Podcasts about IRR

In this episode of The Capital Raiser Show, Richard C. Wilson sits down with Marcus Ridgway, founder of F6 Partners and co-founder of Invitation Homes, for a fireside chat on attracting institutional capital at scale, building frameworks that earn the trust of the world's largest investors, and why extreme conservatism - not big risk - is what created one of the most impressive real estate track records in the country. Marcus shares how building institutional-grade systems from day one led to Blackstone wiring $35 million before a single document was signed, and how they ultimately scaled that relationship to $1 billion - all because the architecture, software, and reporting were airtight from the start. The conversation dives into risk mitigation frameworks, optionality as an insurance policy against volatility, the mindset shift from hustle to architecture, what separates centimillionaires from founders who never scale, and why Marcus believes fat tail risk is the defining challenge facing every investor in the years ahead. Topics covered include: Securing $4 billion from Blackstone and taking Invitation Homes public on the NYSE Why institutional investors never look at IRR - only downside risk Building architecture that creates returns vs. relying on hustle to create results Why exactness and transparency with institutional capital is non-negotiable Creating an investment committee even for a single house purchase How a cold call from an industry researcher led directly to Blackstone Optionality as an insurance policy against volatility Returning $200 million to an investor when the strategy no longer made sense Offshoring decisions so the business doesn't depend on one person Separating ego and identity from outcomes as a founder Student housing and senior housing as the top opportunities right now Fat tail risk - why black swan events are increasing in frequency and what to do about it How conservative structuring, not big bets, built a billion-dollar platform The Capital Raiser Show brings together billionaire investors, family offices, elite entrepreneurs, and capital allocators to discuss investing, scaling, strategic growth, and wealth creation. Subscribe for more interviews with top investors, founders, family offices, and industry leaders.

Keith explores how investors can build legacy wealth by owning productive teak timber and the land beneath it in Panama.  Mike Cobb, an international real estate developer with over 30 years of experience, explains why Panama's legal framework, economic stability, and U.S. dollar economy make it a compelling destination for first-time offshore investors.  They discuss the long-term return profile of teak, its resilience as a hard asset, and common mistakes to avoid when investing internationally, along with how a sawmill and vertical integration can enhance returns.  This discussion highlights how the strategy can diversify both geography and asset type while also opening doors to potential residency options abroad. Episode Page: GetRichEducation.com/615 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  FAMILY to 66866  Unlock truly passive real estate income—visit flockhomes.com/GRE today to see if your properties qualify for a 721 exchange with Flock Homes. To get in the best physical, mental, and professional shape of your life, go to DanielThomasHind.com and apply for Daniel's intensive 1-on-1 coaching for burnt-out entrepreneurs and executives. 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   Welcome to GRE. I'm your host Keith Weinhold, talking about a legacy investment. You can profit from this real asset long term, and so can your heirs. It's real estate, but not housing. It's a diverse and more primitive use type. Today on Get Rich Education, you know. Mid South Homebuyers, that top Memphis turnkey provider. I learned that a secret weapon behind their explosive growth is more than just you buying their properties. It's an executive coach. For nine years now, their CEO Terry Kerr and his COO Pat Mix have worked privately with a coach who I've now learned from too, and he doesn't market himself online anywhere. After 12 years behind the scenes, that coach is now making himself available exclusively for GRE listeners. His name is Daniel Thomas Hind. If you're a hard-charging business owner or investor who wants to get in the best shape of your life, physically, mentally, and professionally, you can fill out an application for a free consult. This is private one-on-one coaching for those willing to go to uncommon lengths to achieve uncommon results. Thanks to Daniel, we've all become better leaders, better operators, and better men. It started by showing up for ourselves. Now it's your turn. Go to DanielThomashind.com. H-I-N-D. That's DanielThomashind.com, and sign up before spots fill.   Keith Weinhold  1:35   What if you got your mortgage loans the same place I get mine? You sure can at Ridge Lending Group NMLS 42056. They provided GRE listeners with more loans than anyone because Ridge specializes in investment property. They'll help you build a long-term plan for growing your real estate empire with leverage. Start your prequal and even chat directly with President Caeli Ridge while it's on your mind. Start at ridgelendinggroup.com. That's ridgelendinggroup.com.   Speaker 1  2:08   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  2:24   Welcome to GRE from Cherokee, North Carolina, to Cherokee, Panama, and across 188 nations worldwide. I'm your host Keith Weinhold. Welcome back to another Wealth Building Week. You are inside Get Rich Education, where financially free beats debt free. Today we're talking about a specific investment that is not residential real estate. In fact, it's a more primordial real estate type that predates housing. So therefore, it is lucid and intelligible. It's easy to understand. Sort of the opposite of more arcane investment like AI data centers or crypto mining. At a basic level, this makes it easy to understand, and there aren't any tenants to manage. It also does not pay you as often as monthly, though as you'll learn, there is income and appreciation is expected too. Now, if you invest outside your home country, you're probably going to want to be diligent and select a politically stable nation that also has an operator based in that region with a fantastic track record. It helps if they're close to the U.S. This small nation is close to the U.S. in both geographic proximity and economically. Their currency is even the U.S. dollar. They even share an electrical system with the U.S. with the same outlets and voltages. As you might be guessing, where I'm talking about, this nation also has a consumer culture somewhat similar to the U.S. with American restaurants and retailers and brands in our real estate world. What we find more important is how, like the U.S. this nation is a constitutional presidential republic, and both nations have these separate executive, legislative, and judicial branches, the three branches and elected presidents, in these competitive multi-party elections, and both America and this place have market-oriented economies that emphasize private property and private enterprise, banking and financial services, international commerce, logistics, ports, and aviation.   Keith Weinhold  4:49   Today, we're talking about the opportunity for you to own productive timber and the land beneath it, teak hardwood trees in Panama, a quarter-acre parcel. At a time with your name on the deed, that direct ownership is known as fee simple ownership. I have directly invested in Panama for about 11 years myself. Now, though teak might be able to survive in a climate like Hawaii, mere survival is not enough in the U.S. It is difficult to impossible to find anywhere that grows productive plantation teak. Here in the late 2020s decade, we've had bouts of El Nino or La Nina a lot of places in the world, and that has severely weakened some crop types. Other providers of different agricultural investments are failing, but not this teak. They're resilient, and we'll get into the physical properties of the teak. I'm going to ask today's distinguished guest about that. He and his business partners planted some select timber 27 years ago, and they've been offering teak hardware parcels to investors for that long, 27 years, and for about the last 10 years to GRE investors. Hundreds of you are participating now, but I'm going to wait to ask more about the physical teak product itself until later, because what's more important are the investment environment and the strength of the operator. So learn more about this and what the projected investment returns are, and just how much exactly does a quarter-acre parcel of teak cost? If you so choose, owning teak parcels also gives you the option of residency status in Panama, and you only need to spend two days there every two years in part of maintaining that status, they offer investor in-person tours of the teak plantations too because they're proud of what they do there. I expect a fascinating discussion with Mike, the teak company co-founder and CEO. This week's guest has become a friend since I met him about 10 years ago. He co-founded and is CEO of an international real estate development company. He's got active projects throughout Central America. He's been doing it for more than 30 years, so he's not a tinkerer and not trying out project concepts.   Keith Weinhold  7:26   And at this point, he's helped thousands of North Americans diversify their portfolios through international real estate ownership and residency planning, and even lifestyle investing. And if you've ever attended an investment conference on something like global diversification. You might have seen him speak there because he's such a frequent, recognized speaker and voice, and he's authored multiple books on real estate, financial freedom, expat living, and just unlocking a better lifestyle. Hey, welcome back onto the show, Mike Cobb.   Mike Cobb  7:59   Oh Keith, nice to be with you. And you're right. 10 years, we've enjoyed one another's company at many conferences. It's always great to be back with you virtually. I look forward to seeing you again personally one of these days as well. And yeah, thank you for the very kind words on the intro.   Keith Weinhold  8:14   Yeah, if I'm teetering on whether or not to attend a conference, I ask myself, is Mike going to be there? That's right.   Mike Cobb  8:20   We'll hang out,   Keith Weinhold  8:22   100% And you know, Mike, he's also an avid reader of GRE's "Don't Quit Your Daydream" newsletter. So then, clearly, he's even smarter than you've ever thought. You heard him on the show before, so you knew he was smart, but now he's even smarter than you ever knew since he's a reader. Tell us what you like about the newsletter.   Mike Cobb  8:40   You know, Keith. I gotta say, every issue that comes in, I read it. By the way, today's issue said read before Thursday, so you give me a couple days tomorrow at least to read it. Anyway, no, you know what? You are so powerfully succinct. The charts that you put in are wonderful. You were a geographer major, and and so spatial things are important. I also recognize. I love the charts. I love the graphs, and I hate to even say I love sort of the I hate to call it the trivial information, but you know enough data points that seem trivial when you put a theory around them actually become meaningful. And what you are able to do is you're able to connect dots that most people don't connect. That's the hallmark of genius, and I think you are a genius, by the way. And I think your newsletter shows that. And so, thanks for putting it out. Your readers are very, very fortunate to have you there, giving them the kinds of information that are super relevant in the marketplace at one level and on a specific level. But even more important, creating the theoretical constructs that allow them to understand the why of something's happening because you know if you understand the why of something you know it makes a lot more sense first of all but it also allows us to maybe forecast the next what coming down the pike and if we can be on the front edge of something or you know being able to look over the hill or around the bend that's. Powerful in the marketplace, and and you bring that power to your readers. Well done, man.   Keith Weinhold  10:04   Thanks. Yeah, it's not just what; it's why this matters. And that was an incredibly kind thing to say. I write every word of the letter myself, and you, the listener, you can get the letter free now@greletter.com I send it about weekly, and Mike, I know that U.S. investors, including some Get Rich Education followers, they've been increasingly looking offshore for one thing many perceive the political risk has palpably higher than it was a few years ago. So, just broadly, tell us more about what North American investors seem to be looking for.   Mike Cobb  10:42   Sure, I summed it up earlier today. I was talking with a conference organizer, and he was really giving me the hard sell on why I should come to his conference. And it's probably not a good fit. But I heard myself say it for the first time. What we really help folks do in certain spheres, but maybe in this sphere, is help people get a good night's sleep, you know, peace of mind, right? And when you've got the political turmoil, you wrote an article or a newsletter a couple weeks ago, and it was about inflation, the kinds of things that were happening, and it was so spot on. And I think your readers, and not just your readers, but people who are tuned into what's really happening from a political standpoint, a financial standpoint. There is no way you can print this much money. There's no way you can have these kinds of things going on all the time that create a huge run-up of debt, right? And it's not even the debt; it's the implications of the debt. What's going to happen next? How's this thing going to unwind, right? And so when you have all of this stuff going on. You have people who are really, really worried about their future. It's a financial future. I say there are two train wrecks. There's a train wreck of debt, which is what I just talked about, and there's a train wreck of freedom. And that train wreck of freedom is really, in some ways, a result of the train wreck of debt. But when you've got a train wreck or two train wrecks happening, we really have three choices. We can ride it out, right? Take the ride and go for the crash, right? We can do something about it, but we really have to do something about it before. I'm going to mix a metaphor here, but if you know a hurricane's coming in three or four days, you don't wait till the wind's blowing 150 miles an hour to put up the plywood, right? You get out there while the sun's still shining. You put up the plywood, and then when the hurricane hits, like you got plywood over the windows, and you can ride out the storm. And this is where I think so many people are today. They're recognizing this hurricane is coming. The problem is, is that I don't think people always know where to go get plywood, right? What do I do? How do I protect myself and my assets, right?   Mike Cobb  12:38   And what this conversation right here is about is here's one kind of plywood you can put up on your window and the diversification overseas the diversification internationally into a hard asset that is not really inflation proof because I'm not sure there is such a thing but largely inflation proof or a big a great hedge against inflation real stuff hard assets real estate timber commodity right this is. what so many people are now looking at, and then the other piece of it is you can layer in a residency, which starts to give you that political plan B. You've got an economic plan B, kind of the hedge against inflation, but you've got this residency component that gives you sort of a hedge against the political uncertainty, and 1000s of folks have moved in this direction. Several 100, I think it's about 600 folks now, have picked up the residency as part of their timber investment as well. So a lot of different things going on, but I think they do circle all the way back to this train wreck of debt and a train wreck of freedom, the political divisiveness kind of what's happening.   Keith Weinhold  13:40   Now, what if someone hasn't invested in a hard asset overseas before, Mike? I'm thinking some people might come ask you. You know, why would I do this? For example, I live in the United States, where we have a rule of law and stable, mature markets and high property ownership rights. So, why should I look to diversify internationally with hard assets,   Mike Cobb  14:01   yeah, I think there's a general answer, and then maybe a couple specific answers. Generally, you know, I would never bet against the U.S. the U.S. economy. We're the largest economy in the world. I would never bet against it, right? But I think that for prudence, we would all want to have at least another basket for a few of our eggs: 5% 10% 20% Pick. Pick a number that's comfortable, but have some of your investable net worth outside your home country. Like that's just prudent, right? Why would you have everything all in one basket? And so we see that as a general answer. Specifically, a country like Panama, where we do have artique plantations, they have public title escritora publica. It's fee simple title, but in the civil law, so it's called escritora publica. The rule of law is strong in Panama. And then the other thing about Panama that I absolutely love is you have the canal, and the canal provides both economic stability and political stability. On the economic side, it generates just. Under $5 billion a year of cash flow, year in year out, right? So just it's like an ATM machine for a country with a population of about 4 million people. Do the math on that; like that's a huge amount of money on a per capita basis, right?   Keith Weinhold  15:13   Narrow water passages have really been newsworthy for a long time now, too.   Mike Cobb  15:16   Well, they have, and just like the Strait of Hormuz, right? You know, people sometimes go. I hear it said, "Oh, the canal is a vital strategic U.S. interest. That is absolutely 100% correct. But if you're a country that produces any goods that ship, or you're a country that receives any goods by ship, that canal is a strategic interest to you, and by definition, that's every country in the world. Every country in the world wants that canal open and transiting, right? Because everybody either produces or receives or both, right? And so you've got the political stability element as well as the economic stability element. You've got the rule of law. Panama is a great, great place for that person who you mentioned who's never done an overseas investment, never gone offshore, right? What's an easy place to start? What's one of the safest places to start is Panama, and it's in this hemisphere too, so it's close. I mean, you can get there for three hours from Miami, three and a half hours from Houston. Flights all over to U.S. Canada. It's easy. So I think a lot of folks see Panama as a very, very easy way to make that first step overseas.   Keith Weinhold  16:25   I happen to know that you just flew in from Panama. You're in the United States today, but you're constantly going to Central America. You span time zones more often than almost anyone I know. You mentioned fee simple ownership in there. For those that don't know, I think of that as direct ownership, where you don't have some weird administrative government layer in there that can dilute your hard asset.   Mike Cobb  16:47   Right, you can own it in your own name, you can own it in a corporation, so it's easy to own it. But yeah, no layering, right? By the way, the Constitution treats owners who are Panamanian the same exact ways it treats all foreign owners, and actually, we do business all over Central America. The one thing that we look for is a a legal regime that protects foreigners and foreign investors the same as it does domestic. Panama does that.   Keith Weinhold  17:12   Yeah, so investing in hard asset in Panama is a bit like investing internationally with training wheels on, due to its close relationship with the United States bolstered by the Panama Canal, but yet if someone hasn't invested internationally first, there are still a few mistakes to avoid. Maybe things that one isn't aware of. Can you tell us more about that?    Mike Cobb  17:33   The biggest danger people have when they make their first foreign investment is what I call margarita madness, right? And a lot of times it happens. You're on vacation in Cancun. You're having the time of your life. You're you just went parasailing, whatever. You're walking down the beach, and some developer says, "Hey, come on up here and take a look at my condo project. You know, and we'll buy you dinner at Senior Frogs tonight. We'll give you a coupon or whatever, right?   Keith Weinhold  17:55   Right.   Mike Cobb  17:55   And a lot of people do that, and then later that night, that's Senior Frogs. They're celebrating the condo they just bought, right? I mean, it's not how we transact real estate in the U.S. and Canada. There's a due diligence process. There's a due diligence period. It takes weeks or months to transact on a property, not hours, right? And so the single biggest mistake is that, and the way that we really can resolve it. I mean, my book is all about this. In fact, you have a copy, and I think you've helped some of your your readers and listeners get copies as well. It's called "How to Buy Your Home Overseas and Get It Right the First Time, and it really boils down to three simple principles: buy what you see. Is it there? Right. Own community. Right. Make sure it's in a place where you have people around. Right? Because there are a lot of ghost towns out there, and then know the developer. Do your due diligence on the developer himself, right? So you've got these three principles, and if you follow those three principles, you could do a lot better. But I actually think there's even a better way, and it has to do with character. It has to do with us, and you know when we move to the developing world, anywhere outside of you know North America, Northern Europe, maybe Australia, New Zealand, right? We're moving from the land of seller beware, right? Think lemon laws, think Ralph Nader, think advocacy groups, you know, lots of laws and regulations that control the seller, to the world of buyer beware, where none of those laws exist, and so now you're on your own. And because we've been living and transacting our whole lives in a seller beware environment, in a bubble of protection, we're protected by the government, right? We think we are. We'll just say that anyway. But we're protected. We're in a bubble, and we move to the land of buyer beware.   Mike Cobb  19:38   The problem is we don't really know how to transact. We don't know the right questions to ask, and our single biggest advantage, our single biggest attribute or asset that we have, is actually humility, because we don't know what we don't know, and we have to forget what we think we know. Assumptions, right? We can't bring assumptions with us that hold true. Some do some. Don't right. If we approach a transaction overseas with humility, there are no dumb questions. I'm going to ask every question I can think of. I'm going to do as much research as I can within a limited period of time. I'm not going to not analysis to paralysis forever. I'm going to say, look, I'm going to spend the next 30 days. I'm going to do a ton of due diligence, and at the end of 30 days, if I like what I say, I'm going to transact, right? So you're you're not getting the deer in the headlights never to do something, right? But you know, several weeks, maybe a month or two, depending on what it is you're doing, is enough time to do really, really good due diligence. Ask all the questions you can think of, but approach it with humility. And when we do those things, we transact so much, so much better than if we just rush into it with Margarita Madness.   Keith Weinhold  20:44   Right? People get caught up in those emotions with Margarita Madness and end up with a timeshare that they can't get rid of, or something like that. You said something so interesting there, Mike. When you move from the developed world to the developing world, you move from a seller beware world, like with some of the things you have to be aware of, and like you need to give disclosures and such into a buyer beware world. I hadn't thought of it that way before.   Mike Cobb  21:08   Yeah, and really, a lot of my book and a lot of the presentations that I've given, you've seen me give over the years, really deal with what I call a change in thought process. Because mostly in presentations, right? My goal in a presentation is to help somebody change how they think, to take away the bubble and understand that they're on their own, right? It's not really their own. They have you, they have me, they have other resources, right? But they don't have this bubble of government or regulations or laws out there protecting them anymore. Now it's the individual, and as an individual, I don't want to be rugged individual. I want to find other people that can help me, right? But I have to do that as opposed to it's just there for me, right? So if I can help people change how they think, they will transact so much better. They'll make better investments. They'll make investments that work for them in ways that they want them to work for them, right? They'll achieve the goal or the dream in a much, much, much higher percentage of the cases,   Keith Weinhold  22:04   we're talking about investing antique tree hardwood plantations, principally in Panama, like you mentioned, and we're talking about one mindset about crossing borders with our investing, and another is oftentimes, at least for GRE listeners, we're crossing asset use type because we're so used to residential rental housing. So when you cross into agriculture or forestry, I guess as it is with teak, what are some of the bridges to cross there as we change use type?    Mike Cobb  22:35   The reason I love timber generally and teak specifically in Panama in this case is that most people, most people, and I hope that many of your readers aren't most people. Most investors look at 20-five years and they simply say themselves, "No way, no way. And I love that because right now teak timber is being cut down 10 to 12 times faster than anyone is replanting it. And the reason people don't replant it is because most average investors come along and say, "Oh, it's 25 years. I can't wait 25 years. Well, you know what? Good, because the folks who do decide to move ahead and plant the teak, what that means is the price of teak is very highly likely to continue to increase in value far beyond inflation. Teak wholesale teak prices have gone up five and a half percent a year on average for the last 50-three years. I think that number is going to increase largely because there's this huge psychological barrier. People think, "Oh, 20-five years, but back in 1990-eight I bought 100-acre cattle pasture in Panama, and we had a professional forestry company plant it and maintain it for the last now 27 years, and two two and a half years ago, we started building a sawmill. Our sawmill is up and running. In fact, was just down there and brought back one of our first retail products. We're producing lumber. Our first container of lumber is headed out to a distributor in Colorado next week.   Keith Weinhold  23:56   Mike's holding up a nice cutting board for those in the audience.   Mike Cobb  24:00   Nice cutting board. We're setting up an e-commerce site. We're going business to consumer with cutting board, bath mat, shelving, tables, chairs. We have our whole production facility ramping up with new retail products. So the bottom line is, is yeah, man, it does take 25 years. You know.   Keith Weinhold  24:15   The lantation to harvest cycle. That's the 25 year span you're talking about here. The patience it takes for an investor.   Mike Cobb  24:21   Thank you. Yes, absolutely. And then, as we cut down this mature plantation that we we are now harvesting right now, it gets replanted, and the next 25 year harvest. I'm 61 Maybe I'll make 86 I don't know. Maybe not. Right. But my kids probably will, and they'll get the big harvest in 25 years, and then it'll replant, and maybe they'll get a next one, or maybe it'll be the grandkids, right? And so what we found savvy investors, people who are really not your average bear, right? And they think to themselves, how can I create generational wealth stewardship? I have enough money coming in. I mean, Keith, that the I mean, you can own teak for 10 grand. You can. Own a quarter acre of teak. You own the land. You own the trees. 10 grand, like it's 9000 something or other, but 10 grand, right? I mean, the bottom line is it's such an affordable, easy investment, right? And it turns into well over $100,000 in today's numbers. Who knows what inflation? But in today's numbers, buying power, you know, 10,000 turns into 100,000 right? Over 20-five years, and so most people who do this recognize the fact that they might get the first harvest, but it's their kids, their grandkids, their great grandkids who are going to get this harvest every 20-five years thereafter. And so the 20-five year thing becomes a wonderful thing, not a bad thing. Right, it keeps many people out, which keeps the price of teak high and growing, which we like. But it also creates this cash flow period. People go, "Oh, it doesn't cash flow. I'm like, "Absolutely, it does. It cash flows phenomenally four times a century. Like you have an internal rate of return of almost 11% 10 point something, right? You have an internal rate of return of 11% and it cash flows four times a century. This is a phenomenal cash flow investment. You might get to see the first one or the second one, but you're probably not seeing three or four. But somebody else in your lineage, your family, your heirs will see it, and they will all be so happy you made that decision to own teak.   Keith Weinhold  26:22   We're talking about the ability for you to own teak parcels and the land beneath it, title in your own name, one quarter of an acre at a time. We're going to talk more about that with Mike when we come back. You're listening to Get Rich Education. I'm your host Keith Weinhold. 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 their residential real estate. Request your initial valuation. See if your properties qualify at flockhomes.com/gre. That's flockehomes.com/gre.   Keith Weinhold  27:09   Let me ask you something: If you've worked hard to build wealth, is your money positioned to actually support your goals? A lot of accredited investors leave capital sitting in cash because it feels safe, but inflation and missed income opportunities can quietly erode its value. Freedom Family Investments offers freedom notes for investors seeking structured income backed by real estate. It's a straightforward approach built on real assets, not speculation. And full disclosure, I'm an investor myself. What I like is that their team walks you through how it all works, so you can decide if it aligns with your portfolio and income goals. Every investment carries risk, and nothing is guaranteed. But with a track record of consistent, on-time investor payouts, they built real credibility. Go to freedomfamilyinvestments.com to book a clarity call or text family to 66866 That's family to 66866.   Ken McElroy  28:12   This is Rich Dad advisor Ken McElroy. Listen to Get Rich Education with Keith Weinhold and don't quit your daydream.   Keith Weinhold  28:29   Welcome back to Get Rich Education. We're talking about international investing with teak tree plantations. This isn't something experimental. We're not talking about a tinkerer here. You have to be more careful when you go overseas, and we're talking about with the owner of an international company that's been doing this for 30 years, providing international investments. But the teak tree plantation, I think, began in 1998 or 1999 Is that right?   Mike Cobb  28:56   Yeah, 98 was the purchase of the property, and in the rainy season of 99 we planted the first 100 acres. Yep.   Keith Weinhold  29:03   Yeah. Well, talk to us more about that because you talked to us about how historically teak appreciates at about 5% per year. Tell us about how we get to that 11% internal rate of return.   Mike Cobb  29:15   Yeah. Sure. I mean, so two things. One, you've got the five and a half percent a year kind of calculated out over a very long period of time, 50-three years. So that's a pretty good statistical baseline. And then the fact that your trees actually physically grow, right? I mean, back in 2008 my joke is from 2008 to 2012 While the rest of us in real estate were hating life, my trees just simply kept growing, right? They just kept growing. And so what you start off with is about 100 maybe 110, I think, trees on a quarter acre, and in the end, after all the thinnings, you end up with somewhere between 22 and 25 trees per quarter acre, and each of those trees produces about 1.2 to 1.6 cubic meters of timber. For lumber, by the way, one of the things that we are working on, and you know, look at the end of the day, you had a walk, jog, run, right? And we're in the walk stage right now, but we're harvesting out all of the other elements of the teak tree. Your lumber piece, that just you know, sell it as boards, you know, one by fours, one by sixes, one by eights, whatever it is. Ship that stuff off. That's your 1.2 to 1.6 cubic meters, but you've got other pieces of the tree. You've got stuff that's too thin, the root stock that can be turned into other things, including cellucrete with cellulose, the ground up, the sawdust itself. We're saving all the sawdust. We're going to use that for cellulite. This is the math on this. Our investors get 80% of the net proceeds after processing costs, which is 15% my company gets 20% and so we, my company, has the highest incentive to drive the highest possible return to the investor possible because I get 20% of whatever I make for the investor, and so all the numbers we use are always the net investor number, right? And we have a business plan. All the numbers are laid out. It's all there, and it's pretty easy to see how the IRR gets up. About I think it's 10.6, 10.7% I can't remember. Just under 11% but it's all in the business plan, Keith. And again, this is part of that due diligence process, right? Get a copy of the business plan. Get on the phone with one of our property consultants maybe take a trip to Panama. I just got back. We just took a group of people. Yeah, we got tours. Yeah, we have tours, and so like as part of the due diligence process, come visit, come see the trees, come see the sawmill. Right? If it's something that makes sense from a an investment standpoint, yeah, the material, the facts, and the due diligence is all there for people to be able to pick up and do over a you know several week period, you know 30 days, 60 days, 90 days, whatever it is.   Keith Weinhold  31:47   Well, let's back up because seemingly you have had really good prescience. Because when we look at world agriculture today, we see some problems. Whether some people want to call it erratic weather, other want to call it climate change, and how that's really ravaged some crops and created disruptions in certain produce. Or with coffee, you know, we've also got a cattle production problem, for example. But you've chosen something that's been really resilient. Tell us more about that resilience and just why teak of all crops and forestry.   Mike Cobb  32:22   Let me start by saying, who was it? Yogi Berra says, you know, predicting is hard to do, especially when it's about the future or something. Exactly. Yeah. Right. But I mean, look, we're talking about the future. I mean, who the heck knows, right? I mean, that's what makes it investing rather than you know something else. But teak has been grown in plantations for almost 400 years. It was started by the British in India, what was then Burman throughout Southeast Asia. And one of the things the Brits did so so well is they documented everything. They had statisticians keeping track of altitude, rainfall, soil types, different stock. I mean, just anything and everything that you could imagine, and so by the early 1900s, some of the best books about teak and teak plantation farming was written. I actually read those books in order to interview the forestry management companies in Panama that we would hire them to manage our plantation, because I don't know anything about it, right? But I wanted to be prepared to do the interviews, so I was. What amazed and fascinated me was this incredible track record of production for almost 400 years of teak as a commodity in the marketplace, and then for the last 50 years, 53 years, you know, seeing what's happened to the price of teak in that time period. Look, nobody can predict the future. Weather patterns change. Teak as a species, is very very resilient. You know, the highest quality teak is grown in very specific conditions, and the Darien province of Panama has exactly the conditions to produce the highest quality teak. If those conditions change, maybe the quality of the teak goes down. Maybe the quality of the teak goes up a little bit. Who knows, right? I mean, at the end of the day, we don't control weather. We don't control weather patterns. We don't control the future. But that thing goes back to the idea of diversification. Like, how can we mitigate against the future? I think we do that by just simply broad diversification. And if we have all of our assets and stocks, bonds, and rental real estate, we're pretty concentrated, especially if it's all in the United States, right? Our home country, for example, and so some diversification into other sectors probably makes sense. I know it makes sense for me because I think that's my way of hedging against the uncertainties of the future.   Keith Weinhold  34:37   Let's talk about the tree quality and then the sawmill, because some people don't understand that teak really has pretty special properties that maple or black cherry or oak doesn't have.   Mike Cobb  34:47   It does. It has a very very high oil content and it has a hardness that makes it extremely resistant to rot fungus, which is why it's used in the marine environment. If you look at Chris Craft. Boats or yachts. You always hear about teak, teak, teak. Teak is used in maritime environments because it holds up to the salt water-not just salt water-holds up to water, but even more so, salt water and the environment, which makes it unique. And so, even if you don't treat teak, right, you just leave it out. It turns gray, but it doesn't rot. And then you can come back. You can you know sand it and varnish it and turn it into that beautiful, rich color. It's a beautiful, beautiful wood. It's funny because it has furniture uses, outdoor furniture, patio furniture, things like that, decking. But now they're starting to use it in hardwood floors. They're using it in gates and fences and soffit materials. Again, outdoor uses, but it can be used indoors as well for very very fine furniture, which at the end of the day teak has a panache that a lot of these other woods don't have. Mahogany is certainly one mahogany. The thing about mahogany is it's softer, right? It's a softer wood. It carries some qualities in terms of the grains and the colors that make it a a very favorable product for cabinetry and other things. We actually looked at mahogany as a species to possibly grow, and it's about a 30-five to 40-year harvest cycle. And so, when we looked at that, we said, you know, we can get our heads around 20-five, and and maybe someday we will do some mahogany plantations as well. But for now, we we started with teak. Actually, when we did the analysis, I don't know if this is still true, but 27, 28 years ago, when I did the initial research and analysis, it had the best time value of money ROI.   Keith Weinhold  36:29   Ah, that's the first time I learned that. And some of these durability properties that you've been talking about really go back to my earlier question about how some more sensitive crops have been ravaged lately.   Mike Cobb  36:39   Yeah, it holds up very very well to the environment. By the way, it'll do well in pretty much everything but desert, right? If it rains too much, the teak will grow faster. Actually, it produces a less quality. The quality of the teak is less. If so, if panama's rain system changed and it started raining every day of the year, where we have it growing, teak trees would grow wonderfully. The quality of the teak would be lower, right? Still, be teak. It'd still be valuable, but not as valuable in the marketplace. So.   Keith Weinhold  37:08   Now you've been here to talk about teak before, but something that you added a few years ago was a sawmill to really bring some vertical integration there. And now you're not at the mercy, perhaps, of the price that you would need to sell to a lumberyard. Can you tell us more about how it's going with that?   Mike Cobb  37:22   Yeah, absolutely. Well, the bottom line is, is because we earn 20% of what we earn for the investor on their wood, our goal is to sell it for as high a possible price. And lumber does pretty well. I mean, you can sell logs. Let's just start there. You can cut the trees and sell the logs for X. You can turn the logs into lumber and sell it for you know whatever 578 x. You can turn it into things like cutting board, chairs, tables, a finished product, and there you're talking about you know not just five to 7x You're talking about another 10x on top of that. So that's like 30x right? I mean it's an incredible difference. So from log to finished product, it's about a 30 times differential in what you ultimately achieve out of the marketplace for return. Right now it takes longer to do it. There's more work involved, but at the end of the day, because you make more of the investor, we make more. Some of the teak is going to go out as finished product, and so we get a blended return of lumber. We don't do logs, but we're going to have a blended return of lumber and finished product that will push that yield up maybe higher than we've anticipated, which would be just fine with everybody.    Keith Weinhold  38:30   ll right, all right. Diversifying your exit, then. Well, before we learn about how we can get a hold of more information, is there any last thing that we should know about investing across international lines into teak, maybe something that I didn't think about asking you, Mike.   Mike Cobb  38:45   The only thing there is two of the teak farm parcels can be bundled together for a half acre with about a I don't know it's a seven $8,000 legal piece government fees to achieve a residency. So you can actually become a resident of Panama with the teak investment, and again coming in on about 600 folks have done the residency as well as the investment and ownership of the teak farms. So I would say that's a piece. Again, if people aren't sleeping well at night, they're worried about inflation, they're worried about social disruption, polarization, where things are headed, right? And they like the idea of the teak investment, then you know it may make sense to just do the extra government legal piece and get the residency card. I mean, I just did that. By the way, I think you know I'm a I'm a Nicaraguan resident because I lived in Nicaragua for 14 years.   Keith Weinhold  39:34   Mike is holding up his Nicaraguan ID.   Mike Cobb  39:37   but last summer I also got my Panama residency card, so now I have, y'all. I'm a U.S. resident, U.S. citizen, and I'm also a Nicaraguan. I think I held up my West Virginia driver's license. Hold on, let me go. Here's my Nicaraguan residency. Sorry, I was like, yeah. Wait a minute. Anyway, so right. So I'm a U.S. citizen, and I'm a resident of both Nicaragua and Panama. And so, this is something that a lot of folks choose to do because of the uncertainty, the political and social uncertainty in their lives. The teak itself will help with the economic uncertainty, but the residency then helps with the other two elements.   Keith Weinhold  40:15   Next time you fly in and you're doing customs in Panama City or Managua, show them your West Virginia driver's license and see how they like it. See what happens.   Mike Cobb  40:22   It wouldn't work. Hahaha.   Keith Weinhold  40:25   Well, the prices are low. You do not need to be an accredited investor in order to do this. So there's really no qualification bar to clear. There's really no limit in the number of parcels that you can buy. Some people like to purchase 10 parcels, but you can buy as little as one, and tell us more about that price.   Mike Cobb  40:42   Yeah, in fact, we've introduced Keith since the last time we talked a financing program. Oh,   Keith Weinhold  40:48   I didn't know that yet.   Mike Cobb  40:49   We did. That's a fairly new. It's a this year thing, right? So the teak parcels, I think 9890 or something, whatever. Call it 10 grand. The parcels just under $10,000.   Keith Weinhold  40:59   Okay.   Mike Cobb  40:59   Yeah, and they have a down payment and a credit card thing. I think it stretches maybe over a year or two, so it's a fairly short period. Let's people who don't have the entire 10,000 upfront who want the teak investment to be able to acquire it. And if they're doing the residency piece, the residency piece can only begin after the teak farm piece is acquired, right? But it can also lead to the residency piece over time. So yeah, and then there are some discounts on three of them and 10 of them. So we have a lot of people that actually end up getting them for. And and here's a really cool thing because it's titled in your own name, it can also be titled in a child's name or a grandchild's name. And so we have a lot of people that actually acquire them and they don't take ownership. They put it in their kid's name or their grand name. Yeah, so it's a wonderful way to move that asset already right out of the gates into the next generation or the next generation.   Keith Weinhold  41:52   So we're talking about diversifying at least twice, both internationally and then in a different asset type as well. This has been fascinating to learn about, Mike. It's just fascinating alone, I think, to learn about the geography and the teak itself. And like we touched on earlier, they do organize tours. Any reputable provider should do that. They're proud of what they offer there. Tours in the Darien province of Panama, in this case, to see your teak tree parcels. It's a really approachable price. If you want to learn more and get a report and perhaps purchase some parcels, Mike's one of our GRE marketplace providers. You can visit gremarketplace.com/teak or talk to your GRE investment coach. Mike has been fascinating as always. It's been great having you back on the show.   Mike Cobb  42:40   Nice to be here. Thank you, Keith.   Keith Weinhold  42:48   Teak is one of the more durable crops that there is. The demand for teak hardwood is substantial, and it's really growing. They have also had the same tree manager for all 27 years since the teak was planted, some real continuity there. The name of the manager is Heyo Forestall. There's a little to manage with the teak hardwood trees, like performing thinnings, and those thinnings do give investors like you intermittent income. So you're not waiting for absolutely everything for 25 years, but the income from the thinning is really small. Most of the return takes place in that 25 years, and it's interesting to me to see the profile of the GRE investor in teak because it attracts young investors, and maybe that's because the cost of entry is so low. It also attracts older investors because they more often have an eye toward passing along something productive to their heirs that is going to outlive them. A lot of them don't want to give their heirs money because money can be spent on fleeting trivialities. Also, the older a person is, they just have an easier time visualizing the fact of 25 years and knowing that it really will pass by. And yes, in-person tours are offered there in the Darien province of Panama, and there were 13 to 14 attendees on a recent tour. They do need to limit the group size, and the tours are for you, whether you're an existing investor or not. If you're just checking it out, that's for you too. If you believe that you want to attend a tour and you don't want to buy, I understand that you can get your money back from the tour.   Keith Weinhold  44:35   The next tour is in September. Each quarter-acre newborn teak parcel costs $9,680 $9,680 and over 20-five years, it's projected to produce about 110k in today's dollars. And yes, now with financing, we've talked about this investment on GRE before, but it's the first time where they now have financing in place, so you don't even need. 9680 to get started. Also, retirement funds might be eligible for use here. And really, when you think about the long-term horizon of this investment, retirement funds make sense. If this is potentially interesting to you, get a hold of the report that goes into the details and shows you some projections and more. You can do so by either contacting your GRE investment coach or visit gremarketplace.com/teek. Money may not grow on trees, but sometimes trees grow into money. Until next time, keep growing your means and maybe a few trees. You could visit gremarketplace.com/teak. Until next week, I'm your host Keith Weinhold. Don't quit your daydream.   Speaker 1  45:53   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  46:21   The preceding program was brought to you by your home for wealth building. getricheduceducation.com  

Andrew Jones describes himself as a capital allocator first and a property person second. He was buying shares and reading Buffett and Munger as a teenager, long before he'd heard of a chartered surveyor, and he still thinks of a building as a widget - a tool for putting capital somewhere it'll be treated well. He was once asked by the man who developed the Trafford Centre what his ambitions for LondonMetric were. Andrew said he'd like it to be one of the better companies in the sector and a good place to work. The reply was: what about the biggest? Fifteen years on, LondonMetric is a FTSE 100 REIT with a £7.6bn portfolio, and Andrew's view is that size was the outcome of the strategy rather than the strategy itself. The strategy is triple net, and it's deliberately low energy. Buy assets that are mission critical to the occupier, let them on a full repairing and insuring lease, then leave them alone - LondonMetric owns buildings it hasn't spent money on in fifteen years. It runs on 54 people with no HR department, and Andrew has never run an IRR to justify a purchase because anyone can juice the numbers by guessing an exit yield. He's blunt too about the incentives around him: the lawyers, the bankers, the agents and the recruiters all get paid when he's busy, and the rent turns up either way. He talks through the trip to the Berkshire Hathaway AGM in Omaha that pushed him off the British Land board at 41 with three young kids and a mortgage, why the Christmas his wife did all her shopping online sent him into logistics, and why he thinks the listed sector today is really just a five-year swap business. The People Property Place Podcast is powered by Rockbourne, recruiting leadership talent for real estate funds, owners, investors, and developers. LIKE - SHARE - SUBSCRIBE http://peoplepropertyplace.com/

In this episode the hosts break down exactly how they evaluate private investment opportunities as limited partners, revealing what makes them say yes—or pass—on search funds, business acquisitions, and real estate deals.Welcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.Looking to build a professional website in minutes? Try Wix: https://wix.pxf.io/c/6898629/3115214/25616?trafcat=templateHubSpot is the backbone for how businesses scale without chaos. Try them out here: https://go.try-hubspot.com/OeG9VrSubscribe for more episodes: https://www.youtube.com/@AcquisitionsAnonymousPodcast?sub_confirmation=1Subscribe to our Newsletter: https://www.acquanon.com/newsletter

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-pampa-medina-shows-tier-one-potential-with-57-copper-hits-10588Recording date: 13th July 2026Marimaca Copper Corp. (TSX:MARI) is a Chile-focused copper developer whose flagship asset, the Marimaca Oxide Deposit (MOD), has reached Definitive Feasibility Study (DFS) completion and holds its key environmental approval (the RCA, received November 2025). Located in the Antofagasta region, the heart of the world's largest copper-producing jurisdiction, the MOD benefits from low-altitude, low-execution-risk positioning within 25 kilometres of the Port of Mejillones. The DFS outlines a 13-year mine life on 179 million tonnes of Proved and Probable reserves at 0.42% CuT, supporting roughly 50,000 tonnes per annum of copper cathode production via conventional heap leach and SX-EW processing. At a three-month average copper price of US$5.05/lb, the project delivers a post-tax NPV (8%) of US$1.1 billion and a 39% IRR with a 2.2-year payback; at the DFS's more conservative long-term price assumption of US$4.30/lb, post-tax NPV is US$709 million at a 31% IRR. Initial capital intensity of approximately US$11,700 per tonne of annual production ranks among the most capital-efficient greenfield copper developments globally.President and CEO Hayden Locke argued that Marimaca's current share price roughly reflects the standalone value of the MOD alone as the market is attaching little value to the Company's second asset, Pampa Medina. Located approximately 28 kilometres from the MOD, Pampa Medina is a sediment-hosted copper-silver system that Locke compares directly to the Kakula selective mining zone within the world-class Kamoa-Kakula complex in the Democratic Republic of Congo. Six drill rigs are currently active at Pampa Medina, running step-out and infill programmes. The company's most recent results extended the central high-grade bornite-chalcocite zone 300 metres south with hole SPRD-07 (including 6 metres at 6.11% copper and 24.0 g/t silver), while SPRD-08B intersected mineralisation in basement metasediments for the first time, reaching a total depth of 1,052 metres. Locke separately estimates that identified oxide extensions at Pampa Medina could add 20,000-25,000 tonnes a year of additional cathode production without further exploration success, complementing the existing MOD plant.Execution risk is a key focus for management. The board was recently strengthened with the addition of Chairman Giancarlo Bruno, former CEO of Mantos Copper, and non-executive director Zenon Wozniak, who spent 23 years as First Quantum Minerals' director of projects. Project Director Josh Watson leads an in-country execution team based in Santiago.Key near-term catalysts include: Sectorial Permit approvals expected in Q4 2026 following an on-schedule April 2026 submission; a project financing announcement, led by advisor Endeavour Financial, also expected by Q4 2026; continued Pampa Medina step-out drilling results; and a maiden Pampa Medina sulphide mineral resource estimate targeted for early 2027. Construction is targeted to begin in 2027, with first copper cathode guided for 2029. Investors should weigh the permitting, financing and execution risks inherent to any pre-production developer against a de-risked flagship asset and a exploration program that management believes offers substantial, currently unpriced upside.View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

In this episode the hosts break down exactly how they evaluate private investment opportunities as limited partners, revealing what makes them say yes—or pass—on search funds, business acquisitions, and real estate deals.Welcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.Looking to build a professional website in minutes? Try Wix: https://wix.pxf.io/c/6898629/3115214/25616?trafcat=templateHubSpot is the backbone for how businesses scale without chaos. Try them out here: https://go.try-hubspot.com/OeG9VrSubscribe for more episodes: https://www.youtube.com/@AcquisitionsAnonymousPodcast?sub_confirmation=1Subscribe to our Newsletter: https://www.acquanon.com/newsletter

In today's BizNews Daybreak: Trevor Manuel delivers a scathing account of how South Africa lost SAA and Eskom, while the IRR's John Endres warns that trying to wait out the Trump administration could cost the country billions in investment. We also unpacks the first monthly drop in US consumer prices since 2020 under Fed Chair Kevin Warsh, plus OpenAI's deepening legal battle with Apple.

Joel Friedland calls himself the most risk-averse real estate investor in the United States, and he has the scar tissue to prove it.In 2008 he was carrying $70 million in personal guarantees across 50 buildings. Ten of them were going to have to be sold at a loss. He sat his wife down and told her, and he watched her fall back in her chair. What followed was months of depression he describes without flinching in this conversation. He came out of it with a conclusion most investors never reach: the problem was not real estate, it was the way he was structuring the deals.Today Joel and his team at Brit Properties buy small single-tenant industrial buildings in Chicago, and they buy three out of every four of them with no debt at all. The ceiling is 30% loan-to-value. That boundary is not a strategy so much as a mental health requirement, and he is refreshingly blunt that it costs him upside.He is also one of maybe five syndicators in the country doing it. He does not know who the other four are.This is Joel's second appearance on the show. After the first one, Ed changed how Clark St underwrites deals. That is not a marketing line, it is what happened.What we get into:Why Joel compares over-leveraged real estate investors to gamblers, right down to the part where they hide the risk from their spousesThe 2008 collapse in his own words, and the boundary he set on the other side of itThe buy box: single-tenant only, 7,000 to 30,000 square feet, no flex, no multi-tenant, and specific dock, ceiling-height and parking requirementsHow 20 towns out of 200, and 700 buildings out of 17,000, makes the pipeline small enough to actually work, and why his team still knocks on doors to find dealsThe secret-sauce exit: 77 of Joel's 82 sales went to owner-occupants who pay a premium over cap-rate buyers, not to investorsA live deal he is in the middle of on Stern Avenue, bought for $1.9M with $400K into the rehab, and the neighbor across the street who wants itThe Keebler building: bought for $6M, sold for $17M, a 40% IRR over a 15-year Comcast lease, and why that grand slam required the leverage he now avoidsWhy his 250 investors, averaging roughly $20 million in net worth, are not looking to get rich, and are looking for somewhere that is not the casinoReshoring, tariffs, and the honest math on why manufacturing is not all coming backThe batter who never strikes outLightning round: the mentors (the Podolsky family, and 99-year-old Nate Wagner, who Joel has bought breakfast nearly every Saturday for 15 years), the deal he wants back, the book on his nightstand, and how he defines success.Connect with Joel FriedlandBrit Properties: britproperties.comBook mentioned1929 by Andrew Ross Sorkin: find it on AmazonConnect with Ed Mathews and Clark St CapitalWebsite: clarkst.comNewsletter: Underground InsightsSubmit a deal: clarkst.com/submit-your-dealElevista - Speed as a Service™Elevista Connect is the first AI-powered lead conversion system built for real estate investors.

Pablo Tallón entrevista a Ashley Contreras, de la peña Irrésistibles Français, que apoya a la selección francesa de fútbol.Contreras explica cómo han sentado en Francia las palabras del expresidente Mariano Rajoy sobre los jugadores de la selección francesa. 

Interview with Nicholas Holthouse, MD of Mont Royal ResourcesOur previous interview: https://www.cruxinvestor.com/posts/mont-royal-resources-asxmrz-ashram-pea-nears-as-capex-slashed-50-and-fluorspar-upside-emerges-10160Recording date: 8th July 2026Mont Royal Resources Limited (ASX:MRZ, TSXV:MRZL) has used the past month to substantiate its case as a scale rare earths developer positioned to help address Western critical minerals supply gaps. The centrepiece is an updated Preliminary Economic Assessment for the company's 100%-owned Ashram Rare Earths and Fluorspar Project in Nunavik, Québec, released and followed by the formal NI 43-101 Technical Report required under Canadian disclosure rules.The updated PEA confirms Ashram as a 30-year, large-scale development. On a post-tax basis, the project delivers an NPV8 of C$2.03 billion, an IRR of 22.0%, and payback of 3.9 years from the start of production; pre-tax figures are stronger, at C$3.44 billion NPV8 and 25.6% IRR. Life-of-mine revenue is forecast at C$24.6 billion, with EBITDA of C$15.5 billion (a 62.7% margin), driven by average annual production of approximately 17,466 tonnes of saleable rare earth oxide, including roughly 4,035 tonnes of NdPr oxide. Initial capital expenditure is estimated at C$1.23 billion, including a 30% contingency, with the Company also anticipating C$342 million in refundable Clean Technology Manufacturing tax credits.The updated Mineral Resource Estimate totals 204.3Mt (73.2Mt Indicated at 1.89% TREO and 131.1Mt Inferred at 1.91% TREO), with the mine plan drawing on only around 25% of that base over its 30-year life leaving room for future expansion, including the currently excluded BD-Zone. NdPr, the primary magnet metal pairing, represents approximately 21% of the resource's total rare earth oxide content, a distribution that positions Ashram to supply the higher-value end of the rare earth basket into markets forecast to grow at 8-12% annually through 2050.Beyond the economic study, Mont Royal is managing two other active workstreams. First, the company acknowledged an independent, Nation-led initiative from the Naskapi Nation of Kawawachikamach to evaluate potential regional access corridor options, a process Mont Royal says it respects but does not control, running in parallel to its own engagement with Inuit, Naskapi and Innu communities on Ashram-related infrastructure. Second, the company's 75%-owned Northern Lights Minerals project is undergoing a helicopter-supported gold till-sampling survey across the Chateaufort Property, targeting ground directly along strike from Benz Mining's 1,005,000oz Eastmain gold deposit, with preliminary data expected in August 2026 and a full report in Q3.For investors, the key considerations are straightforward. On the positive side: a resource base and NdPr distribution that stack up well against global peers, PEA economics that clear the bar for progression to Pre-Feasibility Study, and access to Canadian government funding support, including the anticipated tax credit allocation. On the risk side: the PEA carries a ±50% accuracy range typical of scoping-level studies, no off-take agreements or committed financing are yet in place against the roughly C$1.23 billion initial capital requirement, and the assumed third-party access-road cost model has not yet been formalised into an infrastructure agreement. Permitting is expected to take several years given the project's location within federally and provincially regulated territory under the James Bay and Northern Québec Agreement.The Company has targeted the second half of 2026 for the start of Pre-Feasibility Study work, alongside continued permitting, environmental baseline studies, and strategic partnership discussions as the next set of milestones to track.View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resources Sign up for Crux Investor: https://cruxinvestor.com

What makes a real estate investment worth the risk?In this episode of Grow Your Business and Grow Your Wealth, Gary Heldt sits down with Jacob Vanderslice, Co-Founder of VanWest Partners, to break down what investors should know before putting money into private real estate.Jacob has helped oversee more than $375 million in self-storage investments and shares why the biggest mistake many investors make is focusing solely on projected returns rather than understanding the risks.You'll learn the differences between owning real estate directly, investing through REITs, and partnering in private real estate deals. Jacob also explains key investment terms such as preferred returns, IRR, waterfalls, and K-1s in plain English, making this a valuable conversation for both experienced investors and those just getting started.Whether you're looking to diversify your portfolio, create passive income, or better understand alternative investments, this episode provides practical insights to help you make more informed decisions.In This Episode You'll Learn:Why self-storage has become one of today's most attractive real estate asset classes.The pros and cons of direct ownership, REITs, and private real estate investments.What every investor should ask before committing capital.How to evaluate a sponsor, not just the investment opportunity.What preferred returns, IRR, waterfalls, and K-1s really mean.Why protecting your downside is often more important than maximizing returns.How private real estate can fit into a long-term wealth-building strategy.Connect with Jacob VandersliceWebsite: https://vanwestpartners.comLinkedIn: https://www.linkedin.com/in/jacob-vanderslice/Connect with Gary Heldt

Leif Nilsson, CEO & Director of Surge Copper (TSX.V:SURG – OTCQB:SRGXF), joins me for a comprehensive update covering the updated Mineral Resource Estimate and Pre-Feasibility Study (PFS), at their flagship copper-molybdenum-silver-gold Berg Project in British Columbia.   Leif mentioned that the completion of the Berg PFS marks an important milestone for Surge and materially advances one of Canada's most significant undeveloped copper projects. Berg now stands out not only for its scale, but also for the quality of its development profile, with long-life production of copper as a primary metal, and industry leading molybdenum and silver output, strong infrastructure advantages, and access to low-carbon hydroelectric power. Just as importantly, this study reflects a great deal of technical work completed since the PEA and provides a more defined foundation for the next stage of advancement, including continued work with First Nations, formal entry into the environmental assessment process, and future feasibility-level studies.   Key highlights from PFS:    Base case after-tax NPV8% of C$4.6 billion, IRR of 24%, and payback period of 2.9 years, based on long-term commodity price assumptions of US$4.75/lb copper, US$20.00/lb molybdenum, US$45/oz silver, and US$3,500/oz gold and an exchange rate of 0.73 US$/C$ At spot prices as of June 2026 (US$6.45/lb copper, US$30.00/lb molybdenum, US$65/oz silver, and US$4,250/oz gold and an exchange rate of 0.73 US$/C$), a spot price sensitivity case generates an after-tax NPV8% of C$9.4 billion, an IRR of 36%, and a payback period of 1.8 years, underscoring the Project's leverage to higher metal prices Maiden Proven & Probable Mineral Reserve of 1.2 billion tonnes grading 0.22% copper, 0.026% molybdenum, 4.1 g/t silver, and 0.02 g/t gold, containing 5.8 billion pounds of copper, 687 million pounds of molybdenum, 160 million ounces of silver, and 0.8 million ounces of gold Updated Mineral Resource Estimate includes Measured and Indicated Mineral Resources of 1.4 billion tonnes grading 0.21% copper, 0.025% molybdenum, 4.0 g/t silver, and 0.02 g/t gold, plus additional Inferred Mineral Resources of 1.0 billion tonnes grading 0.16% copper, 0.027% molybdenum, 4.3 g/t silver, and 0.01 g/t gold 28-year mine life with total production of 8.6 billion pounds (3.9 million tonnes) of copper equivalent (CuEq)1, including 4.9 billion pounds (2.2 million tonnes) of copper, 602 million pounds of molybdenum, and 89 million ounces of silver First 5 years of steady-state production averages 416 million pounds (189 thousand tonnes) of copper equivalent annually, including 270 million pounds (122 thousand tonnes) of copper, 21 million pounds of molybdenum, and 4 million ounces of silver Life of mine average annual production of 308 million pounds (140 thousand tonnes) of copper equivalent, including 176 million pounds (80 thousand tonnes) of copper, 21 million pounds of molybdenum, and 3 million ounces of silver Life of mine C1 co-product cash costs of US$1.95/lb payable CuEq and by-product cash costs of US$(0.17)/lb payable Cu Low life of mine strip ratio of 2.0:1, including waste pre-stripping requirements of 304 million tonnes Initial capital cost of C$4.7 billion and sustaining capital of C$1.7 billion, based on an EPCM execution approach and a three-year construction period, and including a total life of mine contingency of C$715 million, implying initial capital intensity of US$24,416/t CuEq annual average production capacity, and life of mine capital intensity of US$0.55/lb recovered CuEq Selected development case based on a 120,000 tonne per day concentrator and a new 230 kV transmission line connecting the Project to the BC Hydro grid, and downhill overland conveyor transport of ore to the process plant Simple, stand-alone development case based on a single-phase build, conventional open pit mining and processing, with no reliance on phased expansions or third-party major infrastructure     If you have any follow-up questions for Leif regarding Surge Copper, then please email them to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Surge Copper at the time of this recording, and may choose to buy or sell shares at any time.   Click here to follow the latest news from Surge Copper   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.    

Consolidated Lithium Metals Inc. TSXV: CLM | FRA: Z36 | OTCQB: JORFFConsolidated Lithium Metals released an Updated Preliminary Economic Assessment for its Kwyjibo Rare Earth Oxide Project in Québec. The study reports a pre-tax IRR of 46.5% and post-tax IRR of 35.4%, with a compact 2.67-hectare mine surface footprint and processing facilities relocated offsite. Non-inert hydrometallurgical process residues are planned to be returned underground as cemented backfill.Southern Silver Exploration Corp. TSXV: SSVSouthern Silver Exploration reported underground channel sampling results from the Puro Corazon Mine on its Cerro Las Minitas property in Mexico. Highlights included 2.8 metres of 757 g/t AgEq, 3.2 metres of 479 g/t AgEq and 1.0 metre of 1,097 g/t AgEq, with the program designed to better understand the style and distribution of mineralization at Puro Corazon.Freegold Ventures Limited TSX: FVLFreegold Ventures reported additional drill results from its Golden Summit Project in Alaska, including 2.08 g/t gold over 62.1 metres within 102.3 metres of 1.67 g/t gold from infill drilling. Six rigs are currently operating at Golden Summit, with the 2026 program designed to support an updated mineral resource estimate and Pre-Feasibility Study planned for 2027.Viva Gold Corp. TSXV: VAU | OTCQB: VAUCF | FSE: 7PBViva Gold announced a new high-grade gold discovery at Midway Hills at its Tonopah Gold Project in Nevada. Drillhole TG2616 returned 38.1 metres of 0.89 g/t gold and 6.78 g/t silver, including 6.1 metres of 3.56 g/t gold and 22.45 g/t silver from 179.8 metres depth. The target is located approximately 1,400 metres northwest of the main Tonopah resource.Issued On Behalf of  Zefiro Methane Corp. Cboe Canada: ZEFI | FSE: Y6B | OTCQB: ZEFIFZefiro Methane announced a strategic focus on energy infrastructure projects that have driven additional revenue and business growth in the private sector. With U.S. utility companies set to invest an estimated USD $1.4 trillion over the next five years to strengthen the power grid, Zefiro is targeting plug-and-abandonment opportunities at sites where power infrastructure facilities are being built, including projects connected to AI data center demand.Follow AGORACOM for more breaking small-cap news and insights.

Chakradhar Gade had the résumé everyone's supposed to want: engineering, CFA, a hedge fund, and felt like he'd lost himself inside it. So he walked away to sell milk.This is the story of how a finance guy who once mapped "the IRR of a cow" learned that the spreadsheet was a lie, lost all his money proving it, and rebuilt Country Delight from first principles, one customer relationship at a time.Avnish Bajaj and Chakradhar get into the questions most founders sit with alone:  1. What do you do when a successful career leaves you with "a huge loss of identity"? 2. Should you bootstrap and survive, or raise aggressively and run? 3. How long does it really take to learn a business you've never been in? 4. How do you tell real customer love apart from people just being nice to you? 5. When the model that "looked very beautiful in Excel" collapses, what replaces it?A conversation about chasing meaning over status, why bootstrapping bought six years of depth, and why, in Chakri's words, "there's no downside" to starting.Chapters 0:00 Welcome & introducing Chakradhar Gade1:35 Growing up in Guntur, Infosys & chasing meaning4:43 From MBA to Wall Street — why he chose finance7:33 The decision to quit New York and become a doodhwala12:05 The IRR of a cow (and why Excel lied)14:51 Bootstrap or raise? The real answer17:00 Raising from friends & family without ruining relationships21:02 From ₹80 lakhs to ₹200 crores a month23:01 The milkman model & month 60 retention32:34 Final advice: take more risks, there is no downside

In this KE Report Company Update, I sit down with Luke Alexander, President and CEO of Newcore Gold (TSXV: NCAU / OTCQX: NCAUF), to break down the company's crucial recent milestones at their flagship gold project in Ghana. Luke provides an overview of the key numbers in the newly released Pre-Feasibility Study (PFS). The conversation also highlights recent high-grade drill results expanding on the current resource base at the Enchi Gold Project.  Key Discussion Points: The Strategic Shift to a CIL Flowsheet: Why transitioning from a heap leach model to Carbon-in-Leach (CIL) maximizes gold recoveries and aligns with West African mining standards. Project Economics: A high-level overview of the key numbers in the PFS, including after-tax NPV, IRR, and payback period. Significant Gold Price Leverage: How the project's valuation scales when modeled against higher gold prices. High-Grade Drilling Results: Insights into the latest drill holes from the Nyam deposit that demonstrate strong potential to expand the mine life.   If you have any follow up questions for Luke please email me at Fleck@kereport.com.   Click here to visit the Newcore Gold website. - https://newcoregold.com/   ---------------- For more market commentary & interview summaries, subscribe to our Substacks:  The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Get Paul Shannon's Book, Both Sides of the Table: https://www.amazon.com/dp/B0H4W5D288?spcref=PUBLISHED_PREORDER_LIVE This Episode Paul returns to PassivePockets to discuss his new book, Both Sides of the Table, and the lessons he has learned as an LP, fund manager, and GP. He and Chris unpack the difference between being a “syndication consumer” and a true capital allocator, including why newer investors often get pulled in by polished decks, urgency-driven marketing, and projected IRRs without fully understanding the downside. Paul explains how he evaluates market cycles, why timing still matters even if you can't perfectly call the bottom, and how he thinks about toggling between aggressive and defensive portfolio positioning. The conversation also gets into sponsor character, fraud risk, debt structure, and the hard lessons that come from deals where communication breaks down or capital is misused. Chris and Paul also dig into practical due diligence: what can disqualify a deal in the first five minutes, why metrics like yield on cost and IRR partitioning matter more than flashy projected returns, and why the debt stack can make or break an otherwise strong-looking deal. For LPs who want to get more serious about passive investing, this episode is a reminder that the default answer should be “no” until the deal, sponsor, structure, and market all earn your confidence. Key takeaways: How Paul's experience as an LP, GP, and fund manager shaped Both Sides of the Table Why passive investors need to shift from consumer behavior to allocator behavior How market cycles influence when to lean in, pull back, or hold more cash What fraud, poor communication, and weak sponsor character can teach LPs Why debt structure, yield on cost, and downside protection matter more than projected IRR How Paul filters deals quickly and decides which ones deserve deeper diligence Join a community of passive investors. Start your FREE 7-day trial: https://passivepockets.com/?utm_source=youtube&utm_medium=description&utm_campaign=none Listen to the PassivePockets Podcast Anywhere: https://lnk.to/passivepockets Subscribe to the Passive Investing Newsletter: https://www.biggerpockets.com/email-subscribe?utm_source=youtube&utm_medium=description&utm_campaign=none Join BiggerPockets for free: https://www.biggerpockets.com/signup?utm_source=owned_media Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Episode Summary:In this episode of With Flying Colors, host Mark Treichel is joined by former NCUA capital markets expert Todd Miller to discuss the latest updates to NCUA's Interest Rate Risk (IRR) Supervisory Framework. Following NCUA's recent stakeholder webinar, we break down key takeaways, including changes to risk categorization, the elimination of the extreme risk rating, and how these updates impact credit unions navigating today's economic landscape.What You'll Learn in This Episode:✅ The history and evolution of NCUA's NEV framework✅ Why NCUA eliminated the “extreme risk” category and what it means for credit unions✅ The role of examiner judgment in assessing interest rate risk under the new guidance✅ How credit unions can mitigate risk and avoid a Document of Resolution (DOR)✅ The growing importance of liquidity management and how credit unions should prepare✅ Why examiner scrutiny of IRR is increasing, despite the removal of automatic DORsKey Takeaways from the NCUA Webinar:

John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joins me to review the news out June 22nd, announcing the updated project economics in the Definitive Feasibility Study (“DFS) on the Company's wholly owned Diablillos property in Argentina.  We look at the multiple value levers the company has to pull on for a rerating to higher once the upcoming Phase 2 economics study incorporates the heap leach or higher throughput rates, in addition to all exploration and resource expansion potential and even just the upside present if rerated higher to peer comparable metrics.   In May the company released an updated Mineral Resource Estimate (“MRE”), which demonstrated significant growth across the Project, with Measured & Indicated (“M&I”) resources now totaling 232 million tonnes (“Mt”), containing approximately 248 million ounces (“Moz”) of silver and 2.54 Moz of gold (454 Moz silver-equivalent “AgEq”). For the first time ever, the DFS released this week includes the Project reserves as proven and probable ounces. Increased Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t Ag Eq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), estimated from an open pit optimized using metal prices of $29.50/oz Ag and $2,800/oz Au.   The DFS positions Diablillos as one of the world's premier undeveloped silver-gold projects, based on a stand-alone 9,000 tonnes per day (“tpd”) processing operation that delivers robust economics, high early production levels and low operating costs.   DFS Study Highlights: After-tax NPV5% of $3.0 billion (CAD$ 4.2 billion), 41.9% IRR and 1.7-year payback at base-case metal prices. At spot prices1, after-tax NPV5% increases to $4.8 billion (CAD$6.7 billion) with an IRR of 56.5% and payback of 1.4 years. Average annual production of 20 Moz silver equivalent (“AgEq”) during the first five years of full mine production, comprised of 14 Moz Ag and 89 koz Au; Average life-of-mine (“LOM”) annual production of 10 Moz AgEq, comprised of 5.9 Moz Ag and 62 koz Au over a 25-year life of mine (“LOM”). Low All-in Sustaining Cash Costs (“AISC”)2 of $20/oz AgEq over the LOM – positioning Diablillos among the lowest-cost primary silver projects globally.  Initial capital expenditures of $722 million (including $98 million contingency) with subsequent sustaining capital of $520 million funded through operating cash flow.  Compelling after-tax NPV-to-Capex ratio of 4.2x, highlighting the Project's robust project economics and strong value generation potential. Increased Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t Ag Eq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), estimated from an open pit optimized using metal prices of $29.50/oz Ag and $2,800/oz Au. First production targeted before year-end 2029, subject to a final investment decision (“FID”) expected in Q2 2027. Multiple opportunities exist to further enhance Project value beyond the DFS, including: A Phase 2 heap leach expansion to process lower grade mineralized material that would provide incremental gold and silver production, with results from a Preliminary Economic Assessment (the “Heap Leach PEA”) expected before the end of June 2026; Potential future plant throughput expansion to increase annual silver and gold production; and Continued exploration success across the broader Diablillos district Enhanced TSF incorporates a downstream waste rock buttress design, to eliminate credible failure risk while reducing haulage costs and dust generation. Grid power connection planned in Year 3, reducing both operating costs and carbon emissions.    The Compnay has already received approval of the Environmental Impact Assessment (EIA)  {“Declaración de Impacto Ambiental” or “DIA”} from the Government of Salta Province in Argentina, and should have the final permit approved from the Catamarca Province imminently.   Click here to visit the AbraSilver website and read over the most recent news releases.      If you have any follow up questions for John regarding at AbraSilver, then please email them into me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of AbraSilver Resource Corp at the time of this recording and may choose to buy or sell more shares at any time.     For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.    

At the Eurelectric Power Summit 2026 in Helsinki, Laurent had the opportunity to sit down with Catherine MacGregor, CEO of ENGIE and Vice President of Eurelectric, for a wide-ranging discussion on the key issues shaping Europe's energy future.  We began with the themes at the heart of Eurelectric's agenda this year: security of supply, affordability, competitiveness, and the challenges and opportunities created by the rapid growth of data centres.  One of the most striking insights from our conversation was that Europe does not have an electrification technology problem — it has an electrification coordination problem. This was also the central conclusion of the report Power Couples: Enhancing Industrial Competitiveness through Electrification, launched by Eurelectric and Accenture at Power Summit 2026. The report finds that electrification projects rarely fail because technology is unavailable. Instead, they stall when power economics, grid access, infrastructure delivery, financing structures, and industrial investment timelines are not aligned.The proposed solution is a new delivery model: “Power Couples”, bringing together industrial players, utilities, technology providers and capital partners to accelerate deployment at scale.  We also reflected on ENGIE's remarkable transformation under Catherine's leadership over the past five and a half years. The company's strategy has been defined by two parallel moves: more than €15 billion of divestments from fossil and legacy assets, alongside concentrated investments in renewables, networks, batteries, and regulated infrastructure — all while maintaining strong financial discipline, with net debt-to-EBITDA around 3.  The results have been impressive. Since 2021, ENGIE has delivered the strongest risk-adjusted equity performance among major European utilities, combining substantial dividend distributions with significant share-price appreciation. With an annualised IRR of roughly 20.5% since January 2021, ENGIE has outperformed the net returns of many leading global infrastructure investors, effectively delivering private-equity-style returns with public-market liquidity.  Our discussion also covered ENGIE's leadership in power purchase agreements (PPAs), its support for 24/7 Scope 2 accounting, the recent acquisition of UK Power Networks, progress in EV charging infrastructure, and its fully integrated strategy for data centre development.  Finally, we explored ENGIE's investment plans for the years ahead and the broader structural shift underway across the energy system: the continued transition from molecules to electrons.    Eurelectric Report: Power Couples https://www.eurelectric.org/publications/industrial-electrification-power-couples/

Surge Copper has delivered a Pre-Feasibility Study for its 100%-owned Berg Copper Project in central British Columbia, outlining a base-case after-tax NPV8% of C$4.6 billion and a 24% IRR. CEO Leif Nilsson was interviewed by Mining Stock Daily. If built, Berg would have a 28-year mine life and would become a top five copper mine in Canada, as well as the country's largest molybdenum producer.

Part 2 moves from the journey to the operating philosophy. Riyaaz Amlani unpacks his evolving stance on the aggregators — from resistance to "uneasy truce" — and the hard lesson that restaurateurs who send guests to Zomato and Swiggy have only themselves to blame. He argues delivery and dine-in are two different businesses, lays out his ambition to turn Impresario into a full-service-restaurant platform, and gets personal on hiring, Gen Alpha kids, weekends, and why his life scores 9.9 out of 10. CHAPTERS00:00  Recap and what's ahead: aggregators, the platform, the missing 0.101:48  "Digital landlords": Zomato & Swiggy, then and now02:47  From resistance to cohabitation; how aggregators trained demand05:24  Owning the customer; the cross-sector aggregator tension07:04  The Booking.com / Hotels.com parallel and how hotels fought back09:41  Build your own loyalty — don't blame the aggregator10:09  Delivery vs dine-in: two completely different businesses13:09  Restaurants beat the movies; lessons from raising VC/PE16:34  Growth math: IRR, 20-25% stable growth, the late-stage problem17:45  What motivates him: reading a city and its community18:56  Curiosity over the "5 people"; planning for serendipity24:29  Hiring: "doers and divas" and the largesse of hospitality30:24  Social as social infrastructure: coworking from day one34:25  First principles: people + process, soul, belongingness37:08  Harvesting feedback: NPS, ORM, AI, the guest-experience officer39:18  His kids and the Gen Alpha worldview43:39  Weekends, FIFA, meditation, and protecting solitude48:10  Comfort food and deferring to the chef50:11  The 25-year view; the 10,000 cr platform and the invisible 85%59:03  Anti-loyalty vs frequency: cafes are loyalty, restaurants are experience1:01:44 Final question: 9.9 out of 10, and the missing 0.1KEY COMPANIES & BRANDSImpresario Handmade Restaurants; Social; Zomato; Swiggy; ONDC; Booking.com; Hotels.com; Rebel Foods; Haldiram's; Rameshwaram Cafe; Starbucks; NRAI; PlayStation/FIFA/Minecraft (referenced).KEY CONCEPTSAggregators as "digital landlords"; deep discounting & perceived value; the uneasy truce; owning the customer relationship; the Booking.com hotel-inventory parallel; loyalty programs & direct outreach; delivery vs dine-in as separate businesses; patient capital, IRR & late-stage growth math; "doers and divas"; largesse of hospitality; full-service-restaurant platform; store-level vs corporate EBITDA; the invisible 85% "iceberg" of running a restaurant; anti-loyalty vs frequency; cafes (loyalty/convenience) vs restaurants (experience/variety); NPS/ORM/AI feedback; Gen Alpha.

309 - From $250K to $570K in 14 Months: How Tim Woodbridge Built a Mobile Home Park Empire Through Recovery and Resilience What if the deal everyone told you was bad turned out to be the foundation of an 1,100 lot portfolio? Tim Woodbridge bought his first mobile home park for $250,000 in 2019 with only 10 of 36 lots occupied. Experienced investors told him to walk away. Fourteen months later, after bringing in new homes and raising occupancy, that same property appraised for $570,000 and he returned every dollar of investor capital through a refinance. This episode is proof that your first deal does not have to be perfect to change the trajectory of your life. Tim is the founder and acquisitions lead at WCG Investments, where he and his two partners now manage roughly 25 mobile home parks and more than 1,100 lots across the southeast. He breaks down exactly how mobile home park investing works, including the hybrid ownership model his company uses to balance investor returns with affordable housing for tenants, and why he targets a 16 to 20 percent IRR that roughly doubles investor capital over five to seven years. He also opens up about being in long-term recovery from drugs and alcohol and living with multiple sclerosis, and how both experiences shaped a leadership philosophy built on meeting people exactly where they are. This episode is for accredited investors looking for a recession-resistant alternative to apartments and single-family rentals, for anyone curious about how mobile home parks actually generate returns, and for investors who need permission to stop waiting for the perfect deal and start taking action. If you have ever felt stuck in analysis paralysis, Tim's story is the push you need to hear today. 5 Powerful Takeaways How Tim turned a $250,000 mobile home park with 26 empty lots into a $570,000 asset in just 14 months by financing new homes through a manufacturer infill program during COVID Why chasing a "perfect" deal kept other investors on the sidelines while Tim built a portfolio that now spans 25 parks and over 1,100 lots The hybrid ownership model WCG Investments uses to balance park-owned homes, rent-to-own homes, and tenant-owned homes, so they never overpay for a single rigid strategy What accredited investors can actually expect to earn with a $50,000 minimum investment, including monthly distributions and a target of doubling their capital within five to seven years How Tim's long-term recovery from addiction and his multiple sclerosis diagnosis reshaped his approach to leadership, partnerships, and treating every tenant and investor like a human being first 00:00 Show Intro 00:40 Badassery Bestowment 01:01 First Deal Mindset 03:11 Meet Tim Woodbridge 04:35 Recovery and MS 09:04 Serving Residents 10:19 First Park Breakdown 14:56 Hybrid Ownership Models 16:54 Depreciation Myth 18:26 Risks and Resilience 20:03 Affordable Housing Shift 21:09 Tenants vs Investors 21:35 Recession Resistant Strategy 23:19 Investor Terms Explained 24:12 Returns Example Breakdown 25:38 Meet WCG Investments 26:30 Scaling Base Hits 28:21 Badass Books Advice 29:42 Drive Goals Systems 34:13 Partnership Tips 35:40 Defining Success Wrap   About the Guest Tim Woodbridge is the founder and acquisitions lead at WCG Investments, where he helps accredited investors build recession-resistant portfolios through mobile home park investing. He purchased his first park in December 2019 for $250,000 and doubled its value within 14 months through a strategic refinance. Today, he and his partners manage roughly 25 parks and more than 1,100 lots across the southeastern United States. A retired nurse, Tim is in long-term recovery from drugs and alcohol and lives with multiple sclerosis, experiences that shape a people-first approach to both his tenants and his investors. He is currently working toward $250 million in assets under management by 2029 and is driven by a long-term goal to help end homelessness in the United States by 2050. Resources & Websites Mentioned WCG Investments: https://wcginvestments.com Mobile Home Park Store: mobilehomeparkstore.com To learn more about Jen Josey, visit https://www.therealjenjosey.com/ To join REIGN, visit https://www.reignmastermind.com/ Stuff Jen Josey Loves: https://www.reignmastermind.com/resources Buy Jen Josey's Book: From Beginner to Badass: https://a.co/d/bstKlby New episodes drop every Monday Morning at 6am EST. See you next time.

欢迎收听雪球出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。今天分享的内容叫招商轮船的发展历程和未来期望，来自赛艇队长。三、各业务板块发展轨迹分析招商轮船的业务板块可以划分为五大类：油轮运输、干散货运输、LNG运输、汽车滚装运输和集装箱运输。其中，油轮和干散货是双核心主业，贡献了公司绝大部分利润；LNG运输是未来增长极；汽车滚装和集装箱运输则是重要的业务补充，增强了公司穿越周期的能力。油轮运输业务——核心基石油轮运输是招商轮船的立业之本，也是公司最具竞争优势的业务板块。公司旗下的海宏轮船（AMCL）拥有超过50年的大型油轮专业经营管理经验，其前身是1968年将VLCC引入远东的香港金山轮船公司。这一深厚的历史积淀，使公司在国际油运市场建立了卓越的声誉。从规模演进看，公司VLCC船队经历了三个发展阶段。2015-2017年是快速扩张期，通过新建和收购，船队规模从34艘增至44艘。这一时期，公司抓住中国原油进口需求增长的机遇，迅速扩大VLCC船队规模。2018-2020年是巩固优化期，船队规模维持在51-53艘，重点转向船队结构优化和成本管控。这一时期，公司虽然没有大规模新增运力，但通过加装脱硫塔、节能装置等方式，提升了船队的环保性能和运营效率。2021-2024年是提质增效期，虽然船队规模基本稳定在52艘左右，但通过数字化改造和精细化管理，船队的运营效率进一步提升。特别值得一提的是，公司的VLCC船队在成本控制方面处于行业领先地位。2025年，公司VLCC船队保本点已降至约2万美元/天，这意味着即使在市场低迷时期，公司仍能保持盈利或最小化亏损。这一成本优势来源于三个方面：一是规模效应带来的采购成本优势，包括燃油采购、备件采购、保险采购等；二是与中石化、中石油等大型客户的长期合作关系带来的货源保障，降低了空驶率和等待时间；三是精细化管理带来的运营效率提升，包括航线优化、航速优化、燃油管理等。从客户结构看，公司VLCC船队主要服务于中国大型石油公司和国际知名油商。国内客户包括中石油、中石化、中海油、中化集团等。国际客户包括壳牌、BP、道达尔、维多等全球顶级油商，这些客户对服务质量要求高，但运费水平也相对较高。这种"国内保货量、国际增弹性"的客户结构，使公司能够在不同市场环境下都保持较好的盈利能力。从航线布局看，公司VLCC船队覆盖全球主要石油贸易航线。中东-中国航线是最核心的航线，约占公司VLCC运力的40%；西非-中国航线约占20%；美洲-亚洲航线约占15%；其他区域航线约占25%。这种多元化的航线布局，使公司能够有效分散单一航线风险，并灵活调配运力应对市场变化。干散货运输业务——第二支柱干散货运输是公司的第二大核心业务，以VLOC（超大型矿砂船）为龙头，辅以好望角型、巴拿马型、灵便型散货船队。公司旗下的香港明华（HKMW）成立于1980年，在1980年代的航运危机中抓住市场机遇，迅速发展壮大，形成了独特的经营风格和风险管理能力。VLOC船队是公司干散货业务的核心竞争力所在。2015年，公司VLOC业务刚刚起步，仅有4艘船舶。通过与巴西淡水河谷的战略合作，公司迅速扩大VLOC船队规模。2016年收购恒祥控股后，VLOC船队增至8艘。2018年经贸船务资产并表后，VLOC船队猛增至28艘。到2021年，VLOC船队达到37艘（含参股和代管），规模位居世界第一。这一成就的取得，关键在于公司与淡水河谷签订的长期COA合同。这些长期COA合同具有几个显著特征：第一，合同期限长，通常为20-25年，覆盖了船舶的大部分使用寿命；第二，运价相对稳定，通常采用"成本加成"或"固定运价+通胀调整"的定价机制，避免了市场大幅波动的影响；第三，货源有保障，淡水河谷承诺每年提供固定的货运量，公司无需为货源担忧。这种"长约锁定"的商业模式，使VLOC船队成为公司利润的"压舱石"。2025年，VLOC船队维持在34艘（其中100%权益14艘，30%权益20艘）。虽然绝对数量略有下降，但船队质量持续提升。公司与淡水河谷的合作不断深化，不仅保障了基础货源，还围绕其在国内的混矿业务展开内贸、近洋运输业务，形成了内外联动的业务格局。此外，公司还在积极拓展与其他矿商的合作，以降低对单一客户的依赖。从业绩表现看，干散货业务虽然也会受到市场周期影响，但波动幅度明显小于油运业务。这主要得益于VLOC长期合同的稳定贡献和公司优秀的运营能力。除VLOC外，公司的干散货船队还包括好望角型、巴拿马型、灵便型散货船。这些船舶主要服务于国内沿海运输和东南亚近洋运输，经营方式以程租为主，灵活性较高。LNG运输业务——未来增长极LNG（液化天然气）运输是公司最具战略意义的业务布局。在全球能源转型的大背景下，天然气作为最清洁的化石能源，需求持续增长。国际能源署（IEA）预测，到2030年全球LNG贸易量将达到6亿吨，较2024年的4.12亿吨增长46%。这一趋势为LNG运输业提供了长期增长动力。公司LNG业务的发展经历了三个阶段。2015-2019年是参股探索期，公司通过CLNG（持股50%，与中远海能合资）参与LNG运输，主要投资亚马尔项目、澳洲项目等。这一时期，公司对LNG运输业务进行了充分的学习和积累，培养了专业的管理和技术团队，但投资较为被动，收益以投资收益形式体现。具体来看，2015年公司参股LNG船队6艘，2016年保持6艘，2017年增至11艘，2018年增至14艘，2019年增至21艘。2020-2022年是主动布局期。2020年，亚马尔项目5艘ARC7级北极型LNG船投运，公司开始获得稳定的投资收益。2022年，公司组建招商气运（CMLNG）平台，标志着公司正式进入自主投资、自主运营的新阶段。这一决策的战略意义重大：一方面，公司从被动参股转向主动布局，能够自主选择投资项目和合作伙伴；另一方面，公司开始建立自主的船队管理和运营能力，为未来的扩张奠定基础。2023-2025年是战略突破期。2023年，公司成功获取卡塔尔能源LNG运输项目（卡气二期），这是公司历史上最大的单笔LNG运输项目。卡塔尔是全球最大的LNG出口国，卡塔尔能源是全球最大的LNG生产商，与其建立合作关系，标志着公司正式进入国际LNG运输的第一梯队。2024年，公司大规模下单，全年新签12艘LNG船。至此，公司累计投资LNG船舶64艘，其中61艘已锁定15-25年期长期租约，成为国际LNG运输市场不可忽视的重要力量。从商业模式看，公司LNG业务采用"长约锁定+自主运营"的策略。长约锁定确保了收益的稳定性，15-25年期租约的IRR约为8-10%，虽然不算高，但胜在稳定持久，能够为公司提供穿越周期的现金流。自主运营则使公司能够积累运营经验，培养专业团队，为未来进一步扩大市场份额奠定基础。这种商业模式的风险相对较低，因为LNG船舶的造价高昂、建造周期长，且技术要求严格，新进入者难以快速扩张。从技术角度看，公司投资的LNG船舶代表了行业最高水平。卡气二期项目涉及的Q-Max型LNG船，单船运力达27.1万立方米，是全球最大的LNG船型。这些船舶采用最新的薄膜型液货舱技术，蒸发率低于0.1%，能效水平处于行业领先。此外，公司还在探索氨燃料、氢燃料等零碳技术的应用，为未来的绿色转型做准备。另外公司也在探索非锁定的LNG船的运营，从海能的LNG项目船收入来看，基本上7-8年就能实现造船投入全回收。虽然轮船没有披露每一个项目情况，但是不会比海能的差。也就是说，新签订的LNG项目收益要比老项目高，船舶锁定期从15-25年不等，如果是15年的船后续项目不续签，公司依旧能享受近10年的运营收益。汽车滚装业务——新兴亮点汽车滚装运输是比较具有成长性的业务板块。这一业务的战略价值，在于它抓住了中国汽车工业崛起和汽车出口爆发式增长的历史性机遇。2021-2025年，中国汽车出口量从约200万辆激增至709.8万辆，年复合增长率超过35%。这一增长主要由新能源汽车出口驱动，新能源汽车出口占比从2021年的约30%提升至2025年的约37%。从历史沿革看，公司汽车滚装业务源于2018年收购的深圳滚装。最初，这项业务主要从事国内沿海和长江的汽车滚装运输，服务的客户主要是国内汽车厂商，航线覆盖上海-大连、上海-广州等沿海航线以及长江流域。这一时期的业务相对稳定，但增长空间有限，年运输量约100-150万辆。真正的转折点出现在2021-2022年。随着中国汽车出口量开始爆发式增长，公司敏锐地捕捉到这一趋势，开始将内贸船舶调整至外贸航线。2021年，公司外贸滚装船队仅2艘，主要服务于东南亚航线。2022年，外贸船队扩大至4艘，新增欧洲航线。2023年，外贸船队进一步扩大至5艘，新增地中海航线。2025年，公司汽车滚装外贸业务实现历史性突破。全年外贸运营船队达到8艘，开辟了墨西哥、巴西、欧洲、地中海等多条远洋航线。特别是墨西哥和巴西航线的开通，抓住了中国新能源汽车出口南美的热潮。墨西哥已成为中国新能源汽车出口的最大目的地之一，近年来中国对墨西哥汽车出口超过40万辆。巴西则是南美最大的汽车市场，中国新能源汽车品牌如比亚迪、奇瑞、长城等在巴西市场份额快速提升。从竞争格局看，汽车滚装运输市场呈现"中国需求驱动"的特征。传统的汽车滚装船东如日本川崎汽船、挪威华轮威尔森等，主要服务于日本、韩国、欧洲汽车厂商的出口需求。随着中国汽车出口崛起，中国船东获得了历史性机遇。公司作为中国最大的汽车滚装船东之一，具有明显的先发优势。展望未来，公司汽车滚装业务的增长空间仍然巨大。公司已下单6艘9300CEU甲醇双燃料PCTC（汽车运输船），预计2026-2027年陆续交付。这些新船将采用绿色甲醇作为燃料，不仅符合IMO的环保要求，更能满足国际大客户对供应链碳中和的要求。此外，这些新船的载车量达9300辆，是现有船舶的2-3倍，单船运营效率大幅提升。预计到2027年，公司外贸滚装船队将扩大至10-12艘，年运输能力突破100万辆。集装箱运输业务——稳定器集装箱运输业务在公司业务组合中扮演着"稳定器"的角色。虽然规模不大，但盈利稳定性强，在市场波动时能够起到平衡作用。这一业务的存在，使公司在油运和干散货市场低迷时，仍能保持整体盈利。公司集装箱运输业务源于2021年收购的中外运集运。中外运集运成立于1998年，曾经是覆盖干线、支线和内贸的全航线老牌班轮公司。在其鼎盛时期，曾拥有超过50艘集装箱船，航线覆盖全球主要港口。经历过多轮市场周期的洗礼后，公司将其重新定位为亚洲区域内精品航线运营商。这一定位的核心逻辑是避开与中远海控、马士基等巨头的正面竞争。干线集装箱运输市场集中度极高，前十大班轮公司占据约85%的市场份额，新进入者难以获得规模优势。而区域市场则相对分散，且客户需求更加多样化，有利于差异化竞争。公司聚焦于日本、韩国、东南亚、澳洲等区域市场，提供高频次、准班率高的精品服务。从航线网络看，公司目前经营约20条区域航线，覆盖东亚、东南亚、南亚、澳洲等地区。主要航线包括中国-日本航线（约8条）、中国-东南亚航线（约6条）、中国-澳洲航线（约3条）等。这些航线的特点是运距相对较短（通常在2000海里以内）、班次密集（通常每周1-2班）、客户粘性高。从业绩表现看，集装箱业务呈现高收益、低波动的特征。2021年，受益于疫情后集装箱运价暴涨，公司集装箱业务实现净利润13.90亿元，ROE超过30%。2022年，市场继续高位运行，净利润约21亿元。2023年，随着市场回归常态，净利润回落至约8.7亿元，但仍保持盈利。2025年，抓住红海危机带来的区域市场机会，净利润回升至约12亿元。从战略价值看，集装箱业务的意义不仅在于其自身的盈利贡献，更在于它与公司其他业务的协同效应。例如，集装箱船队的航线网络可以为汽车滚装业务提供支线转运服务，形成"干线滚装+支线集装箱"的联运模式；集装箱运输的客户资源（如汽车厂商、电子产品厂商）可以为干散货运输提供交叉销售机会。这种协同效应虽然难以量化，但对于提升公司整体竞争力具有重要意义。穿梭油轮——潜在增长点2025年是招商轮船正式进入穿梭油轮领域的元年，以签约1+1艘Suezmax级DPST为标志公司油运业务从远洋干线向深海油田服务延伸，形成了VLCC+Aframax+DPST的油轮矩阵。穿梭油轮（DPST）需要具备在海上油田浮仓旁精准定位、靠泊、装卸的能力，技术复杂度远超普通油轮。此次和巴西国油签署的长期期租，收入稳定性高，类似于LNG船的模式，但是预计IRR更高。依托于海宏香港50余年的大型油轮管理经验，穿梭油轮有望成为未来十年新的增长点。四、未来5年发展路径预测展望未来5年，招商轮船的发展将受到多重因素的影响：全球能源转型趋势、航运业绿色变革、地缘政治格局变化、以及公司自身的战略执行能力。将有以下几个特征第一：LNG船队进入集中交付期到2030年，公司LNG船订单将全部交付，运营船舶数量将从2024年的22艘提升至64艘，按照每艘LNG船年均贡献净利润约0.3-0.5亿元估算，到2027年，LNG业务净利润有望达到18-20亿元，成为公司很大的利润来源。第二：油运继续贡献主要利润来源从油运市场看，2026-2028年预计将处于上行周期。支撑这一判断因素很多，但是底层因素主要有三个：首先，OPEC+逐步退出减产，全球原油产量增加，将带动油运需求增长。其次，全球石油需求在2030年前仍将保持增长，特别是亚洲地区需求强劲。中国、印度等新兴经济体仍处于工业化和城市化进程中，石油需求仍有增长空间。最后，VLCC船队老龄化加剧，供给端约束日益明显。新船交付有限，而老旧船舶面临拆解压力，船队增长缓慢。基于以上因素，我们预测这一阶段VLCC TCE有望维持在较高的水平，TCE每增加1万美金，油运利润增厚13亿左右。每年70-100亿+的净利润可以期待。第三：其他业务处于中等景气周期从其他业务看，干散货业务预计将保持向上运行，随着西芒杜铁矿的稳产，到2030年有望出货量达到1.2万吨。轮船的VLOC长期合同的稳定贡献，新造船下水将支撑干散货初步走高，而且干散货市场船舶老龄化问题也非常突出，可能会造成较大的供需失衡。预计业务净利润维持在15-25亿元/年。汽车滚装业务将受益于中国汽车出口的持续增长，特别是新能源汽车出口的高速增长。公司已下单的6艘9300CEU甲醇双燃料PCTC将于2026-2027年陆续交付，外贸船队规模将扩大至10-12艘，净利润有望从2025年的约2.29亿元增长至2028年的6-8亿元。集装箱业务预计将保持稳健运行，净利润维持在8-12亿元/年。虽然区域集装箱市场也存在周期性，但公司的精品航线定位使其具有较好的抗风险能力。综合来看，公司在没有任何板块进入躁热周期的情况下，下限平均年利润将从22-24年的50亿左右，增长至未来的70-85亿。如果油运、干散两个核心板块进入大周期，年利润有望升至100-170亿。随着利润的提升，公司负债进一步降低，财务费用同比下行，会释放更多利润。所以我也不赞成用传统周期行业估值去算轮船，成长路径清晰，资本开支高峰期过后，股东回报上来，可以给更高的估值。也希望大家不要只局限于轮船的油运业务，虽然这个业务确实出彩，但是其他业务也不逊色。管中窥豹，不能知其全貌。未来公司也将从一个以油运为主的传统航运企业，转型为以清洁能源运输为核心的现代化航运集团。最后，需要再次提醒，本报告仅供参考，不构成投资建议。航运业具有周期性特征，业绩可能随市场波动。投资航运的第一要务：敬畏航运！就如同我们面对波涛汹涌的大海一样，如果你不敬畏它，那么终将会被吞噬。

Recorded live at New York Tech Week, Karl and Erum sit down with Brenton Alexander (CTO at Roebling) to unpack one of the biggest bottlenecks in scaling “biology as technology”: figuring out what it really takes to design and finance physical infrastructure. Brenton walks through how Roebling uses AI alongside deterministic engineering models (physics/thermodynamics) to accelerate early facility design, generate capex/opex estimates with uncertainty ranges (not false precision), and help teams run scenarios fast—so founders, investors, and operators can make better go/no-go decisions earlier, reduce wasteful iteration across siloed teams, and focus human expertise where it matters most.Grow Everything brings the bioeconomy to life. Hosts Karl Schmieder and Erum Azeez Khan share stories and interview the leaders and influencers changing the world by growing everything. Biology is the oldest technology. And it can be engineered. What are we growing?Learn more at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.messaginglab.com/groweverything⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chapters:(00:00:00) Welcome to Grow Everything Live at NY Tech Week(00:02:10) The “infrastructure gap”: why feasibility work is slow and expensive(00:03:05) What Roebling does: accelerating the path from R&D to final investment decision(00:05:05) Live demo setup: building a yeast-based fermentation facility for a red bio-dye(00:07:15) What the platform decides (and why inputs matter): equipment, DSP, and cost drivers(00:10:00) “Why not just use Claude?” Deterministic models + AI tooling for defensible results(00:14:30) Handling uncertainty: ranges, distributions, and Monte Carlo-style scenario runs(00:18:40) What changes for engineers/consultants: shifting effort from manual work to judgment(00:23:10) Reading the outputs: capex/opex, IRR, and the “tornado chart” of uncertainty drivers(00:28:10) Audience Q&A: logistics/customer delivery, AI's impact on costs, review fatigue, and assumptions(00:29:30) Long-term direction: more fidelity, narrower bounds, EPC-ready handoff(00:30:05) Audience Q&A begins(00:30:30) Q1: logistics + customer delivery costs (not just “at the gate”)(00:32:55) Q2: how AI changes operating cost assumptions over time(00:34:15) Q3: review fatigue—how to structure checks and triage what matters(00:36:10) Q4: what did the model assume for “colorant”? (and why specificity matters)(00:38:15) Wrap-up + thank-yousLinks and Resources:RoeblingRoebling Early Access ProgramBrentan AlexandarEdward Shenderovich65. Scaling Cells, Dreaming Big: The Biomanufacturing Cloud with Synonym's Edward Shenderovich166. The Great Reformulation: Joshua Lachter Rethinks How We Make Everything at Scale172. Generating Needles in Haystacks: Elise de Reus Designs Proteins with CradleBioInnovations Events - For 25% off use code: Grow EverythingTopics Covered:Roebling, bioprocess modeling, techno-economic analysis, fermentation economics, food dyes, bio-based ingredients, process engineering, AI for biomanufacturing, scale-up planning, regulatory considerations, industrial engineering AI.Have a question or comment? Message us here:Text or Call (804) 505-5553⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ / ⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠ / ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ / ⁠⁠⁠⁠⁠⁠⁠⁠Youtube⁠⁠⁠⁠⁠⁠⁠⁠ / ⁠⁠⁠⁠⁠⁠⁠⁠Grow Everything⁠⁠⁠⁠⁠⁠⁠⁠Music by: Nihilore Production by: Amplafy Media

Interview with Andrew Dennan, CEO of Halo MineralsRecording date: 16th June 2026Halo Minerals has emerged as a unique opportunity within the junior mining sector by focusing on the reprocessing of historical mine tailings rather than pursuing conventional greenfield mine development. Its flagship Playa Verde Project in Chile aims to recover copper and gold from legacy tailings deposits while simultaneously addressing a long-standing environmental liability.The company's most important achievement to date is securing approval of the project's Environmental Impact Assessment (EIA). For mining projects in Chile, permitting is often one of the largest barriers to development, creating uncertainty around timelines and project viability. With the EIA approved and formal written resolution received, Halo has substantially reduced a key project risk and can now focus on financing, engineering, and execution.The economics outlined in the recently published Competent Person's Report are compelling. The Playa Verde Project contains ore reserves of 32.2 million tonnes grading 0.25% copper, representing approximately 80,000 tonnes of contained copper. Using assumptions of US$5.30 per pound copper and US$4,300 per ounce gold, the project generates a post-tax NPV10 of approximately US$154 million and an estimated IRR of around 51%. These metrics compare favorably with the company's current valuation and suggest meaningful leverage to successful project development.Importantly, Halo is not relying on experimental technology. Management intends to utilize well-established dredging, flotation, and SX-EW processing methods that have been deployed successfully across the mining industry for decades. This reduces technical uncertainty and may improve financing prospects compared with projects dependent on novel extraction technologies.The broader copper market also provides supportive macroeconomic conditions. Demand continues to rise due to electrification, electric vehicle adoption, renewable energy infrastructure, and the expansion of AI-related data centres. At the same time, many industry analysts forecast structural supply deficits over the coming decade as permitting challenges and capital intensity limit the pace of new mine development. Tailings reprocessing projects such as Playa Verde offer a potentially faster route to supplying additional copper to the market.Another notable aspect of the investment case is management's financing strategy. Rather than relying heavily on equity issuance, Halo intends to pursue a combination of offtake agreements, vendor financing, royalty and streaming transactions, and project debt. If successfully executed, this approach could reduce shareholder dilution relative to many junior mining peers.Investors should nevertheless recognize the risks. The company remains pre-FID and must still secure financing and operating partners. Playa Verde currently represents the primary source of near-term value, creating concentration risk. Commodity price volatility, financing market conditions, and execution challenges could all affect outcomes.Looking ahead, the most important catalysts include completion of the updated feasibility study, finalization of financing arrangements, selection of operating partners, and progress toward a final investment decision targeted for late 2026. Success on these fronts would move Halo closer to its goal of first production in 2028 and provide a clearer indication of whether the project's attractive economics can be translated into shareholder value.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Blackrock Silver's updated preliminary economic assessment, which was released in March, for the Tonopah West project in Nevada outlines a US$437 million after-tax NPV and 28% IRR over an 11.2-year mine life, anchored by a 90% increase in indicated resources. CEO Andrew Pollard spoke to Mining Stock Daily. The conversation covers the trade-offs between the 2024 and 2026 studies, the two-thirds inferred mine plan, permitting and water questions ahead of a targeted H2-2027 underground development decision, and the 17,000-metre expansion drill program now underway.

Interview with Keith Boyle, CEO & Director of New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-fully-funded-drill-program-for-2026-10527Recording date: June 9th 2026New Found Gold Corp (TSXV: NFG | NYSE-A: NFGC) is advancing two gold projects in Newfoundland and Labrador, Canada. Its flagship Queensway Gold Project hosts a NI 43-101 resource of 1.39 million ounces of indicated gold at 2.40 g/t and 0.608 million ounces of inferred gold at 1.77 g/t. The Hammerdown Gold Project, acquired in 2025, provides access to the Pine Cove Mill, a fully permitted, operational processing facility that will receive Queensway Phase 1 ore from Q4 2027, with commercial production targeted for 2028.Hammerdown is in the final stages of its ramp-up to commercial production, defined as sustained 700 tonne-per-day throughput with consistent grade from the open pit. At steady state, the operation is projected to generate $40 to $50 million per year in free cash flow at an AISC of approximately $2,500 per ounce - sufficient to cover corporate overhead and fund the exploration program. The Pine Cove Mill is being doubled in throughput capacity as part of the Phase 1 capital program, removing the need for a separate processing facility at Queensway. A $220 million financing package closed in April 2026 funds Phase 1 construction, with $148 million in cash and marketable securities held as of May 2026.Queensway Phase 1 targets approximately 100,000 ounces per year in the first two years at grades of 12 to 12.5 g/t and an AISC of around $1,300 per ounce. The PEA's base case at US$2,500 gold shows an after-tax NPV of C$743 million, an IRR of 56%, and payback of under two years. The operational team being assembled at Hammerdown, including newly promoted General Manager of Mines Mark Ross, will transfer directly to Queensway.A 90,000-metre drill program is underway across a 110-kilometre land package, with the Dropkick zone, returning intercepts of up to 42.79 g/t Au over 14.95 metres and excluded from the current MRE, among the key targets. An updated resource estimate incorporating Dropkick is expected in 2026.—Learn more: https://cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

SEC Chairman Paul Atkins and his wife reportedly own 54 life insurance policies. Yes, fifty-four! Most people see that headline and think it's extreme. Maybe even a little absurd. Why would anyone hold that many policies? Who does that? But there's a more interesting question worth asking - what does someone who owns 54 policies understand about life insurance that most people were never taught? https://youtu.be/DdGxt2346C8 Because there are two completely different ways to think about life insurance. One is the way most of us were introduced to it: a product you buy, file away, and hope you never need. The other is what someone like Atkins seems to be doing. Building a financial architecture. A system. An infrastructure designed to do real financial work across an entire family and portfolio. That gap is what this article is about. Not Paul Atkins specifically. But what his disclosure reveals about how financially sophisticated people think about control, liquidity, and the capabilities of permanent life insurance that most of us were simply never shown. Key TakeawaysFrom Checkbox to Capital SystemThe Problem With Only Having One StrategyWhy Wealthy Families Think About Control FirstThe Priority Order That Changes EverythingOpportunities Find CashWhat 54 Policies Might Actually Be SolvingEstate EqualizationBusiness Succession and Deferred CompensationLiquidity Without LiquidationTax-Advantaged Access During Your LifetimeGovernment Service and Conflict-of-Interest DisclosuresWhy the Contract Distinction Changes EverythingWhat Family Banking Looks LikeA Real ExampleThe Internal CycleThinking About Family Members as Key PeopleThe Generational DimensionNot All Life Insurance Is the Same ToolWhy Whole Life With a Mutual CompanyThe Question Isn't Why, It's What.Book a Strategy CallFrequently Asked QuestionsWhat is family banking with life insurance?Why would someone own 54 life insurance policies?How does whole life insurance provide liquidity?What is the difference between a life insurance contract and a financial account?Can life insurance really be used as a tax strategy?What type of life insurance works for family banking? Key Takeaways Wealthy families treat life insurance as a capital system, not a product purchase Whole life insurance provides a kind of liquidity and control that no other asset class replicates A life insurance policy is a contract; most other financial assets are accounts, and that distinction matters Multiple policies signal a coordinated financial architecture, not a single coverage decision Family banking uses whole life policy cash value to fund needs within the family without relying on outside lenders Not all life insurance is built for this purpose. A specially designed dividend-paying whole life with a mutual company is the right foundation From Checkbox to Capital System Most people's first exposure to life insurance comes through a W-2 job. You fill out your benefits enrollment paperwork, someone offers you a multiple of your salary, and the pitch is pretty simple: if something happens to you, this replaces what you would have earned. That's not wrong. But it's a very small part of what permanent life insurance can actually do. The consumer mindset asks one question: how little do I need? What's the minimum that takes care of my family, pays off the mortgage, and maybe funds college? That's a reasonable starting point.  But it's also a ceiling. Once you've bought enough to replace income, the logic of that framework says you're done. The business owner mindset asks something completely different. Not how little I can have, but how much I can invest in this to get the most out of it? That question leads somewhere very different, potentially, to 54 policies. The Problem With Only Having One Strategy There's a Thomas Sowell line worth sitting with here: there are no solutions in life, only compromises. Bruce Wehner brought this up at the top of our conversation, and it's the philosophical foundation for everything else we talked about. Anyone absolutely committed to one financial strategy and dismissing everything else isn't being disciplined. They're playing an incomplete game. Think of it like football. You wouldn't go into the championship using only your running back and offensive linemen. Every position exists because every position has a job. Wide receivers do something the offensive line can't. The quarterback does something neither of them can. Financial tools work the same way. A securities-only investor isn't maximizing anything. They're just leaving part of the field empty. Why Wealthy Families Think About Control First Most of us are taught to optimize for rate of return. Net worth is the scoreboard. The fastest-growing asset wins. That framework isn't useless. But it's incomplete, because it ignores the conditions that make returns actually usable. Wealthy families add a different dimension to the scorecard: control. How much autonomy do you have over your capital? Can you access it when you want to? Can you deploy it on your own terms without a bank's approval or an institution's timeline? The Priority Order That Changes Everything Here's the order I've come to think about for financially sophisticated decision-making. Control first. Then access, meaning liquidity and tax treatment. Then guarantees and long-term certainty. Then, growth on top of all of that. That's the opposite of how most people are wired to think. We go straight to growth. We ask about rate of return before we've even asked whether we can get to the money on our terms. The safety, liquidity, and growth triangle is real. You can't maximize all three in a single financial product. A five-year CD gives you safety and predictability but doesn't grow much.  A non-traded REIT might project 18 to 22% IRR, but there's zero liquidity and elevated risk. If you want to hold illiquid, higher-growth positions, you need a guaranteed liquidity cushion somewhere else. Life insurance is often that cushion. Not because it produces the highest returns, but because it's always available and never tied to market conditions. Opportunities Find Cash Nelson Nash used to say, "Opportunities find cash." If you don't have accessible capital, you don't see the opportunity even when it's right in front of you. But if you're sitting on a pool of liquid capital, you can act. That's not just a defensive position; it's an offensive one. And it's one of the things I've found our clients experience firsthand once they have a working cash flow system in place. What 54 Policies Might Actually Be Solving We don't know Paul Atkins' specific financial picture. We're not claiming to. But we can talk through the kinds of financial problems that a sophisticated investor, with a complex estate and a long-term view, might be solving with permanent life insurance. Because each policy is probably doing a job. Estate Equalization Imagine a family business. Two adult children. One wants to run the company; the other doesn't. At death, the default outcomes aren't great. Force both into a partnership and you breed resentment. Have the operating child buy out the other with a loan and you create a cash flow burden from day one. Give one the business and one nothing, and that's obviously not equitable either. A life insurance death benefit can solve this cleanly. One heir receives the business. The other receives a cash equivalent from the policy. No forced partnership. No buyout debt. No hard feelings baked into the inheritance. This is a problem that real estate, retirement accounts, and securities simply cannot solve with the same precision. Business Succession and Deferred Compensation Key man insurance protects a business against the financial impact of losing a critical person, whether that's a top salesperson or a founding partner. The liquidity event from the policy buys time to adapt without being forced to act under pressure. Deferred compensation funded through life insurance is a different use case, but just as valuable. Under ERISA rules, you can't legally contribute more to one employee's 401 (k) than another's. You can't discriminate. But with life insurance, you can. A business owner can set up a policy on a key employee, fund it for five years, and transfer ownership at the end of the term as a form of deferred compensation. It's targeted, legal, and not available through any investment account structure. Liquidity Without Liquidation Highly appreciated assets present a specific problem. Real estate, private equity stakes, business interests: these often aren't liquid. Selling them to cover an opportunity or an emergency usually means a taxable event, often at an inopportune time. Policy cash value doesn't work that way. It's accessible at any time, with no credit approval, no income verification, and no market timing required. You borrow against it for any purpose and repay on your own terms. If your equities are down and you need capital, you don't touch them. You go to the policy. Tax-Advantaged Access During Your Lifetime The death benefit's tax-free treatment is well known. Less talked about is what you can do with cash value while you're still alive. Policy loans let you access accumulated value without triggering income tax. So instead of selling an appreciated position and incurring capital gains, you borrow from the policy.  Whether it's funding an investment, a home renovation, or bringing the whole family together for a vacation, the access doesn't create a tax event. The alternative, pulling from a qualified account, hits you with ordinary income tax plus potential penalties. That's a genuinely different category of financial flexibility. Government Service and Conflict-of-Interest Disclosures When officials step into government roles,...

Key TakeawaysLocation for Flex/IndustrialDon't go “main & main” in the city core (too expensive, competing with retail/office).Target major highways/arterials just outside town, where you can serve multiple submarkets at lower land/building cost.Pricing & StrategyYour all‑in cost/sf (purchase + rehab) must be well below new construction cost (~$120–$150/sf) or the deal won't compete.Quick screen: if all‑in ≈ $100/sf and you can get ~$12/sf NNN, that's about a 12% yield on cost → worth deeper underwriting.Kansas City Example Deal4,260 sf building at $315K (~$74/sf) in Raytown; concept: split into two bays, add another roll‑up door, light rehab.Verified via Google Street View that there's no real loading dock despite the listing.Underwriting Outputs (base case)Assumptions: 25% down, 7% interest, 20‑yr am, 2 tenants at $12/sf NNN, 3% bumps.Results: ~16–17% IRR, ~19–20% annualized cash‑on‑cash, ~2.0x equity multiple over 5 years, DSCR ~1.7x.Risk & Stress TestEven with rents at $10/sf and rehab at $100K, deal still modeled at mid‑teens IRR and solid cash‑on‑cash.But in a bear scenario (lower rents, higher vacancy, worse exit cap), you can lose money → need margin.Capital RaisingRaising capital starts with your existing network:Call people, explain your deal type and target returns, and ask if they'd want to see one.Build a list of soft commitments before you have a live deal.

Math doesn't have to be intimidating, especially when it's the kind that helps fund companies and move science forward. In this episode, host Elaine Hamm, PhD, is joined by Isaiah Reeves, PhD, Biomedical Analyst at Solas BioVentures, for a practical and approachable deep dive into venture math. Drawing on his background as a scientist turned investor, Isaiah breaks down the core financial concepts every biotech founder should understand: from valuations and dilution to IRR, cap tables, and deal terms. The conversation offers real-world guidance for navigating fundraising, choosing the right partners, and avoiding common pitfalls that can derail long-term value creation. In this episode, you'll learn: How venture capitalists think about valuations, dilution, and returns, and why fully diluted post-money matters. Key metrics like IRR and DPI, and how they influence investment decisions and fund performance. Common deal terms and cap table “red flags” founders should watch out for as they raise capital. Tune in to learn how understanding venture math can help founders make smarter funding decisions, protect long-term value, and build biotech companies positioned for sustainable growth and impact. Links: Connect with Isaiah Reeves, PhD, and check out Solas BioVentures. Connect with Elaine Hamm, PhD, and learn about Tulane Medicine Business Development and the School of Medicine, as well as Cadenza Bio. Connect with Josh Eckelberry, MBA, and Mark Corrigan, MD. Check out the books The Go-Giver and Venture Deals. Check out the podcasts STAT, Biotech Hangout, and 20VC. Check out our previous episodes on Networking as an Introvert and Solas BioVentures with Travis Manasco. Connect with Ian McLachlan, BIO from the BAYOU producer. Learn more about BIO from the BAYOU - the podcast. Bio from the Bayou is a podcast that explores biotech innovation, business development, and healthcare outcomes in New Orleans & The Gulf South, connecting biotech companies, investors, and key opinion leaders to advance medicine, technology, and startup opportunities in the region.

Tyler Cauble shows agents how commissions can become ownership, how partnerships can reduce beginner mistakes, and why commercial investing can help ambitious professionals build freedom beyond the next closing through smarter capital, relationships, and discipline.See article: https://www.unitedstatesrealestateinvestor.com/from-0-and-immense-ambition-to-commercial-real-estate-freedom-with-tyler-cauble/(00:00) - Introduction to Tyler Cauble and His Commercial Investing Journey(05:00) - How Syndication Helped Tyler Grow From $0 to $75 Million(10:00) - Understanding Returns, IRR, Cash-on-Cash, and Investor Simplicity(15:00) - Why Agents Need Ownership Before the Market Turns Cold(20:00) - The Nine-Story Building Flip and the $4.6 Million Exit(25:00) - Bringing Value Through Knowledge, Money, Connections, and Hustle(30:00) - Why Self-Storage Became Tyler's Best Deal Ever(35:00) - Commercial Pitfalls, Costly Mistakes, and Learning Before Leaping(40:00) - Book Recommendations, Blue Ocean Thinking, and Where to Find Tyler(41:40) - End of EpisodeContact Tyler Caublehttps://www.tylercauble.com/https://www.facebook.com/TylerCauble/https://www.instagram.com/commercial_in_nashvillehttps://www.linkedin.com/in/tylercauble/https://x.com/thecaublegrouphttps://youtube.com/@TylerCauble⁩ Tyler Cauble's story is a powerful reminder that agents do not have to stay trapped in the chase for the next commission. With the right relationships, the right education, and the courage to move from selling to owning, every closing can become a stepping stone toward freedom. To learn more from conversations that help agents build wealth, purpose, and a stronger life through investing, visit https://reiagent.comIs success destroying your peace? Most pros grind until they break. Download The Investor's Life Balance Sheet: A Holistic Wealth Audit to see if you are building a legacy or heading for burnout. Presented by The REI Agent Podcast & United States Real Estate Investor® https://sendfox.com/lp/m4jrl

Key TakeawaysLocation for Flex/IndustrialDon't go “main & main” in the city core (too expensive, competing with retail/office).Target major highways/arterials just outside town, where you can serve multiple submarkets at lower land/building cost.Pricing & StrategyYour all‑in cost/sf (purchase + rehab) must be well below new construction cost (~$120–$150/sf) or the deal won't compete.Quick screen: if all‑in ≈ $100/sf and you can get ~$12/sf NNN, that's about a 12% yield on cost → worth deeper underwriting.Kansas City Example Deal4,260 sf building at $315K (~$74/sf) in Raytown; concept: split into two bays, add another roll‑up door, light rehab.Verified via Google Street View that there's no real loading dock despite the listing.Underwriting Outputs (base case)Assumptions: 25% down, 7% interest, 20‑yr am, 2 tenants at $12/sf NNN, 3% bumps.Results: ~16–17% IRR, ~19–20% annualized cash‑on‑cash, ~2.0x equity multiple over 5 years, DSCR ~1.7x.Risk & Stress TestEven with rents at $10/sf and rehab at $100K, deal still modeled at mid‑teens IRR and solid cash‑on‑cash.But in a bear scenario (lower rents, higher vacancy, worse exit cap), you can lose money → need margin.Capital RaisingRaising capital starts with your existing network:Call people, explain your deal type and target returns, and ask if they'd want to see one.Build a list of soft commitments before you have a live deal.

In 2025 Fortune Bay released an updated preliminary economic assessment for its Goldfields Gold Project in northern Saskatchewan that showed a C$301M initial capex, delivering a C$610M after-tax NPV and 44% IRR at US$2,600/oz gold. Today, gold prices are nearly double that, and for every US$100/oz change in the gold price, Fortune Bay says it adds $61M in after-tax NPV. CEO Dale Verran talked to Mining Stock Daily about the company's progress on advancing its pre-feasibility work. The interview covered the key work programs underway including geotechnical, waste rock, and metallurgical studies, a potential concentrate production scenario that could meaningfully reduce capex, and recent exploration results at the Box deposit and Golden Pond target that suggest the resource base has room to grow.

Eirik har vært i henger-beef på Maxbo, Torjus har fått en slange med kamera i halsen og Business-Corner byr på godbiter som: Sunn sigg, Petter Dum og Irr-briller. Hosted on Acast. See acast.com/privacy for more information.

After 18 years, 42 deals, $300M raised, and 500+ accredited investors, I can tell you exactly what sophisticated LPs want — in this order: 1️⃣ Capital preservation (above all else) 2️⃣ Capital growth (with conservative underwriting) 3️⃣ Communication (proactive, transparent, factual)   In this clip from The Vinney & Beau Show, I break down the institutional-grade standards every HNW investor should demand from a sponsor: savvy operators with $1B–$3B track records, 73–83 page institutional packets, sensitivity analysis, and diversified fund structures that protect against asset-class concentration.   If your sponsor can't show all three? Walk away.

Most accredited investors assume a $50M fund is a back-office nightmare. It's not.

Episode Title: Marks on the Market: What's Really Going On in Private Credit? | Kyle Brown  Hosts: Richard Cunningham, John Coleman, Luke Roush Guest: Kyle Brown, CEO, Trinity Capital (TRIN) Key Topics: The private credit market has grown 6X in the last decade — but headlines conflating software-sector turbulence with systemic credit risk are getting the story wrong How 90% of institutional allocations have flowed to just 12 companies and 50 funds, creating compressed spreads, race-to-the-bottom pricing, and concentrated risk in mega-cap private credit Why Trinity Capital's ~20% loan-to-value and ~1x ARR attachment rate on software leaves them well-positioned compared to over-leveraged competitors The AI infrastructure picks-and-shovels play: how Trinity is financing GPUs and power-generation equipment on 24–36 month fully amortizing loans to sidestep speculative overbuild risk Software incumbency in the age of AI — why enterprise systems of record are far more resilient than headlines suggest, and where the real vulnerability lies (point solutions) The US macro outlook: GDP at 2%, unemployment near long-term average, global capital flowing to America — and why all three hosts remain constructively bullish Direct Quotes from Kyle Brown: "Private credit over the last 10 years has grown 6X. It's projected to continue growing at a rapid pace. It's being confused as one big monolith and it's really not that at all. It's a massive and robust diversified marketplace now." "The thing that we're missing out on and that we need to add to that balance sheet is our oodles... Because when you're on your deathbed, you're not talking about that great IRR you made on that stock investment or what you did in your IRA. You're telling stories." "We're in the middle of a technological revolution and it's just a shame that culture wars and some of the stuff that is going on is getting in the way of what is really an amazing opportunity for anybody who wants to go and do something, who has an idea, who wants to build." Episode Description: Kyle Brown, CEO of publicly traded Trinity Capital (TRIN), joins Richard Cunningham, John Coleman, and Luke Roush for the May edition of Marks on the Market — and he brings a clear-eyed diagnosis of what's actually driving private credit volatility, what the headlines are getting wrong, and how Trinity has navigated one of the most turbulent environments in the asset class's short history. The conversation opens with a deep dive into the structural forces reshaping private credit: a 6X decade of growth, 90% of institutional money concentrating in fewer than 50 funds, zero-interest-rate-era cost of capital that no longer exists, and a retail investor base encountering alternatives market gates for the first time. Brown explains why software-sector fears — while not entirely unfounded — are being misread as a system-wide credit crisis, and how Trinity's conservative underwriting (averaging ~20% LTV across the portfolio) positions them very differently from over-leveraged peers. From there, the conversation pivots to AI infrastructure investing, the US macroeconomic outlook, the US-China summit, and — in a closing rapid-fire segment — what God has been teaching each host and guest in His Word. Brown closes with a meditation on "oodles," his invented economic unit of enjoyment, drawn from the parable of the rich fool in Luke 12 — a reminder that no balance sheet is complete without the investments we make in the people we love.

I pay $20 a month for AI.   I get back $20,000+ in value every single month.

You're an accredited investor. You've got capital to deploy. But before you wire $100K, $250K, or $500K into a syndication — do you actually know what to look for?   In this episode of The Vinney & Beau Show, Beau Eckstein asks Vinney Chopra — 4x Amazon bestselling author with $300M+ raised, 42 deals, 5,000+ units, and 500+ accredited investors — the questions every sophisticated LP wishes they had asked before their first wire transfer.   A rare, candid behind-the-curtain conversation about how veteran syndicators actually structure deals, vet operators, manage K-1s, and protect investor capital.  

https://www.givesendgo.com/wrap-around-the-punt-familyBook a call: https://remnantfinance.com/calendar Out Print the Fed with a 1% target per week: https://remnantfinance.com/optionsEmail us at info@remnantfinance.com or visit https://remnantfinance.com for more informationFOLLOW REMNANT FINANCEYoutube: @RemnantFinance (https://www.youtube.com/@RemnantFinance)Facebook: @remnantfinance (https://www.facebook.com/profile.php?id=61560694316588)Twitter: @remnantfinance (https://x.com/remnantfinance)TikTok: @RemnantFinanceDon't forget to hit LIKE and SUBSCRIBE_____________________________In this episode, Hans delivers the third installment of the IBC Master Class, walking through the mechanics of policy loans and making an urgent case for why protection must come before growth. Hans implores fathers to button up their protection plan before chasing the next moonshot investment. He then transitions into the technical heart of the episode: how policy loans actually work, why they're the most powerful lending tool available to consumers, and how this single mechanism lets you keep your money compounding while you put it to work elsewhere.Chapters: 00:00 – Opening segment 01:00 – Recap of Parts 1 and 2: cash value, base premium, PUA, and the MEC line 05:30 – A father's tragedy and a wake-up call 08:30 – Why "buy term and invest the difference" leaves families exposed 11:25 – Protect, save, grow: the proper order of operations 13:30 – The three types of economic death (Solomon Huebner) 18:35 – The Accelerated Death Benefit Rider: a free lifeline most people ignore 20:15 – Waiver of premium and how a policy becomes self-completing 23:00 – Setting up the policy loan illustration24:35 – The three players: cash value, the insurance company, and your bank account 27:25 – Why moving money from savings, stocks, or HELOC depletes the source 29:50 – Using the death benefit as collateral (and why the company says yes) 32:20 – The certainty of repayment: why there's no schedule, application, or credit check 36:40 – The mortgage comparison: what changes when the lender is the guarantor 40:05 – Bitcoin-collateralized loans vs. policy loans: control and stress 43:45 – The 100% rate of return: how you become the banker 48:00 – What the illustration doesn't show you: capital working in multiple places 50:50 – Non-direct recognition: getting the full dividend regardless of loans 52:55 – The free rider that becomes a lifeline (revisiting accelerated death benefit) 57:50 – Closing thoughts Key Takeaways:Protect, save, grow is the order, not a suggestion. Optimizing for IRR while leaving protection gaps builds a skyscraper on sand. One accident, illness, or long-term care event can wipe out every growth asset you've ever acquired.The policy loan is the most effective lending tool a consumer has access to. No application, no credit check, no schedule, no amortization, no questions asked. Because the insurance company is the guarantor of the collateral, they have certainty of repayment and don't care when you pay it back. Your cash value never gets touched. The company lends you their money and collateralizes your death benefit. Your full cash value keeps compounding, your dividends are calculated on the full policy value, and your capital stays working. The Accelerated Death Benefit Rider is a free lifeline most policyholders forget exists. A specific medical condition, chronic illness, or terminal diagnosis lets you advance your death benefit while you're still alive. You become the banker by spreading on your own capital. Borrow at 5%, invest at 10%, and you've replicated what commercial banks do. That's a 100% rate of return on the spread. The illustration doesn't show the whole picture. The cash value column shows uninterrupted compound growth, but it doesn't reveal that the same capital can be funding rental properties, syndicates, and options trades simultaneously. 

Core ConceptBuy when others are scared: Michael bought post-2008 and during COVID, using fear-driven discounts to build a $20M portfolio.STRs → Hostels: Started with Airbnbs in Hawaii, then pivoted to hostels due to regulation limits and desire for a more scalable, centralized operation.Hostel strategy: Not “cheapest bed” but best social experience—design-forward common areas, events, and strong community vibe.Economics: Same-size room can earn more per night with bunks (e.g., $480 vs. $200), plus partial occupancy still produces strong revenue.Returns & risk: Targets ~20%+ IRR, 2–3x equity multiple, but with higher risk, longer holds (5–10 years), and heavier operations vs. multifamily.Big lesson: Don't do your first hospitality deal solo—partner or get a mentor/mastermind to avoid costly mistakes.Portfolio fit: Hospitality offers a hybrid of strong cash flow + equity upside if you can execute on both real estate and the operating business.

Connect with Rohit Punyani: https://ownersasset.com/resource-libraryBook a call: https://remnantfinance.com/calendar Out Print the Fed with a 1% target per week: https://remnantfinance.com/optionsEmail us at info@remnantfinance.com or visit https://remnantfinance.com for more informationFOLLOW REMNANT FINANCEYoutube: @RemnantFinance (https://www.youtube.com/@RemnantFinance)Facebook: @remnantfinance (https://www.facebook.com/profile.php?id=61560694316588)Twitter: @remnantfinance (https://x.com/remnantfinance)TikTok: @RemnantFinanceDon't forget to hit LIKE and SUBSCRIBE_____________________________In this episode, Hans is joined by Rohit Punyani, co-founder of The Owner's Asset and a former Wall Street CIO who oversaw $4 billion at a multi-family office and community bank. After 20+ years in financial services starting as a large-cap stock picker, moving into wealth management at Wilmington Trust, and ultimately running money for hundred-millionaires and billionaires—Rohit fell in love with whole life insurance. Now he's built a firm dedicated to helping small business owners buy whole life with pre-tax dollars through cash balance plans.Chapters: 00:00 – Opening segment 01:50 – Rohit's background: from $2B mutual fund to multi-family office CIO 04:30 – How the wealthiest clients actually think (structure over IRR) 06:00 – Why affluent families pushed Rohit toward whole life 08:35 – The five pillars of wealth (and why investments rank third) 09:05 – Overcoming bias: how a Wall Street guy learned to love whole life 13:30 – Banking function: sourcing capital and the limits of margin loans 17:50 – Asset vs. liability: how to think about policy loan repayment 22:35 – Introducing cash balance plans: the 96% cousin of the 401(k) 25:25 – The four major differences between 401(k)s and cash balance plans 26:25 – Contribution limits: putting away up to $400K per year 28:45 – The three-to-five year commitment requirement 33:15 – Who's the ideal candidate (quarterly estimated tax payers) 38:00 – Why you can't use a PUA rider in a cash balance plan 42:25 – The "synthetic PUA": getting Uncle Sam to fund your policy 51:25 – The optionality argument: why this beats chasing rate of return 55:15 – Enhanced ERISA creditor protection inside the plan 58:55 – Building self-escrow systems for retirement 01:03:55 – Wholesale vs. retail pricing on whole life premium 01:06:25 – The distribution mechanics: pulling life insurance out of the plan 01:21:35 – Converting term insurance into a cash balance plan policy 01:24:35 – Asset allocation rules: the 40% life insurance cap 01:31:30 – The 5% corridor: why the IRS caps your returns 01:33:30 – The 50% excise tax on overfunded plans 01:39:55 – Whole life as the "high ground" in your portfolio 01:43:15 – Statement wealth vs. contractual wealth 01:53:55 – Pairing annuities with whole life inside the plan 02:00:00 – Rohit's personal retirement plan 02:06:35 – Designing your 401(k) as your pension (not "on steroids") 02:11:00 – Closing segment Key Takeaways:The wealthy don't worship at the altar of IRR. After running money for hundred-millionaires and billionaires, Rohit learned that affluent clients optimize for structure, behavior, and optionality before they optimize for return. TThe "synthetic PUA" reframes everything for IBC practitioners. You can't use a PUA rider inside a cash balance plan, which might make IBC enthusiasts dismiss it immediately. But think of the tax deduction itself as a synthetic PUA. .Wholesale pricing changes the math entirely. To pay $100,000 of premium with after-tax dollars, you have to earn roughly $140,000 to $150,000 depending on your state. The distribution arbitrage is the cherry on top. When you pull a $1 million policy out of the plan, you owe taxes just like an IRA distribution. But unlike an IRA, the custodian cannot withhold from the policy itself.

On May 31 – June 2, in NYC, the industry-defining NYU International Hospitality Industry Investment Conference is taking place. In this Suite Spot episode we are pulling back the curtain on what to expect at this year's landmark event. Joining us on the Suite Spot is Alexi Khajavi, President of Hospitality, Travel, and Real Estate at Questex. In this exclusive preview, Alexi breaks down the 2026 NYU IHIF agenda and shares why this year's gathering is more critical than ever for hospitality leaders, hoteliers, and investors.  Tune in now. Ryan Embree: Welcome to Suite Spot, where hoteliers check in, and we check out what’s trending in hotel marketing. I’m your host, Ryan Embree. Hello everyone. Welcome to another episode of The Suite Spot. This is your host, as always, Ryan Embree here with another hospitality event preview with a very familiar guest, very excited about this conversation. It’s spring, so right around the corner, we know what’s next, one of the premier events of the hospitality event calendar. Here to talk with me, a frequent guest, Alexi Khajavi, Questex, President, Hospitality and Real Estate. Alexi, thank you so much for joining me again here on the Suite Spot. Alexi Khajavi: Ryan, great to see you. Great to be back. Ryan Embree: Yes, it has been too long since we last spoke. We were out in Denver together at the Hospitality Show there on stage. Alexi, you were talking about everything that happened over the course of an entire year. I feel like from October to where we sit right now, in the middle of spring, it’s felt like a complete change. Whirlwind. I’m not even sure if when this episode’s released how much there could be even more change, but since then, so ground us. Give us a little sense of the state of hospitality and the sentence EE everything that you’re feeling right now. Alexi Khajavi: What we saw each other end of October in Denver, just at the conclusion of the hospitality show. And I guess, yeah, to your point, every day is, like an like a year or or seven years for that matter. So, six months on I mean, some consistencies, and I suppose the consistency is the volatility just in the geopolitics, macroeconomics, local state of affairs. And that does have a knock on effect on, on tourism and hospitality certainly. But some of the themes are consistent and that is that it is a, a continued challenging operational environment. rev pars have which we talked about rev pars, we were starting to see some normalization after they had been really on a only an up into the right performance for the prior three years. We started seeing that slowing down in Q3, Q4 of last year. And that has continued. One of the, the aspects, and a lot of people are talking about it, is a Ks shaped economy. And so you’re still seeing some, some interesting and pretty exciting, RevPAR ADR growth on the luxury side of that upper part of the K, if you will. And in the lower K of the market, you’re, you’re seeing increasing and continued challenges. Right? And I think everyone is sort of asking two questions around that, which is one is how much more runway of growth does the luxury market have? And then in on, on the sort of upper upscale midscale and economy, is the economic conditions going to encourage a trading down of the consumer. Speaking to David Pepper, for example, from Choice yesterday, they are seeing some positive RevPAR growth in that upper upscale, which, they’ve got a lot of hotel stock in. So I think the question is and we’re seeing some data that the customer is still traveling. They still see both on the leisure sh leisure side from the experience economy, travel as not being discretionary and not being something that they’re willing to give up, but something that they may trade down for make it more economical, domestic tourism, and drive to staycations those types of things versus the international travel, which certainly was in demand for the last three years. Corporate travel, I think that’s, that’s directly tied to GDP and the economy. But again, corporate travel has actually been coming back. It lagged leisure tourism recovery. So that’s been, performing quite well. Again, business is done face to face. It’s why we do live events in the, in, in, in the sectors in which we serve. So, continued operational challenge, questions around demand, a lot of impact from AI on demand, and how that demand is coming to your brand.com or to your property website, how they’re searching. SEO is in massive disruption. So, it’s not a typical recovery at this point. It’s, it’s fragmented, it’s bifurcated. It depends what part of the market you are in. There’s divergent recovery that’s sort of replacing that, that high tide lifts all boats. That uneven demand is translating into really kind of diversity of performance. And so it depends what markets you’re in. So the operating side is, is is tough. It is becoming harder and it is becoming more expensive. And yet there are some tools out there, AI and others, and technology generally that’s offering a lot of opportunity for optimization, efficiency, productivity in those areas, which will flow through to the bottom line. And then we’re also seeing, kind of a bifurcation in the capital markets. On, on, on the big side, there is a ton of capital that is chasing hospitality, moving from other asset classes whether it be office or retail or industrial. And they’re moving into hospitality for all the reasons that it’s operational real estate. It’s a tailwind market from the experience economy, despite the fact that we are cyclical, right? It goes up and down, but there’s a ton of liquidity. There’s a, there’s a wall of money that’s chasing, the asset class ranging from your owner operator franchisee, which is looking to grow from three properties to 6, 7, 8, 9, 10, whatever it may be, to institutional capital, which really never looked at a hospitality in general. So that’s creating more diversity in the type of investors which is coming into the market. So again, all of that challenge could unlock the transaction market. And then with those transactions, we see this regeneration of capital CapEx is deployed, and that’s really good for the industry. I mean, nobody likes to see falling net operating incomes, in running hotels. But that being said, it means that people have to be hyper-focused on how to run those hotels more efficiently. Why we run the hospitality show. And at the same time, NYU coming up, a lot of new capital coming into the market, a lot of capital chasing that, trying to figure out where the deals are, where to deploy that capital. And again, that’s why we have events like IHIF EMEA in Berlin, which was a few weeks ago. And to your point, NYU IHIF coming up in five weeks. Ryan Embree: It’s so many storylines in our industry right now that we’re chasing. We’d even touch on the upcoming summer, summer World Cup and events like the Olympics here in a couple years that are also gonna have a massive shift in international travel, which has been down. So again, so many challenges, but also think opportunistic time right now in hospitality and being at a spot like NYU is one of those places to capture those opportunities, to learn more about that from your peers, to have those conversations. Networking, I mean, I’ll, I’ll turn our attention there with some impressive numbers from the event. 2200 delegates, 450 plus C-suite executives, 400 plus investors, and $132 billion in assets under management there. So it’s impressive, like I said, impressive feat and number that you have all gathered in, one of the hospitality meccas of the world, which is New York City. What makes this event different from other hospitality events, and why is it a really a can’t miss for, for hoteliers investors this year? Alexi Khajavi: Yeah, I would say it’s a couple of things. One which you touched upon, which is, New York City financial capital of the world, it is the gateway city for the us it is, a hospitality driven economy. But it’s also one of the most thriving, financial market economies, in the US and certainly the world as well. So, that if you were to think, where do you hold an investment forum in any sector, but for that matter, in hospitality, New York, no better place, right? The money is there, the banks are there, the professional services are there, the brokers are there and many of the, the top brands are on the Eastern Shore board from DC and Maryland, up to the city here. So, it is just simply having it in New York. Second, it’s got a 40 year history associated with the New York University and the School of Hospitality and the John Tisch Center of Hospitality. It’s the only event where a portion of every dollar and revenue spent there goes towards supporting the next generation of hospitality professionals. So, we continue to partner with NYU and the School of Professional Studies. There, it’s an incredible partnership, which we’re just privileged and delighted to continue. And the fact that labor and talent is a massive challenge for the industry that, that you’re, you’re supporting a school which is turning out some of the most talented future hospitality professionals in the world by attending or sponsoring that’s goodwill. And, and we’re just delighted to be able to support that. So, that, again, I think is another anchor for why NYU is just such a special event and is different from a lot of the other good events that are, that are out there. And then lastly, NYU is part of a global portfolio of hospitality investment forums. And so, we have our event in Berlin. We have an event in Manchester, UK. We have an event in Athens, Greece, which is focused on the branded resi and the resort, segment, which is international and frankly, one of the fastest growing segments in hospitality. And then we have our Asia event in Hong Kong. So, we’re able to still bring in that global capital, those global operators that want to do business, want to bring their brands, want to deploy capital, want to invest in the us. So it’s not just a New York show, it’s not just a US focused show, but it’s a North America event where how do operators, how do investors, and how does the ecosystem of professional services come in and facilitate and drive deals to invest in the US and North American hotel market and all those things coming together, make it vibrant, make it diverse, make it one of the most active deal making conferences in the circuit. It really is for the investors to connect, with each other, but also the rest of the segments and the stakeholders, as it’s very diverse and fragmented industry. So deals get done. I mean, it was just on a in a conversation, a few weeks ago talking about a deal that’s been, announced since then. But they met in New York last June and really kicked off those conversations there at New York. And that ultimately consummated in a deal, in the fourth quarter of, of, of last year. We know that that’s what our value proposition is, and we know that’s why people spend their time with us and invest in, in NYU and we expect it to be even more vibrant and active on the deal making side, this June. So it should be should be a good event. Ryan Embree: That’s why I was gonna say, I had the privilege of attending for the first time last year, and I think the biggest difference for me was just the energy and the buzzing, and it just, it felt like what you said, it felt like deals were moving forward, whether that was the first time someone was connecting and networking, or whether it was something where these, these deals are not done in a vacuum or a silo that they take time, they take effort, and they take meetings like this, right? This connection, sometimes it’s, especially in a challenging market, can be the thing that brings a deal across the finish line. So it was palpable in the air when we were at that event last year. And it was a, it was a who’s who in hospitality too. You turned one way as a brand leader over here. Next is a president of asset management company. It really was an an extremely impressive event. I wanna get your thoughts, Alexi. You mentioned the sister events, the IHIF emea, which just wrapped up here at the end of March, obviously completely different markets that we’re talking about, but I still think holistically, there’s probably some lessons, feedback and sentiment that you could probably share that will translate into NYU, right? And some of those themes that are gonna make it there. What was your kind of, I guess, overall sentiment about the event and how just the energy and hotelier’s feeling was around that event? Alexi Khajavi: Yeah, I mean to go back to the start of the podcast, every day, there’s been something else. There’s been a, a ton of volatility in the market, a lot of uncertainty in, in the world. We still have a, a conflict, going on in, in Europe with, Ukraine and Russia. We now have a conflict happening in the Middle East. You’ve got macroeconomic conditions of still tariffs and the inflation that is causing interest rates still remain elevated, albeit they’ve, they’ve come down, over the last sort of 12 months. Elevated however, to historical, all of that creates uncertainty in the market. And as an investor said in, in Berlin, we can, we’re very good at penciling in risk and quantifying, the impact of that risk on both present day valuation. And a 20 year IRR, what is harder to pencil in is volatility and uncertainty. The certainty of risk is fine because you can quantify, the impact that that risk will have on the business. What you can’t is the uncertainty. And so with that, what we saw in Berlin, however, is that really is driving a lot of engagement around the expertise and the speakers and the sessions. We really pride ourselves on not having the same speakers every year saying the same things. We always leave a portion of our programs sort of unfinished, if you will, or, started but un unfinished because, because of that volatility in the market. So we saw a huge amount of engagement with people in the, in the sessions, in the rooms, which is interesting because at the end of the day, it is a deal making conference. And people are in meeting rooms, they’re up in suites they’re in the lobby and they’re, they’re engaging with each other, they’re there to do business. But we saw a lot of engagement, increased engagement with the sessions that we had. We then saw those individuals that were in a session often go out of the session and engage with each other and engage with speakers. And so one of the things that we’re doing is creating content fueled networking. So, a session will then lead to a round table where the speakers will stick around and the delegates or the folks that were in that session as an audience are able to then continue that conversation and go deeper and get into an actual conversation rather than just sort of a q and a that’s, that’s tagged on at the end. So it really created a, I think, a huge amount of engagement and peer-to-peer conversations. And really, I think people seeking a perspective. When, when you’re in a volatile market, really the most important thing you can do is to, to talk to your peers, to talk to your competitors, to talk to your mentors and get different perspectives to try and create some fidelity of what didn’t work or what has working, or what are the things that you’re trying out that’s really exciting. I mean, we really love that because, an open market, a transparent market, and an engaged market on the buy side and the sell side is a more informed market. Everybody needs that, right? It just makes markets more efficient. It make every, makes everybody better operators, and it creates a transparency as to where those opportunities are. And that’s, that is a, a tide that does lift all boats. The other thing I would say, Ryan, is, is that there’s always this question in an, an investment forum, like IHIF, like NYU as to what the sentiment is. And we’ve been tracking investor sentiment for the last five years now, since, January of 2020, which was an interesting time to first sentiment. Yeah. And it’s interesting because it certainly went down during COVID, no news flash there. It quickly rose up from 22 to 21 to 24, and then it’s leveled off since then. And it’s kind of just, a few index points gone, gone up or down depending on all of this volatility Liberation day last year, which was the first day of April, if I’m not mistaken, which was actually right during IHIF was created a lot of pessimism. It, however, was replaced with some optimism as interest rates fell down. So the sentiment to that question was, was actually quite positive. I think maybe through just the density of volatility or the consistency of volatility. People are somewhat getting used to it and separating noise from substance. And, and really there are the, there are more deals coming to market. We are seeing a diversification of capital coming into the market, lot of high net worth, lot of family office, a lot of institutional capital, sovereign wealth pension funds. And what that’s creating is more demand. So you’re starting, when we talk to the brokers, you’re starting to see a number of underbids in terms of a mandate comes to the market. A transaction occurred, but there was 6, 7, 8 under bidders in that transaction that shows interest, it shows appetite and it shows that the bid ask gap to a certain extent is narrowing. Now, that doesn’t necessarily mean in all cases that valuations have come down. I think buyers would like them to, but at the end of the day, I think capital, and we’re seeing capital become more confident and have more conviction in the market, but that also there are regeneration opportunities through CapEx deployment, through repositioning and through other levers that they have to pull, that they can take an asset that is performing at x and through CapEx and better operations and better plans, better brand, make it X plus y. And that was really the sentiment coming out of Berlin that the market is opening up, that there is a diversity of capital coming into it that’s creating a lot more demand and through a number of different sort of challenges, or let’s just say realities on the operator side, you are seeing a higher interest in selling. And I think that that will start to, to narrow the bid ask gap and look the unlocking of the market. We’ve been waiting for it for two, three years. It’s been a challenging market, but I think everyone’s seeing some optimism. I think the wishlist is, is that we reduce the amount of volatility in the market, but that’s an uncontrollable from your and and my perspective, we don’t have much control of that. Ryan Embree: Yeah. But I think the industry’s skin is, is thickening to that, right? And we’ve talked about that, how it’s our new normal is the constant state of change. And I also think it’s something, I’m not sure if we’ve talked about or thought about this too much, but we really saw worst case scenario just six years ago of being like, where everything dropped to none. When we’re assessing risk, we’re a lot more battle test. This industry is a lot more battle tested than maybe previous than it had previously. So some of these uncontrollables, like you mentioned, that yes, they are headwinds, yes, they are challenges, but it’s those investors right now that see opportunities that assess that risk and say there could be some really, really great upside at a at a time right now. And one of the places also where there is a lot of uncertainty, but I would, I would almost phrase it in the sense of a, of a positive uncertainty is the impact that AI is gonna have on our business in the future. And the gains and dividends that we can yield from those have really just scratch the surface. And we talked about this, and I wanna bring that into the conversation ’cause it’s hard to not talk about it anymore, right? It, I think we don’t go a, a podcast episode without bringing it up and people filling out their bingo cards on AI and technology. But I want, I wanna take us back to where we were a year ago, and maybe we can do this an exercise. Alexi, what would you grade right now, our industry, which historically has been maybe on the lighter end of the spectrum of a technology adoption, but what would you, what grade would you give it? Because I think we’re at this weird inflection point where hoteliers and brands and management companies and really everybody’s starting to look and saying, alright, we’ve implemented some ai. Where are the dividends? Where are the results? How do I measure these successes? What, what grade would you give and how do you think we can improve there? Alexi Khajavi: You know, that’s a, that’s a great question because it’s not an easy one to answer. Sure and not to cop out of giving you a specific answer, I would give it a a non-applicable, because the reality is, is that technology as a whole, in terms of using technology as a tool to optimize the hospitality market, I would certainly give ourselves a c plus. I think that’s historically been where we have failed for many reasons, which we can we don’t need to go into right , we know, we know that. But I think, I think AI right now is there is an overestimation of its impact on the near term, and there’s an under appreciation for its impact on, on the long term. Love that that’s, that’s quickly, quickly changing. I mean, if you, to your point, if you just look at the last six months, massive wholesale change, and I, so I think that that’s changing very quickly that people are starting to appreciate this. This is enormous, both in its capacity to be a force of good as well as its capacity to be a, a force of bad, to sort of broadly call it as such. But that being said, I think there’s sort of two themes around ai. One is on the, on the sort of operational side, AI has, has largely, I think been distributed as a individual choice through the industry and the departments. And the overall, whether you’re on the brand side or the operator side or the investor side, I know that there are mandates and there are committees and everybody’s sort of got their own playbook to how they’re using ai. But at the end of the day, it’s gonna come down to any individual that’s using it or not using it in their respective role. And that’s all over the map. Some people are using it, some people are not. And, and frankly, I think those that are using it are going to be better off for their r and d and just their effort to try and figure it out. Because the more you use it, the better off you become at using. It’s, it’s a tool like any tool, right? You, you need how to use how to use that tool in order for it to do the job you want it to do. So in that case, I think we’re probably no different than some other industries, which are certainly spending a lot of money on it and trying to figure it out. The other aspect of it though, that I think is really interesting is that it is already changing, particularly those frontline manager roles. A GM, for example, that is using AI will have more time to do the things that a GM should be doing, rather than all of the back office stuff, which AI can do at scale and at pace, and to a high degree of quality with oversight and q and a being done, not just to let AI go do all those things, but that, that frees up your general manager to go do the things that really drives guest satisfaction. Respond to RFPs, take care of guests, drive revenue, be present in the local market so that you’re capturing demand drivers, in your local city or wherever you may be. So, I think if that individual GM is using AI effectively to free them up to do what a GM really should be doing, and probably why that person went into being a GM in the first place, then I think we’re gonna start to see the progress. But we haven’t really started to measure it yet. I also see on the positive side, other industries, IE healthcare are also realizing that AI is doing a lot of back office work at a very high level, or high degree of, of quality. And that’s now freeing up their own people. And what they’re finding is, is that maybe we should be engaging, empowering those roles in a hospital or healthcare broadly to be taking care of patients in a more human hospitable way. And so, in some degree, I think the long-term impact will be that other industries are now going to start looking at hospitality as being a, at the vanguard of driving human powered experiences that will drive back to revenue and premiumization and ultimately profits. So we’ve always looked to other industries for, God, we’re, so, we’re Luddites, how do you do this? What, how do teach us in hospitality? I, I think we’re going to start to see other industries look to us to, how do you actually take care of a guest, a customer for that matter? How do you do that to create loyalty to, to a, to increase average order value or ticket receipts. So I think that’s the opportunity to answer your question in terms of one area that I think is directly and already being deeply impacted is distribution and search. Search is been a, a topic of discussion for the last 30 years. And we’ve largely gone through this used SEO to fine, the white hat, the black hat the right levers to pull your all tags, your meditechs, I mean, the whole thing, right? Brand equity, la la, la. Well, AI replaces all that in one fell swoop, and nobody really knows how that’s going to play out. But on the sort of doomsday perspective, it completely wipes out your brand equity online in a search engine. On the positive side, it reinforces it because AI is simply pulling from algorithms and behaviors on the internet to sort of drive, it’s, it’s results. But again, we don’t know the answer to that. And I think already revenue management, sales and marketing distribution, those are the areas where I think in the next six months, we’re gonna be having a conversation that is gonna be completely different than the conversation we’re having today. And we’re gonna be focusing a lot on that because that is one of the areas that today is being completely upended. Ryan Embree: I one hundred percent agree with you. I think that’s where a lot of the hunger and the appetite and thirst for knowledge right now of why maybe there’s more engagement in those sessions than you’ve seen before, is because I think people are starting to, if they haven’t already started to understand the gravity of where we’re at in this inflection point and the massive disruption that this is going to cause and do not want to be left behind. And I think you’re right. There was a fascinating point you made in there about the GM and their role, and we all, the big fears around AI are, are AI replacing jobs? And I would say when it comes to hospitality, it could really upend what the, the role of a job, right? Your GM might start looking a lot more like the GM of 40 years ago when you first got into hospitality, or where you weren’t having to do those tasks. And we almost have to learn this new job. It might be the same title as general manager, but you’re doing completely different things, which is a fascinating topic to talk about because we’ve been training these young hospitality professionals in the way of what a GM is today. That role could look completely different here in the next three to five based on the, on the speed and acceleration of these, of AI tasks that they’re doing. So it, I could talk about it all the time. We do talk about it all the time, I feel like, but it’ll be very interesting to see that impact that it’s making. I wanna switch back to NYU, and this is one of my favorite questions because there’s so much intention in these, in these shows, and that’s why I love doing these episode, these preview episodes, because you get to, to learn all the work that goes in, you’ve told me before you start on these events, day after, sometimes even now hours after that first one ended. So this year’s theme sharpening the edge. Talk to us a little bit about how the team settled on this and, and the story behind it and how you’ve incorporated it into the programming a little bit. Alexi Khajavi: Yeah, I mean, sharpening the edge is, an ode to the investment, nature of the event. It’s a deal making conference and it’s in New York. And so it’s a very sort of public market Wall Street saying, where do you find your edge or where do you find your alpha compared to another investor? If all you’re doing is chasing, the broad returns of a market or an asset class for that much, or for that matter, then you’re, you’re gonna be, at the whipping end of the overall broader market. It’s not a good place to be in a volatile market like this. And it doesn’t drive the outsized returns that investors are looking for. So it really is a tip of the, the cap to where we are. We’re in New York, we have a lot of Wall Street, public Market, New York Stock Exchange, synergies there, Sarah Eisen from CNBC, comes up and moderates the CEO panel. Most of the CEOs head down for interviews, on Wall Street and CNBC and Squawk Box and so forth. And we have that partnership still with CNBC this year. So, but as you shift it to what’s happening in the capital markets as it relates to real estate and more specifically to hospitality, private equity has been the dominant capital type in hotel investment. And that’s been the case for the last decade. And today that’s really no longer the case. It’s PE is still extremely active, but it’s more diversified in terms of across investor types. So we’re seeing, again, as I said, family offices, high net worth, a lot of sovereign, a lot of institutional capital that is growing materially, that is looking to hospitality to, to deploy capital. And with that, you’re seeing a lot of opportunities around value add. PE is really your value add investor, right? They’re looking for an underperforming asset or an asset that has the ability to perform at a higher level that’s sharpening the edge, that’s driving alpha. And so PE is really looking at this as a great opportunity as institutional capital comes in and is looking for stable, more stable returns, securitized assets, and an annuity like return over a longer hold period. It’s a great opportunity for private equity to exit in a market in which it’s been tough to exit. That being said, global hotel and fund allocations in hospitality and real estate has been tough, but it’s growing and it’s coming back. And so you’ve got a lot more money coming back into the market. And, and that’s really, a positive thing. We having events across Asia, Europe, and the us it allows for us to drive that cross-border capital. US capital has been less active, but despite all the challenges, we still see a lot of, international capital, which wants to invest in the us. So that kind of diversification of capital is a real, real positive for the market. It, it means more liquidity, it means more exit opportunities to get off, on the off ramp for PE or any other investor. As more capital comes in, it offers more opportunities to exit. It provides or, or enables less sort of seasonality, if you will, in the marketplace, right? There’s less of that volatility in the marketplace as all as well. So really the sharpening the edge is about having the education, the networking, and the quality of people in the room that have the money are looking to deploy and know how to create alpha. Getting those individuals together to hear from each other, engage with one another, and ultimately, build relationships with the ecosystem that helps a deal get done, transact that transacts, underwrites that deal, and then drives that alpha from an operating value creation perspective. Those are the folks that are in the room at NYU. Ryan Embree: And you’re right in the middle of it. I mean, I remember waking up at the, the marquee and seeing Chris Nasetta on CNBC and a few hours later seeing him just a couple hundred feet up on stage in front of me. I mean, that’s the possibilities right there. Alexi Khajavi: And talking to people, right? I mean, this is the beauty of the hospitality industry is there’s really good people, right? They’re just, at the end of the day, you may be running a public company, and on TV, you’re sitting there talking to a franchisee of a Hampton that wants to meet the CEO. So it really kind of creates this very magical engagement where the fifth floor, sixth floor, seventh floor, eighth floor of the marquee are just a hive of activity with the best and the brightest from a franchisee to Chris Nasetta, to your point, there’s not many places that create that access and that transparency and cross engagement from such a diverse, but focused, sector, as NYU. So it’s a real, real special place to be. Ryan Embree: A thousand percent. And last year you used this forum to really get us fired up for some of the sessions in educations. And now you’re talking about, especially with your experience here earlier in the year, people being more open to that, being more thirsty and, and hungry for that information, looking up and down the programming. Because we know you spoke to last year the detail and depth that your team goes to create these panels, and sometimes even putting on stage opinions that differ, that go head to head to one another, to try to get that friction to try to get a rise out of that engagement. Looking up and down the agenda this year, which sessions, if you had to pick a few, do you have your eyes on? Alexi Khajavi: Well, there’s some, some obvious ones, but always at NYU, we’ve got some, some exciting ones as well. And the first one, our first session actually Monday morning, Anthony Scaramucci, the Mooch, who is an investor himself actually owns a restaurant as well, but certainly, podcaster and just an expert, on the economy, politics, the Trump administration having worked, I think 10 days, there, if I’m not mistaken. So, he’s gonna kick us off. We always have a marquee name that’s relevant to the industry, but he really has his finger on the pulse as to, one, what are all the geopolitics and the macroeconomics, in the overall state of the economy and the country, what impact is that having on the investment markets on where the opportunities are? Alexi Khajavi: And as he runs a restaurant what is he seeing? What does he think specifically of the hotel space? So I think that’s, again, that’s, that’s just not something that you get at any of the other hotel investment forums, but you get that and you’ll get it right, served with breakfast on Monday morning. So we kick off big and we kick off bold on Monday. Obviously Monday has, is a great day. We have the CEO council on Monday as well. Or sorry, the CEO panel that’s the five top brands, again, interviewed by Sarah Eisen, which they have a great rapport with. And that really does set the tone for what they’re seeing as the opportunities. Clearly they are on top of demand and where RevPAR and ADRs and occupancies are going, how they’re performing and what the differences are by chain scale. There will be a lot of conversation around how much gas in the tank does luxury have I’m sure you’ll hear differing views on that. And then are we gonna see a return to some of the midscale and upper upscale, as potentially people trade down but still travel and where’s economy, where’s extended stay? We’ve also seen these brands make some interesting investments in new concepts, graduate hotels, which is last year, yo hotels glamping and branded resi. That’s a big day. In fact, we’ve got a full day of content on branded resi with active developers developing properties right now that are branded resi mix of hotel, mixed use, retail, hospitality and so forth. And then capital markets. Capital markets our Cap Talks session is probably one of our most popular, and that’ll be a mix of both active US investors as well as foreign capital, international capital investors, sovereign Wealth, as well as private equity, which continue to look to deploy capital in the US. Alexi Khajavi: We then have Danny Meyer, who’s the founder, and CEO of Union Square Hospitality, Shake Shack. And obviously a number of other incredible Union Square restaurants in the city here. But and then you’ve got your breakouts where you will be focusing a lot on the investment development market. Asset management is a key thing, how do you drive Alpha through the operations of these hotels? So there’s a ton of content. We’ve left a lot of time for networking. We know that’s where the deal making is the eighth floor, which is the lobby level. We’ve extended the event to include the Broadway Lounge, which is this beautiful lounge overlooking Times Square. We’ll have, food and beverage in there throughout the days. Great space to network amongst all the delegates, including the ninth floor where we’ve got Marriott and Hilton taking that space. So it’s just a ton going on. And the program’s out, it’s 90% there. We still got a few couple of marquee names that we’re going to announce over the next few weeks. But really, if you’re gonna be, if you’re in hospitality, investment development and operations where you’re driving Alpha, there really is no other place to be on the first and 2nd of June. You’ve gotta be there. Ryan Embree: Yeah. I can attest to it again, first time last year have the privilege of attending officially announcing the Suite Spot will be back at NYU this year. We can’t wait. Our associate producer’s gonna be traveling with me this time. This is her first time. And there is even a first timers meet and greet that you do as well at the event, which I had the privilege of partaking in networking last year. What type of tips for any hoteliers investors that might be considering or even attending the first time, what, what one piece of advice would you drill down for this event as the best piece? Ryan Embree: I would definitely get on the app. I know that the serendipitous meeting, which to your point, you bump into the CEO of Hilton or Marriott for that matter, is great. And that’s, there’s good value in that, but we have about 70, almost 80% of all delegates are on the app. That’s great. And that’s a great place to find people and to be found and it also gives you all the other information as the agenda speaker bios, but it allows for you to reach out to other delegates. So I would definitely do, that’s, something that can be sometimes just overlooked or just not not done. And then I would go to the Sunday evening reception if it’s your first time that’s at the marquee, six o’clock, we get about 500 people there. A good mix of veterans and, and first timers. I would certainly do that. I would try and plan out your days ahead. It’s amazing how with all that, with all everything that’s going on, you can easily kind of get sidetracked. So if there are some sessions that you wanna see, you can bookmark them in the app and make sure that you, you don’t miss those. But, I would, get some sleep, stay hydrated and be prepared to have some full days of education, networking and just a whole lot of fun. Ryan Embree: Yeah. And some of the receptions that are after hours at the end of the day, are absolutely amazing too. And I know you have sponsors that kind of do that, sometimes onsite, sometimes offsite, encourage, those to attend that in full force as well. Hospitality, we definitely know how to, to host a party, that’s for sure. So Alexi, we appreciate you hosting us here on the Suite Spot and previewing this year’s 2026 NYU. We are counting down the days until June. Thank you again to my audience to learn more information. Obviously visit the website, make sure you register. Any final thoughts before we wrap up today, Alexi? Alexi Khajavi: No, just very much looking forward to seeing you there and the other 2400 people that will be joining us. So, looking very much forward to it. And appreciate your time. Ryan Embree: All right, thank you, Alexi. Thank you for listening to The Suite Spot and hope to see you at NYU in June in New York City. To join our loyalty program, be sure to subscribe and give us a five star reading on iTunes. Suite Spot is produced by Travel Media Group. Our editor is Brandon Bell, with Cover Art by Bary Gordon. I’m your host Ryan Embree, and we hope you enjoyed your stay.

NorthIsle Copper and Gold is up over 300% in the past year with a market cap approaching $1 billion thanks to high metal prices, M&A and strong government support. Mining Stock Daily talked to NorthIsle CFO Nicholas Van Dyk about the company's plans to publish an integrated resource update and prefeasibility study this year. Following the recent run-up in copper prices, M&A in the sector has surged — Eldorado Gold acquired Foran Mining for C$3.8 billion, while Faraday Copper consolidated its Arizona district by acquiring BHP's San Manuel property and securing C$100 million from both the Lundin Group and BHP — which brings us to , NorthIsle has raised $155 million in the past six months to accelerate development, with CFO Nicholas Van Dyk confirming that infill drilling at Northwest Expo has confirmed grade continuity and extended the deposit, while Red Dog results are expected in Q2, all feeding into an integrated resource update and pre-feasibility study targeted for Q4 2026. With the project included in BC's Critical Minerals Office, strong First Nations support from the Quatsino, Tlatlasikwala, and Kwakiutl nations, and a 2025 PEA showing a $2 billion NPV and 29% IRR at base case prices — rising to $3.8 billion and 45% at February 2025 spot prices — NorthIsle is positioning itself as one of the few large-scale, independent copper developers remaining in the Americas at a time when investible opportunities are increasingly scarce.

Our quarterly sit-down with Juan Arias, National Director of U.S. Industrial Analytics at CoStar, and Anthony Graziano, CEO of Integra Realty Resources. We covered softening industrial demand, the data center capital rotation story, and the Iran war, specifically what elevated oil prices mean for the broader economy and how a sustained energy shock could ripple through CRE. The conversation also turned to AI: Juan and Anthony walked us through how CoStar and IRR are deploying it inside their own businesses, where it is already changing analytics and valuation, and where they see it reshaping the industry over the next few years. Connect with usWant to dive deeper into Miami's commercial real estate scene? It's our favorite topic and we're always up for a good conversation. Whether you're just exploring or already making big moves, feel free to reach out at info@builtworldadvisors.com or give us a call at 305.498.9410.Prefer to connect online? Find us on LinkedIn or Instagram - we're always open to expanding the conversation.Ben Hoffman: LinkedIn Felipe Azenha: LinkedIn  We extend our sincere gratitude to Büro coworking space for generously granting us the opportunity to record all our podcasts at any of their 8 convenient locations across South Florida.

Cold calls get ignored. But a personalized ringless voicemail — cloned with AI and dropped at scale through GoHighLevel? That gets callbacks.

In this episode, Andrew Izyumov, co-founder of 8FIGURES, shares his journey from institutional investing at Goldman Sachs to building an AI-powered investment platform. He dives into how investors can analyze real estate deals using metrics like yield, leverage, and IRR, while emphasizing the importance of evaluating investments within the context of an overall portfolio. Andrew also explains how 8FIGURES leverages multi-agent AI systems to provide smarter, more personalized investment insights, helping users track assets, manage risk, and make data-driven decisions. The conversation highlights how technology is transforming investing by making advanced analytics and portfolio management more accessible to everyday investors.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true 'white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a "mini-mastermind" with Mike and his private clients on an upcoming "Retreat", either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas "Big H Ranch"? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

Your data center project clears IRR. Investors nod. But it still doesn't get built.In this episode, we break down decisions shaping climate CEOs right now:IRR vs. MCC — Affordability, not returns, is now a gating metric in project finance for data centersCost to ratepayer — Higher bills signal credit risk, regulatory friction, and slower time to cash flowCulture types — "Commitment cultures" outperform via speed, trust, and fewer fatal errorsLeadership calibration — Inject realism in good times, optimism in bad (a la Bill Gurley)This is about what actually gets financed, how teams execute faster, and how CEOs avoid unforced errors.--Work with me (EFI)Private CEO group (capped at 50) for climate tech founders navigating capital, strategy, and scale. entrepreneursforimpact.comNewsletter (Climate CEOs)Read by 40,000 climate operators and investors annually. entrepreneursforimpact.substack.comLeave a reviewIf you got value, take 30 seconds and do the community a favor. It helps push more capital and talent toward scalable climate solutions.

John McNellis joins Amanda Cruise and Ash Patel to break down the lessons from his decades-long career in retail development, including why he republished his book with deeper insights and greater transparency about his biggest mistakes. He explains why retail is far from dead, how supply constraints drive long-term value, and why he's remained focused on a tight geographic niche instead of chasing scale. John also dives into ground lease strategies, the dangers of overleveraging, and why metrics like IRR can be misleading compared to focusing on what you actually earn. Throughout the conversation, he emphasizes disciplined growth, sticking to your “weight class,” and building a sustainable real estate career that prioritizes longevity over hype.  John McNellis Current role: Owner and Writer at McNellis Partners Based in: Palo Alto, California Where to find them: https://www.linkedin.com/in/john-mcnellis-b6a1674/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Over the last few years, many real estate investors learned a painful lesson: a polished pitch deck and impressive projections don't guarantee a “safe” investment. Deals went south, capital got stuck, and naturally, passive investors are now far more cautious about where they deploy their hard-earned money. Sarah Miskelly, founder of Hylee Capital, has witnessed this shift firsthand. Today, smart limited partners are no longer chasing flashy pro formas. They want risk-mitigated, institutional-grade opportunities that once felt out of reach for everyday investors. At the same time, there's been a growing shift toward debt investments, many of which Sarah believes aren't nearly as safe as they appear. Sarah shares how she evaluates sponsors and syndication deals through both the “hard” and “soft” sides of due diligence, along with the red flags she watches for—mistakes that have burned countless LPs in the past. She also breaks down the return metrics that matter most to hands-off investors and highlights the most compelling opportunities emerging in today's housing market—from multifamily apartments to mobile home parks. Insights from today's episode: Sarah's step-by-step process for vetting operators and syndication deals The return metrics that matter most to passive investors in today's market Why many LPs are moving toward debt investments (that aren't as safe as advertised) How to build a resilient portfolio by blending high-IRR deals and steady cash flow How building multiple cash flow streams can lead to greater lifestyle freedom — Connect with Sarah on LinkedIn Hylee Capital Recommended Resources: Accredited Investors, you're invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club! If you're a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team.  Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com.  Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast. 0:00 Intro 0:49 Total Lifestyle Freedom 9:02 Better "Hands-Off" Investments 10:54 Operator Red Flags 18:54 What Has Changed? 22:39 LPs Are Being "Cautious" 28:44 Playing "the Long Game" 37:00 2026's Biggest Opportunities 40:49 Connect with Sarah!