcing why defensible valuations depend on consistent methodology, transparent assumptions, and strong governance.  Key takeaways: •    Current long(er) horizon investor base is a key difference with pre-GFC environment  •    Difficulty in verifying underwriting quality necessitates looking beyond headline defaults •    Limited benchmarks and transaction data make valuations subjective and less comparable •    Strong governance demands independence, documentation, and timely valuations Guest:  Luca Blasi, PhD, FRM, Managing Director and Head of Private Markets Valuations and Regulatory Solutions, S&P Global Host: Howard Mah-Lee, ABV, CFA, CAIA Senior Manager, AICPA Valuation Services Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses. Please share your thoughts about the episode -  click here to leave us a review   Want to get involved with future FVS conferences, committees and advisory groups, task forces, or the standing ovation program? Send a message to infoFVS@aicpa-cima.com     RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.  Accounting and Valuation guides from AICPA  If you are an AICPA-FVS Section member see below for free access to these guides Valuation of Privately Held Companies Equity Securities Issued as Compensation Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies Assets Acquired to Be Used in Research and Development Activities - Accounting and Valuation Guide Exclusive content available with AICPA FVS Section membership:  Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content Valuation of Privately Held Companies Equity Securities Issued as Compensation Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies The FVS Valuation Podcast archives Current Trends In Private Credit Markets 409A Valuations – What you Need to Know Libsyn Five | Financial Instrument Valuation Series: SAFEs, Convertible Notes, and Embedded Derivatives LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS: Accredited in Business Valuation (ABV®) –  Visit the home page and check out the ABV infographic Certified in the Valuation of Financial Instruments (CVFI®) –  Visit the home page , the alternative investment valuation resource and community page , and check out the CVFI infographic Certified in Financial Forensics (CFF®) -  Visit the home page and check out the CFF infographic This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at podcast@aicpa-cima.com  

Rewind to 30 April to 6 May 2006 — where billionaires are buying feelings in Cubist form, governments are controlling the weather (casual) and your main character moment has a full soundtrack.

Brandon Sedloff sits down with Fernando De Leon to unpack the evolution of Leon Capital Group and the lessons learned from building and operating businesses across healthcare, insurance, financial services, and real estate. Fernando shares how his upbringing between Mexico and Texas shaped his understanding of human behavior and incentives, which later became foundational to how he builds organizations. The conversation spans his early entrepreneurial experiences, navigating the global financial crisis, and the strategic pivots that transformed his firm into a diversified holding company. Throughout, Fernando emphasizes the importance of adaptation, disciplined capital allocation, and aligning incentives to drive long-term success. They discuss: How early exposure to different economic systems shaped his approach to investing and leadership Why concentrated bets and embracing mistakes have driven outsized returns The role of incentives and human behavior in building and scaling organizations How opportunistic investing during the financial crisis created long-term advantages Why AI and automation are now central to improving efficiency and protecting margins across businesses Links: Leon Capital Group - https://www.leoncapitalgroup.com/ Fernando on LinkedIn - https://www.linkedin.com/in/fernando-de-leon/ Brandon on LinkedIn - ⁠⁠https://www.linkedin.com/in/bsedloff/⁠⁠ Juniper Square - ⁠⁠https://www.junipersquare.com/⁠⁠ Topics: (00:00:00) - Intro (00:01:40) - Fernando's background and career (00:24:54) - Leon Capital Group (00:29:46) - Taking Stakes in Investors (00:31:35) - The opportunity created by the GFC (00:36:11) - Fernando's approach to RE development (00:38:30) - Taking on 3rd party capital (00:42:40) - Biggest learning lessons (00:45:35) - Fernando's favorite business (00:47:43) - The evolution of the human brain (00:49:28) - Predictions for the next 18 months (00:52:39) - What business would you like to be in that you currently aren't?

The GFC exposed a harsh reality: for investors in or near retirement, large drawdowns aren't just uncomfortable — they can be permanent. Aaron Binsted from Lazard Asset Management saw this firsthand. It shaped the thinking behind a strategy designed to deliver equity returns with lower volatility and a focus on growing income. In this episode, we cover how markets are navigating today's macro backdrop, why “economic diversification” matters more than ever, and the under-appreciated dividend growers Binsted is backing on the ASX.

On today's EM Morning Brief for Thursday, April 23, 2026: Georgia's governor declares a State of Emergency across 91 counties as the Brantley and Echols County wildfires burn more than 20,000 combined acres and destroy at least 54 homes. CISA's April 23 federal remediation deadline hits for three actively exploited Cisco Catalyst SD-WAN Manager flaws, with five additional KEV additions due May 4. A Particularly Dangerous Situation Red Flag Warning covers southern Colorado, and severe storms capable of hail, damaging winds, and a few tornadoes target Kansas, Nebraska, Iowa, and Minnesota. FEMA announces a Major Disaster Declaration for Montana's Lincoln County, Kīlauea remains at WATCH/ORANGE within its episode 45 forecast window, and Typhoon Sinlaku recovery continues across the Mariana Islands. EM Morning Brief is your concise daily update on national and state-by-state emergency management news. Produced by Sitch Radio, an EOC Voices podcast.Key Takeaways• Georgia State of Emergency: Governor Kemp declares a State of Emergency for 91 counties in South Georgia, with the first statewide mandatory burn ban in GFC history; Brantley County fire destroys at least 54 homes, and Echols County residents evacuate.• CISA KEV Cisco Deadline: FCEB agencies are required to remediate three actively exploited Cisco Catalyst SD-WAN Manager vulnerabilities today; the remaining five KEV additions are due May 4.• Critical Fire Weather: Particularly Dangerous Situation Red Flag Warning in southern Colorado, with widespread Red Flag Warnings extending across Arizona, New Mexico, Kansas, Oklahoma, Nebraska, Wyoming, and Texas.• Severe Storms Plains-to-Midwest: SPC Slight Risk for large hail, damaging winds, and a few tornadoes from southern Kansas into southern Minnesota on Thursday, with additional severe weather expected through the weekend.• Montana Disaster Declaration: FEMA announces Major Disaster Declaration for Lincoln County for December severe winter storms and flooding; Public Assistance available.• Montana East Side Fire: Custer Gallatin NF fire stands at 1,204 acres with 0% containment; evacuations lifted but crews watch for increasing southwest winds.• Florida Railroad Fire: Approximately 4,186 acres burning along the Clay–Putnam county line at 55% containment; shelter open at Bostwick Community Center.• Texas Flash Flooding: 20 families evacuated from Williamson County RV parks as the San Gabriel River rises; Hobby Airport issued a ground stop for thunderstorms; Central Bowie County under boil water advisory.• Volcanic Activity: Kīlauea at WATCH/ORANGE with episode 45 lava fountaining likely April 22–23; Alaska's Great Sitkin remains at WATCH/ORANGE with continued lava effusion.• Boil Water and Water Systems: Active boil water advisories include Stanardsville VA, Paintsville KY, Tangipahoa LA, Central Bowie County TX; West Columbia SC lifted and Rota CNMI lifted.• Typhoon Sinlaku Recovery: HHS Public Health Emergency remains in effect for Guam and CNMI; CNMI major disaster declaration awaits final presidential signoff; Saipan and Tinian remain under boil water advisories.SponsorsThe NIMS Store - https://thenimsstore.com/SourcesCISA• CISA Adds Eight KEV April 20, 2026 — federal deadlines April 23 and May 4 — https://www.cisa.gov/news-events/alerts/2026/04/20/cisa-adds-eight-known-exploited-vulnerabilities-catalog• CISA Known Exploited Vulnerabilities Catalog — https://www.cisa.gov/known-exploited-vulnerabilities-catalog• The Hacker News coverage — CISA adds 8 KEV with federal deadlines — https://thehackernews.com/2026/04/cisa-adds-8-exploited-flaws-to-kev-sets.html• CISA ICS Advisories index — https://www.cisa.gov/news-events/ics-advisoriesDHS• DHS National Terrorism Advisory System — no active bulletin — https://www.dhs.gov/national-terrorism-advisory-systemFEMA• FEMA Disaster Declarations list — https://www.fema.gov/disaster/declarations• Lincoln County, Montana Major Disaster Declaration — April 22, 2026 — https://vp-mi.com/news/2026/apr/22/lincoln-co-gets-major-disaster-declaration-for-fed/• Whatcom County, Washington Disaster Assistance Center opens April 22 — https://www.yahoo.com/news/articles/fema-begins-home-inspections-wa-023653871.htmlNIFC and InciWeb• NIFC Incident Management Situation Report — April 22, 2026 — https://www.nifc.gov/nicc-files/sitreprt.pdf• NIFC National Fire News — https://www.nifc.gov/fire-information/nfn• InciWeb — East Side Fire (Custer Gallatin NF) — https://inciweb.wildfire.gov/incident-information/mtgnf-east-side-fireNWS and Storm Prediction Center• SPC Day 1 Convective Outlook — https://www.spc.noaa.gov/products/outlook/day1otlk.html• SPC Day 2 Convective Outlook — April 22, 2026 — https://www.spc.noaa.gov/products/outlook/day2otlk.html• NWS Active Alerts — https://www.weather.gov/alerts• Multi-state Red Flag Warnings — April 22, 2026 — https://watchers.news/2026/04/22/multi-state-red-flag-warnings-issued-as-strong-winds-and-very-low-humidity-raise-wildfire-danger-across-central-us/• NWS Pueblo PDS Red Flag Warning — Colorado — https://krdo.com/weather/alerts-weather/2026/04/22/red-flag-warning-issued-april-22-at-157pm-mdt-until-april-23-at-900pm-mdt-by-nws-pueblo-co/• Severe thunderstorms forecast Oklahoma to Minnesota April 23 — https://watchers.news/2026/04/21/severe-thunderstorms-forecast-from-northern-oklahoma-to-southern-minnesota/USGS• Kīlauea Volcano Notice — HVO April 22, 2026 — https://volcanoes.usgs.gov/hans-public/notice/DOI-USGS-HVO-2026-04-22T17:23:37+00:00• Kīlauea Updates — https://www.usgs.gov/volcanoes/kilauea/volcano-updates• Great Sitkin Volcano Notice — AVO April 22, 2026 — https://volcanoes.usgs.gov/hans-public/notice/DOI-USGS-AVO-2026-04-22T19:13:12+00:00Travel Advisories• U.S. Department of State Travel Advisories index — https://travel.state.gov/en/international-travel/travel-advisories.htmlFDA and CDC• CDC Health Alert Network Archive — https://www.cdc.gov/han/php/notices/index.html• FoodSafety.gov Recalls and Outbreaks — https://www.foodsafety.gov/recalls-and-outbreaks• FDA Recalls, Market Withdrawals and Safety Alerts — https://www.fda.gov/safety/recalls-market-withdrawals-safety-alertsFAA• FAA National Airspace System Status — https://nasstatus.faa.gov/• Hobby Airport ground stop April 22 2026 — https://www.click2houston.com/news/local/2026/04/22/ground-stop-issued-at-hobby-airport-hou-due-to-thunderstorms/Alaska• AVO Great Sitkin April 22 notice — https://volcanoes.usgs.gov/hans-public/notice/DOI-USGS-AVO-2026-04-22T19:13:12+00:00Arizona, Kansas, Nebraska, Oklahoma, Texas, Wyoming — Red Flag Warnings• Red Flag Warnings issued across Plains and Southwest — April 22 — https://weatherboy.com/red-flag-warnings-issued-for-fire-threat-across-portions-of-texas-colorado-arizona-kansas-oklahoma/Colorado• NWS Pueblo PDS Red Flag Warning — zones 224 and 225 — https://krdo.com/weather/alerts-weather/2026/04/22/red-flag-warning-issued-april-22-at-157pm-mdt-until-april-23-at-900pm-mdt-by-nws-pueblo-co/• Particularly Dangerous Situation Red Flag Warning explainer — KKTV — https://www.kktv.com/2026/04/22/what-is-pds-red-flag-warning/Florida• Railroad Fire latest — Clay and Putnam counties — https://www.news4jax.com/news/local/2026/04/22/railroad-fire-latest-evacuations-closures-warnings-more-as-wildfire-spreads-in-clay-putnam-counties/Georgia• Governor Kemp declares State of Emergency — Office of the Governor — https://gov.georgia.gov/press-releases/2026-04-22/gov-kemp-declares-state-emergency-response-south-georgia-wildfires• Brantley County fire grows — 54 homes destroyed — https://www.wsbtv.com/news/local/brantley-county-wildfire-only-10-contained-flames-rage-across-south-georgia/4O4RBWHIGZF67F34HOXGANQZBY/• Echols County mandatory evacuation — WALB — https://www.walb.com/2026/04/22/mandatory-evacuation-issued-echols-co-residents/Hawaii• HVO Kīlauea April 22 notice — episode 45 forecast window — https://volcanoes.usgs.gov/hans-public/notice/DOI-USGS-HVO-2026-04-22T17:23:37+00:00Iowa, Kansas, Minnesota, Nebraska — Thursday Severe Risk• Severe storms likely to impact Iowa — April 22 — https://westerniowatoday.com/2026/04/22/severe-storms-likely-to-impact-iowa-high-winds-and-hail-expected-thursday/• Multi-day tornado outbreak possible — Plains to Dixie Alley — https://saludastandard-sentinel.com/multi-day-tornado-outbreak-possible-from-kansas-nebraska-iowa-oklahoma-and-texas-through-dixie-alley-as-spc-flags-severe-weather-threat-thursday-through-monday/Kentucky• Paintsville boil water advisory — April 22 — https://wsipam.com/boil-water-advisory-issued-for-portions-of-paintsville/Louisiana• Tangipahoa Water District boil water advisory — Hammond area — https://www.wafb.com/2026/04/23/tangipahoa-water-district-issues-boil-water-advisory-hammond-area/Montana• East Side Fire burns 1,204 acres — Daily Montanan — https://dailymontanan.com/2026/04/21/east-side-fire-burns-1600-acres-185-evacuated-south-of-red-lodge/• InciWeb East Side Fire — https://inciweb.wildfire.gov/incident-information/mtgnf-east-side-fire• Lincoln County Major Disaster Declaration — April 22 — https://vp-mi.com/news/2026/apr/22/lincoln-co-gets-major-disaster-declaration-for-fed/New Mexico• Fire-weather threat continues into April 23 — The Watchers — https://watchers.news/2026/04/22/multi-state-red-flag-warnings-issued-as-strong-winds-and-very-low-humidity-raise-wildfire-danger-across-central-us/Oklahoma• NWS Norman severe weather outlook — https://www.weather.gov/ounOregon• TripCheck Oregon Road Conditions — https://tripcheck.com/DynamicReports/Report/RoadConditionsSouth Carolina• West Columbia boil water advisory lifted — April 22 — https://westcolumbiasc.gov/boil-water-advisory-4-22-26-lifted/Texas• Williamson County flooding — CBS Austin — https://cbsaustin.com/news/local/wilco-officials-to-provide-update-on-flooding-response-after-road-closures-evacuations• Williamson County RV parks evacuation — KXAN — https://www.kxan.com/news/local/williamson-county/williamson-county-rv-parks-told-to-evacuate-due-to-flash-flooding/• Hobby Airport ground stop — Click2Houston — https://www.click2houston.com/news/local/2026/04/22/ground-stop-issued-at-hobby-airport-hou-due-to-thunderstorms/• Central Bowie County boil water advisory — April 22 — https://kygl.com/ixp/152/p/bowie-county-water-boil-notice/Virginia• Stanardsville boil water advisory — 29News — https://www.29news.com/2026/04/22/stanardsville-boil-water-advisory-likely-continue-thursday/Washington• Whatcom County Disaster Assistance Center — April 22 — https://www.yahoo.com/news/articles/fema-begins-home-inspections-wa-023653871.html• FDA shellfish recall — Hammersley Inlet — https://www.fda.gov/safety/recalls-market-withdrawals-safety-alertsGuam and CNMI• HHS Public Health Emergency — Guam and CNMI — https://aspr.hhs.gov/newsroom/Pages/PHE-Typhoon-Sinlaku.aspx• Recovery Rundown — April 22, 2026 (NMI News Service) — https://www.nminewsservice.com/recovery-rundown-april-22-2026/• Rota boil water notice lifted; Saipan and Tinian still under advisory — https://www.nminewsservice.com/rota-boil-water-notice-lifted-sinlaku-cuc/• Joint FEMA–USACE Sinlaku operations — U.S. Army — https://www.army.mil/article/291908/joint_fema_usace_operations_underway_following_devastating_super_typhoon_sinlaku This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit emnetwork.substack.com/subscribe

In this episode, Chris sits down with Matthew Ogle, Co-founder & CEO of Legacy Knight, a $2.8B multi-family office in Dallas, TX that he co-founded in 2019. We dig into how you build a world-class multi-family office from scratch - and why so many wealthy families out there don't actually have one yet. Matthew's path into wealth management didn't start in a boardroom - it started on a tennis court. A summer teaching tennis to a CIO's family at Cape Cod opened the first door, which led him to Credit Suisse's private bank through the GFC and then five years at the Crow family office, helping transform it into one of the first true multi-family offices in Dallas. He opened Legacy Knight's doors in October 2019 with $2.5M of operating capital, 14 seed families, and a contrarian bet - that the new generation of sub-50-year-old entrepreneurs hitting their first liquidity event needed something the bulge brackets couldn't offer. Six years later, Legacy Knight manages over $3B and was named the fastest-growing RIA in Texas. Chris and Matthew go deep on what it actually takes to build a multi-family office the right way - the technology, the hiring, the legacy conversations with families, and why Matthew refuses to grow by acquiring other books of business. They discuss: Why every hire at Legacy Knight comes out of the family office world, not from the bulge brackets How most $100M+ families are still running their wealth on a Google Doc and a handshake with their accountant Why "do nothing in the year after a liquidity event" is half good advice and half terrible advice The most creative things Matthew has seen ultra-wealthy families do with their capital How Matthew thinks about his own kids, legacy, and when to start the wealth conversation Links: Legacy Knight - https://legacyknight.com/ Matthew on LinkedIn - https://www.linkedin.com/in/matthew-ogle-ab11873/ Topics: (02:01) Matthew's First Exposure to Wealth Management (07:58) Joining Credit Suisse (Pre-GFC): Why the "Bulge Bracket" Mattered, How the Private Banking Associate Model Works (13:08) Why Credit Suisse Failed to Serve Ultra-High-Net-Worth Families (20:07) The First Client Meeting: Soft-Tissue Questions (28:57) Tax Timing and Mitigation Strategies (37:57) The Founding Thesis: People and Platform (Building Legacy Knight) (44:46) The Decision to Launch Legacy Knight Independently (54:43) Fundraising Lessons: Managing Expectations and The Importance of Pitch Order (01:01:18) The Full-Service Family Office Model (01:06:24) What a Vertically Integrated Family Office Actually Includes (01:09:07) Proactive Investment Sourcing (01:13:02) Next-Gen Engagement and Family Legacy Planning: How to Involve Children Appropriately (01:21:46) Matthew's Hiring Philosophy (01:30:05) Time as the Hidden Cost of Unstructured Wealth Support our Sponsors: Collateral Partners: https://collateral.com/fort Chris on Social Media: X: https://x.com/fortworthchris Instagram: https://www.instagram.com/thepowerspodcast LinkedIn: https://www.linkedin.com/in/chrispowersjr/ Visit our website: https://www.powerspod.com/ Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO

In this episode of The Rainmaker Podcast, Gui Costin sits down with Jeff Collins, Managing Partner of Cloverlay, for a deep conversation on what it takes to raise institutional capital for one of the most differentiated strategies in private markets. Cloverlay, now on its fourth fund, invests exclusively in uncorrelated, non-operating assets — wireless spectrum, intellectual property on the content side, Broadway theatrical rights, litigation finance, pharmaceutical royalties, and other esoteric assets that don't sit neatly inside traditional buyout, credit, or real asset buckets. The result is a firm with a sales challenge that's fundamentally different from its peers: Cloverlay isn't competing to be the best CLO equity fund in a crowded category. It's competing to be understood at all.Jeff walks through the origin story of Cloverlay, his decade-plus at Morgan Stanley Alternative Investment Partners, and the realization that the "special situations" work he was doing there — the completion-portfolio assets absent from most institutional allocations — deserved to be its own firm. He initially thought Cloverlay would be a family office and multifamily office strategy. Instead, 85% of the capital came from true institutions: public pensions, corporate pensions, and the most sophisticated allocators in the world.That reality shapes everything about how Cloverlay goes to market. Jeff argues that positioning is the entire game when you're selling something no LP has a bucket for. The firm has sharpened its pitch down to four sentences, leading with "uncorrelated assets, and you don't own them" and immediately moving to concrete examples. The mechanics of the 60-minute meeting get significant airtime: Jeff and Gui agree that the default structure — firm background, two questions, 40 minutes of the LP talking — isn't really a meeting. Cloverlay intentionally breaks that muscle memory by asking questions most LPs rarely field, pulling them out of autopilot and forcing them to start slotting Cloverlay into their portfolio in real time.The CRM is the backbone of Cloverlay's sales discipline. A 9 AM Monday sales meeting runs every week, organized by relationship owner rather than as a report-out, with senior investment and sales leadership triangulating on every target. Gui and Jeff then dig into how AI is transforming what's possible with relationship data — Dakota's Claude-in-Slack tool surfacing full four-year customer histories, and Claude coming to Dakota Marketplace — while making clear that none of it works without disciplined data entry upstream.Jeff closes with a candid assessment of the current fundraising environment: in 30 years, he has rarely seen new relationships harder to secure. Unlike the post-GFC period, when allocators leaned into opportunistic trades, today's LPs feel no urgency — they can simply wait. The firms that win in this environment are the ones finding the minority of allocators who still view differentiated strategies as a solution to uncertainty. And for any GP eyeing international capital, Jeff leaves a concrete tactical note: the Middle East operates entirely on WhatsApp.Tired of chasing outdated leads? Book a demo to see how Dakota Marketplace simplifies your fundraising process with accurate, up-to-date investor data. 

On today's edition of the Boxoffice podcast, presented by TAPOS Cinema Software and Irwin Seating, co-hosts Daniel Loria and Rebecca Pahle are joined by Chris Randleman, the chief revenue officer of Flix Brewhouse, as they look ahead to this week's CinemaCon studio presentations. Then in the sponsored segment, Rebecca talks to Jack Powers of Irwin Seating about maximizing revenue in every cinema seat. Then Daniel talks to Sean Gamble, Cinemark's CEO and the chairman of the Global Cinema Federation, about GFC's priorities for 2026, including research, advocacy, and consumer engagement.

My guest today is Alan Waxman, co-founder and CEO of Sixth Street, a $130B global investment firm. Private credit is one of the most discussed topics in markets right now, and there is a lot to make sense of. The current discourse is almost entirely focused on symptoms. Alan Waxman has spent the time diagnosing the root cause. Alan thinks about the financial system the way a historian would, studying the incentives, guardrails, and market structure that determine how things play out. In this conversation, he traces the evolution of American finance from the 1929 crash through Glass-Steagall, the GFC, and Basel III to explain how we arrived at what he calls the factory model, the industrialization of liability-gathering and asset deployment that he believes is the root cause of everything happening in private markets today. This is my second conversation with Alan, our first one is one of my favorites from last year.  For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠Ramp⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠ to sign up for free and get a $250 welcome bonus. ----- This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Vanta. Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.  ----- This episode is brought to you by ⁠WorkOS⁠. WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit ⁠WorkOS.com⁠ to transform your application into an enterprise-ready solution in minutes, not months. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ridgeline⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps (00:00:00) Welcome to Invest Like The Best (00:02:43) Intro: Alan Waxman (00:04:35) Financial System Guardrails & Incentives (00:05:56) System 1: Pre-1933 to 1999 (00:07:39) Glass-Steagall Legislation (00:10:46) Deregulation & Rise of System 2 (00:12:27) Leverage, GFC, and System 2's Collapse (00:14:25) Basel III, Dodd-Frank, and System 3 (00:15:32) Why System 3 Could Be the Best Ever (00:19:04) Behavioral Shifts Starting in 2018 (00:19:52) The Factory Model (00:24:33) Acceleration of Factory Model (00:28:25) FRE Multiples and GP Incentives (00:34:59) Wealth Channel & Asset-Liability Mismatches (00:36:15) Why This Won't be the Next GFC (00:45:31) AI, Creative Destruction & Opportunity  (00:49:35) Alan's One-Sheet Brain System (00:55:01) Lessons by Decade: Hui (00:59:28) Face the Tiger

სტუმრად გვყავს ნიკა აბრამიშვილი

Money manager Michael Pento sees a lot of similarities between today's conditions and the lead-up to the GFC.And he concludes the risk of another Great Recession is uncomfortably high, especially as oil prices continue to remain elevated.So, how is his model invested right now?To find out, watch this video.WORRIED ABOUT THE MARKET? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Thoughtful Money's endorsed financial advisors at https://www.thoughtfulmoney.com#recession #stagflation #privatecredit _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It's important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer's unique goals, needs & risk tolerance.All the details on Thoughtful Money's relationship with the financial advisors it endorses, many of whom regularly appear on this program, can be found in the following documents. We highly recommend you review these documents as they cover the terms that will apply should you choose to work with one of these firms at any time after watching this video.Thoughtful Money Disclosure Document: https://thoughtfulmoney.com/wp-content/uploads/2023/12/Thoughtful-Money-Disclosure-Document-12.6.23.pdf?pid=227Thoughtful Money Agreement: https://thoughtfulmoney.com/wp-content/uploads/2024/11/Thoughtful-Money-Agreement-Agreement.docx?pid=227IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2026 Thoughtful Money LLC. All rights reserved.

Season 6, Episode 2: This week on the No Cap Podcast, we're sitting down with Ross Cooper — President & CIO of Kimco Realty (NYSE: KIM) — to talk about one of the most resilient asset classes in commercial real estate: grocery-anchored open-air retail. Ross is a third-generation real estate operator whose grandfather Milton Cooper co-founded Kimco back in 1958. After 20 years rising through the investment side of the platform, Ross now leads one of the largest publicly traded REITs in North America. This conversation covers all of it — the origin story, the GFC, the "retail apocalypse" narrative, and how Kimco has quietly built one of the most durable portfolios in the business. We get into how Kimco underwrites acquisitions (location + basis, always), why grocery anchors drive daily and weekly foot traffic that no other asset class can replicate, and how the four segments of the grocery market — traditional, discount, organic, and ethnic — each attract a distinct co-tenancy ecosystem.   Ross also breaks down Kimco's approach to redevelopment and densification, including 13,000+ multifamily units either built, under construction, or fully entitled across their portfolio, and why turning a sea of surface parking into a 25-story mixed-use tower can be additive — not disruptive — to the retail below. We also cover Kimco's structured investment program in preferred equity and mezz financing, how they think about balance sheet discipline (including a decade-long push to earn an A-minus credit rating from all three agencies), and why new ground-up retail construction would require 50–60% rent increases in most markets just to pencil — a supply constraint that's quietly been one of the biggest tailwinds for existing center owners. If you want to understand how a REIT that's been in the business since Eisenhower still finds mispriced assets, turns over capital intelligently, and thinks about what comes next — this episode is it. Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions. TOPICS 00:00 – Introduction 05:13 – Kimco's First Deal and Early Mistakes 10:31 – Curating Tenant Mix Around the Customer 15:08 – Omnichannel Retail and Store Importance 19:44 – Capital Strategy and Debt Approach 25:00 – Portfolio Strategy and Market Positioning 30:00 – Leasing Strategy and Tenant Demand 35:00 – Redevelopment and Value Creation 40:00 – Retail Resilience and Market Outlook 45:43 – Development, Densification, and Closing Thoughts For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America's economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry's biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Could the escalating conflict in the Middle East be the catalyst that pushes Australia's cash rate to its highest level in nearly two decades? As fuel security concerns take centre stage, and Treasury officials scramble to rewrite the federal budget, the ripple effects are already being felt across the lending landscape. In this week's episode of What's Making Headlines podcast, host Annie Kane, commercial content writer Ben Squires, and senior journalist Charlie Tchetchenian review the economic fallout of the conflict, including forecasts that Australia's cash rate could reach GFC levels. This week, they discuss: Why Westpac is forecasting a series of aggressive rate hikes by August. The surge in electric vehicle loans as borrowers scramble to bypass the "fuel crunch". How the home buyer schemes may be backfiring for the very people they aim to help. And much more!

Our Chief Fixed Income Strategist Vishy Tirupattur and Morgan Stanley Investment Management's Global Head of Private Credit & Equity David Miller discuss the recent pressure on the private credit market, potential risks and opportunities that remain in that space.Read more insights from Morgan Stanley.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I'm Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. David Miller: And I'm David Miller, Global Head of Private Credit and Equity within Morgan Stanley Investment Management. Vishy Tirupattur: Today – the evolving risks and opportunities in private credit. It's Tuesday, March 31st at 10 am In New York. Until recently, private credit was among the fast-growing parts of the financial system. In just over a decade, it went from a niche strategy to a market that's well worth over a trillion dollars. After years of outsized inflows and unusually smooth return, private credit is now in focus, and investors are asking tough questions about liquidity, transparency, and valuation. David, you manage private credit and equity portfolios within Morgan Stanley Investment Management. Do you think the industry is facing its first real stress test? And how do you think the industry is faring? David Miller: So, I think private credit has been tested before, you could go back to the GFC. And I know that was a long time ago and the industry was quite a bit smaller. But you could certainly look to the pandemic and the rate shocks of [20]22 - [20]23 as a stress test. And I think private credit performed, you know, quite well through that, despite the initial volatility. We saw some of that recently last year with Liberation Day; and the current environment from a fundamental perspective doesn't feel as bad as those times, and the industry does not feel under that stress. I think the current situation is more of a test of the non-traded BDC structure where roughly 20 percent of direct lending assets sit. And the liquidity provisions in those vehicles are designed to provide some liquidity, but not total liquidity. And so, while I think the vehicles are working as intended, obviously there's been a lot of noise. Vishy Tirupattur: So, I totally agree with you, David. The liquidity provisions that are in these structures are there for a reason; are designed to be that. It's part of the feature and not a bug, precisely to prevent a fire sale of assets. And that really would hurt the overall system. So, we think that there's a greater understanding of this is very much required. David Miller: I think that's right. The limitations on liquidity are there so that the vehicles can operate properly over the long run. When you have illiquid assets, you maintain some liquidity. But clearly those protections are in place so that the vehicle continue to run in ordinary fashion. I think there is a bit of a disconnect, you know, in the media between the sentiment and the fundamentals that are underlying private credit. And yeah, there are concerns about software, and macro, and unseen future risks. But right now, private credit portfolios are performing pretty well. And actually, if you look at 2025 versus [20]24, the metrics were actually improving… Vishy Tirupattur: Absolutely. I mean, we look at across various metrics, you know, in leverage and coverage metrics, we see overall trends are actually improving. Software [is] very much in focus. Fitch reported, yesterday that, uh, in the last, uh, you know, year to date there have been no software defaults. Another point I would make is there are about 5 percent defaults in – generally speaking – in the private credit space. And the default rates within the software sector is a little bit less than half of that. So, that's an important distinction to make. David Miller: Yeah, I think software is a very interesting and long topic. But generally, our view is: we think that AI is going to be a net tailwind overall for software over time. You know, even factoring in some of the erosion to the SaaS business models, I think well positioned incumbents will get their share of the upside. And so there will be some losers. We think that'll be pretty narrow. But overall, we feel very good about our software book. We've been looking at AI risk for at least three years, when we made loans. And we think that a lot of the embedded enterprise software platforms are going to be net beneficiaries of AI. Vishy Tirupattur: I have slightly different take on the software exposure and all the discussion points on this. The way I think about it is the market assumption is that AI disruption is necessarily going to disrupt all of software companies. And that disruption is imminent. I would push back on both of those points. You know, you could easily imagine that AI will lead to some disruption at some point in the future. But a necessary thing for that to happen is a significant amount of CapEx related to infrastructure to enable AI from innovation to adoption that needs to take place. That will take some time. So, this potential disruption is not imminent. It's potentially coming in the future. But all in, disruption is also not going to be negative. You know, we will have some companies whose business models, who don't have the moats and may not be able to benefit. But on the other hand, as you point out, there will be a number of business models which will actually flourish because of AI adoption and see their margins expand. So, I think I would push back on this notion that's prevalent in the media narrative here. That all AI disruption is imminent and it is all bad. David Miller: I think that's a very good point, and we do believe that there will be dispersion and outcome in private credit portfolios because of some of those facts. And it's really important for managers to have deep experience, not just in software, but any industries that they participate in. And really do very strong credit selection. Vishy Tirupattur: So, another thing that's happening in the private credit space is really the advent of the retail investor into the private credit. What do you think the advent of retail investors had done to the portfolio selection, portfolio construction and credit selection in your portfolios? David Miller: So, for us, we haven't changed our portfolio construction or credit selection process for retail portfolios. They're virtually the same as our institutional portfolios. And that's, you know, based on a lot of diversification, limiting borrower concentration, avoiding cyclicals, et cetera. The one difference that's important for our non-traded BDC is we do have about 10 percent of the portfolio in broadly syndicated loans, to add a little bit more liquidity to the portfolio. But otherwise, they're pretty much the same. I think the biggest impact that we've witnessed over the past few years, where there's been a large inflow of retail capital, has been to push spreads tighter. And weaken some of the terms than they would've otherwise been. There was a lot of capital that needed to be deployed quickly, so we saw that and we're quite cautious. You're seeing that trend reverse now as flows have moderated, and we expect that those trends will result in better pricing and better terms going forward. So, Vishy, how are you thinking about risk in the system now? Are you seeing signs of systemic risk? Or is the pressure more isolated? Vishy Tirupattur: I think the pressure is really more isolated, more focused on the software sector. As we just discussed, it will take time to figure out the winners and losers coming out of this. But that process is really; we think will result in some pickup in default rates. But we think it'll be very concentrated within the software sector. So, when I look back at the systemic risks, the echoes of the financial crisis of 2008 come back, you know. We both have gone through that in different roles, you know. I used to be tall and good looking is before the financial crisis. So, the scars of financial crisis are clearly on upon me now. But I compare these two time periods – and I say in any metric, the risks in the system today are nowhere comparable to the kind of systemic risk that existed back then. You look at the risks, the leverage at the company level. You look at the leverage; the vehicles where credit risk is sitting. Look at the risks and the leverage within the banking system. And the links of the non-banks to banks. All of them put together make us think that the systemic risks are very, very contained. And any allusion to that ‘We are back in 2008,' I would very strongly push back against that illusion. So, David, let me ask you one final question here. If we had to highlight one risk or one opportunity in private credit for investors over the next year, what would it be? David Miller: I think the headlines have covered most of the risks, so I'll go with an opportunity. So, we believe spreads on private credit loans have widened quite a bit for direct lending. Both for non-software and software names. So, for investors looking to deploy new capital or investors who are underweight their target allocations, we think it's an interesting time. But we believe there's also a really nice opportunity in opportunistic or hybrid private credit. And that's coming from borrowers who need more flexible solutions, and that can come from M&A activity, non-dilutive growth capital. Or balance sheet rationalizations where one can inject junior capital to good businesses that have over-levered balance sheets. And you can get paid well for the flexibility and the optionality that's providing equity holders. There's been far less capital raised for these types of opportunities over the last few years, and they're pretty favorable dynamics going forward as demand increases. Vishy Tirupattur: That's very insightful. David, thanks for taking the time to talk. David Miller: Great speaking with you, Vishy. Vishy Tirupattur: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.David Miller is not a member of Morgan Stanley's Research department. Unless otherwise indicated, his views are his own and may differ from the views of the Morgan Stanley Research department and from the views of others within Morgan Stanley.

Send us Fan MailPrivate credit is all over the headlines — and all over your social media feed. Apollo just gated redemptions, Moody's stripped KKR's credit fund of its investment grade status, and Bill Maher is talking about it on late night TV. But what's actually going on beneath the panic? In this episode, we break down the alphabet soup of fund structures — publicly traded BDCs, private BDCs, interval funds — and explain why the vehicle you're invested in might matter just as much as what's inside it. What happens when you want your money back and the fund says no? And why are some managers bending over backward to meet redemptions while others are slamming the gate shut?Then we dig into a question most people aren't asking: if stress is building in credit markets, who actually stands to benefit? We sit down with Fabian Chrobog, CIO and co-founder of NorthWall Capital, who has spent over two decades investing through crises from the GFC to European sovereign debt and beyond. He walks us through the difference between distressed investing, special situations, and what he calls "credit opportunities" — and why the rebranding isn't just cosmetic. What does it look like to run toward the fire when everyone else is heading for the exits, and why might the best opportunities take years to show up?From the surprising world of lending against law firm case portfolios to the real reason "the distressed cycle is coming" has been the most overpromised trade of the last fifteen years, this conversation will change how you think about risk, liquidity, and where the smart money is actually going. Whether you're a retail investor trying to understand what your BDC actually is, or you just want to know why Wall Street keeps reinventing the same product with a new name — this one's for you.For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others' experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE. 

Our Global Head of Fixed Income Andrew Sheets and Head of U.S. Credit Strategy Vishwas Patkar discuss what's driving record debt issuance and growing worries about private credit.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.Vishwas Patkar: And I'm Vishwas Patkar, Head of U.S. Credit Strategy at Morgan Stanley.Andrew Sheets: And today on the program, we're going to talk about two of the biggest questions facing global credit markets. A rush of issuance and questions around private credit.It's Friday, March 27th at 2pm in London.Vishwas, it's great to have you in town, talking over what I think are two of the biggest questions that are hanging over the global credit market. A large wave of issuance and a lot of questions around a segment of that market, often known as private credit.So, let's dig into those in turn. I want to start with issuance. You know, you and your team had a pretty aggressive forecast at the start of the year, for a significant level of supply. How's that going? How is it shaping out? We're now almost through the first quarter…Vishwas Patkar: Yeah. So, we came into the year expecting a record, [$]2.25 trillion of gross issuance in investment grade. That's 25 percent higher than last year. That would mark a record one year number for investment grade. And for the high yield market, we expected about [$]400 billion of issuance; up roughly 30 percent.If I were to mark to market those, the forecast is roughly playing out as expected through mid-March. IG issuance is up about 21 percent. High yield issuance is up about 25 percent. So far at least, it's along the lines of what we'd call for. More importantly though, when I think about the drivers of the issuance, that I think in some ways is a little more validating. Because there were two big components of what was going to drive the issuance.One was AI related issuance from the large hyperscalers, and the second was a decent uptick in M&A. And we've seen both of those. So, year-to-date, we've had north of [$]80 billion of issuance from hyperscalers alone in the dollar market. That's on top of significant non-USD issuance that we've had this year.So, I think this idea of AI CapEx investments and by extension issuance being somewhat agnostic to macro, that seems to be playing out so far.Andrew Sheets: So, let's talk a little bit more about that – because, you know, this is a new development. This kind of is a new regime to have this much supply, sort of, somewhat independent of a very volatile macro backdrop.And you know, maybe if you could talk just a little bit more about what we're learning about the issuers. What do they care about? What is bringing them to market? And then maybe what would cause them to slow down or speed up?Vishwas Patkar: Yeah, I think we've learned a couple of things, right? First is – this issuance is being driven by investments that are not opportunistic, right? They are competitive in nature. Clearly there is an arms race to figure out who will win the AI race.I think a second leg of it is the issuance is somewhat spread agnostic. So, you know, in credit we look at this metric called new issue concessions, which is effectively how much is a company paying in terms of excess funding costs relative to their bonds outstanding. And what we've seen with some of the larger deals is that new issue concessions are well above average.And that's pretty important in the grand scheme of things because, you know, we're talking about one sector that is driving AI infrastructure. But when you have issuance that comes in size, and it comes wide to where existing bonds are, we think that has knock-on effects repricing other companies that are downstream of those names.Andrew Sheets: So, we have a market for issuing corporate debt that's pretty wide open. You know, as you mentioned, very high levels of issuance and supply going through, despite what would've been a lot of concerns. And one of those concerns is the conflict in Iran.But another concern that's been cropping up is a concern around this market often known as private credit where you've seen a lot of focus, a lot of headlines, volatility in some of the managers of private credit. But also, I think this is an area where less is known. And where there's still a lot of confusion about what it is and how it's performing.So, for the second set of questions, Vishwas, maybe we could just start with, you know, when you think about private credit, what is it to you? And how do you break up the market?Vishwas Patkar: Yeah, so I think at a very high level, you can think about private credit as capital that is provided by non-bank lenders. And in some ways – that is not broadly syndicated. So it's different from investment grade bonds or high yield bonds or leverage loans in that respect. You know, the second factor I laid out.You know, private credit overarchingly is a big umbrella term. It includes direct lending to businesses. It includes infrastructure finance, project finance, the private placement market, asset-based finance. So, there are a lot of subcomponents.Now, you know, to your point where the market's a little worried and there is growing anxiety is around the direct lending portion of private credit. That segment of the market has grown substantially over the last decade. It was about [$]500 billion or so 10 years ago. It's about [$]1.3 trillion right now.Andrew Sheets: And this is lending directly to companies?Vishwas Patkar: Yeah. This is lending directly to companies. Leverage typically tends to be higher than what you see in the public market. So, one of the challenges around navigating the risks are, you know, when you get a bunch of negative headlines that isn't necessarily the readily available information to either disprove or validate it.So, I think that's some of the anxiety, which is building among the investor base. Our view is, you know, these risks are significant and investors should be cognizant of what's happening.Andrew Sheets: So maybe just to take a step back a little bit there. Why have investors been more worried about the private credit space?Have we seen particular events? Or is it more, kind of, other factors that you think have driven this increased focus?Vishwas Patkar: Yeah, I think it's been a rolling set of factors. This year the whole story has really been about software and concerns about AI disruption. But before I get into that, I think it was a process that really began, I would say, second half of last year.So, private credit really had its moment in the sun a few years ago where inflows were massive. The public market was choppy while the Fed was hiking rates, and a lot of stressed issuers were choosing to raise capital via direct lenders. And at that time, spreads in the private credit market were also very attractive.What you've seen last year is private credit AUM was effectively flat. The fee income being generated on the loans has come down as the Fed has eased policy and the spread on private credit versus the public market has also narrowed. So, what started off, I think, was more macro. It was driven more by what was happening on the policy front…Andrew Sheets: More yield compression. Less yield for investors, which caused them to be just a little bit less attracted to the space…Vishwas Patkar: Absolutely, yeah. And I think that was largely the driver of, you know, the correction in some of these asset manager stocks to begin with. Then you had some of the headlines around specific single name headlines. Double pledging of collateral, some accounting malpractices, which, you know, I think we can say with the benefit of hindsight, those were idiosyncratic. Those were one offs. But again, you know, doesn't make for a positive headline when you get news flow to that effect.And then this year, as I said, it's really been about concerns around the software sector…Andrew Sheets: Which is a very big part of the private credit market.Vishwas Patkar: It is a very big part of the private credit market. It made up for almost a third of all LBOs that were originated between 2018 through 2022. And in fact, really if you look at 2021, when interest rates were very low, a lot of the outstanding software loans were originated in those really weak vintages.And so, you know, I think AI disruption has maybe been the catalyst to drive some of this price action. But that's on top of software, where a lot of loans were originated with high leverage. But now that, you know, you have a very disruptive force around margins, potentially looming, the concern has now shifted towards what do balance sheets look like. And the software sector is very levered. In the bank loan market, for example, more than 50 percent of software loans outstanding are rated B- or lower.And one extension of that is that, you know, you have a non-trivial amount of debt that is maturing in the next few years. So, through 2028, we see about [$]65 billion of software loans maturing largely in that lower quality cohort.So, you know, even before we get clarity around how AI will diffuse and disrupt or will not disrupt these names, the issue is really refinancing. In this period of uncertainty, will all these software loans over the next 12 to 18 months – will they have the capital to term out their maturities?Andrew Sheets: So, Vishwas, maybe just in closing, as you're going around and talking to credit investors at the moment, what do you think are the two or three biggest, kind of, high level takeaways and views that you're trying to get across?Vishwas Patkar: A few things I would say. So, specifically on private credit, we are saying that, you know, I think we are in for a period where returns might be subpar. It is possible that private credit sees AUM growth that is sluggish, maybe even down year-over-year this year. But we would not conflate that with something that's systemic. And I think it's very important to lay that out. But importantly, some of the linkages to the banking system are through, you know, leverage that is significantly lower in this cycle than what we've seen in the past, say prior to the GFC. So that's one.Second, I continue to think that the aspect of issuance being very high and somewhat agnostic to macro conditions, that's been validated so far. And when I look at what credit markets are priced for, in aggregate, we think valuations are still too tight. And that's not withstanding everything that's going on in the Middle East.You know, we clearly have a commodity price shock to navigate. And that can have a feedback loop via what central banks will do. And the U.S. consumer. But I would say just the convexity of credit is very weak. If, let's say, we get a…Andrew Sheets: Limited upside versus relative to more downside…Vishwas Patkar: Very limited upside. And downside, if we get both a technical and a fundamental – and why it is, is significant.And the third thing I would say is it makes sense to own hedges here. You know, again, hedges can be expensive, can lead to loss of carry. But they can also be a very efficient way to protect yourself. And if you look at this time last year in the lead up to Liberation Day, credit had held up really well for the first, say, five or six weeks of that sell off.But then when it moved, it moved very quickly. And in some ways, you know, if you; if investors were able to protect themselves through that last leg of volatility, that effectively provided a very good entry point to capture the rally that played out thereafter.Andrew Sheets: Vishwas. I think that's a great thing to keep in mind. Thanks for taking the time to talk.Vishwas Patkar: Alright. Thank you for having me, Andrew.Andrew Sheets: And thank you as always for your time. If you find Thoughts on the Market useful, let us know by leaving review wherever you listen. And also tell a friend or colleague about us today.

"When you look at the world now, does it look more uncertain or less uncertain?" In December 2025, the Bank of England's Financial Policy Committee (FPC) answered that question by cutting the equity capital requirement for UK banks. David Aikman (NIESR) and John Vickers (University of Oxford), two former senior Bank insiders who helped to design the regulatory framework post-GFC, think the committee got it wrong.The FPC lowered the benchmark capital requirement from 14% to 13% of risk-weighted assets, a move that could free up roughly £30 billion of capital across the UK banking system. Aikman and Vickers see no compelling economic reason for the change. They argue that the 2015 benchmark was already set too low, built on questionable assumptions about how well resolution frameworks would work. Since 2015, Brexit, the pandemic, and a sharply stretched fiscal position have all increased the likely cost of a future crisis. The practical effect of the loosening may not even be more lending, but higher dividends and share buybacks. And the December decision may signal a weakening of the leverage ratio backstop, the constraint that limits bank borrowing regardless of how risk weights are applied.The research behind this episode:Aikman, David, and John Vickers. 2026. "The Bank of England's Capital Mistake." VoxEU, 15 January 2026. To cite this episode:Phillips, Tim, David Aikman, and John Vickers. 2026. "The Bank of England's Capital Mistake." VoxTalks Economics (podcast). Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About the guestsDavid Aikman is Director of the National Institute of Economic and Social Research (NIESR). He worked at the Bank of England from 2003 to 2020, where he served as Technical Head of Division in Financial Stability and was centrally involved in the creation of the Financial Policy Committee. His research spanning macroprudential regulation, systemic risk, and the macroeconomics of financial crises has made him one of the leading academic voices on bank capital policy in the UK.Sir John Vickers is Warden of All Souls College and Professor of Economics at the University of Oxford. He served as Chief Economist and a member of the Monetary Policy Committee at the Bank of England, and chaired the Independent Commission on Banking from 2010 to 2011, which recommended substantially higher capital requirements than those subsequently adopted. His research spanning industrial economics, competition policy, and financial regulation has shaped UK banking policy for two decades.Research cited in this episodeEquity capital requirements specify the minimum proportion of a bank's assets that must be funded by shareholders' equity rather than borrowed money. Equity is the only form of funding that can absorb losses without triggering insolvency: if a bank suffers unexpected losses, its shareholders bear them first. In the run-up to the 2008 financial crisis, some large institutions held equity equivalent to as little as two or three percent of their total exposures, implying leverage of up to forty times; a small shock was enough to render them insolvent. The post-crisis repair effort was designed to ensure that could not happen again.Risk-weighted assets (RWAs) are the denominator against which capital requirements are measured. Rather than applying the capital ratio to the raw value of all assets, the framework deflates each asset by an estimated risk factor: a mortgage backed by collateral is treated as less risky than an unsecured corporate loan, for example. Capital requirements are then expressed as a percentage of this risk-adjusted total. The approach creates significant complexity and depends heavily on the accuracy of the risk weights; much of the story of 2008 was that regulators allowed banks to attach implausibly low risk weights to their exposures, understating the true leverage in the system.The Financial Policy Committee (FPC) is the Bank of England body responsible for macroprudential oversight of the UK financial system. Created in 2013, it sits above the individual regulators to take a system-wide view of whether risks are building and whether the financial system as a whole has adequate resilience. One of its primary tools is setting the overall capital requirement benchmark for UK banks. In 2015 it set that benchmark at 14% of risk-weighted assets; in December 2025 it reduced it to 13%.The leverage ratio is an alternative measure of bank capitalisation that does not apply risk weights. It expresses equity as a simple percentage of total assets, regardless of what those assets are. The UK leverage ratio backstop currently stands at around 3 to 4%, implying maximum leverage of roughly twenty-five to thirty times for systemically important banks. Vickers and Aikman note that for some UK banks the backstop has become the binding constraint, which they regard as a warning sign: it suggests that risk-weighted measures are understating actual leverage, not that the backstop should be relaxed.Resolution frameworks are the legal and operational mechanisms that allow regulators to manage the failure of a bank without a taxpayer bailout, by imposing losses on shareholders and creditors in an orderly way. A central assumption in the FPC's 2015 capital benchmark was that resolution would work effectively in a future crisis, which justified a lower capital requirement. Vickers and Aikman are sceptical: the experience of Credit Suisse in 2023, which required a state-assisted rescue despite the existence of resolution plans, illustrates that orderly resolution of a major institution cannot be taken for granted.Basel 3.1 is the latest package of international banking regulatory standards agreed by the Basel Committee on Banking Supervision, designed to address weaknesses in how risk weights are calculated. Its implementation in the UK is scheduled for 2027, nineteen years after the 2008 crisis. The FPC's December 2025 decision is partly contingent on Basel 3.1 being implemented as planned; Aikman notes that there have been repeated international delays and rollbacks, and that the UK's ability to move ahead unilaterally is constrained by what other major jurisdictions do.The 2023 banking stress saw three US regional banks (Silicon Valley Bank, Signature Bank, and First Republic) fail in quick succession in March 2023, followed by the forced rescue of Credit Suisse by UBS. These events occurred in what was, by historical standards, a relatively stable macroeconomic environment. Vickers cites them as evidence that banking sector vulnerabilities have not been eliminated by post-2008 reforms, and as a caution against complacency about the effectiveness of current safeguards.More VoxTalks EconomicsMaking banking safe Our financial system is supposed to be more resilient than before the global financial crisis, but that didn't save Silicon Valley Bank, Signature Bank or First Republic. So what went wrong, and can we fix it? Steve Cecchetti and Kim Schoenholtz suggest how regulators can make banking safer.

Mark and Shani discuss the lessons that investors can take from the GFC.Would you like more free insights from Mark, Shani and the rest of the Morningstar team? You can find them here.You can read the full article here.A message from Mark and ShaniFor the past five years, we've released a weekly podcast to arm you with the tools to invest successfully. We've always strived to provide independent, thoughtful analysis, backed by the work of hundreds of researchers and professionals at Morningstar.We've shared our journeys with you, and you've shared back. We've listened to what you're after and created a companion for your investing journey. Invest Your Way is a book that focuses on the investor, instead of the investments. It is a guide to successful investing, with actionable insights and practical applications.The book is now available! It is also available in Audiobook format from most sellers.Purchase from Amazon or Purchase from BooktopiaTo submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Audio Producer and mixer: William Ton. Hosted on Acast. See acast.com/privacy for more information.

Mark and Shani discuss the lessons that investors can take from the GFC.Would you like more free insights from Mark, Shani and the rest of the Morningstar team? You can find them here.You can read the full article here.A message from Mark and ShaniFor the past five years, we've released a weekly podcast to arm you with the tools to invest successfully. We've always strived to provide independent, thoughtful analysis, backed by the work of hundreds of researchers and professionals at Morningstar.We've shared our journeys with you, and you've shared back. We've listened to what you're after and created a companion for your investing journey. Invest Your Way is a book that focuses on the investor, instead of the investments. It is a guide to successful investing, with actionable insights and practical applications.The book is now available! It is also available in Audiobook format from most sellers.Purchase from Amazon or Purchase from BooktopiaTo submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Audio Producer and mixer: William Ton. Hosted on Acast. See acast.com/privacy for more information.

Are you in need of building a resilient business? Do you ignore cash flow warning signs, risk mitigation, or the urgency of systems strategy? Then today's episode with Sonya Corkery is for you. Business consultant Sonya Corkery discusses building resilient businesses through strong financial foundations, systems, and risk mitigation. Sonya shares how early work in her family's struggling service-station businesses taught her resilience, customer service skills, and a disciplined approach to money, then traces her rapid rise in banking, from bank manager at 23 to financial planning during the GFC, where she refused to push unsuitable products. She explains how her family's electrical contracting business nearly collapsed when three builders liquidated, leaving almost $1M unpaid and only five days of operating capital, but they recovered within 12 months through strategy and support from suppliers and advisors. Sonya clearly defines her consulting approach: entity setup and asset protection, cash-flow forecasting, break-even clarity, streamlined SOPs, fractional teams, diversification, and AI, and planning to build your business as if it were being sold tomorrow. To learn more about Sonya Corkery, check out the links below.  https://clearplanconsulting.com.au/https://www.linkedin.com/in/sonya-corkery-a326238b/https://www.instagram.com/clearplanconsulting/00:00 Business on the Brink01:11 Podcast Welcome and Setup04:42 Sonya's Early Work Lessons08:29 Family Crisis and Survival10:52 Resilience and Money Mindset12:41 Banking Career Rise16:39 Ethics Under Pressure19:14 Joining the Family Business21:48 Builders Collapse Fallout25:34 Turning Advice Into Consulting27:26 Service Offerings Breakdown28:26 When To Get Help28:55 Cashflow And Forecasting Basics31:28 Asset Protection Foundations34:27 Implementation And Risk Planning36:31 Growth Trends And AI39:14 Industries And Diversification41:12 Speaking With Shock And Awe44:12 Fractional Teams And Board46:01 Where To Find Sonya Corkery47:30 Final Sign Off

Send a textIf you read the headlines about Private Credit, it feels like we're on the verge of another Global Financial Crisis. So, are we?  In this Private Credit "state of the union" episode, we break down the structural differences between today's private credit market and the pre-GFC banking system, why the "private" in private credit makes it so hard to know how deep the problems actually go, and whether the knock-on effects to pensions, banks, and public markets could make this everyone's problem even if most Americans don't have direct exposure.We dig into the Blue Owl gating, redemption and markdown headlines at Blackstone and Blackrock, and what Boaz Weinstein's activist bid tells us about where these portfolios are actually worth. What's more, we ask whether the push to put private credit into 401(k)s and retail channels is democratizing wealth creation or backfilling institutional demand that's dried up. Plus: the "SaaSpocalypse" thesis, why Tuesday's record $66 billion day in IG bond issuance may be telling a very different story than private credit headlines, and more!For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others' experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

From Army veteran to CRE educator, Will Curtis breaks down office investing, the San Antonio market, and helping vets find purpose in real estate. The Crexi Podcast connects commercial real estate (CRE) professionals with industry insights built for smart decision-making. In each episode, we explore the latest trends, innovations and opportunities shaping commercial real estate, because we believe knowledge should move at the speed of ambition and every conversation should empower professionals to act with greater clarity and confidence.   Rayelle Calvert, Senior Director of Strategic Accounts at Crexi, hosts Will Curtis (CCIM, CPM), managing director at Browning Commercial and founder of Crossed Sabers Asset Management, to discuss his path from the Army into Texas commercial real estate, where he focuses on office and industrial. Curtis credits a military financial education session for sparking his interest. Entering the industry post-GFC taught him that long-term success comes from disciplined operations, not flashy lifestyles.  He explains how earning the Certified Property Manager® (CPM®) and Certified Commercial Investment Member (CCIM) distinctions helped close knowledge gaps, expanded his responsibilities into acquisitions, and shaped his teaching and mentoring focus. Curtis describes launching the Vets in Real Estate podcast to address veterans' isolation, lack of structure, and purpose after service, and outlines a planned transition program and book. He also covers San Antonio's stable market drivers, medical office demand, building a commercial division inside a luxury residential firm, and his views on the long-term upside of office investing Welcomes And Intro Will's Army To CRE Path Post Crash Investor Lessons Closing Skill Gaps Why Credentials Matter Biggest Personal Turning Point Vets In Real Estate Mission First Reality Of Brokerage Finding Purpose After Service Mentoring Through Real Estate How Veterans Are Wired San Antonio Market Stability Medical Office Demand Drivers San Antonio vs Texas Giants Building Commercial Inside Luxury Why Teaching Matters Leadership and Coaching Advice Rapid Fire Investing Takes San Antonio Underrated Upside Final Thoughts and Where to Connect For show notes, past guests, and more CRE content, please check out Crexi's blog.Looking to stay ahead in commercial real estate? Visit Crexi to explore properties, analyze markets, and connect with opportunities nationwide. Follow Crexi:https://www.crexi.com/​ https://www.crexi.com/instagram​ https://www.crexi.com/facebook​ https://www.crexi.com/twitter​ https://www.crexi.com/linkedin​ https://www.youtube.com/crexi About Crexi:Crexi is reimagining commercial real estate with an AI-powered platform built to deliver smarter, more efficient solutions at every stage of the deal lifecycle. From real-time data and market insights with Crexi Intelligence, to targeted property marketing and seamless deal management through Crexi PRO, and a transparent, time-bound bidding experience with Crexi Auction— Crexi enables users to evaluate opportunities, maximize exposure, and close with speed and confidence. To date, Crexi has subsidized over $2.74 trillion in property value, 26 billion square feet listed, and supports a growing community of more than 23 million yearly users.

What if the guy who literally wrote the book on asset allocation told you your biggest risk isn't the market…it's the person in your bathroom mirror? Neurologist-turned-market-historian William (Bill) Bernstein joins us for a fascinating conversation about his unlikely path from photochemistry to medicine to becoming the quiet godfather of Boglehead-style investing. He shares what shaped his "simple but not easy" philosophy, why he thinks all of investing is "half math, half Shakespeare," and how a homemade website in the 1990s turned into "The Intelligent Asset Allocator" and a second career. This episode covers: ✅ How a frustrated young scientist became a neurologist, then a financial theorist and writer ✅ Early investing mistakes (Palladium futures, hot funds, overconfidence) and what finally clicked ✅ The five hurdles from If You Can and why history and psychology matter as much as math  ✅ What makes a true bubble: social buzz, career-changing speculators, hostility to skeptics, wild predictions ✅ Predictions vs forecasts, and how Bill "called" the dot-com bubble and GFC without betting the farm ✅ His current mix: modest small/value tilts, cash/T-bills for sanity, and a TIPS ladder for 30 years of expenses ✅ Why a TIPS ladder feels different from a TIPS fund and why most investors still won't use one ✅ The 30-years-working / 30-years-retired "toy model" and why it implies 20–25%+ savings rates ✅ Teaching kids about money via your own behavior, crappy college jobs, and tiny three-fund portfolios ✅ A sober view of FIRE as a way out of the cubicle and into meaningful work—not a 36-year-old beach fantasy ====================   DEALS & DISCOUNTS FROM OUR TRUSTED PARTNERS   MONARCH MONEY The modern way to manage money! Monarch will change the way you organize your financial life. Track, budget, plan, and do more with your money – together. Get 50% off the first year using this link and entering code: CATCHINGUP50   For a full list of current deals and discounts from our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners    SUPPORT  THE  SHOW

Good Sunday to you,You've no doubt seen the videos of Iran's largest oil facilities burning.How much destruction does war cause? To the environment, to wealth, to people's lives. And governments lecture us about the environment.15% of China's oil comes from Iran. Not any more. I bet they're delighted.No surprise, oil futures have spiked again. WTIC has gone to $94 in weekend markets, Brent to $97.I'm glad we own oil and I'm glad we own gold. Iran meanwhile has started targeting desalination plants across the Middle East - how most neighbouring Arab nations get their water - and the probability of an early end to this conflict, despite Donald Trump already claiming the win, seems to be receding by the day.According to Polymarket, the probability of a US-Iran ceasefire by March 31 is just 24%. Even by the end of April it is just 48%. The odds are 67% that the Iranian regime will still be in power by June 30.Meanwhile, in the UK, the strategic stupidity of being dependent on overseas sources for oil, gas and coal when we have perfectly abundant supplies of our own is about to hit home in the form of yet higher energy costs. The government will no doubt blame everyone and everything but itself.UK borrowing costs are now rising faster and higher than any other European nation, which spells trouble for the housing market, business and the economy, and government finances. Ten year gilt yields are now above 4.5% and it costs more for the UK government to borrow than it does any other G7 nation, and indeed any PIIGS nation, which became such laughing stocks after the GFC.Happy days.If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.Here's a five-year chart of gold priced in pounds, in case you were wondering what a trend looks like. There's only one way this is going.You can look at a 10- or 20-year chart. It's the same story.Here also for your reference is a long-term chart (since 1983) of the gold-oil ratio. You can see how cheap, historically, oil is.And that's even after the rally of the last fortnight.What if it goes back to the top of that range?I'm glad we bought oil when we did, before this all kicked off. As always when a market moves in your direction, I now wish we'd bought more.Here is this week's commentary, in case you missed it. Lots of forecasts for the year ahead. Take a look if you haven't already seen it.Thank you for being a subscriber to the Flying Frisby.Until next time,Dominic This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

Advertising SponsorThis episode is brought to you by Arkena Coffee Marketplace, connecting you to the next coffee harvest in Ethiopia through direct trade.https://arkenacoffee.com/https://www.instagram.com/arkenacoffee/Email: hello@arkenacoffee.comEpisode DescriptionThis is Part 4 of a five-part series with Carol Salloum, cofounder of 3Tomatoes and Almond Bar in Sydney, Australia. In Surviving 2025 and 2026 as a Café Owner, we examine how hospitality businesses endure volatility and uncertainty.In this episode, we focus on what business owners must prioritise moving into 2026. Carol reflects on surviving the GFC, Sydney's lockout laws, and COVID, and explains why the ability to pivot is fundamental to longevity.We explore why raising prices endlessly is not sustainable, why retaining customer volume and loyalty can matter more than chasing higher margins, and why owner presence is critical. Carol shares how leading by example, building strong systems, and maintaining genuine connection with customers creates resilience in times of crisis.The conversation also challenges hype-driven business models and highlights why values-driven hospitality remains the most durable strategy in volatile environments.Connect with Carol Salloum and 3Tomatoes here:https://www.instagram.com/3tomatoesau/https://www.3tomatoescafe.com/***************************************About Map It Forward The Daily Coffee Pro is produced by Map It Forward, supporting coffee professionals globally across the supply chain.Website: https://mapitforward.coffeeMailing list: https://mapitforward.coffee/mailinglistPatreon: https://www.patreon.com/mapitforwardInstagram: https://www.instagram.com/mapitforward.coffee/Contact: support@mapitforward.org

Advertising SponsorThis episode is brought to you by Arkena Coffee Marketplace, connecting you to the next coffee harvest in Ethiopia through direct trade.https://arkenacoffee.com/https://www.instagram.com/arkenacoffee/Email: hello@arkenacoffee.comEpisode DescriptionThis is Part 4 of a five-part series with Carol Salloum, cofounder of 3Tomatoes and Almond Bar in Sydney, Australia. In Surviving 2025 and 2026 as a Café Owner, we examine how hospitality businesses endure volatility and uncertainty.In this episode, we focus on what business owners must prioritise moving into 2026. Carol reflects on surviving the GFC, Sydney's lockout laws, and COVID, and explains why the ability to pivot is fundamental to longevity.We explore why raising prices endlessly is not sustainable, why retaining customer volume and loyalty can matter more than chasing higher margins, and why owner presence is critical. Carol shares how leading by example, building strong systems, and maintaining genuine connection with customers creates resilience in times of crisis.The conversation also challenges hype-driven business models and highlights why values-driven hospitality remains the most durable strategy in volatile environments.Connect with Carol Salloum and 3Tomatoes here:https://www.instagram.com/3tomatoesau/https://www.3tomatoescafe.com/***************************************About Map It Forward The Daily Coffee Pro is produced by Map It Forward, supporting coffee professionals globally across the supply chain.Website: https://mapitforward.coffeeMailing list: https://mapitforward.coffee/mailinglistPatreon: https://www.patreon.com/mapitforwardInstagram: https://www.instagram.com/mapitforward.coffee/Contact: support@mapitforward.org

Keith breaks down where the U.S. housing market appears to be headed and which regions and states are quietly winning or losing in the population shuffle since 2020—and what that could mean for real estate investors.  You'll also hear about an intriguing cash-flow play in single-family rentals in select Southern markets. Then, Keith is joined by financial strategist and comedian Garrett Gunderson, who challenges the usual "scrimp and save" advice. Together, they explore how to build real wealth without sacrificing your life today, how high-net-worth individuals often get money wrong, and a different way to think about financial independence, freedom, and investing in yourself. Resources: Get Garrett Gunderson's Killing Sacred Cows audiobook free: DM @GarrettBGunderson on Instagram with the words "Keith Cows." Episode Page: GetRichEducation.com/595 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  1-937-795-8989 to speak with a freedom coach Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Keith, welcome to GRE. I'm your host. Keith Weinhold, is the future direction of the housing market trending up or trending down? Which states have seen the most population growth? Then powerful wealth mindset tactics with a financial comedian today on get rich education   Speaker 1  0:20   since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors, and delivers a new show every week since 2014 there's been millions of listener downloads and 188 world nations. He has a list show guests and keep top selling personal finance author Robert Kiyosaki, get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast or visit get rich education.com   Keith Weinhold  1:04   the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your prequel and even chat with President chailey Ridge personally. While it's on your mind, start at Ridge lending group.com that's Ridge lending group.com   Speaker 2  1:38   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  1:54   Welcome to GRE from Mount Rainier to Mount Rushmore and across 188 nations worldwide. I'm Keith Weinhold, and this is get rich education. I am not a Lambo driving influencer that will take any brand deal just to shill a gambling platform instead. Our core strategy at GRE is aging. Well, I've spoken with a lot of LP investors with capital calls and deals that lost all their money. Well, we approach wealth building with discipline and consistency. It doesn't sound dazzling, but it really shines when things go wrong elsewhere, because at least for the core of our portfolios, we get long term fixed rate debt for income property get paid five ways and win the inflation triple crown, and we do it all with a high degree of passivity. Right before I took the mic today, I got a two sentence email from a property manager that said an air conditioning unit's air handler board had to be replaced for $420 I don't even know what an air handler board really is. Now, the manager sent some photos in a written estimate. I quickly checked chat GPT, and I saw that the price was about right, and replied to my manager to go ahead and have that done. That's it an example of relative passivity. US residential real estate has nominally appreciated over every single 10 year period in modern history, despite some occasional short term downturns, even those are not common. Well, we recently had a guest mention that it's 20 years at the longest like 20 years or less is the period of time between which real estate never goes down. He was right. But you actually can't find any 10 year period where home values fell. What about the 2008 global financial crisis, I think that's the first place that the mind goes. Well back then, home values bottomed out at 208k in 2009 before they started growing again. And 10 years before that, the median price it was 157k in 1999 so even when home values hit their GFC low at that point, they were still up 32% from the previous 10 years. So you can confidently say then that over any 10 year period, home prices are up nationally. Now, how about the future? Well, for the future, there is more evidence of rising home prices. Building permits for new homes have fallen to their lowest level since 2019 that's according to the census bureau. So fewer single family homes are being built. Now we plan to discuss that more on. Next week show when we dive deep on does America really have a housing shortage? But this week, more reasons for future home price bullishness is that the labor market now, it's not doing that great. It sure isn't white hot, but unemployment, which was already low, that recently dropped a touch lower to just 4.3% inflation has fallen to 2.4% and wages are rising faster than that. In fact, our own Fed Chair recently remarked at how he's surprised at the strength of the economy. The property market analytics firm kotality, they now expect home prices to appreciate another four and a half percent this year. They and other firms continue to believe that the Midwest will be the hottest area of home price growth even more than that four and a half percent in that region. That is because not only is the Midwest underbuilt, it's that the prices are so affordable that it's attracting young people. The other factor is that mortgage rates recently dipped just below six into the high fives again, and that can release this pent up housing demand, and think about where we've come from. In late 2023 mortgage rates were about 8% and now lower mortgage rates also reduce the lock in effect, so it can create both more sellers and more buyers. The thing to remember is that 70% to 80% of home sellers are also home buyers because they've got to live somewhere. And first time homebuyers, of course, they buy only, they don't sell anything. In fact, former GRE guest in housing wire lead analyst Logan modeshami and Barry Habib were just positing on this at housing wire's latest summit on how the volume of home sales has been depressed for so long that lower rates could very well trigger a rush of buyers, these kind of people that have been delaying purchasing for years, this pent up housing demand being released if indeed rates go lower. People think they know the future, but we don't really know that that's going to happen for sure. But a lot of optimism about this phase of the housing market supported by not great, but decent economic conditions. Of course, that new housing demand is going to manifest unevenly across the nation. So let's talk about the places that have seen the most population growth from 2020 to today, basically the states that support that housing demand. Well, between 2020 and today, the US has grown by about 10 million people. That's over 3% nearly every state grew. But the bigger story is where that growth is happening. And really, here's the jaw dropper as a region, the South, gained more people than all of the other regions combined, about 7.6 million new residents in the south since 2020 the South's population is up 6% the West's almost 2% the Midwest population is up more than 1% and The Northeast up seven tenths of 1% again, this is not per year. This is total population growth from 2020 to today, Florida and Texas, they led the nation among the big states, both up almost 9% sprinting like they just found out that income tax is optional. The Carolinas in Tennessee are big southern growers too. People clearly keep moving toward warmer weather, a lower cost of living, lower taxes and job markets. Nothing new there. California in New York are the biggest losers in absolute numbers, California losing half of 1% of population in New York, a full 1% people keep moving away from these traditionally expensive, high tax coastal states like a buffet when the crab legs run out, people just getting up and leaving. That's not any sort of news story there, either. These trends help cash flow residential real estate investors like us, because the south aligns with that favorable landlord tenant law and those high ratios of rent income to purchase price. Luckily for us, that's where people are moving too. The Midwest has those phenomena as well, although their growth has been slower.    Keith Weinhold  9:39   Now a few Midwest highlights for you. Since 2020 the population of Indiana is up 2.8% quietly benefiting from Illinois. Escape Velocity, Missouri up almost 2% and that's growing mostly in Kansas City and St Louis suburbs. Ohio at almost 1% that's pretty modest growth overall, but Columbus up 5% that is flexing like it just landed a semiconductor plant there in Columbus, the intermountain west has bicep bulging growth, but it rarely works for us, because rents are only a little higher, but property prices are way higher. Yes, those pretty Rocky Mountain states, great Instagram, tough cash flow now Louisiana, it is a state that confounds people. It's a warm place, and it has a low cost of living, you would think Louisiana would be attracting people in droves for those reasons. Well, then why is its population following Louisiana down nine tenths of 1% since 2020 Well, you've got bleak job prospects that make Louisianans leave its tax competitiveness ranks 31st property insurance costs are high thanks to environmental risk. Louisiana has more swamps than beaches. Even the NFL saints were six and 11, and if they had made the playoffs, that wouldn't have made people move back. And hey, no personal shade here, I enjoy going to the New Orleans investment conference in Cajun culture, in Airboat Tours through the alligator filled Bayou, fun stuff, but for income producing property, you got to seek out different characteristics than just vacation Glee or how Good the gumbo tastes keep emotion separate from investing, Hawaii is America's biggest percentage loser. Its population is down one and a half percent since 2020 its cost of living is stratospherically high, with a median home value of just a little over a million dollars. That results in net outmigration to the mainland parts of the Aloha state now experience natural decrease. That means that deaths exceed births. Natural decrease. That's mostly a phenomenon on the Big Island. That's not where Honolulu is. That's where you have Kona and Hilo when young people can't afford to stay demographic gravity kicks in population loss. Hawaii is also highly dependent on tourism, meaning more volatility in recessions. It has contractor availability issues and higher repair costs, partly due to shipping materials to the remote islands. What about the upsides of Hawaiian real estate? Well, you're just going to have this inherent, strong, long term land scarcity and lifestyle desirability overall. Hawaii isn't bad. It's just hard. And I like Hawaii as a place to vacation, so the best times in my life were in Hawaii. Now, with all this said, These are broad generalities about states which are big places themselves right now. There are certainly Missouri real estate investors listening to me that are actually losing, and Hawaii real estate investors that are winning, and even cash flow positive. I'm talking general trends here, and this is with respect to long term rentals, not short term rentals. If your rent to price ratio is as low as point three or point four, like it often is near the coasts, well then you are speculating on appreciation. That's what that means. All 50 states have opportunity. All 50 states have no go zones. People keep moving south. That's a trend that the pandemic accelerated six years ago. More opportunity is concentrated there. That's got nothing to do with vacation excitement. That is population math, and I'm talking about swimming with the tide here in our Don't quit your Daydream newsletter I recently sent you that colorful population change map that I was describing some of there. More recently, I also emailed you that great and rare map of landlord friendly versus tenant friendly states mapped out and a lot of other great stuff.    Keith Weinhold  14:17   Before we bring in our firebrand guest, Garrett Gunderson, I just learned about a really strong opportunity for a provider of single family rentals and duplexes in Memphis and Little Rock. They're providing a locked in 5% interest rate and 5% property management for five years. Yeah, that's not a throwback to 2020 it's what mid south homebuyers calls their triple five program. They are the oldest and most trusted, maybe turnkey investment provider in the country, operating since 2002 and what they do is they offer these fully renovated, occupied rental properties in Memphis and Little Rock, two of the strongest cash flow markets in the South. With financing and management and rates that make the math work like it hasn't in years. So again, 5% interest, 5% property management fees for a full five years. You know those markets, they already had these investor advantage numbers with rent to price ratios mere point eight in Memphis and Little Rock. But yeah, that low 5% mortgage rate, even for renovated properties, not just new build. That's the kind of spread that turns a good deal into a great one. So to give you an idea, if you get a 30 year fixed rate mortgage loan amount of 125k with a 7% mortgage rate, your principal and interest payment is 832, at a 5% rate, it's just 671, so that's $160 more cash flow right there, and it's made a tad sweetener than that with just a 5% Property Management rate. And I don't know how long that offer is going to last, but it is available now and for the next little while, you can ask about it. When you visit mid southhomebuyers.com that's mid southhomebuyers.com and you can ask them about their triple five program. More next. I'm Keith Weinhold. You're listening to Episode 595, of get rich education.    Keith Weinhold  16:19   Flock homes helps you retire from real estate and landlording, whether it's one problem property or your whole portfolio, through a 721 exchange, deferring your capital gains tax and depreciation recapture, it's a strategy long used by the ultra wealthy. Now Mom and Pop landlords can 721, the residential real estate request your initial valuation, see if your properties qualify@flockhomes.com slash GRE, that's F, l, O, C, K, homes.com/gre. You know, most people think they're playing it safe with their liquid money, but they're actually losing savings accounts and bonds don't keep up when true inflation eats six or 7% of your wealth. Every single year, I invest my liquidity with FFI freedom family investments in their flagship program. Why fixed 10 to 12% returns have been predictable and paid quarterly. There's real world security backed by needs based real estate like affordable housing, Senior Living and health care. Ask about the freedom flagship program when you speak to a freedom coach there, and that's just one part of their family of products, they've got workshops, webinars and seminars designed to educate you before you invest start with as little as 25k and finally, get your money working as hard as you do. Get started at Freedom family investments.com/gre, or send a text. Now it's 1-937-795-8989 Yep. Text their freedom coach directly. Again, 1-937-795-8989,   Dani-Lynn Robison  18:08   this is freedom family investments. Co founder, Danny Lynn Robinson, listen to get rich education with Keith Weinhold, and don't quit your Daydream. You Brenda.   Keith Weinhold  18:24   Today's guest is someone that America knows as the long haired, bearded money guy in the past, he's drawn physical appearance comparisons to Jesus Christ. He's a prominent financial strategist. Founded an eight figure company, hit the Inc 500 he's both a New York Times and Wall Street Journal bestselling author. He is just an electric speaker, including appearances in front of dozens of billionaires. And he's just got this great way of speaking to financial freedom that hits you differently. He even has a comedy special that's great to welcome back to the show. Garrett Gunderson,   Garrett Gunderson  19:02   that's good to be back. Man. Is really good. Love your energy. Has a nice intro.   Keith Weinhold  19:07   Well, you give a lot of like, nice guidance to people that's somewhat different than they're used to hearing. You know, Garrett, I think a lot of the conventional guidance is, you know, it's not very far above Elementary School advice like, put your credit card in the freezer so you don't use it too often, but a lot of times you speak to either business owners or people that have already had some success, and I think a lot of your underlying mantra is, hey, you better live your best life now   Garrett Gunderson  19:35   I kind of feel like you are your greatest asset, and if you starve out that asset because you don't feed it with knowledge, or you don't invest in yourself, or you don't gain the skills that really matter because you're so addicted to scrimping and sacrificing and building your balance sheet right, trying to build savings accounts and retirement plans and doing all you can to pay off that mortgage. Yeah, you could become a millionaire on paper. But will you live like one? Will you enjoy your. Life. What about all the memories that you miss along the way? What about having quality of life today and creating a life you don't want to retire from? The wealthy people, they didn't get that way because they shrunk their way there. They didn't get that way because they were amazing budgeters. They built businesses. They created value. They learned how to, you know, sell or speak or market or have business acumen that grow business or to hire people, and having those systems that actually impact more people or more deeply impact the people that they serve, because it's about value creation and their value creators. And I think this notion of just thinking, Oh, I could just trade time for money and set money aside. Man, that's a really painful way to get to a million dollars, but Northwestern Mutual, they just put out an article that said, 32 or 34% of millionaires don't feel wealthy, because if you have money tied up in an account that isn't kicking off cash flow, it doesn't feel like wealth. You can't spend that net worth. It's just a statement if you don't learn how to create cash flow. And I love financial independence, where people have cash flow from assets to cover their expenses now their lifestyle is covered from that cash flow. Now they can reinvest every active dollar into themselves and their quality of life, into more cash flowing assets, into taking trips along the way, not just waiting until they're too old to enjoy it.   Keith Weinhold  21:13   You work with business owners all the time, and you've even worked with some ultra high net worth people that still seemed to scrimp and save. Do you think really, what is that the function of? Is it more of the wrong mindset or the wrong tactics when someone acts that way?   Garrett Gunderson  21:32   It's a mindset that's really kind of handed down to them? Yeah, maybe from their parents or grandparents or from a different era, like there's people that were, you know, in the Great Depression, that then tells stories to their family about how tough it was, and you never know when that money could go away. So you got to hold tight, and it's a scarcity mindset. So one of the wealthiest clients I ever had, I mean, this was a guy who he was worth a lot of money, but you would never know it. I saw him on TV one day. I was like, Dude, he needs new clothes, and we found a strategy to save him a bunch of money. He was just buying his inventory with cash or like, let's buy it on a plum card, and you'll get cash back. I just said, Just take 10% of that cash back, which was over $100,000 a month, and spend it on yourself. He's like, Well, I wouldn't know to spend it on I'm like, Well, how about some new clothes to start with? He's like, Okay. And then the next month, he bought a nest system for his house. The next month he bought a sound system. Eventually, saved up enough money to buy a Tesla, which he really wanted, like it was money that was there for him, but it changed his entire paradigm, because now he had a quality of life. He was very philanthropic and donated money. He built massive businesses, but he never treated himself well. He'd never felt like it was okay to spend that money because of his upbringing, because the way that his parents viewed money and the way that their parents viewed money, and it was always something that felt scarce. So it felt like, okay, will this go away? And the reality was, we just found money in your couch cushions, essentially. So why not enjoy it along the way? He eventually bought a home that he loved on the water, that he loves the garden. I mean, it was like a total transformation with that one simple thing to help him heal his relationship with money, overcome scarcity, because he was already highly productive. He just had to break free from this budgetary mindset.   Keith Weinhold  23:09   That's great. It was almost like, Dude, I can see it in you. Before we even talk. You got that code off the rack at Burlington. I swear you can do better than this. Come on, now   Garrett Gunderson  23:17    30 years ago, 30 years ago too. You know, it doesn't even fit anymore.   Keith Weinhold  23:23   Well, you know, I recently dedicated a complete episode Garrett to the way I put it is that the risk of delayed gratification is denied gratification. Now, there are some good things to be said for delayed gratification, I think, especially when you're younger, or you're just starting out in the working world, and you just tried to cover rent for your apartment and you don't have much else. Delaying some gratification is good. You need to form capital. You need to get liquid. I try to avoid saying stacking savings, because that gets people in the mindset of becoming super savers sometimes, and they miss out on returns. But what I mean about the risk of delayed gratification, being denied gratification, if it's taken too great of an extent, is, you know, I'm talking about the guy where, when he was 24 he used to say, Oh, I'm going to visit the Galapagos Islands someday. That's what I want to do. But you can just tell by the time you talk to the dude, when he's 48 he begins to use the past tense for things he wanted to do, for example, then he might start saying, Oh, well, I guess I never did visit the Galapagos Islands. You know, you can tell with people when they use the past tense, and that's when you know that their future is not bigger than their past, and a lot of that is the reflection of their financial status.   Garrett Gunderson  24:40   I got married at age 23 and the first two years, well, it was really like the first year and a half, maybe I was just such a miser. I gave my wife a $400 a month budget for an apartment, and we found out that there's places you don't want to live in Utah. I didn't know it, but she's like, is this what you want? And I was like, This doesn't feel like a safe neighborhood. And then you. Know, I was like, All right, maybe $600 I was still kind of really scarce. And my parents were like, Why don't you just live in our basement, rent free, and my wife's like, sex free. If you think that's where we're living, I'm gonna live in my parents basement, you know? Because I just thought money was something to save. So I saved me over 50% of my income. And a lot of people were like, that's amazing. Congratulations. Great job. And so I felt really good about it, and then I realized that my business wasn't growing as fast as this other person my age. I met him at an event, and a year later, he was doing better. And I was like, Dude, what's going on? I could hear it in your voice. I could hear like, you're just a different person. He goes, Oh, I'm doing two things. One, I just hired this guy, Steve D'Annunzio, and he changed my entire life. And I was like, I need to meet him. He's like, he happens to be here in Vegas. He's from Rochester. Introduced me. I hired him as my coach right away. I'm hearing all these people talk about strategic coach at the same event, and they had a booth. So I signed up for Strategic Coach, which meant I had to part with some of my money. Think it was $7,500 I hired Steve as a one on one mentor, and all of a sudden I was investing in myself, yeah. And I broke free from those chains of like, reduction and restriction into the game of production. And then I even had a situation where a woman called me out at the same event. This was a life changing event where she's like, I wonder what it's like living in a financial prison you built for your wife. It's like, Oh, see, that's what happened. I thought I was responsible, and building that responsibility that's actually building walls. And when I came home for that event, my wife and I started looking for our home. Within a few months, we found one. I bought a home. It was very easily within my means. I basically made as much as I paid for this house that we loved. We lived there for nine years. We built so many memories. You know, we had our two kids while we were there, I started host study groups, and that year, I grew my income by $170,000 with the coaching of strategic coach, Steve dnunzio And this woman, Nancy, calling me out. The next year, it grew by even more because the skills started to compound. I decided from that moment forward, I would spend at least $40,000 a year, which I might be able to reach for some people, but at least $40,000 a year on mentors. Is a guy named Alan. He writes my meal plans and my workouts, and I'm at 10% body fat because he knows exactly what they do. I do what he says. It was worth this $10,000 investment, because now I pay attention what I pay for, and I look at like if I'm my greatest asset, how can I create more energy? How can I create more value? How can I feel better about myself? How can I show up the very best version of I am, so I can deliver the most to the other people. And so I've always just been in amazing groups. I just got back from two different events in Beverly Hills around amazing people, learning incredible things that allow me to grow. I haven't spent a huge amount of money on a mentor last year to figure out something that I hadn't been able to figure out to this point. It's the same thing I did to become a speaker, to become a writer or even learn how to sell or market, you've got to invest in the skill, not just in the savings account. You grow yourself first, and then you grow your money. If you starve yourself out because you're in that miserly mindset, you're going to stunt your growth and never be fully fulfilled.   Keith Weinhold  27:56   You're your own best investment. And yes, this stuff is the varying definition of investing in yourself. Don't live below your means. Grow your means and all of that.   Garrett Gunderson  28:05   Grow your means and be more efficient within your means. I mean, the best way I know how to save is not overpay on tax, which 98% of business owners are doing that today. You know, don't overpay on interest, because you either restructure your loans, renegotiate your interest rates, reallocate underpouring funds to pay it off, or you remove investment drag. A lot of people have unnecessary fees and hidden commissions that drag on their investments. Or just design your insurance properly so it's more efficient. Those four i's, IRS, interest, investments and insurance show you how to keep more of what you make, take some of that money, build up your foundation so you have a peace of mind fund, so you have staying power, at least six months of liquidity and then invest more into yourself or learn how to create cash flow. This is the game the wealthy play. But the poor middle class, they think it's about paying off a mortgage and funding the retirement plan, and they will argue about it until it's too late, when they get there and now their homes paid off, but the property taxes are higher than their mortgage was 20 years ago, you know. Or they have home maintenance they have to take care of, or inflation has destroyed the value. Like if someone were to put away 100 grand and they wait for 30 years if they got 10% which the market did the last 30 years, if you reinvest dividends, they're going to have right around $1.7 million but if they have to pay 2% in fees, fiduciary fees, 12 b1 fees, which are marketing fees for the fund expense ratio, you know, the fees of maybe a retirement plan, and they now have 2% fees. It only goes to 1.1 million. Huge difference. And that 1.1 million if we account for inflation, even if we said inflation was low, like 2.7% over that 30 years. Well, by the time we pay for inflation and tax, guess what? The purchasing power value is like, 300 grand $300,000 that's a problem, and it's because they didn't learn to create cash flow. It's because they didn't learn to invest in themselves. It's because they relied completely on a market they don't control. I'm not saying the market is completely something to avoid. I'm saying we go in sequence. How do you grow your income for. First, then how do you keep more of the income you make with? You know, financial savvy and plugging leaks. Then learn to grow your money, but maybe growing your money. For some I like to think of like three dimensional assets, like real estate's three dimensional. It can grow in equity, it can create cash flow, and it has tax advantages. But my business is three dimensional, the more my business creates cash flow, without me, the more equity it has, and that business has major tax advantages. So most people are one dimensional, pay off a loan, put a money in retirement account. That's the poor, middle class. Wealthy people build a system where they've got three dimensional assets, equity, cash flow and tax savings. And that is a complete game changer, because then they can employ the buy borrowed I strategy, if you have assets like, you know, an individual stock, or if you have assets, like a piece of real estate or a business, you could borrow against it. There's no tax on that five for life, right? You keep refinancing. Or you can even do charitable trust to avoid the taxes upon the sell of those paying no tax when there's gains. Or you can pass it on to the next generation with a step up in basis, which means they get it at the full value and not have to pay the difference. And if you have life insurance, the life insurance will pay back the loan that tax free as well. So buy, borrow, die. I mean, it's a completely different thought process of defer taxes. If you defer taxes, I get it. You could do a Roth IRA or Roth 401. K Sure, that'll let you put after tax money in and grow it. But where's the cash flow? What's the underlying investment? How does it help you create financial independence? How does it help you does it help you grow your skills to become a better investor? We've been taught to be lazy, not that people are lazy. We've just been taught to be lazy with our money. We've been fed a narrative. I don't have the time, I don't have the skill, I don't have the interest, but I want to have it, so I just hand it over. And who do we hand it over to Keith Wall Street. Wall would you trust Wall Street? Like you flew to Frankfurt not long ago. Would you get on Wall Street airlines where they're like, hey, sometimes our planes go up, sometimes they go down. That would brand, and he'd feel inspired, right? Would you go to Wall Street, you know, hospital? Or like, hey, he lost one of your kidneys, and by loss, we stole it and resold it. You know, like, Wall Street doesn't have a brand. That's good. It's boiler room. It's Wolf of Wall Street. It's the movie Wall Street with Michael Douglas. You know, greed is good like yet that's what people put their money into. And you can go to any downtown and any major city, and guess who has the biggest buildings, insurance companies, banks and Wall Street investment companies. So you're taking the size of your home and shrinking it to build up their building and put money in their pocket. And their story is, it's because they're Ivy League, they're smart. They try to make it complicated, but you don't have to know most of the things you think you need to know about finance. The foundational things are important, how to protect your assets, how to design insurance, to transfer risk, how to have some liquidity, how to automate your savings. And then you focus like Warren Buffett would teach. He said, You know how people would become a better investor if they only had 20 investments they could make over their lifetime? He says, I don't diversify because I'm in the know. He's like, I'm a good businessman, therefore I'm a good investor and I'm a good investor because I'm a good businessman. I don't separate the two. Yeah, most people think he's a stock market investor. No, he buys out the companies in the stock market. Rarely does he have minority stakes in it. He does have some of that, maybe with Coca Cola and apple, but he bought a lot of companies outright, whether it was Geico, whether it was See's Candies, whether it was like he buys these companies, he's so far outperformed the stock market by billions of dollars from an index fund like what he has, versus someone that put the same money in an index fund, Warren has billions more from his investments than the person that put all their money in the index fund, even if it was the same amount. It's completely about strategy, not about luck.   Keith Weinhold  33:30   Yeah, it's the Andrew Carnegie, put all your eggs in one basket and then watch your basket. Yeah? Watch that basket like a hawk. Totally. Yeah. I mean, stacks mutual funds, they have what I call those five simultaneous drags. If you think you're getting a 10% long term return over time, subtract out inflation, emotion, taxes, fees and volatility. What do you have left? Not much. But there's no friction there. It is just the easiest thing to do ever since decades ago, 401 K contributions begin to become automated throughout your paycheck, sometimes even automatically, automated   Garrett Gunderson  34:04   values your permission opt out. It's easy. You have to opt out, right? It's Big Brother. You don't know what's best for you. And by the way, how crazy are four one K's. Part of the reason the market has gone up in value is because people consistently fund for one case, whether the market's going up or down, they're told $8 cost average. So that's artificially fueling the market. When we see the numbers, there's a buffet index, and it's like 2.9 times higher than what he's comfortable with, with the stock market, because of how overinflated the market is, partially due to inflation, partially because people put money in. But let's remember, why did 401, K's even come about? Because pensions failed. And by the way, these pensions failed and they had world class money managers managing these multi billion dollar pensions, but they didn't know about something called disinvesting, or didn't know enough about it. When the market goes down and pension money is owed, they still have to pull money out of the pension to pay the employee which disinvests, which pulls more money out of the account. So now instead of just being 10% down, they might be 17% down. And so even if the market comes back 10% it's 10% of only 83% of the money. So not even back to square one. And if it goes down a second year in a row, they're in real trouble. It starts to chip away at the principal, and they can't recover. And that happened to pensions, and they said, Oh, here, we can't handle these. We're going bankrupt. We're going to get rid of pensions. You take care of it. Well, guess what? Vanguard says, the average balance in a 401, k right now is $148,000 how someone's supposed to live on $148,000 even if you could get 10% that's $14,800 a year taxable, that's not going to do it. Even if you have a million dollars, where are you going to put the million dollars to get the return without risking it going down? Maybe you're going to be in treasuries at 5% that's $50,000 taxable per year. You're a millionaire on paper, but living poorly. That's why I'm here to call these things out. I think that my book Killing Sacred Cows, which was my original New York Times bestseller, which is probably how we met. Yeah, I rewrote it. I rewrote it, rereleased it in 2024 and I'll give people the audiobook. They just have to DM me on Instagram. Garrett B Gunderson and DM the word cows with Keith's name, cows and Keith or Keith and cows. I'll hook you up with the book for free, so you can learn about the nine financial myths. We're talking about some of them here, but there's also some comedy in there, so they can laugh after each chapter. I threw some comedy in there. You know, if you like my comedy, I'm not the funniest comedian. I'm just the funniest money comedian. That's the reality.   Keith Weinhold  36:33   When we had the very inventor of the 401 k plan, Ted benna, come onto the show, he revealed to us that when 401 K plans rolled out, they were first called salary reduction plans. They had to scrap that name in order to foster participation. But reducing your salary is still principally what it does to you. You got to think about it that way and blow up some of these myths. But Garrett, you've already given a lot of great technical information about what someone can do, how someone can think differently. Bigger pictures, we're sort of winding down here. You know, when I'm thinking about this whole delayed versus denied gratification thing, how do you meter it out right throughout your life? I mean, what's your earmark your family legacy? How do you meter it out, right so you don't have too much or too little at the end of your life?   Garrett Gunderson  37:15   I like to see this strategy of, like, what would the rockfellers do that I wrote about is, you know, the beginning before that strategy is you pay yourself first, which has always been around Richest Man in Babylon. Tons of books talk about it. My argument is you want to pay yourself at least 15% of your personal income, off the top, to a separate account. Once you get six months in that account, now you start to invest that money, but you build your stability with that peace of mind. And we want 15% because the luxury once enjoyed becomes a necessity. So you want more money in the future, not the future, not less propensity to you know, there's also, just like planned obsolescence, things break down. You have to repair them. Technological change, we're buying new technology that doesn't even exist. I have now subscriptions to a bunch of AI things that help me out, right? But I'm spending more money. There's also taxes, those could go up in the future, or 38 trillion in debt as we film this, which is a crazy number. And there's also inflation. If we give 3% to each of those five factors, that's 15% now again, use the four i's, IRS, interest, investments and insurance to find that money, not just budgeting. But then here's the magic. At least 3% of your income should go to a separate account called the Living wealthy account. That's your guilt free spending, value based spending account, so you enjoy some money along the way. These are the things that are the finer things in life that people might say are wasteful. You know, there's a book called unreasonable hospitality that talks about this, 11 Madison Avenue was the number one rated restaurant in the world. And, you know, will who wrote the book talked about they had 3% of their budget to just go wild on their customers dream making money, right? So to create the special experience in the restaurant, and even the bear, I think was season three, showed some of that process of how they do that. So I highly recommend taking a certain percentage. You get to enjoy along the way. It could be higher than 3% but start there, and you're going to feel better, you're going to have different energy, you're going to show up in a different way. And then from there, I just believe in having trust, so that your money's outside of your estate, and protecting financial predators so you own nothing but control everything. And I personally use life insurance. I use just standard over, you know, like basically properly structured, optimally funded whole life, so that death benefit will come in after I die. It allows me to spend more of my money and then have it replenished so I can enjoy more of my money along the way, because I know that death benefit will be there for my wife or even for my family trust after I'm gone, so I don't disinherit the people that I love.   Keith Weinhold  39:31   Garrett Gunderson, he can take you through these steps, which he calls financially fit, to financially independent, and then finally to financially free. Tell us a little more about that going through those steps.   Garrett Gunderson  39:44   So financial fitness means your financial house is in order. You've got everything handled properly, car insurance, homeowners, liability, disability, medical life insurance, your corporate structures as a business owner, how you pay yourself, your taxes the last three years and move. Moving forward your investments. It's like, you know what it's going on. You've improved your cash flow, and you're dialed in. You're as safe as you could possibly be. Then financial independence is, how can we create income, especially from a business that comes in when you don't, that's people, that's processes, that's technology, so that you can be involved, but you don't have to be involved. This is the part most people miss, yeah, and I think it's crazy. A lot of people have this notion they're just going to work so hard so they can sell their business one day, I'm like, What about just creating a business that you love so much you don't want to sell it? What about giving up the things that are burning you out and have the employees that can take care of that so you do the things that you love and then just enjoy life along the way, take some little trips, take some time off and come back in. The business grows up when you're away, they learn how to do things without you, and then you can still create value into that business. I sold the business in 2021 and really regretted it, because I kind of was so removed from the business. I kind of felt like it lost its soul and I didn't feel connected to it. So this time around, I started a business in July of 2024 I'm like, I'm only going to work with the P with the people I love, building things that I love, and I'm not going to let myself get burned out by doing too much. We're going to take two weeks in Hawaii coming up here in April, just enjoy some time together as a family. We do quarterly family retreats with my wife and kids. We do traditions with my family up at my cabin, like I want to have this great life where it's blurs the lines between work and play. I have a little quote from someone else that talks about that art of life is blurring the lines between work and play, but also just having complete play sometimes that there is no work. So I come back refreshed, relaxed, rejuvenated and ready to create. And so really, that financial independence gives you permission to swing for the fences and what you do, knowing your foundation is handled, knowing that your lifestyle is covered, from assets to create cash flow gives you work optional freedom. But instead of retiring, think, what could your biggest impact be like? Create the life you don't want to retire from. Create a vision so compelling you can dedicate your life to it and find that the win is actually in the work, not just the outcome. I think that is the elegance of we win when we play, and when we have more play in our life. We don't try to escape from something. And when you start something, you might have to do things you hate, but you can eventually delegate it, and then life becomes great. I mean, one of my early coaches, Dan Sullivan, who I mentioned, a strategic coach. He's in his 80s, still behemoth of creating value in the in the market. To listen to him, you know, he's phenomenal. He's made such a huge difference in my life, and he has no intent of retiring. He just gets smarter every year, adds more value, builds more infrastructure, and he's the one that taught me the merit of free days, just taking time off, taking time away. So, yeah, that's financial independence. Is cash flow, and then financial freedom is a state of mind. It's when money is no longer the primary reason or excuse you would do or not do something. It's a consideration, but it's no longer the consideration means that you have a healthy relationship with money. Money is an asset and an ally, not an enemy. You don't come from a place of scarcity. You come from a place of abundance. You can be more present with your family and doing what you do without feeling distracted. I think wealth is our ability to be present, not necessarily how much money we have in a bank account. I think we have a good amount of money in a bank account, and we can be present. That is like true wealth.   Keith Weinhold  43:12   It harkens back to the John D Rockefeller, he who works all day has no time to make money. Rockefeller would have said, you can architect a wealth plan if your head is down on the assembly line, that means gradually move your offer. It's from trading your time for dollars over to owning assets that pay you to own them. Garrett's comedy special is called the American Ream. There's no D in that word, R, E, A, M. You can look that up, Garrett. It's been enlightening as always. Thanks so much for coming back onto the show.   Garrett Gunderson  43:43   Hey man, good to be back.   Keith Weinhold  43:51   Always. A lively conversation with Garrett, besides some great mindset perspective, he's really good at saving you tax and setting you up with asset protection. Though he's not as real estateish as me, he's pretty savvy. For example, He's aligned on the fact that, for example, say you have an 80k debt. Well, it doesn't necessarily mean that it makes sense for you to pay that off sometimes it does, but what happens to your net worth anytime you pay off an 80k debt, well, let's see. You've reduced your asset side by 80k and you've reduced your debt side by 80k so your net worth is the same, and retiring the debt means that you might have lost leverage, lost cash flow and lost tax advantages, all at the same time on Instagram, send a DM with the two words, Keith Cows to Garrett B Gunderson, and he'll hook you up with his book for free next week on the show, we go deep on does America really have a housing shortage with an expert analyst. Until then, I'm your host. Keith Weinhold, don't quit your Daydream.    Speaker 4  45:01   Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively   Keith Weinhold  45:29   The preceding program was brought to you by your home for wealth. Building, get richeducation.com  

In this episode of Masters of Moments, Jake Wurzak sits down with Ethan Orley to unpack his unconventional path into boutique hotel development and management. What started as a post-GFC leap of faith on a 28-room hotel in Knoxville evolved into a design-driven hospitality platform focused on secondary and tertiary markets. Ethan shares how creativity, operational intensity, and disciplined real estate underwriting intersect in his approach to building distinctive properties that stand out without overextending on risk. From bootstrapping a speakeasy with six frat guys and free beer to navigating brand partnerships, third-party management, and the realities of food and beverage, Ethan offers a candid look at what it really takes to create and operate memorable hotels. He reflects on design storytelling, the importance of basis and incentives, and why sometimes the best opportunities are found off the radar. They discuss: How Ethan went from distressed debt and apartments to boutique hotels in secondary markets The role of design narrative and storytelling in creating differentiated hospitality experiences Why basis, incentives, and downside protection matter more than chasing hot markets Lessons learned from building and operating in-house management versus using third parties The hard truths of hotel food and beverage and what separates a struggling outlet from a profitable one Connect & Invest with Jake: Follow Jake on X: ⁠https://x.com/JWurzak⁠ 1 on 1 coaching with Jake: ⁠https://www.jakewurzak.com/coaching⁠ Learn How to Invest with DoveHill: ⁠https://bit.ly/3yg8Pwo⁠ Links: Oliver Hospitality - https://www.oliverhospitality.com/ Ethan on LinkedIn - https://www.linkedin.com/in/ethanorley/ Topics: (00:00:00) - Intro (00:0:22) - Why hotels: operations, design passion, and real estate upside (00:06:02) - Winning in secondary & tertiary markets (00:12:54) - Betting on ‘mixed' markets (00:16:44) - Indie vs. branded hotels (00:27:20) - Finding deals without a fund (00:32:17) - Design & storytelling (00:36:03) - Crafting the hotel's storyline (00:42:03) - When to use third-party management (00:48:50) - Outsourcing accounting & SOPs (00:52:40) - Food & beverage reality check (01:02:05) - Non-negotiables in new builds (01:07:13) - Favorite hospitality experience

Season 5, Episode 7: Season 5 keeps going with a look at where capital is really moving as the market works through its next phase. Jack and Alex are joined by Matt Brody, Managing Director and Head of Real Estate Capital Formation at Canyon Partners, one of the most active firms in real estate credit and special situations. They get into how Matt's experience during the GFC shaped his approach to capital raising, how Canyon thinks about structured credit and recapitalizations, and why today's opportunity set looks more like quiet, intermediated stress than headline distress. The conversation also covers what LPs are prioritizing right now, why credit is back in focus, and what the wall of maturities could mean for the next stretch of the cycle. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – Intro And Canyon's Role In Real Estate Credit 02:50 – Matt's Path Into Real Estate And The GFC Years 06:00 – From Walton Street To Angelo Gordon To Canyon 09:40 – How Canyon Thinks About Credit Vs Equity 14:10 – What LPs Are Looking For Right Now 18:20 – The Wall Of Maturities And Private Credit Demand 23:40 – Macro Vs Micro Data And Reading The Market 28:10 – Multifamily, Housing, And Quiet Distress 33:20 – Structuring Capital Solutions In Today's Market 39:20 – 2026 Outlook, Refis, Recaps, And What Comes Next For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America's economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry's biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

In this episode of The Distribution, Brandon Sedloff sits down with Steven DeFrancis, Founder and CEO of Cortland, to unpack how multifamily evolved from a commodity product into a true consumer service business. Steven shares the story behind Cortland's transformation from a small merchant builder into a vertically integrated investment manager with more than 75,000 units and $20 billion in gross asset value. The conversation explores why operational depth, brand trust, and technology infrastructure now sit at the center of performance in living real estate. Steven walks through the post-GFC research that reshaped Cortland's strategy, the demographic shifts that extended renter lifecycles, and the deliberate decision to build operational infrastructure long before raising institutional LP capital. He also details how brand equity translates directly into pricing power, retention, and investor returns, and why scale is increasingly essential in a consolidating market. They discuss: The pivot from merchant development to a vertically integrated operating platform Why multifamily shifted from a commodity to a consumer service business How brand trust creates measurable top-line rent premiums and longer resident tenure The role of data, AI, and centralized workflows in reducing fraud, speeding leasing, and improving performance Why 2026 and beyond may present compelling acquisition opportunities amid capital market stress and supply overhang Links: Cortland - https://cortland.com/ Steven on LinkedIn - https://www.linkedin.com/in/steven-defrancis-022a564/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:03:21) - Steven's background and career (00:13:48) - Building Cortland and lessons from the GFC (00:20:06) - Building a vertically integrated operating platform (00:24:13) - Raising institutional LP funds (00:28:02) - Cortland's scale, markets, and fund vehicles (00:34:22) - Operational alpha (00:42:20) - 2026 market outlook (00:50:40) - Tech and AI in multifamily (00:55:28) - Advice for operators (01:00:11) - Closing thoughts

Scott Kleinman is the Co-President of Apollo Asset Management. Scott joined Apollo in 1996 as its 13th employee and has spent nearly three decades helping build the firm into nearly a trillion-dollar alternative asset manager and retirement powerhouse. Our conversation traces Apollo's evolution from a value-oriented private equity boutique to an integrated platform investing across the capital structure at scale. We discuss the firm's core philosophy of excess return per unit of risk, its post-GFC expansion into private credit and retirement services, and why origination—not capital—has become the key constraint on its growth. We also explore Scott's transition from dealmaker to firm-wide leader, touching on culture, incentives, communication, and governance. We close with Scott's perspective on today's credit environment, the convergence of public and private markets, and the risks and opportunities shaping the next phase of alternative investing. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership