Podcasts about IRR

In this episode of the Gentle Art of Crushing It podcast, host Randy Smith interviews Drew Breneman, founder of Brennan, who has achieved significant success in real estate investment with a focus on multifamily properties. Drew shares insights on the current state of the real estate market, particularly contrasting the performance of the Sunbelt and Midwest regions. He discusses his early investments, the challenges faced in Phoenix, and the opportunities available in Chicago, including tax abatement strategies. The conversation emphasizes the importance of cash flow in investments and provides valuable resources for new passive investors.Drew's Bio-Started an internet business in high school. He saved all the money from it and acquired his first rental property at age 19 back in 2005.-Founder of Breneman Capital-Breneman Capital specializes in multifamily investing with a data-driven approach. The firm only invests in the best markets and submarkets within those markets. -Invested in a variety of geographies and asset classes: Multifamily in Madison, WI (2005-2007). Then industrial, office, and retail in Minneapolis St. Paul (2008-2012). Multifamily and mixed-use in Chicago (2013-today) before focusing on only multifamily in select submarkets in the Midwest (Chicago, Milwaukee, Madison).-Acquired $250MM+ of investment property as key/sole GP.-24%+ average realized IRR on investments sold-14 deals have executed full cash-out refinances of all our initial equity-Host of the Breneman Blueprint podcast-Started out with a duplex and have worked my way up to $30MM+ deals.  All self-made starting from scratch - my parents are public school teachers, so didn't start with any capital of theirs or connections.Breneman Capital: https://www.breneman.com/Podcast: https://www.breneman.com/podcastLinkedIn: https://www.linkedin.com/in/drewbreneman/Chapters00:00 Market Overview and Current Trends05:09 Drew's Journey into Real Estate11:24 Exploring the Sunbelt and Its Opportunities16:04 Performance of Phoenix Assets and Future Outlook21:39 Chicago Projects and Tax Abatement Opportunities22:01 Chicago's Real Estate Appeal24:04 Investment Strategies in Chicago27:58 Understanding Cash Flow vs. Equity Multiples31:49 Educational Resources for New Investors35:26 Personal Insights and Future Aspirations37:53 outro RANDY SMITHConnect with our host, Randy Smith, for more educational content or to discuss investment opportunities in the real estate syndication space at www.impactequity.net, https://www.linkedin.com/in/randallsmith or on Instagram at @randysmithinvestorKeywordsreal estate, multifamily, investment strategies, passive investing, market analysis, tax abatement, cash flow, Chicago, Phoenix, Drew Breneman

Ça n'est pas tous les jours en RDC qu'un homme politique d'un tel rang est condamné à une telle peine… Ce verdict fait la Une de la presse congolaise.« L'ancien Premier ministre Matata Ponyo est condamné à 10 ans de travaux forcés, relève Actualité CD, ses co-prévenus – un ancien gouverneur de la Banque centrale du Congo et le patron Sud-africain de la société Africom - à 5 ans de travaux forcés. Les trois hommes étaient poursuivis depuis 2021 ans dans l'affaire de la débâcle du parc agro-industriel Bukanga Lonzo. Les condamnés ont été reconnus coupables d'avoir détourné plus de 285 millions de dollars liés à ce projet initié sous le régime du président Joseph Kabila. »Matata Ponyo n'était pas présent à l'audience. La Cour constitutionnelle a ordonné son arrestation immédiate et la confiscation de ses biens au prorata des sommes détournées.Irrégularités en pagaille…« C'est l'épilogue spectaculaire d'un feuilleton politico-judiciaire qui dure depuis près de quatre ans », s'exclame Afrik.com.Afrik.com qui revient longuement sur les origines de ce scandale politico-financier. « Lancé entre 2013 et 2016, Bukanga Lonzo devait symboliser la renaissance agricole de la RDC. Ce projet d'envergure nationale visait à transformer un vaste espace en centre agro-industriel moderne, créateur d'emplois, fournisseur de denrées alimentaires locales, et levier contre la pauvreté rurale. Mais les espoirs ont rapidement laissé place aux soupçons, relève Afrik.com. Dès novembre 2020, un rapport accablant de l'Inspection générale des finances, l'IGF, avait mis en lumière de graves irrégularités : choix arbitraire de partenaires, absence de mécanismes de contrôle, surfacturation, détournements massifs et abandon du chantier. L'IGF en a alors attribué la responsabilité principale à Matata Ponyo, alors Premier ministre. »Et s'en est ensuivi une longue bataille judiciaire… « Pour Matata Ponyo, le dossier est avant tout politique, pointe encore le site panafricain. Dans une vidéo publiée en mars dernier, il dénonçait une instrumentalisation du pouvoir judiciaire pour l'écarter de la scène politique. »Une justice sélective ?En tout cas, poursuit Afrik.com, « au-delà du cas Matata, ce dossier cristallise les limites de la gouvernance en RDC. Il illustre la difficulté chronique du pays à concrétiser des projets de développement malgré des ressources importantes, à cause de la corruption, du clientélisme et de l'absence de redevabilité. La condamnation d'un ancien Premier ministre pourrait être perçue comme un signal fort de la part du pouvoir en matière de lutte contre l'impunité. Mais pour beaucoup, relève encore le site, elle soulève surtout la question de la sélectivité de la justice. Pourquoi certains dignitaires de l'ancien régime ou même du régime actuel échappent-ils à toute poursuite ? Pourquoi cette affaire ressurgit-elle à des moments clés de la vie politique congolaise ? »Le site congolais L'Interview CD renchérit : « ce verdict suscite de vives réactions dans un contexte politique déjà tendu en RDC. Matata Ponyo, figure de l'opposition et ancien candidat à la présidentielle de 2023, où il s'était désisté en faveur de Moïse Katumbi, reste une personnalité influente. Ses partisans voient dans ce verdict une tentative du pouvoir en place, sous la présidence de Félix Tshisekedi, d'éliminer un adversaire potentiel en vue des prochaines échéances électorales. »Qui plus est, poursuit L'Interview CD, « cette condamnation pourrait exacerber les tensions entre le pouvoir et l'opposition, dans un pays où la justice est souvent accusée d'être instrumentalisée. »Et le site congolais de conclure : « alors que la RDC fait face à des défis sécuritaires et économiques persistants, cette condamnation risque de raviver les débats sur la transparence et la lutte contre la corruption. Pour l'heure, Matata Ponyo et ses avocats envisagent de faire appel ou de saisir des instances internationales, tandis que ses soutiens appellent à une mobilisation pour dénoncer ce qu'ils qualifient de “justice sélective“. »Au Sénégal aussi…Enfin, un autre ancien ministre sous les feux de la Justice… Cette fois au Sénégal. « Ismaïla Madior Fall, ministre de la Justice sous Macky Sall, a été inculpé, relate Walf Quotidien, puis assigné, hier, en résidence surveillée par les juges de la commission d'instruction de la Haute cour de justice pour “corruption et détournement de deniers publics“ présumés. »Ironie du sort, pointe Walf Quotidien : Ismaïla Madior Fall porte désormais à la cheville le bracelet électronique qu'il avait lui-même instauré quand il était garde des Sceaux…

In this episode of Yet Another Value Podcast, host Andrew Walker interviews the first-year Columbia MBA team who unanimously won the 18th Annual Pershing Square Challenge with their investment thesis on Carlisle Companies (CSL). The team—Tuan, Dimitry, and Erik—shares their detailed research into the commercial roofing giant, exploring its competitive moats, sticky customer relationships, management alignment, valuation framework, and opportunities for expansion. They discuss their firsthand trade show research, unique insight into labor dynamics, and responses to key concerns like cyclicality and pricing power. The conversation also covers the company's history, recent transformation, and what could keep an investor up at night.You can find the team's CSL pitch deck here: https://www.dropbox.com/scl/fi/mn4ib4897o8gfpgdzs03c/CSL-US-Carlisle-Pershing-Square-Challenge-Presentation_YAVB_Abridged.pdf?rlkey=ck47pu6samrrnctwlfyr536hc&e=1&st=nj9zt415&dl=0______________________________________________________________________[00:00:00] Intro to podcast and guests[00:02:44] Guest introductions and backgrounds[00:05:35] Overview of Carlisle Companies[00:08:32] Pitch background and idea process[00:13:03] Unique research: trade show visits[00:19:28] Carlisle's competitive advantages[00:24:58] Sticky customer and contractor base[00:30:00] Valuation and IRR framework[00:35:14] Management's strategy and alignment[00:42:07] Target 2030 growth breakdown[00:46:20] QXO, Beacon, and distribution impact[00:52:22] Risks and margin sustainability[00:54:28] Potential new entrants: Berkshire risk[00:56:33] Labor shortages and benefits[01:00:17] Leverage and capital allocation debate[01:02:56] Final reflections and thank yousLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Imagine that you're an entrepreneur who's already had an exit. You're working on a Master's degree at MIT's Entrepreneur Program, and then you get a call from a talent scout at Shark Tank.Not only that, but that phone call landed you a million-dollar investment from the Sharks for your restaurant business (still one of the top five deals ever to this day) and a seven-figure exit a few years later.That's just scratching the surface of why I'm excited to introduce you to my friend Yuen Yung. Yuen is a serial entrepreneur, investor, and the Co-Founder of HalBar Partners, a niche private equity firm specializing in a relatively unknown but powerful asset class: Search Funds.In our conversation, you'll hear the experience Yuen has gained from having several successful exists, why he believes that alternative investments and real estate offer better ROI and security than the public markets, and why his newest venture into search funds—an asset class averaging a 35% IRR—could be a game-changer for investors seeking higher multiples with the steady returns of private equity.In this episode, you'll learn: 1.) Why traditional stock market investing with 60/40 portfolios feels outdated—and why the ultra-wealthy are investing their money in alternative investments.2.) What Search Funds are and why this niche asset class differs from the more common private equity and venture capital investment opportunities—and why most people have never heard of them.3.) How Yuen earned a $1 million dollar investment on Shark Tank, despite initially turning down the opportunity and how he turned it into a 7-figure exit.Show Notes: LifestyleInvestor.com/238Tax Strategy MasterclassIf you're interested in learning more about Tax Strategy and how YOU can apply 28 of the best, most effective strategies right away, check out our BRAND NEW Tax Strategy Masterclass: www.lifestyleinvestor.com/taxStrategy Session For a limited time, my team is hosting free, personalized consultation calls to learn more about your goals and determine which of our courses or masterminds will get you to the next level. To book your free session, visit LifestyleInvestor.com/consultationThe Lifestyle Investor InsiderJoin The Lifestyle Investor Insider, our brand new AI - curated newsletter - FREE for all podcast listeners for a limited time: www.lifestyleinvestor.com/insiderRate & ReviewIf you enjoyed today's episode of The Lifestyle Investor, hit the subscribe button on Apple Podcasts, Spotify, or wherever you listen, so future episodes are automatically downloaded directly to your device. You can also help by providing an honest rating & review.Connect with Justin DonaldFacebookYouTubeInstagramLinkedInTwitterSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This episode tackles the elusive "enough" number, a wild 100%+ yield strategy, and the profound quest for meaning once the money game is won.Welcome to the Alfalfa Podcast

Send us a textIn this episode, we sit down with David Roff, Vice President of Business Development at Cranson Capital, to discuss all things related to raising equity for residential real estate development. David explains the intricate differences between equity and debt in the context of real estate projects, covering various forms of financing such as construction loans, bridge loans, and mezzanine loans. He emphasizes the importance of working with experienced developers due to the complex nature of high-stakes projects. David walks us through the detailed multi-step process that Cranson Capital follows for evaluating projects, the legal structuring involved, and the crucial factors investors consider when raising capital. He also delves into common mistakes developers make and highlights key considerations for successful project financing. With insight into current real estate trends and the impact of government policies on development feasibility, this episode offers invaluable knowledge for both new and seasoned developers.  How To Raise Capital For Real Estate Development?What do investors look for in real estate deals?What is a good IRR for real estate investors?How much equity does a developer need to raiseUnderstanding Equity in Real Estate DevelopmentDeveloper's Experience and Project FeasibilityLegal and Financial StructuringUnderstanding Profit Splits in Real Estate Development. What is a Waterfall?How does CMHC financing work? Common Mistakes in Development ProjectsIndustry Challenges and TrendsTimelines and Processes for Raising CapitalCranson Capital is a boutique investment banking firm based in Toronto, specializing in private real estate investments and private capital markets. The firm provides accredited investors with exclusive access to development opportunities across the Greater Toronto Area and Southern Ontario.For more information, please refer to RealEstateDevelopmentInsights.Com.

AGORACOM TALKS Welcome to your weekly roundup of the most compelling small-cap news shaking up the markets — brought to you by AGORACOM.SITKA GOLD (TSXV: SIG)25m of 5.04 g/t Gold. 1.8m of 54.7 g/t. Sitka Gold is lighting up the Yukon with its deepest and most impressive intercepts to date. Hole 76 at the RC Gold Project's Blackjack zone confirms a high-grade gold system at depth, extending the potential for large-scale tonnage. With four rigs planned for the summer and a fully funded 30,000m drill program underway, Sitka is drilling toward discovery — and scale.THE CANNABIST COMPANY (CBOE Canada: CBST)$87M Revenue | 36% Margin | Debt Deal Locked The Cannabist is cutting fat and growing lean. Despite Q1 revenue dipping from the previous quarter, the company boosted gross margins and adjusted EBITDA by over 200 basis points. With debt maturities extended to 2028 and $3.8M in new annual cost savings, Cannabist is optimizing operations and gearing up for market expansions in Ohio, Virginia — and adult-use in Delaware.NEWCORE GOLD (TSXV: NCAU)Wide Zones. High Grades. Ghana's Enchi Grows. Newcore keeps delivering at its 100%-owned Enchi Gold Project in Ghana. The latest drill results at the Boin Gold Deposit include 56m of 2.25 g/t and 72m of 1.16 g/t — with high-grade hits throughout. As the 35,000m drill program advances, the company moves closer to a Pre-Feasibility Study and major resource upgrade.FUERTE METALS (TSXV: FMT)Gold + Silver + Base Metals = Cristina Rising Fuerte Metals' Cristina Project in Mexico is heating up. Drill hole intercepts up to 10.3 g/t gold equivalent highlight strong near-surface potential at Los Ingleses. With wide zones and narrow high-grade veins, the project is being shaped for both open-pit and underground mining. A resource update is on the horizon.REVIVAL GOLD (TSXV: RVG)Mercur PEA: $295M NPV | 27% IRR | 10-Year Mine Life Revival Gold's latest PEA on the historic Mercur Gold Project in Utah reveals strong economics and 95,600 oz/year production potential. With a $208M CAPEX and rapid payback, this former producer could become a cornerstone asset. At $3,000/oz gold, the NPV nearly triples — making the upside even more compelling.DRAGANFLY (NASDAQ: DPRO) (CSE:DPRO)Strong Start to 2025 | 16% Revenue Growth in Q1 Draganfly Inc. announced its Q1 2025 financial results, posting revenue of $1.55 million—a 16% increase year-over-year. Product sales rose 24.5% to $1.54 million, reflecting growing demand for the company's innovative drone solutions. Gross profit climbed 10.7% to $310,088

Nicholas Lorimer and Hermann Pretorius discuss the IRR's challenge to University leadership to fight back against the government's attempts to forcibly classify their staff by race. They also discuss wealth taxes and policing. Website · Facebook · Instagram · Twitter

Sponsored by: Set for LifeSet For Life Insurance helps doctors safeguard their future with True Own Occupational Disability Insurance. A single injury or illness can change everything, but the best physicians plan ahead. Protect your income and secure your future before life makes the choice for you. Your career deserves protection—act now at https://www.doctorpodcastnetwork.co/setforlife_______________In this episode, host Dr. Brad welcomes Daniel Brereton, to demystify crowdfunded real estate investing. Brereton shares how platforms like Equity Multiple pool investor funds to participate in large-scale real estate projects, a shift enabled by the Jobs Act under the Obama administration. He discusses the role of middlemen in curating deals, key investment metrics like IRR and equity multiple, and strategies for mitigating risk. This episode is a must-listen for anyone seeking to diversify their portfolio with informed, accessible real estate investments.Three Actionable Takeaways:Understand Key Metrics – Learn terms like IRR (Internal Rate of Return), equity multiple, and cash-on-cash return to evaluate real estate investment opportunities effectively.Vet Platforms with Transparency – Choose platforms that provide full deal track records and align sponsor incentives, ensuring trust and reducing risk.Research Market Data – Use public sources like Google Maps, Zillow, and Yelp, or leverage platform-provided institutional data, to assess property viability and local conditions.About the Show:The Physician's Guide to Doctoring covers patient interactions, burnout, career growth, personal finance, and more. If you're tired of dull medical lectures, tune in for real-world lessons we should have learned in med school! About the Guest:Daniel Brereton is the Growth Team Lead at Equity Multiple, where he educates investors on private real estate investments. With a background at UBS, where he consulted on high-net-worth corporate wealth management and retirement plans exceeding $3 billion, Daniel brings extensive expertise to democratizing access to real estate markets through crowdfunding.LinkedIn: http://linkedin.com/in/daniel-brereton-06b14785Website: equitymultiple.comEmail:  ir@equitymultiple.comYouTube: www.youtube.com/@equitymultipleAbout the HostDr. Bradley Block – Dr. Bradley Block is a board-certified otolaryngologist at ENT and Allergy Associates in Garden City, NY. He specializes in adult and pediatric ENT, with interests in sinusitis and obstructive sleep apnea. Dr. Block also hosts The Physician's Guide to Doctoring podcast, focusing on personal and professional development for physiciansWant to be a guest?Email Brad at brad@physiciansguidetodoctoring.com or visit www.physiciansguidetodoctoring.com to learn more!Socials:@physiciansguidetodoctoring on Facebook@physicianguidetodoctoring on YouTube@physiciansguide on Instagram and Twitter Visit www.physiciansguidetodoctoring.com to connect, dive deeper, and keep the conversation going. Let's grow! Disclaimer:This podcast is for informational purposes only and is not a substitute for professional medical, financial, or legal advice. Always consult a qualified professional for personalized guidance.

Jigar Shah served as Director of the Loan Programs Office (LPO) at the U.S. Department of Energy (DOE) from March 2021 to January 2025, where he oversaw a $400B budget. Prior, Shah was co-founder and President at Generate Capital, where he focused on helping entrepreneurs accelerate decarbonization solutions through the use of low-cost infrastructure-as-a service financing. Generate has raised over $10 billion, investing in 50+ technology and development partnerships with more than 2,000 assets globally.Prior to Generate Capital, Shah founded SunEdison, a company that pioneered “pay as you save” solar financing (i.e., PPAs).After SunEdison, Shah served as the founding CEO of the Carbon War Room, a global non-profit founded by Sir Richard Branson to help entrepreneurs address climate change.--Here are six topics we covered in the podcast:1. Post-LPO ResetAfter managing $107B in deals at DOE's Loan Programs Office, Jigar Shah hit pause and rebranded as a “podcaster.” He's taking time to reflect before diving into the next chapter.2. Climate VC Is BrokenShah says the 100x-return VC model doesn't fit climate tech's reality. He pushes for an “East Coast” model: aim for 18% IRR, win 7 of 10 bets, and skip the moonshots.3. Evergreen Capital > 2-and-20At Generate Capital, Shah turned down big checks to build an evergreen structure that aligns with long-term climate infrastructure. It's less lucrative for managers, but way better for founders.4. FOAK Risk, ExplainedHe breaks project finance into five risks: tech, feedstock, offtake, construction, and ops. LPO, unlike most investors, can stomach execution risk, like 12 methane pyrolysis reactors, not just one.5. Think Like a DeveloperClean tech needs dev capital like real estate: risky early bets, then stable returns once built. It's not “risk-free”—just “risk-you-can-understand.”6. Deep Tech's Fatal FlawToo many founders chase giant, low-margin markets. Shah says to start with high-margin niches (like InventWood selling to data centers) and then scale.--

Paul Shannon is a real estate investor, fund manager, and co-host of the PassivePockets podcast. After spending 15 years in medical device sales, Paul transitioned into full-time real estate in 2019. He has acquired over 200 residential units through creative strategies like BRRRR and joint ventures and is an LP in 40+ deals across multifamily, industrial, debt funds, and more. Today, he runs Invest Wise Collective, an opportunistic investment fund focused on delivering diversified returns through both GP and LP positions.     Make sure to download our free guide, 7 Questions Every Passive Investor Must Ask, here. Key Takeaways Paul left a successful sales career to pursue real estate full-time after realizing he wanted more purpose, freedom, and control. He failed as a property manager early on but used that lesson to scale through partnerships and better team delegation. Invest Wise Collective takes a capital-agnostic, asset-agnostic approach to investing—balancing risk, return, and diversification. Passive investors should focus on sponsor alignment, risk tolerance, and consistent underwriting inputs over flashy return metrics. Community and mentorship are essential for new and seasoned LPs alike—there's power in learning from others' experiences.     Topics From Medical Sales to Real Estate Freedom Paul started with single-family rentals and flips, managing properties himself while still in corporate sales. In 2019, he left his W2 job with a modest portfolio, savings runway, and a desire to build something meaningful. A pivotal moment came when he outsourced property management and focused on acquisitions, unlocking rapid growth. The Rise of Invest Wise Collective In 2023, Paul and partners launched a fund to pool capital and invest across asset classes. The fund focuses on both GP and LP positions, enabling flexible capital deployment based on risk-reward profiles. Their early strategy emphasized debt positions for income and capital preservation, later pivoting to multifamily as opportunities emerged. Lessons for New Passive Investors Focus on the sponsor first, then the deal—good operators can rescue average deals; bad ones can ruin great ones. Underwriting inputs matter more than IRR projections—don't get seduced by high returns without understanding the assumptions. Diversify across operators, asset types, and loan maturities to mitigate risks like market timing or interest rate exposure. Don't let FOMO drive decisions—there will always be more deals. Be intentional, not reactive. The Power of Community: Passive Pockets Paul is co-host of Passive Pockets, formerly Left Field Investors, now owned by BiggerPockets. The platform provides deal reviews, sponsor evaluations, educational content, and LP peer collaboration. It helps investors go from 100-level beginners to 500-level LPs through shared experience and due diligence transparency.    

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q4 and full-year 2024 operations and financials at Minera Don Nicolas in Argentina, the transformative acquisition underway of Ascendant Resources and the value proposition at the Lagoa Salgada VMS Project in Portugal, along with the further value and optionality at the Mont Sorcier Iron-Vanadium project in Quebec.   Q4/24 and Annual Minera Don Nicholas Financial and Operating Highlights:   Production of 10,431 GEO in Q4 and Annual production of 54,494 GEO Adjusted EBITDA of $4.5 million in Q4 and US$24.4 million for the year excluding assets sales and Option payment proceeds. Received $34 million in Asset sale and Option payment proceeds in Q4: Received $49 million for the full year with up to $25 million ($15 million guaranteed) due in the coming years. AISC of $1,953 during Q4 vs $1,594 in Q4/23 due to lower production levels and ongoing inflationary pressures in Argentina Received Asset Sale and Option payments totaling $34 MM during the quarter, significantly strengthening the balance sheet. Focus remains on ramping up heap leach production to 4,000 - 4,500 GEO per month   Mark and I review of their Minera Don Nicolas producing gold project in Argentina, and how the production profile can grow by eventually going underground, as well as finding more satellite open-pits at surface. The higher gold prices are allowing for a faster repayment of debt along with an aggressive exploration program underway in 2025 to expand resources at depth and at key surface targets. Operational results for the fourth quarter demonstrated a decrease in production relative to Q4/23 as high-grade ore to the CIL plant declined as mining from the Calandrias Norte pit was completed, and as the operation transitioned to focus on heap leach production. With higher gold prices, the CIL plant is expected to continue processing low grade stockpiles through Q2/25 when it will be blended with new high-grade material from initial underground mining feed from Q3/25 onward. The ramp up of heap leach operations continues to improve as crushing capacity continued to climb with production of 5,956 GEO during the quarter.   Next we unpack the ongoing transaction to acquire Ascendant Resources Inc. (TSX: ASND) for their 80% interest in the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in current Feasibility Study. The vote is next week and this Project adds both substantial precious metals resources along with critical minerals exposure (34% silver & Gold, 30% Zinc, 15% copper, 14% lead, 7% tin) to the future production profile. Project economics studies anticipate lowest cost quartile production with US$0.59/lb Zinc Equivalent All in sustaining cost (AISC) for the first 5 years.  Mark also highlights how there is extensive exploration potential to keep expanding resources at this Project.  There will be an optimized Feasibility Study due in Q3, construction decision by year end 2025 and initial production expected in second half of 2027.   We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards an updated economic study at the Mont Sorcier Iron-Vanadium in Quebec.   Recent metallurgical test work, announced on May 1st has reaffirmed the potential to produce high grade and high purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%. More ongoing test work and improvements to the overall process design will be at the core of the NI 43-101 Bankable Feasibility Study ("BFS") which is targeted to be completed by the end of Q1 2026.     If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.   Click here to see the latest news from Cerrado Gold.

Brian Leni, Founder and Editor of Junior Stock Review, joins us to share his investment thesis on Hot Chili (ASX:HCH, TSX.V:HCH, OTCQX:HHLKF), a copper-gold developer in Chile with a unique value proposition.   While the Costa Fuego project alone justifies a higher valuation, it's Hot Chili's water rights that could be the game-changer according to Brian. Brian also discusses why he believes investors are overlooking Hot Chili's optionality, and what catalysts might force the market to take notice.   In this interview, we cover: The scale and economics of the Costa Fuego project (PFS outlines ~$1.2B NPV at 8%) Why the company's rare maritime water concession may be the most valuable asset - especially for nearby major copper assets. The Huasco Water business, its potential IRR, and how future offtake deals could re-rate the company Exploration upside at the La Verde Porphyry Target, where near-surface higher-grade mineralization could enhance project economics Market valuation disconnect, share price weakness, and strategic positioning in the Atacama region of Chile Click here to visit the Hot Chili website, and please send us your thoughts and any questions you have on the company.   Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in.   

Interview with Jeff Quartermaine, Managing Direcotr & CEO of Perseus Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-gold-operations-deliver-22-profit-growth-6748Recording date: 29th April 2025Perseus Mining Limited (ASX/TSX: PRU) has emerged as one of Africa's most compelling gold investment opportunities, demonstrating exceptional financial strength and a clear growth trajectory. With its March 2025 quarter results revealing cash and bullion reserves of US$801 million, zero debt, and an additional US$300 million in undrawn credit facilities, Perseus stands on remarkably solid financial footing among mid-tier gold producers.The company's operational excellence continues to impress, with quarterly production of 121,605 ounces at a competitive all-in site cost (AISC) of US$1,209 per ounce. This efficiency, combined with strong gold prices averaging US$2,462 per ounce during the quarter, has generated substantial cash margins of US$1,253 per ounce and a notional operating cashflow of US$152 million. Such robust margins highlight Perseus's ability to maximize value from its existing asset base.Most significantly, Perseus has now taken the Final Investment Decision to develop the Nyanzaga Gold Project in Tanzania. This strategic expansion represents a US$523 million investment to develop a large-scale, wholly open-pit operation expected to produce first gold in Q1 2027. Over its initial 11-year mine life, Nyanzaga is projected to produce 2.01 million ounces of gold, with production averaging over 200,000 ounces annually from FY28 to FY35 and peaking at 246,000 ounces. The project's strong economics are reflected in its pre-tax NPV10% of US$404 million and IRR of 26%, figures that improve dramatically at higher gold prices.Complementing the Nyanzaga development is Perseus's commitment to the CMA Underground project at its flagship Yaouré operation in Côte d'Ivoire. This development will make history as Côte d'Ivoire's first mechanized underground mine while extending Yaouré's operational life until at least 2035. With Byrnecut appointed as the specialized underground mining contractor and mobilization already underway, the project is advancing rapidly toward portal development in July 2025.Despite these significant capital commitments, Perseus continues to prioritize shareholder returns through its ongoing A$100 million share buyback program, which was approximately 33% complete at quarter-end. This balanced approach to capital allocation demonstrates management's commitment to creating both immediate and long-term value for investors.Perseus Mining has clearly positioned itself for sustainable growth beyond this decade. CEO Jeff Quartermaine's strategy of building "a sustainable, geopolitically diversified but African-focused gold business involving 3-4 operating mines that produce between 500-600koz of gold per annum" is now coming to fruition. With its exceptional financial position, strong operational performance, and two major growth projects underway, Perseus offers investors exposure to a well-managed gold producer with significant upside potential in a favorable gold price environment.—View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

In this powerhouse episode, Matty A sits down with Andy Weiner — the Founder & President of RockStep Capital — to explore how he amassed over 10 million square feet of commercial retail real estate across 11 states. From a childhood immersed in his family's 159-store clothing chain to mastering acquisitions in “Hometown America,” Andy breaks down how his strategic investments in secondary and tertiary markets are creating outsized returns while revitalizing communities. He explains why retail is now a bullish asset class, how positive leverage is giving retail an edge over multifamily and industrial, and shares insights into RockStep's culture built around their unique core values, the “Rock Steps.” In This Episode, You'll Learn: (03:40) Andy's origin story: From family retail business to real estate mogul (05:02) Types of shopping centers RockStep acquires: neighborhood, power, enclosed malls (07:56) Why retail has favorable supply/demand dynamics in 2025 (10:01) Positive vs. negative leverage in CRE deals (13:27) What makes secondary & tertiary markets so investable (20:38) RockStep's strategy for buying distressed malls at 15–17% cap rates (28:06) The origin and meaning behind RockStep's company values (42:19) Inside the Hometown America Fund: 8–9% pref, 18%+ IRR goals (46:27) Thoughts on alternative investments in volatile times Resources Mentioned: RockStep Capital Website: http://rockstep.com Connect with Andy on LinkedIn: https://www.linkedin.com/in/andy-weiner/ Shopping Center Academy on YouTube: http://www.youtube.com/@ShoppingCenterAcademy   Episode Sponsored By: Discover Financial Millionaire Mindcast Shop: Buy the Rich Life Planner and Get the Wealth-Building Bundle for FREE! Visit: https://shop.millionairemindcast.com/ CRE MASTERMIND: Visit myfirst50k.com and submit your application to join! FREE CRE Crash Course: Text “FREE” to 844-447-1555 FREE Financial X-Ray: Text  "XRAY" to 844-447-1555  

The intersection of geopolitics and real estate creates both challenges and opportunities for savvy investors. Canadian investor and real estate coach Terrie Schauer joins us to dissect the potential impact of proposed US-Canada tariffs on real estate investments across North America.Terrie provides fascinating contrasts between the US and Canadian economies that challenge common stereotypes. While Americans are often portrayed as debt-happy consumers, Canadians actually carry significantly more debt—$1.74 for every dollar earned compared to America's $0.82. This disparity stems largely from Canada's sky-high housing costs, as the country never experienced the 2008 housing market correction that reset US prices.We dive deep into the critical process of vetting real estate operators when considering passive investments. Terrie emphasizes looking beyond simple return metrics to understand the macroeconomic context of past performance. A 100% IRR during the frothy markets of late 2021 might be less impressive than breaking even on a deal sold during today's challenging interest rate environment. The conversation reveals practical strategies for evaluating potential partners, including speaking with their previous investors and asking pointed questions about deals that didn't perform as expected.For healthcare professionals balancing demanding careers with wealth-building, Terrie challenges the notion of "passive income" in real estate. While property investments can be "passive-er" than running a practice, truly hands-off returns only come through carefully selected partnerships. We explore the opportunity costs of capital allocation decisions and why emotional reasoning about taxes often leads investors astray.Whether you're considering your first real estate investment or looking to diversify across borders, this episode provides crucial perspective on navigating economic uncertainty while building wealth through property. Subscribe now for more insights on leveraging real estate to scale your healthcare organization.If you need help finding the perfect location or your ready to invest in commercial real estate, email us at admin@leadersre.com Sign up for a FREE vulnerability analysis and lease renewal services View our library on apple podcasts or REUniversity.org. Connect on Facebook. Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

In this insightful episode of the Startup CEO Show, host Mark MacLeod sits down with Justin Herlick, co-founder and CEO of Pine, a digital-first mortgage platform revolutionizing homeownership in Canada. Justin shares his journey from working on Wall Street to Silicon Valley, where he gained invaluable experience at fast-paced startups like Blend.He discusses how his time in San Francisco shaped his entrepreneurial mindset and inspired him to bring innovative fintech solutions back to Canada. Justin delves into Pine's mission to make homeownership more affordable and accessible, explaining how they're disrupting the traditional mortgage industry through technology and customer-centric approaches. He offers a fascinating look at the challenges of building a consumer-focused startup in Canada, including talent acquisition and fundraising hurdles.Justin's strategic insights on go-to-market strategies, building trust with customers, and creating a competitive edge in a bank-dominated market are invaluable for aspiring entrepreneurs. Don't miss this episode packed with lessons on intentional career building, startup growth, and transforming traditional industries through innovation. Tune in now to fuel your entrepreneurial journey!Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. As a CFO I experienced outright failures, wildly profitable exits, and everything in between.I was a General Partner in Real Ventures, Canada's largest and most active seed stage fund. My investments there include the fund's largest cash on cash and highest IRR returns to date. Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.Connect on LinkedIn: https://www.linkedin.com/in/themarkmacleod/Connect on X/Twitter: https://twitter.com/markmacleod_Contact Mark: https://markmacleod.me/

Show Notes: Venture Blues: Cloud, Silver LiningOverviewThis week's “Venture Blues” editorial brings into focus a brewing transformation in early-stage venture capital. As funds endure stretched timelines and mounting LP pressure, long-taboo secondary markets are stepping into the limelight. At the same time, traditional VC structures—anchored to power-law home runs and decade-long illiquidity—are under fresh scrutiny.What makes this collection compelling is its blend of on-the-ground investor testimony (from Dan Gray, Hunter Walk, Rob Hodgkinson) and hard data (Carta charts, Series B MOIC trends) that together sketch a venture asset class at a crossroads: can it engineer better liquidity and more dependable returns without sacrificing outsized upside?Key Trend 1: The Liquidity Imperative and Rise of SecondariesAs portfolio companies stall in late-stage rounds, early-stage VCs and LPs alike are waking up to the need for earlier liquidity—and rediscovering secondaries.Why it matters:– Stigma around selling GP stakes is eroding when 10-year fund cycles stretch toward 15 years.– Liquidity becomes critical to meet IRR targets and redeploy capital.Talking Point 1: From Taboo to ToolboxQuote:“The obvious desperation for liquidity has — for now — removed the stigma associated with secondaries.”— Dan Gray's X postEarly-stage managers, once loath to let shares go, now view secondaries as a legitimate value-preservation tactic.Removing psychological barriers makes secondaries a core liquidity channel, not just a last-resort option.Talking Point 2: Fund Cycles Stretch, LP Calculations ShiftQuote:“For the earliest funds (pre-seed, seed) this means instead of 10 year fund cycles for LPs, you're seeing closer to 15, which fundamentally changes LP calculations about the asset class.”— Hunter Walk, HomebrewLonger holding periods erode IRRs and cash-on-cash returns.LPs factor in delayed distributions, pressing GPs to surface secondary opportunities sooner.Key Trend 2: Structural Challenges in Traditional VC ModelsDespite aggregate Series B investments growing 476% over eight years, most value remains on paper—and out of reach.Why it matters:– Healthy MOIC doesn't equate to real cash returns.– Most LPs lack access to top-performing funds and can't live off latent value.Talking Point 1: MOIC vs. Cash—The Distribution DilemmaQuote:“And the 4.76x is measured in MOIC, not cash, so was not distributed.”— Venture Blues editorialVenture's celebrated power law produces massive paper returns skewed toward a handful of winners.Without distributions, LPs can't recycle gains, creating a false sense of asset-class health.Talking Point 2: Concentration of Compelling ManagersQuote:“Most LPs do not get returns, and certainly not liquid returns (the only real kind).”— Venture Blues editorialA small club of star GPs capture most performance.Broader LP community remains exposed to illiquidity without average outcome participation.Key Trend 3: Rethinking the LP Base and Investor AlignmentEconomic uncertainty is forcing a recalibration of who backs VC—and how.Why it matters:– Traditional LPs (endowments, pensions) face funding pressures.– New entrants (sovereign wealth, retail, alternatives platforms) demand different structures.Talking Point 1: Endowment Exodus to SecondariesQuote:“A harbinger of change is Yale, who pioneered the ‘endowment model'… selling $6 bn in its PE portfolio in secondaries for the first time.”— Rob HodgkinsonEndowments under the gun from taxes, tariff impacts and political hostility.Liquid strategies gain priority, reshaping demand for evergreen and secondary vehicles.Talking Point 2: LP Preferences Shape Fund ProductsQuote:“VC is changing. Venture firms need to rethink not just who they raise from, but how their LP base influences what they're offering.”— Rob HodgkinsonA move toward evergreen, co-invest, direct, and secondary funds rather than classic 10-year vehicles.Funds must tailor structures to new LP appetites for liquidity and risk profiles.Key Trend 4: Emerging Structures for De-Risked, Liquid VC InvestmentsAlgorithmic selection and private-company indexes promise to lower risk, broaden access and embed liquidity.Why it matters:– De-couples returns from a small set of GPs and rare unicorns.– Creates tradable vehicles for average VC outcomes.Talking Point 1: Filtering the 7% That MatterQuote:“Investing in this 7% as an index gives investors the ability to participate in de-risked average outcomes.”— Venture Blues editorialData and machine learning reject 93% of Series B rounds.The top 7% deliver 6.2x MOIC in five years, enabling an index tilted for performance.Talking Point 2: Liquidity by DesignQuote:“There is no longer a dependency on which fund an LP can invest in… And liquidity is built into the index approach.”— Venture Blues editorialIndex shares can be bought and sold once listed on public markets.Retail investors and non-traditional allocators gain direct VC exposure.Discussion QuestionsHow has the elongation of fund cycles from 10 to 15 years altered LPs' appetite for early-stage VC?Can the rise of secondaries truly resolve liquidity challenges, or does it merely shift them to later rounds?With secondaries becoming “primary” for early-stage VCs, is there a risk of misaligned incentives between GPs and founders?How might new LP entrants (retail platforms, sovereign wealth funds) reshape venture fundraising and governance?Is algorithmic selection and index-based investing a silver bullet for de-risking VC, or does it introduce new systemic biases?Is the core issue in venture the lack of liquidity or the inherent power-law structure forcing “home runs”?What unintended consequences could emerge from tradable private-company indexes?Closing SegmentVenture Blues reveals an asset class in flux: the thirst for liquidity is rewriting norms, LPs are demanding new structures, and data-driven models offer a glimpse at more equitable, de-risked returns. As we watch secondaries soar and index products emerge, the central question remains: can VC evolve beyond its 70-year blueprint to deliver both outsized growth and true liquidity?Final thought: the silver lining in today's venture clouds may be a fundamentally redesigned asset class that finally brings average, liquid outcomes within reach.Stay tuned as we track which of these trends will reshape the venture landscape for good. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.thatwastheweek.com/subscribe

durée : 00:59:17 - Irrésistible Inconnu - par : Nathalie Piolé - Quitter ses repères pour se lancer dans l'inconnu ? Voilà un bon programme pour ce soir. - réalisé par : Fabien Fleurat

In this captivating episode of the Startup CEO Show, Mark MacLeod sits down with Clive Kinross, the CEO of Propel Holdings, a company that's revolutionizing lending for underserved consumers. Clive shares his remarkable journey from South African chartered accountant to successful entrepreneur, detailing the founding and growth of Propel Holdings. With over a million customers served and $2 billion in loan originations, Propel has become a game-changer in the financial industry. Clive discusses the company's innovative use of AI in credit assessment, allowing them to serve customers traditional banks often overlook. He emphasizes the importance of profitability, team loyalty, and maintaining a long-term perspective in business growth. Listeners will gain valuable insights into building a successful fintech company, navigating the challenges of going public, and maintaining a strong company culture through rapid growth.Clive's story is a masterclass in entrepreneurship, demonstrating how a background in accounting can be leveraged to create a thriving business. Don't miss this opportunity to learn from one of the most successful CEOs in the fintech space – tune in now!--------------------------------Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. As a CFO I experienced outright failures, wildly profitable exits, and everything in between.I was a General Partner in Real Ventures, Canada's largest and most active seed stage fund. My investments there include the fund's largest cash on cash and highest IRR returns to date. Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.Connect on LinkedIn: https://www.linkedin.com/in/themarkmacleod/Connect on X/Twitter: https://twitter.com/markmacleod_Contact Mark: https://markmacleod.me/

In today's BizNews Briefing, the Democratic Alliance hits human settlements minister Thembi Simelane with corruption charges. Arguing that president Cyril Ramaphosa is hiding the VBS report like it's his darkest secret. The UIM's Neil de Beer adds his voice to what he calls the ‘budget circus' after Finance Minister Enoch Godongwana says there's no VAT alternative. The IRR poll paints a trend where the DA's anti-VAT campaign pushes it past the ANC, proving non-racial policies can crack the party's historic grip. And SA surfer champion Roxy Davis transforms lives, empowering disabled children through surf therapy at Muizenberg beach.

Die Instituut vir Rasseverhoudinge sê die ANC het kiesers vervreem met sy voortgesette navolging van ongewilde sosio-ekonomiese beleid. Die DA het die ANC die eerste keer in ʼn IRR-meningspeiling verbygesteek. Hermann Pretorius van die instituut sê een van die kenmerke van die jongste peiling is die idee dat politiek voortaan deur maatskaplik-ekonomiese faktore eerder as identiteitsgebaseerde griewe bepaal kan word. Hy sê die meningspeiling is uitgevoer tydens die stryd oor 'n BTW-verhoging:

Last month, during APRICOT 2025 / APNIC 59, the Internet Society hosted its first Pulse Internet Measurement Forum (PIMF). PIMF brings together people interested in Internet measurement from a wide range of perspectives — from technical details to policy, governance, and social issues. The goal is to create a space for open discussion, uniting both technologists and policy experts. In this second special episode of PING, we continue our break from the usual one-on-one podcast format and present a recap of why the PIMF forum was held, and the last 3 short interviews from the workshop. First we hear a repeat of Amreesh Phokeer's presentation. Amreesh is from the Internet Society and discusses his role in managing the Pulse activity within ISOC. Alongside Robbie Mitchell, Amreesh helped organize the forum, aiming to foster collaboration between measurement experts and policy professionals. Next we hear from Beau Gieskens, a Senior Software Engineer from APNIC Information Products. Beau has been working on the DASH system and discusses his PIMF presentation on a re-design to an event-sourcing model which reduced database query load and improved speed and scaling of the service. We then have Doug Madory from Kentik who presented to PIMF on a quirk in how Internet Routing Registries or IRR are being used, which can cause massive costs in BGP filter configuration and is related to some recent route leaks being seen at large in the default free zone of BGP. Finally, we hear from Lia Hestina from the RIPE NCC Atlas project. Lia is the community Development officer, and focusses on Asia Pacific and Africa for the Atlas project. Lia discusses the Atlas system and how it underpins measurements worldwide, including ones discussed in the PIMF meeting. For more insights from PIMF, be sure to check out the PULSE Forum recording on the Internet Society YouTube feed

Today's guest is Neil Mehta, founder of Greenoaks Capital. In 2012, aged 27, Neil left D.E. Shaw to start Greenoaks with his friend Benny Peretz. One of their first investments was in Coupang, a South Korean e-commerce company led by founder Bom Kim. Neil was so convinced of Coupang's potential that he invested 40% of their initial $50 million fund into the company—a bet that eventually returned about $8 billion. Over its first 13 years, Greenoaks has backed legendary companies like Figma, Wiz, Carvana, Stripe, Discord, Rippling, and Toast—generating over $13 billion in gross profits with a 33% net IRR. Henry Kravis, one of Neil's early investors, describes him as "extremely disciplined" with "exceptional timing" who has "gone against the tide many times." Greenoaks operates with remarkable concentration: just 55 core companies across nearly $15 billion in assets, managed by only nine investment professionals. Their approach reflects their singular pursuit: finding companies that will become a meaningful part of the S&P 500. In our wide-ranging conversation, Neil shares this mission along with his framework for identifying exceptional founders, his concept of "jaw-dropping customer experiences," and how his grandfather's gun shop in India shaped his appreciation for builders of all kinds. Please enjoy my excellent conversation with Neil Mehta. Neil Mehta's Profile in Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. –  This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:32) Connecting Craftsmanship to Career (00:07:45) The Concept of Jaw Dropping Customer Experience (JDCE) (00:09:48) Building a Successful Business: The Coupang Case Study (00:17:26) The Importance of Founders & Business Models (00:30:05) Greenoaks' Unique Approach to Venture Capital (00:37:54) A Memorable Encounter with Henry Kravis (00:40:52) Early Career and Lessons from Hong Kong (00:44:53) The Partnership with Benny (00:50:28) Navigating the Competitive Landscape (00:59:14) High Conviction Investments: TripActions, Rippling, and Carvana (01:07:00) Investment Strategy and Company Evaluation (01:13:23) Adventures in Emerging Markets (01:17:09) Challenges and Lessons Learned (01:26:16) Personal Values and Community Impact (01:32:16) The Kindest Thing Anyone Has Ever Done For Neil

Hermann Pretorius and Nicholas Lorimer discuss the results of an IRR poll which has the DA, for the first time in South African history, being the largest party in the country. Hermann's Full presentation on the results of the poll here: https://www.youtube.com/live/rBmy68RnMqQ Website · Facebook · Instagram · Twitter

Freshly returned from a working trip to the US and Europe, Dr Frans Cronjé is not surprised to see IRR polling puts the DA ahead of the ANC. it's a consequence, he says, of Luthuli House's penchant for scoring own goals. In this interview with BizNews editor Alec Hogg, SA's leading political analyst explains how ANC blunders on the VAT increase and the relationship with the USA are akin to conscious self-harm.

In this episode of the Startup CEO Show, host Mark MacLeod sits down with Sameer Dhar, co-founder and CEO of NiaHealth, to explore the intersection of entrepreneurship and personal health. Dhar shares his journey from diabetes researcher to investment banker to healthcare innovator, highlighting how his experiences shaped NiaHealth's mission to bring proactive, evidence-based healthcare to the masses. The conversation delves into the challenges of Canada's healthcare system and how NiaHealth is working to complement and alleviate pressure on public healthcare through personalized diagnostics and actionable insights. Dhar emphasizes the importance of empowering individuals with consumer-friendly health information, allowing them to take charge of their wellbeing in ways previously unavailable. The episode offers valuable insights for entrepreneurs on balancing the demands of building a company with maintaining personal health, drawing parallels between running a successful business and managing one's physical wellbeing.Tune in to discover how you can leverage the latest in health technology to enhance your performance and quality of life.--------------------------------Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. As a CFO I experienced outright failures, wildly profitable exits, and everything in between.I was a General Partner in Real Ventures, Canada's largest and most active seed stage fund. My investments there include the fund's largest cash on cash and highest IRR returns to date. Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.Connect on LinkedIn: https://www.linkedin.com/in/themarkmacleod/Connect on X/Twitter: https://twitter.com/markmacleod_Contact Mark: https://markmacleod.me/

The latest polling of voters by the Institute of Race Relations has thrown up what the IRR's Hermann Pretorius describes as a “political earthquake” - a watershed rarely seen in SA's leading think-tank's 96 year history. Pretorius unpacks results of the twice a year survey which was conducted, co-incidentally, at the time of the Budget furore. He spoke to BizNews editor Alec Hogg.

Dipa Swaminathan Founder of the charity “It’s Raining Raincoats” (IRR) helping Singapore’s Migrant Workers - is organizing a Migrant Workers Appreciation event on 20 April to recognise and reward the migrant worker heroes who saved 21 lives during the 8 April River Valley shop house fire. Anyone who wishes to show their thanks to these heroes — through a card, a red packet, a small gift, or simply by being there — is warmly welcome. Dipa talks with Saturday Mornings Sit-Down host Glenn van Zutphen and co-host Neil Humphreys about the 10-year anniversary of IRR and the many, varied tasks they perform for free like giving free rides to the workers when they are leaving Jurong and going to Changi Airport across the island. Migrant Workers Appreciation Event on Sunday, 20 April, 2PM - 4PM at inspIRRe @ 217 Henderson Road #03-07, S159555RSVP: https://tinyurl.com/MWHeroesRSVPSee omnystudio.com/listener for privacy information.

Interview with Justin Black, CMO, and Jean-Paul Tsotsos, Interim CEO of Chesapeake Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/chesapeake-gold-tsxvckg-innovative-technology-new-gold-ounces-5163Recording date: 7th April 2025Chesapeake Gold has developed a groundbreaking oxidation technology that could revolutionize how refractory gold deposits are mined globally. The company's Metates deposit in Mexico, containing 17 million ounces of gold and 423 million ounces of silver, was previously considered too challenging to develop economically due to its refractory nature, where gold is trapped in sulfide minerals.The proprietary technology transforms sulfide ore into oxide ore through an accelerated oxidation process, making previously unrecoverable gold accessible through conventional heap leaching. This innovation essentially compresses what would naturally take "100 million years" into just months, by applying special reagents that strip sulfur from pyrite crystals and replace it with oxygen.The economic impact is dramatic. Previous development plans for Metates required pressure oxidation autoclave technology with a capital expenditure of approximately $3.5 billion for a 90,000 ton per day operation, yielding a sub-10% internal rate of return (IRR). With the new technology, Chesapeake can start with a 15,000 ton per day operation at a capital cost of just $360 million, achieving a 35% IRR and all-in sustaining costs of approximately $750 per ounce.Justin Black, Chesapeake's Chief Metallurgical Officer who previously worked with the technology at Hycroft Mining, demonstrated its effectiveness on a commercial scale with a 150,000-ton test pad. Material that initially had only 20% recoverable gold achieved 80-90% recovery after treatment. For Metates specifically, tests showed that material oxidized for 204 days reached nearly 75% gold recovery compared to just 33% for untreated ore.Beyond economics, the technology offers significant environmental advantages over traditional methods for processing refractory ores, including lower water consumption, reduced energy usage, and lower greenhouse gas emissions.According to CEO Jean Paul Tsotsos, this technology could unlock a market worth approximately $1.5 trillion in currently inaccessible gold resources. McKinsey estimates approximately 580 million ounces of gold globally are considered refractory, with these deposits typically offering higher grades (averaging 2.25 g/t versus 1.21 g/t for non-refractory deposits).The company has identified over 200 deposits globally where the technology could apply and is advancing on multiple fronts, including continuing test work, analyzing samples from other companies, and planning to establish a pilot plant to further demonstrate the technology's effectiveness.View Chesapeake Gold's company profile: https://www.cruxinvestor.com/companies/chesapeake-goldSign up for Crux Investor: https://cruxinvestor.com

In this episode of The Hydrogen Podcast, we dive into three groundbreaking hydrogen developments reshaping maritime travel, agriculture, and heavy-duty transport in the U.S. and abroad.

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 Endres and Nicholas Lorimer discuss the ANC's desire to blow up the GNU slowly. They also discuss the IRR engaging with the EFF and MK as well as a scam run by North Korea. Website · Facebook · Instagram · Twitter

In this episode of The Hydrogen Podcast, we take a global tour of hydrogen innovation and policy—from the conference floor in Houston to funding announcements in Europe and startup breakthroughs in the U.S.

Interview with Hugh Agro, President & CEO, and John Meyer, VP Engineering & Development of Revival Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-positioned-for-a-rising-gold-market-in-2025-6478Recording date: 31st March 2025Revival Gold recently released results from the Preliminary Economic Assessment (PEA) for its Mercur gold project, showcasing strong economic potential with projected annual gold production of 95,000 to 105,000 ounces over a 10-year mine life. At a gold price of $2,175 per ounce, the project demonstrates a Net Asset Value (NAV) of $294 million and a 27% Internal Rate of Return (IRR) after tax. These figures improve dramatically at current gold prices of $3,000 per ounce, with NAV increasing to $752 million and IRR to 57%.The project features modest upfront capital costs of $208 million and competitive operating costs with Cash Costs of $1,205 per ounce and All-in Sustaining Costs of $1,363 per ounce. The resource base consists of approximately 1.4 million ounces of gold, with over 50% in the indicated category, an average grade of 0.6 grams per ton, and metallurgical recovery rates averaging 75%.A significant advantage of the Mercur project is its location on private patented claims just an hour from Salt Lake City, Utah. This allows for permitting through a state process rather than federal, potentially streamlining the timeline to approximately two years. The strategic location provides ready access to equipment, services, and skilled labor without requiring a camp or remote-site logistics.The company has outlined a two-phase development approach, with the first phase involving drilling to convert inferred resources to measured and indicated categories, along with collecting metallurgical samples. The second phase will focus on completing a Pre-Feasibility Study and advancing permitting. The combined budget for these phases is approximately $8 million, with potential construction beginning within 2-2.5 years.Technical risks are mitigated by the project's brownfield status, as the site has been previously mined. Environmental factors appear favorable with no perennial streams, deep groundwater, and no threatened or endangered species identified. The heap leach processing method eliminates the need for tailings facilities, reducing environmental footprint.Revival Gold's overall portfolio now includes both the Mercur project and the Beartrack-Arnett project, representing a combined resource of approximately 6 million ounces of gold. With a current market capitalization of approximately $50 million, the company is trading at just 0.1x NAV and $8 per ounce of gold resource, suggesting significant potential for value appreciation as the projects advance.View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-incSign up for Crux Investor: https://cruxinvestor.com

In this episode of The Hydrogen Podcast, we break down a high-stakes development in U.S. hydrogen policy:

Hugh Agro, CEO of Revival Gold, discusses the recent Preliminary Economic Assessment (PEA) for the Mercur project in Utah. He highlights the project's economic viability, including its after-tax NPV and IRR, and outlines plans for drilling and metallurgical testing to enhance resource conversion. Agro also addresses funding strategies for the project's development and the potential impact of tariffs and gold price trends on the project's economics.

Interview with Christian Ervin Easterday, Managing Director & CEO of Hot Chili Ltd.Our previous interview: https://www.cruxinvestor.com/posts/hot-chili-asxhch-2blbs-of-copper-is-achievable-attractive-6668Recording date: 31st March 2025Hot Chili Limited has revealed a dual-track strategy leveraging a potential billion-dollar water business to finance its flagship Costa Fuego copper project in Chile. The company recently released prefeasibility studies for both its Huasco Water project and Costa Fuego copper development.The Huasco Water initiative, a strategic asset developed over 20 months, consists of two stages. Stage one involves seawater supply to Costa Fuego, with an estimated NPV of $120 million and a 19% IRR over a 20-year supply period. The second stage encompasses a scalable desalination business with a potential post-tax NPV of approximately $1 billion, serving the broader Huasco region."This is about moving $150 million of capital from our copper project and putting it into that water project," explained Managing Director and CEO Christian Easterday. The company holds a unique position as one of only two companies in the past 18 years to secure maritime concessions for seawater extraction in Chile's water-scarce Atacama region.The Costa Fuego copper project itself shows promising economics with a $1.2 billion post-tax NPV, 19% IRR, and $1.27 billion initial capital requirement. The project is designed to produce approximately 95,000 tonnes of copper and 50,000 ounces of gold annually over a 20-year mine life, with competitive cash costs of $1.38 per pound.Easterday highlighted the project's competitive positioning: "We've delivered a top quartile production capacity project outside of the hands of a major and the lowest quartile capital intensity of a developer outside the majors."The company's financing strategy includes traditional debt, precious metal streaming, offtake agreements, and strategic asset monetization through the water business. The project economics show a 4.5-year payback period, with projected revenues of $17 billion and free cash flow of $4 billion over 20 years.Hot Chili is actively engaged in discussions with potential strategic partners, benefiting from the scarcity of large-scale copper projects globally. "When there's only five of you, the list gets smaller," noted Easterday, referring to the limited number of comparable projects available for development.This strategy comes amid record copper prices, which recently hit $5.38 per pound, creating a favorable backdrop for advancing the project in a market characterized by a 4.5 million ton deficit and intensifying competition for high-quality copper assets.View Hot Chili's company profile: https://www.cruxinvestor.com/companies/hot-chili-limitedSign up for Crux Investor: https://cruxinvestor.com

Patrick Carroll is the founder and CEO of CARROLL, a prominent real estate investment company. From a young age, Patrick Carroll envisioned building a real estate company from the ground up. The ambitious entrepreneur leveraged what was initially a multi-family and retail assets company into a leading real estate empire.  As CEO, Patrick helps define and implement strategic plans designed to further expand all facets under the CARROLL portfolio. As a disciplined investor, Patrick carefully balances acquisitions and dispositions, and has led to $12.1 B in acquistions and $8.8 B in dispositions of multifamily real estate producing an average gross IRR of 29%. Founded in 2004, CARROLL marked the beginning of Patrick's real estate investment and development career. Patrick's early success in the industry came from residential investments and developmental projects across the Southeast, which, in turn, produced the opportunity to develop retail centers, mixed-use properties, and student housing. In 2009, Patrick acquired three property management companies, creating the large-scale infrastructure for what CARROLL is today. Compounding on his experience with investment, property management, development, and construction, Patrick has taken a modest initial investment and cultivated that into a 30,000-unit portfolio. Links: Patrick Carroll - https://mpatrickcarroll.com/ Patrick on Instagram - https://www.instagram.com/patrickcarroll/ Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Topics: (00:00:00) - Intro   (00:01:11) - Patrick's Transition from House-Flipping to Multifamily   (00:13:02) - What Was Your Deal Criteria Early On?   (00:18:45) - How Were You Finding Deals?   (00:22:38) - How Did You Scale?   (00:31:18) - Building a Profitable Management Company   (00:33:21) - Raising Capital & Getting Deals Done   (00:49:14) - The Buy-Fix-Sell Strategy   (01:06:57) - Pausing Deals Post-COVID   (01:09:46) - Selling the Business   (01:18:23) - Thoughts on the Market Today   (01:26:22) - Mental Health   (01:31:49) - What's Your Favorite Hotel? This episode originally aired on November 6th, 2024

In this episode, Mason Jappa, CEO of Blockware Solutions, discusses the current state and future of Bitcoin mining, particularly in the U.S. He highlights recent regulatory clarity from the SEC, the evolving mining landscape, and the economic dynamics affecting miners. Mason emphasizes the importance of technology, liquidity, and strategic partnerships in successful mining operations, while also addressing the ongoing debate between mining and simply holding Bitcoin. The discussion provides insights into the challenges and opportunities within the Bitcoin mining industry as it continues to grow and adapt. Takeaways

On this episode of the Best Ever CRE Show, Joe Fairless interviews Percy Nikora, co-founder of Penn Capital, which manages approximately $230 million in multifamily assets. Percy shares insights on their hybrid capital-raising approach, offering both fund and individual deal investment options to accommodate different investor preferences. He explains how they've executed 12 syndications and recently launched a $50 million fund that has already acquired three properties with about $20 million in equity. Percy discusses their market selection criteria, focusing on areas with strong job and population growth like Huntsville, Alabama and strategic locations in North Carolina. He candidly addresses challenges they've faced, including unexpected property tax increases and floating rate debt in a challenging market, while also sharing their impressive track record of 23.5% average IRR to LPs across their five property exits. Throughout the conversation, Percy offers valuable insights on working with institutional investors, including structuring partnerships with major check-writers and maintaining the detailed reporting relationships these investors expect. Percy Nikora | Real Estate Background Managing Partner at Penn Capital Based in: Philadelphia, PA Say hi to them at: www.penncapitalgroup.com Sponsors: Vintage Capital Capital Gains Tax Solutions Learn more about your ad choices. Visit megaphone.fm/adchoices

Multifamily Masterclass Podcast | Venture on 52nd Street – Week 1 Funding Success In this week's episode of the Multifamily Masterclass Podcast, host Bart Diehl is joined by panelists Heather Andrews and John Kobierowski to break down the exciting first week of funding for Venture on 52nd Street.

On this episode of The Passive Income Playbook, Pascal Wagner interviews Hans Box, co-founder of Box Wilson Equity, who has invested in close to 100 real estate deals as both a general and limited partner. Hans shares his journey from recovering CPA to real estate investor, including the pivotal story of taking over his first deal as an LP when the original sponsor underperformed. He provides a comprehensive framework for evaluating investment opportunities, emphasizing the importance of assessing sponsors beyond just projected returns. Hans explains how to verify a sponsor's track record by examining NOI growth rather than IRR, why transparency is non-negotiable during due diligence, and why single-asset deals rarely have audited financials. Throughout the conversation, he emphasizes finding deals with genuine value-add components that provide a margin of safety, and advises passive investors to look for "singles and doubles" rather than home runs to build sustainable wealth. Sponsors: Vintage Capital Capital Gains Tax Solutions Learn more about your ad choices. Visit megaphone.fm/adchoices

Timestamps:(0:00) Roy Lee's hack and Amazon's reaction(3:03) MicroStrategy's Bitcoin strategy(4:29) Market reactions to Trump's policies(6:33) Creating value in current market conditions(8:00) South by Southwest highlights(10:19) Coda. Empower your startup with Coda's Team plan for free—get 6 months at https://www.Coda.io/twist(12:03) The $20,000 electric car concept(16:18) Electric unicycles as a startup category(19:12) Vanta. TWiST listeners automate your SOC2 and get $1,000 off at http://www.vanta.com/twist(20:31) Electric unicycles trend discussion(21:31) Guest introduction: Roy Lee(23:32) Roy Lee's background and startup idea(25:41) Technical coding tests and InterviewCoder(30:14) LinkedIn Jobs. Post your first job for free at https://www.linkedin.com/twist(32:01) Amazon's reaction to InterviewCoder and Columbia's actions(37:03) Roy Lee's future and startup funding discussion(41:19) Hiring, revenue, and fundraising strategies(44:37) Venture capital dynamics and maintaining company control(47:52) Capturing audience before investment and SBF's legal issues(57:57) ServiceNow acquires Moveworks(1:00:00) Impact of Tiger's peak valuations on LPs and IRR calculations*Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.comCheck out the TWIST500: https://www.twist500.comSubscribe to This Week in Startups on Apple: https://rb.gy/v19fcp*Follow Roy:X: https://x.com/im_roy_leeLinkedIn: https://www.linkedin.com/in/roy-lee-goat/*Follow Alex:X: https://x.com/alexLinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm*Follow Jason:X: https://twitter.com/JasonLinkedIn: https://www.linkedin.com/in/jasoncalacanis*Thank you to our partners:(10:19) Coda. Empower your startup with Coda's Team plan for free—get 6 months at https://www.Coda.io/twist(19:12) Vanta. TWiST listeners automate your SOC2 and get $1,000 off at http://www.vanta.com/twist(30:14) LinkedIn Jobs. Post your first job for free at https://www.linkedin.com/twist*Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland*Check out Jason's suite of newsletters: https://substack.com/@calacanis*Follow TWiST:Twitter: https://twitter.com/TWiStartupsYouTube: https://www.youtube.com/thisweekinInstagram: https://www.instagram.com/thisweekinstartupsTikTok: https://www.tiktok.com/@thisweekinstartupsSubstack: https://twistartups.substack.com*Subscribe to the Founder University Podcast: https://www.youtube.com/@founderuniversity1916

Matt interviews Paul Atherton, CEO of High Spire, about how builders can create generational wealth by leveraging their construction businesses for real estate development. Most builders sell their companies for 1-2x earnings, which isn't enough to pass down wealth. Instead, Paul outlines three wealth-building pillars: operating a profitable business, investing in real estate, and adding value to assets.Builders have a competitive edge in real estate because they understand construction costs, materials, and labor, allowing them to budget more accurately than traditional developers. We can invest in land development, adaptive reuse projects, and value-add properties, turning older commercial spaces into high-yield investments. Paul stresses the importance of cap rates, IRR (Internal Rate of Return), and strategic financing; he recommends builders aim for 25% IRR on projects and seek off-market deals.For those new to investing, Paul advises strengthening branding and marketing, setting anti-goals to maintain work-life balance, and networking with commercial brokers and private investors. Builders should analyze 20 real estate deals per month to understand market trends. While High Spire offers capital investment opportunities, the goal is to help builders become self-sufficient real estate investors.With real estate offering long-term appreciation and cash flow, builders who reinvest wisely can secure financial freedom for future generations. For expert coaching and funding, visit HighSpire.com.Thank you to episode sponsor Sugatsune. Learn more at sugatsune.com.Resources:Visit highspire.com for coaching and investment opportunitiesFind Paul & Highspire on the Web:Instagram: @highspireofficialFacebook: https://www.facebook.com/people/Highspire/61557059785564/ LinkedIn: Highspire & Paul AthertonFind Matt and The Build Show on the web:Build Show Videos: https://buildshownetwork.com/go/mattrisingerInstagram: @risingerbuild and @thebuildshowYouTube channel: https://www.youtube.com/@buildshowWebsite: https://risingerbuild.com/ and https://buildshownetwork.com/ Save the Date for Build Show LIVE 2025 in Dallax, TX: October 16-18, 2025! Don't miss a single episode of Build Show content. Sign up for our newsletter.

This Week in Startups is brought to you by…Northwest Registered Agent. Form your entire business identity in just 10 clicks and 10 minutes. Get more privacy, more options, and more done—visit https://www.northwestregisteredagent.com/twist today!Lemon.io. Get 15% off your first 4 weeks of developer time at https://Lemon.io/twistHoratio. Visit https://www.hirehoratio.com/twist and get $2,000 off your initial set up.Today's show: Jason and Alex cover CoreWeave's filing for a $35 billion IPO after explosive revenue growth. But with 77% of its revenue coming from just two customers, is it built to last? Meanwhile, AVRide is bringing autonomous Hyundai robotaxis to Uber in Dallas, pushing the self-driving revolution forward as Waymo scales to 200,000 weekly rides. And finally, Digg is back! Kevin Rose and Alexis Ohanian are reviving the iconic social news platform, using AI-powered moderation to tackle Reddit's biggest challenge. Tune in as Jason and Alex break it all down!Timestamps:(0:00) Episode teaser(1:34) Jason's South by Southwest appearances & All In fan meetups(4:17) Digg relaunch, history, and Kevin Rose's AI strategy(10:05) Northwest Registered Agent. Form your entire business identity in just 10 clicks and 10 minutes. Get more privacy, more options, and more done—visit https://www.northwestregisteredagent.com/twist today!(11:43) Jason's involvement with Digg's revival and lessons learned(15:02) Using Reddit for startup communities(20:00) Lemon.io. Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist(22:07) Kevin Rose's journey and ketamine therapy(24:18) CoreWeave's public filing, clients, and revenue growth(29:52) Horatio. Visit https://www.hirehoratio.com/twist and get $2,000 off your initial set up.(34:22) CoreWeave's potential acquisition and investor IRR(40:45) Using LLMs for financial analysis and political funding discussion(46:19) CoreWeave data centers and AV Ride partnership with Uber(50:18) Challenges in electric bikes and healthcare startups(53:10) Novo Nordisk's direct-to-consumer strategy with Wegovy(57:28) Future of healthcare and Brian Johnson's health regimen(1:05:52) Challenges and excitement in the autonomous vehicle industryLinks from episode:Check out digg: https://digg.com/Check out AVRide: https://www.avride.ai/robotCheck out the Mozi app: https://www.mozi.app/Check out Nerd Crawler: https://www.nerdcrawler.com/Check out article about Novo Nordisk and Wegovy: https://www.cnbc.com/2025/03/05/novo-nordisk-goes-direct-to-consumer-with-wegovy-what-it-means-for-obesity-rival-eli-lilly.htmlSubscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.comCheck out the TWIST500: https://www.twist500.comSubscribe to This Week in Startups on Apple: https://rb.gy/v19fcpFollow Alex:X: https://x.com/alexLinkedIn: ⁠https://www.linkedin.com/in/alexwilhelmFollow Jason:X: https://twitter.com/JasonLinkedIn: https://www.linkedin.com/in/jasoncalacanisThank you to our partners:(10:05) Northwest Registered Agent. Form your entire business identity in just 10 clicks and 10 minutes. Get more privacy, more options, and more done—visit https://www.northwestregisteredagent.com/twist today!(20:00) Lemon.io. Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist(29:52) Horatio. Visit https://www.hirehoratio.com/twist and get $2,000 off your initial set up.Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank SlootmanCheck out Jason's suite of newsletters: https://substack.com/@calacanisFollow TWiST:Twitter: https://twitter.com/TWiStartupsYouTube: https://www.youtube.com/thisweekinInstagram: https://www.instagram.com/thisweekinstartupsTikTok: https://www.tiktok.com/@thisweekinstartupsSubstack: https://twistartups.substack.comSubscribe to the Founder University Podcast: https://www.youtube.com/@founderuniversity1916

On this episode of The Horizon with John Chang, Brian Murray draws from over 40 years of commercial real estate experience to analyze current market dynamics and future opportunities. With multiple market cycles under his belt since Black Monday in 1987, Murray explains why the bid-ask spread is finally narrowing and why private capital has advantages over institutional investors in today's market. He shares his bullish outlook on multifamily, predicting an 11% unlevered IRR over the next five years, while noting that markets historically rebound faster than experts predict. The conversation provides valuable perspective on why real estate fundamentals remain strong despite current interest rate headwinds, especially given the widening gap between home ownership costs and apartment rents. Learn more about your ad choices. Visit megaphone.fm/adchoices