Podcasts about IRR

Most investors are playing the wrong game. Billionaires? They treat investing like a business. In this episode of Franchise Secrets, Erik Van Horn sits down with Bob Fraser—entrepreneur, investor, and author of Invest Like a Billionaire—to uncover how the ultra-wealthy think differently, avoid risk, and build generational wealth.   From bouncing back after losing millions to structuring investments for tax advantages and family legacy, Bob shares the insider strategies that institutional investors and billionaire families use—but almost no one talks about.   Whether you're an entrepreneur with cash on the sidelines, a franchise owner scaling up, or simply someone wanting to learn how to build lasting wealth, this conversation is packed with wisdom you won't hear from your average financial advisor.   TIMESTAMPS:   00:00 – Why billionaires treat investing like a business 02:05 – Spotting winners early & the power of resilience 04:47 – Bob's journey: dot-com boom to financial crash 06:30 – Why billionaires avoid the 60/40 portfolio trap 09:06 – The #1 mistake most investors make 12:38 – The overlooked superpower of private markets 17:02 – Liquidity planning & using lines of credit wisely 22:05 – Private credit: the most underused cashflow strategy 24:47 – Tax structures that can save millions 29:55 – Why you should always diversify outside your business 34:32 – Real estate cycles & how to spot good deals 39:42 – How smart investors evaluate deals beyond IRR 44:31 – Building generational wealth & family meetings 47:36 – Teaching kids (and grandkids) to steward money 50:23 – Where to get Bob's book Invest Like a Billionaire   Connect with Erik Van Horn:

Are you still hearing people say “pencils down”? Let's get real—if you're in this game, you can't afford to step back from underwriting. In today's episode, Nico breaks down why the “pencils down” mindset is a rookie move, and why sharpening your underwriting skills through every cycle is what separates real players from pretenders. You'll learn: What “pencils down” actually means—and why it's dangerous for investors Why underwriting deals daily keeps you sharp and market-aware The key metrics every investor should master (cash-on-cash, IRR, AAR, equity multiple) How refinances can fuel your returns—tax free Why Nico's Multifamily Deal Blade is designed to help you underwrite every deal with clarity and confidence Whether the market is up, down, or sideways—you can't sit this one out. Stay informed, stay dangerous, and keep sharpening your axe.

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back recurring guest Artem Fokin for a wide-ranging discussion on perfecting the craft of investing. Skipping individual stock pitches, they explore long-term process improvements, the role of AI in research, and how expert calls have changed their approach. Artem and Andrew debate the statistical validity of track records, the impact of conviction borrowing, and the future of market efficiency in an AI-driven world. Listeners will also hear how Artem's investment focus evolved over the past decade, and why understanding customer-level value is now at the core of his process.See the follow on webinar on AI and expert calls here__________________________________________________________[00:00:00] Andrew introduces episode and Artem[00:03:07] Perfecting the investing craft[00:05:26] Bannister effect in investing[00:06:45] Inspiration from investor track records[00:10:40] Concentration and statistical significance[00:16:45] Bitcoin investor vs. great allocator[00:19:11] Betting on long-term outliers[00:22:43] Power laws and convexity[00:25:17] Will AI dumb down markets?[00:32:37] Market becoming more consensus[00:34:36] AI pricing medium-term alpha[00:39:06] Democratizing research tools[00:46:54] Early edge in illiquid stocks[00:48:55] Artem's biggest process change[00:52:48] Can customer feedback mislead?[00:56:09] Golf clubs and process analogy[00:59:11] Avoiding groupthink and conviction leaks[01:03:39] Know who's pitching the idea[01:06:25] IRR-driven sizing pitfalls[01:10:38] Penalizing leverage in rankingsLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Gary Lipsky is the president of Break of Day Capital, an investment firm that specializes in multi-family real estate in Arizona. Gary brings a 20+ year track record in the real estate space and has completed more than $300M of transactions over his career. Gary is also the host of the Real Estate Investor Podcast, where he interviews industry experts to provide broad range education to investors. He is also the best-selling author of Best in Class, founder of the Asset Management Summit, and a guest speaker featured at many prominent conferences. Connect with Gary: breakofdaycapital.com  Highlights: 02:55 – How Gary's entrepreneurial roots and first house hack in Los Angeles planted the seed for a multifamily career. 04:10 – Current challenges in Arizona 06:00 – Why today's market offers opportunity 09:50 – Outsourcing property management 12:45 – Experimenting with AI for investor communications, research, marketing 19:00 – The capital raising challenge 21:10 – Advice to LPs: focus on the operator's track record and discipline   Quote: “If a deal sounds too good to be true, it probably is. Don't chase IRR or bonus depreciation—chase a good operator, and everything else will work out.”   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.

Wars, market chaos, and uncertainty? Vinney Chopra is more liquid than ever

On this episode of Beyond Multifamily, Amanda Cruise and Ash Patel interview Mike Kron, founder of Guardian Advisory, to discuss his launch of a $100 million private equity fund focused on single tenant net lease (STNL) retail assets. Mike shares why he believes now is a prime time to buy these Amazon-resistant properties due to the anticipated drop in interest rates and how his fund strategy leverages long lease terms, high-credit tenants, and minimal management overhead. He explains the 18% IRR projection, capital-raising tactics, and why he's prioritizing stability and investor-friendly structures over flashier value-add opportunities for Fund One. The conversation also touches on the future of retail, the return of bonus depreciation, and how institutional investors factor into his long-term exit strategy. Mike Kron Current role: Founder of Guardian Advisory Based in: Los Angeles, CA Say hi to them at: mike@guardian-advisory.com or visit guardianatlease.com Visit investwithsunrise.com to learn more about investment opportunities.  Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's show with Makone Maja and Nicholas Lorimer. They discuss growing problems with the national dialogue promoted by President Cyril Ramaphosa. They also discuss the police and an award that the IRR won in East Africa. Website · Facebook · Instagram · Twitter

In this episode of the IC-DISC show, I sit down with Ronak Shah to discuss his transition from a corporate career at Intel to entering the scrap metal business, to founding a successful scrap metal business in New Caney, Texas. We talk about the motivation behind his career shift and the mentors who guided him along the way. Ronak opens up about the challenges he faced while transitioning from a large corporate environment to a smaller, more hands-on business. We also explore Ronak's decision to sell his business and the unexpected opportunities that arose from that choice. He reflects on the experiences gained throughout his career, emphasizing the importance of taking calculated risks and adapting to change. His story offers insights into the value of connecting past experiences to current ventures, even when the path isn't always straightforward. Finally, we discuss navigating today's fast-paced digital world and the importance of maintaining a low profile on social media. Ronak's journey highlights the balance between professional growth and personal fulfillment, making this episode a thoughtful exploration of entrepreneurship and resilience.     SHOW HIGHLIGHTS I explore Ronak's remarkable transition from a corporate role at Intel to establishing a successful scrap industry business in New Caney, Texas, emphasizing his desire for more tangible work and the influence of key mentors. The episode delves into Ronak's career progression at Schnitzer Steel and Alter Trading, where he gained critical insights in non-ferrous recovery and learned the importance of agile, smaller teams in driving technological advancements. Through journaling and introspection, Ronak clarifies his professional desires, leading to the creation of Levitated Metal and reflecting on personal challenges, including his late wife's battle with cancer. We discuss the financial strategies Ronak utilized in his entrepreneurial ventures, such as leveraging IC-DISC tax advantages and aligning financial decisions with personal values. The conversation highlights Ronak's leadership insights, his decision to pursue a smaller business for personal fulfillment, and the impact of selling his business on both his professional and personal life. Ronak shares reflections on his entrepreneurial journey, touching on the lessons learned from his career, the importance of taking risks, and the role of hindsight in connecting the dots of his experiences. The episode concludes with a discussion on navigating the complexities of the modern digital landscape and the importance of maintaining a low profile in a rapidly changing social media environment.   Contact Details LinkedIn - Ronak Shah (https://www.linkedin.com/in/ronakshahpdx/) LINKSShow Notes Be a Guest About IC-DISC Alliance About Levitated Metals Ronak ShahAbout Ronak TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Dave: Hi Ronak, how are you today? Roank: Good David, Nice to see you again. Dave: Likewise, and where are you calling into from? Where are you in the world at the moment? Roank: I'm at my factory in New Caney, Texas, just a little bit northeast of Houston Great. Dave: Now are you a native Houstonian. Roank: I'm not, so I moved out here in 2019 to build this factory and start this business. I think I've been to Houston once in the prior year to visit for the first time and never before, other than perhaps through the airport. So, I didn't know a lot about Houston. I'm not saying that I know a lot about Houston now, but it's been a great place to build a business. It's been a fine place for my kids to grow up. Dave: It's been good it's been a fine place for my kids to grow up. It's still good. Yeah, it's. Uh, it's kind of a, it's kind of a hidden gem in a lot of ways. Uh, you know houston is, it's got a lot going for it that if your only experience is just driving through town or going through the airport, you know, I mean you hear traffic, humidity, heat, urbanl and you're just kind of like, you know, yeah, it doesn't sound like my kind of place. Roank: Yeah, well, it would be a lot more believable if you did not have a Breckenridge background behind you. Dave: True, yeah, that is the Breckenridge background for sure. So where did you grow up then, if you didn't grow up in Houston? Roank: I grew up in upstate New York so my dad was one of the many immigrants that came over in the late 60s, early 70s. They were looking for people with medical training and background. So he came over from India, lived in New York. I was born in New York City but very soon after grew up in the middle of the Finger Lakes. We moved to Syracuse when I was in middle school and then I went to Boston for undergraduate and I bounced kind of between Boston and London and back to Boston, then to Portland, oregon, which is where I came into the scrap industry and lived for some time in St Louis. I lived there for about nine years and from St Louis to here. Dave: Okay. So what made you get into the scrap business if you didn't have a family history in it? Roank: Yeah, it was just very random, my interest in the scrap industry. I think, the truth of the answer is probably the more interesting one. So after mba I was working, I was an operations guy and I was working at intel corporation in portland, near portland oregon, and loved being in portland. It's a fine place to live. But intel was, I mean, a huge company, right, 80 000 people, and just like the process of making something that was about this big, the the size of the core diet, multiprocessor, microprocessor this wasn't sufficiently interesting to me and I was too far from it, as well as my chain organization. Yeah. It didn't feel tangible enough, and so that was one part of it. But then the other part of it as well was you know I was there as a worker bee, you know, in a reasonably senior job for someone of my age, but then, you know, in a reasonably senior job for someone of my age, but then you know intel was having difficulty. So they bring in bane and company to kind of work on strategy or whatever and so two of the guys that I went to school with that, I knew well, were like literally working literally seven layers in the organization above me, and I'm like what? and so I just hit that, I tapped out, I extracted, I was like this is just some horse crap. I, this isn't the place for me. I need to go somewhere where I'm, you know, in a, in a smaller pod, where I can really touch and feel a thing. And so I just started throwing resumes out and wound up at Schnitzer Steel. Now really, yeah, and oh really. Yeah, and it was great. It was a time of transition for Schnitzer. I don't know if it was a great transition time for Schnitzer. They were transitioning from an older style scrap company to a more professional slash corporate company of the style that it is today. So they had parts of the parts of their business were both things and for sure I liked the old thing a lot and just tons of fun being in places like Boston and Portland scrapyard when they were building big mega shredders and new factories and driving the continuous improvement process there and trying to get metrics around things. It was really a good time. I enjoyed a lot of it. I came to Alter Trading in 2010 and that was wonderful right, I owe so much of my career everything I learned everything to the team at Alter, to Jay Rabinovitz and Rob and Michael Goldstein. I learned a lot there. I did a lot of really fun stuff for them that helped transform the company into the highly successful privately owned scrap company it is today. Dave: Like on the technology side, correct yeah. Roank: So I built a few factories, non-ferrous recovery plants to process not steel non-ferrous portions of the shredder and extract more metals out of stuff that would otherwise have gone to the landfill. And it was you know, exciting to do that, and it wasn't just building the factories but really growing out the entirety of the division that became, you know, a kind of center of excellence around that function, and it's an area that you know Alter remains very strong in today. Dave: Okay, well, I am excited to get into the next part of your story. So you're living in St Louis, working at Alter, being involved in some cool stuff and forward thinking technology. So how did from there? How do you end up starting a company in New Caney, texas? Roank: Yeah, so it's no reason not to be as open and honest about it as possible. So Alter was amazing. For the first six or seven years I was there, the job was like a nine and a half out of 10. I remember I was in New York going to make this time up sometime in 2013 or something like that. I've been there for three years and the Powerball was like some huge number, like a billion dollars, and so me and some buddies that were in finance, we all bought Powerball tickets and we talked about what we would do if we won the money, and I remember I determined to say I don't know if I would necessarily quit my job, right, like I really love what I do. I still think about that today. Dave: Did any of them have the same thought? Roank: No, they thought I was just completely crazy and they weren't necessarily wrong. I think I think perhaps again I loved it, but the point of it is I really enjoyed it. It was fulfilling, I had impact, things were changing. All of that when I struggled is as that phase of what Alter needed ended and I needed to move and assist alter with other things, primarily helping them grow a tier of management that had come from the art management level into being the next business leaders of the company. Just, you know, it's kind of standard transition planning type stuff and succession planning. I struggled with doing that successfully, a role that perhaps would have been viable or successful or satisfactory for me to do had it occurred during a standard line management. You know, hierarchical management structure was hard for me to find value in fulfillment, in and I would say success in doing. Yeah, as a matrix manager, you know, as a, as a guide, as a internal consultant. I just didn't love it. I hate to put it that way. I just sure, sure and at the same time, alter was going through a certain amount of a a ton of growth, right, a lot of growth that I participated in through acquisition and internal growth as well disbanded organic growth. But it was going through a lot of growth and so the company that felt small and familial at 40 yards suddenly felt just large and 70 for me. Dave: Too much like it felt too much like Intel. Roank: Nowhere near that level. There's nothing like that. It remains a really effective, well-directed company today. But, it felt different for me and I also realized that I wasn't good at that bigger company stuff. You know, my way of thinking about things didn't scale successfully to that level. I would not be the right guy at that level and this is an unfortunate thing to say. But I chose to. I did not want to change. You know, I thought about so. My boss for many years there was Jay Rabinowitz, who was, until he retired recently, the CEO of Alter Trade. He was fascinating. His ability to grow into the mindset required, the management rank that he was in at the time, or growing into, was phenomenal. And so a guy that if you only knew him 30 years ago was a rough and tumble scrap guy was and you've seen him on podcasts and things like that. It became and presents fully as and fills the shoes of a methodical, thoughtful, mature and a CEO who does a great job of leading A 1,200, 1,500 person organization. You would have never thought that if you only knew him 25 years ago perhaps, but his ability to grow was really phenomenal. For, by choice or by capability or whatever it was, I did not have or want that and so I wanted something dramatically smaller. Dave: Okay. Roank: And so I spent a bunch of time not just thinking about it but literally journaling about it. Because when you just think about these type of problems in your mind like hey, what do I want to do professionally? Yeah, you can just ping pong in your brain. And what I found helped me through the process was writing it down. And if you remember, back in high school, your English teacher would tell you to you know write a draft of the story, or an outline, and then a draft and then the final essay. I mean, I don't know about you, but I would never do any of that crap. But I did this time and I found that, like the first draft was, you know, just vomit on a page of orally thought out concepts and beliefs. And so I wrote it again and it was clear. And I wrote it again, it was clear. It helped me really understand what I liked and didn't like and what I wanted and didn't want from the next phase. And it was a time when, you know, my kids were just about to graduate middle school. If I was ever going to leave St Louis, this was the time to do it. It was not going to be easy. It was not easy for them to leave St Louis, but that's when. That's how I made that choice. I was uncertain as to what I would do. Right, I was out there both looking at shredder yards to buy as well as businesses. To start, I looked at a wire chopping plant. I ultimately built a heavy media plant. I did look at and made successful offers on a couple of different shredders, but none of that actually panned out and in the end I raised a bunch of money, moved out to Houston, built this thing. Dave: That is a great story and your kids ended up adjusting okay to, because I believe you live in one of the really nice master plan communities around Houston. Roank: Yeah, and they've adjusted well. I think my son is glad that we moved down here. My daughter is a little bit on the fence, but she was younger when we moved. Both my wife my late wife and I in many ways would have probably preferred where we lived in. Dave: St Louis, it was a small town in Kirkwood. Roank: You're familiar with it, but here it's been great. The Woodlands is a, you know, magical little bubble of a place to live. It's got everything you need. It's 25 minutes to the factory. All of it has been, from that perspective, just fine. When my wife got cancer, we were right here at MD Anderson. You know a lot of that stuff worked out. Dave: That is great. So tell me what your business premise was for Levitated Metal. So maybe give just a little background. What does the company do? Roank: Sure, so we're a heavy media flotation platform. What we do is we buy a thing called Sorba and we make aluminum Twitch. But stepping back from that to people that don't know what any of those words mean, our suppliers are the largest scrap metal processors in the region. Right, the states who will buy something like an old 2008 ford 500 sedan that's at the end of its life, yeah, shred it into fist size and smaller pieces, extract all the steel out with a magnet and then extract all the other metals like aluminum from the engine, copper, brass zinc, die, cast through other technologies. That aluminum, copper, brass zinc all is mixed up together in little pieces in a giant pile and that product is called a made up word Zorba by the industry. They make lots of it inside of houston. probably 15 million pounds to 18 million pounds of it is made every month right I buy that it's useless the way it is because you can't melt it, because it's got too many different types of metals in it and it doesn't make a useful alloy. But if you can get the aluminum out, that aluminum is super valuable because that aluminum you know used to be the engine block of a old car. It's a pretty tight chemistry match to the alloy required for the engine block of a ford f-150 a 2005. So through a density flotation process using water and ferrosilicon, we can change the density of that water so we can actually float the aluminum out. Dave: Hence the name levitated. Roank: Yeah, it's not a novel technology. I buy the equipment from some dude in Italy. There are well over 100 of these kind of plants in the world, maybe a little less than a dozen when levitators started up in the united states and a very what it sounds like a simple process is a royal pain in the rear. That actually managed because it's a very analog system with all sorts of weird chemistry and other things involved and a challenging plant to rot. But you know, we do a pretty decent job of it. Dave: Now, why did you pick New Caney, texas? I've been to St Louis, in fact, I was just there last month. They appear to have plenty of land around that place, you know, especially across the river in uh, is that illinois? That's just east so why? Didn't you just buy some land and do it up there? Roank: so where these plants, where the competitive plants exist, are relatively close to where their consumers, the aluminum smelters that would buy the recycled aluminum, are, and that's generally already in that area. So there are plenty of plants in that area. Dave: Okay. Roank: Down here in Houston. What was the case when I chose to move down here it became very quickly not the case, because two other people also built plants was that there was a large market in Mexico that did not have access to this type of material because there were no media plants in Texas or along the Mexican border. And aluminum manufacture in Mexico was growing incredibly well, much like the rest of their economy, and so what I saw was a consumer need right mexican heavy media plants, a set of suppliers in the texas area that did not have a domestic buyer for their zorba and so good supplier footprint and, at the time, a relative lack of competition. But I didn't realize. So, like two months after the financial raise was done and everything like that was, there were in fact, two more plants that were in the process of being built. They both started, you know, six to 12 months after mine did not so far away. There's one up near dallas, there's one up in arkansas so it became a little bit more competitive, though in truth that has not really changed the calculus on anything in a great way. It hasn't really improved the deal too much. Dave: Okay, and it was you started with, just a green field, right? Roank: Yeah, it was some trees and dirt and 10 acres. It was some trees and dirt and 10 acres and I started with dirt work and stormwater and concrete and buildings and equipment and built the whole thing. Dave: What year did you? Roank: start COVID 2020. Oh, it was the heck of a time. Dave: That was the construction was during COVID yeah. And when did you open? Roank: Then we started processing. At the end of December we shipped our first 2020 and we started shipping material in full January 2021. Dave: Oh wow, that really was in the midst of COVID. It was Most of it wasn't? Roank: that big a deal. There was some delay in equipment delivery because it came from Italy, and so if anybody had a rougher time COVID wise, it was Italy. So it came from Italy, and so if anybody had a rougher time COVID-wise, it was Italy. So it came from Italy but that might have only cost us a couple months. What was really frustrating and challenging and ultimately we were able to get through it was simply the difficulty of bringing process experts from Europe to the US during the COVID timeline. You know, like I can't tell you how many voicemails I left at the US embassy in Milan to sorry the US consulate in Milan to try to, you know, accelerate the review of the visa for the texts to come in from Italy, but I can tell you how many times somebody probably listened to it with zero, so just a royal pain in the rear. You know, just because the pain in the rear to get that all done, it got done. But those were challenging times. Dave: So started January of 2021 and, uh, at the time, had you given any thought to how long you might want to, that you and your investor group might want to run the business or own the business? Did you have any thought when you started it about what I honestly thought? I? Roank: would run it and own it for like nearly 10, 15 years years and grow it over time and continue to be in the space, et cetera, et cetera. It was meant to be a longer term cashflow, not one necessarily built on an exit strategy of selling at some point in the future. That was the original intent. Dave: How did that-year plan end up working out for you? Roank: Well, it turned out to be much shorter than that. So, as it turned out, in 2023, we had an unsolicited offer from Murfrees Industries to purchase the business assets. Dave: Wow, just two years later. Roank: Yeah, two years of operation later. Yeah, and for a number of reasons, it was the right choice for me and my investors to do the sale and it's been absolutely phenomenally good, I think, for both sides. The transaction itself, you know, from my perspective, great because you know it was an accelerated exit, but an exit nevertheless, and it still gives me the opportunity to continue to do the same job in the same office every day that I really enjoy doing that. I find great fulfillment and mental stimulation and sense of purpose in without the undeniable and underestimated stress of being a business owner. Dave: Yeah. Roank: So that's been absolutely great. It occurred at a time when my wife was battling cancer and took a lot of stress off. Taking that business stress off the table Sure Just made it easier to get through that entire process. Yeah, and it's just been a good. I think it's been fun for everybody. You know Adam and Michael Mervis were the you know fourth generation. Perhaps Adam and Michael Mervis we're the fourth generation perhaps owners of Mervis Industries enjoy having the levitated team in their company. We enjoy being part of it. Both of us have to do better together. It's been really just great. Dave: That is awesome, because not all transactions work out that well. Roank: Yeah, I'm sure there's some number out there that I would have sold the company at, knowing full well that I would not have wanted to work there afterwards. I'm sure there is, but I'm glad I didn't have to. Dave: Because you were I'm guessing you were the. Were you a minority shareholder? Did your? I was a minority shareholder. Roank: Oh, you were the majority, okay. Dave: So it was ultimately your call Correct and your but the the deal clicked, checked all the boxes and and were your investors disappointed that they were going to lose their cash flowing business. Roank: No, they were very pleased with the cash they got all up front. They were fine. That is great. Coincidentally, I did this math when we were doing the sale. I think that the net result of it was the same. Dave: IRR or plus or minus one within 1% of the IRR. Roank: That was in the financial presentation for the business itself. Really, yeah, very unexpected. Yeah, again, nothing more than a coincidence yeah what do you, what do you enjoy most? enjoy the most about the business is building and growing things. What I have realized is that is not sufficient to be a great leader. Right, there's building and growing things. A great leader right, there's building and growing things. But there's also all the other things that a leader should gain and find value in a business that I'm just not personally built to enjoy nearly as much. Right, I enjoy growing the skillset for the people that work for me. I enjoy seeing them be successful, but I don't think I enjoy it as much as I really should, or that a leader really should. In many ways, I think what I've discovered is I almost enjoy being an individual contributor more than. I enjoy being a leader and in in many ways, that's why I enjoy being at such a small company. Right, yeah, here the leadership I have to do is very direct. It's in the office, with people that are no more than 15 feet away from me right now. It's a very old style of working. You, you know, I have one remote employee and thank God she is very self-directed and capable and intelligent and proactive about reaching out to me, because otherwise she would be really disappointed and I would suck at that job. And so when we talk about you know what do we like about the job? I enjoy the improving of things. I enjoy the new thing to be done. That is not as much of it's not that much of running a business as you would want it to be. Sure, it's not like about a small business, though are just the variety of stuff I get to do I wear slightly fewer hats now than I did before the acquisition, but I was the CFO. I was, unfortunately, the lead IT guy, even though portions of these functions were outsourced as well. I sold all the metals. Having never sold a pound of metal in my life prior to levitated metals, I sold all the amount and then I was the president. I was the lead on any plant improvement projects of great size that we had again support throughout the organization on all these little pieces. But that's a lot of little hats to wear okay, okay. That a bigger company would have a head underneath every one of those hats. Sure, so I enjoy being able to do the breadth of those activities. I think it's rare that people can do the breadth of those activities. You and I talk about ICDIS stuff all the time and I would wager at a level that maybe less than five company owners that you interact with are able to discuss the situation. Is that probably correct, or am I? I think it's probably less than three yeah. Dave: And I can't think of who the other two are, so you might be in a class of your own. Roank: Yeah, I enjoy that thing right when I think about things that I would have been in a different life. Perhaps tax accountant could be one of those. But man, this is a very different life than tax accountant. Dave: Yeah for sure I think you made the right call. Well, as we're kind of rounding the home stretch, I've just got a few more questions. One is when you were leaving Intel, if you had a time machine, or maybe right after you left Intel and you had a time machine that you could go back and have a conversation with the younger Ronak 20 years ago, what might you have told yourself? What advice might you have had? Roank: or wisdom that you might've wanted to share. I don't think I would've shared anything. Dave: No, wouldn't want to, but I would've wanted that. Roank: With the exception my wife's death, there is not a single thing that I would have changed that is a you're. Dave: I asked that question on my guest and you're probably the only one who's ever answered it that way. Roank: So I would say, yeah, what type of things do people say? Oh, you know the number one, because I'm not just saying that because I don't want to watch other podcasts, I just yeah, well, no, I can give give you the rundown. Dave: The most common answer is they wish they would have taken a risk sooner. They wish they would have started their company sooner. They wish they'd been more willing to take a chance. Now, granted, many of my guests are self-made first-generation entrepreneurs like you know, are, you know, self-made first generation entrepreneurs like you are meaning? You know they formed the company, but some of them may have worked at other companies. In hindsight they realize, oh, I should have done this five years sooner, you know it. Just, it would have only been better if I'd done it five years. That's kind of. The most common answer is just, they wish they'd played it less safe. You know, they wish they'd taken, you know, more risks in college. They wish they. That's kind of the most. But that one is consistent with what most people say near the end of their life they don't regret the things they did, they regret the things they didn't do. So that tends to be the answer. But that, to me, is a really good. That's a really good answer for somebody who's pretty content with where their life is. Roank: Yeah, other than you know your wife, obviously, and I see what everybody else describes, but I feel that everything I did, I was learning something that became foundationally valuable. Dave: Yeah. Roank: You know there was a period of time I got laid off from Schnitzer in early 2009. And I didn't start up at Alter Trading until, you know, about a year later. But I did some consulting in the middle for a wonderful company, Steel Pacific Recycling in Vancouver Island, Victoria, British Columbia, and I was there for three months and it was a magical time because we were there in the wintertime. The whole family moved up. My kids were very young. We had an apartment right in Victoria. I rode a bicycle to work to the scrapyard. But I did a bunch of really interesting financial cost accounting structure set up that helped them understand their business better and those were super useful skills when I had to do a chart of accounts setup for levitated metals. We were able to slice and dice our financials. You know extremely well and I don't know if I would have used an erp system nearly as well as I do here had I not had all those little formative experience things in the end I think for me at least. I don't feel like I had a lot of wasted years throughout any of that time I learned steve jobs, as you say. Dave: Steve jobs has the saying that you can only connect the dots when you look backwards, that at the time you can't. It's not like you had some grand plan, I'm guessing you know when you left intel. It just you know. Because steve talks about. He took this calligraphy class that he audited in college and, uh, you know, and that influenced everything at apple design and fonts and and other stuff that it only makes sense looking back so that's. Roank: That's interesting. Yeah, I can. I can see that, and it is hard to connect the dots until yeah until you look back so. Dave: So here's kind of a fun one. I think you've been a like me, you're a. Well, I consider myself a naturalized texan. My wife's a native texan, so, uh, you know, if you you know. So you're also a non-native texan, but I think you've been here long enough for this question. Tex-mex or barbecue. Roank: Barbecue makes me fall asleep. I'm not saying Tex-Mex, I've always loved Tex-Mex. So yeah, we've got some great barbecue. Actually, right near the plant Rusty Buckle is some great barbecue. Near my house is Corkscrew, which just got a Michelin star, which. Dave: Oh nice. Roank: Yeah, which I still struggle to understand how that all plays out. But Texas I guess you get a star. But I love me some Lupe Torquillo yeah yeah, I am with you. Dave: Well, is there anything I didn't ask you or we didn't talk about that you wish we had or we should have? Roank: No, but I'll do you a favor and I'll plug a little bit the IC disc. I know that's not the goal of this podcast, but it is why we know each other. Yeah, so I'll tell this story if I may. Yeah, absolutely, the IC disc and levitated metals. Yeah absolutely, yeah, absolutely, disc and levitated metals. So I called you on my birthday, three months before I, a little bit before I sold the company, and I had talked to you many times previous to that about setting up an icy disc. We, like many scrap companies, are well suited to the icyDIS because the profile of our sales are high margin exports and lower margin domestic sales, and the value of, as a pass-through entity, being able to translate ordinary income into dividend income, has great benefits to the investors of a company. I think there's probably some advantages, even if you're a C-corp, but you can detail that kind of At most. I think there's probably some advantages, even if you're a C-corp, but you can detail that kind of stuff out. I don't really know. Dave: Sure. What was? Roank: interesting when we talked about it is I was in the process of selling the company and when you sell a company that's done a bunch of bonus depreciation because it built a big factory, there's always depreciation recapture that shows up as ordinary income at the time of the sale and so whatever normal ordinary income there would have been that year it was going to be much, much higher because we would have clawed back a ton of depreciation. I put a recapture on depreciation. It's ordinary income. We, like many scrap companies again, have an IC discable kind of amount of headroom of income translation from ordinary income to dividend income Well in excess of the ordinary income we normally make in any particular year, and so, like most scrap companies, there should be no reason to pay ordinary income tax. Dave: Right. Roank: Again, most scrap companies that are Nazi corpse or whatever. But in the year of the sale, all that extra headroom suddenly became valuable because I was going to have this abnormal ordinary income from the depreciation recapture, and so what would have been X million dollars of ordinary income that would have turned to dividend income wound up being something like 2.5, x, yeah, all of which I was able to use because I had so much ordinary income, yeah. And your shareholders as well. Yes, absolutely yes, I and my shareholders. And that was phenomenal. And then on top of it, I think I got to. The ICDIS lets you defer some of that dividend income into the following year. So just sat there in our bank accounts making 5% or whatever we chose to do with that money for another year more than a year, excuse me. Just truly phenomenal. The impact of the ICDIS in my space. Not an easy thing to kind of think through. You and I were just spitballing stuff. We popped it up as an option. You had to go back and think about it, but it looks like it works. And I don't know if you have done it before. Dave: No, yeah, it was just such a unique fact and it was mostly because of how new the business was. Right, if the business had been open for 10 years, we would have started the IC desk probably in year four or five it was coming, and then you would have been using it and then you would have had that transaction, the depreciation recapture, and it would have given you a bigger benefit. It would have happened anyway. It was just your circumstances were so unique is how it all fell out, and I doubt we'll ever see that. That circumstances, because it's so rare to start a business and sell it so quickly, you know I think the takeaway of it is the one. Roank: So one of the takeaways I have from this is I should have started the ICS earlier, because of the bonus depreciation as a startup of the company and the complete depreciation of the entire factory. In the first year, I and investors had a ton of NOL and net operating losses that were just going to take a while to turn into a cumulative net gain and before that happened we sold the company. I was planning on doing an IC disc in 2024, I think was my expected timeline, which is when we would have clicked over to a game and then suddenly there would have been income that I wanted to translate over into dividend income. But I really should have just done it before into dividend income but I really should have just done it before. Dave: So the question I should have asked you was if you could go back in time two years and do anything different. Give any advice to yourself. What would it have been? I mean, it's a joke, right? You would have said start the ICDISC sooner. Roank: The real advice I would have given would have been understand how your NOLs work so that you can do a donor advice fund for the ordinary income you thought you were going to. But outside of that, in truth it's a minor esoteric thing that doesn't really matter. Dave: And so, since you brought it up I rarely talk about this. Since you brought it up, just a couple quick questions. One, because the cpa firm you use actually has some icdisk expertise and you know you could have used them. So do you recall what aspect of our I remind you. Roank: Yeah, because you're, I see this guy. Okay, and the thing that I was talking about felt esoteric enough that I didn't want to click just on a cheap bastard. I didn't want to click over, you know. CPA for billable hours while they tried to figure it out and roll me in a show or something like that. That's not how I want to play now, but the truth is I just needed something done quick and fast because every day that I waited to do the icy disc was another day of revenues that I couldn't utilize. And the second reason is, you know there's a time there's time it takes to create an icy disc and set it up and all that kind of stuff. You have that down to a science and had a method to kind of quickly get me rolling on it. While you and I both know you made a bunch of money on that transaction for a couple of years of work on it, it was completely worth it to me and a very satisfying business and personal relationship that tested both of our intellectual capabilities to kind of put together and work on. I enjoyed doing it right, like when we talk about what we enjoy and work. Dave: Yeah, that was a fun thing it was, yeah, no, it was for me too, because so yeah, so few of my clients, you know, know, have that much interest, you know, getting into the weeds there, and it caused me to think of some things I hadn't thought about in this. And again, since you brought it up, in the experience, you know, the team was the responsiveness Good, I mean, was the? Is the experience been positive? Oh yeah, it's been great, yeah what about coordinating with your CPA firm, because sometimes a CPA firm who has an ICDIS practice will sometimes say things like yeah, but it'll be more seamless if it's all under one umbrella right. Umbrella right, I mean, it's the. Did you get the sense that? That it created a lot of of extra work by the cpa firm, or that balls got dropped because you didn't have one entity doing it all? Roank: I don't think I got that sense, because the cpa firm is made up of multiple people too. That, oh, it's a good point, right? I mean, it's not like the ICDISC person is the CPA that you're working with, right? Dave: You know, I hadn't thought about that, and you're right, and there's some level of communication that is required regardless. Roank: Yeah, and that. Dave: IC-DISC practice, if I recall, for that particular firm. I think it's out of a different office. Roank: Anyway, I don't think, even if they were next to each other right which are of course not next to each other because they all work remote Even if they were next to each other, still two people having to talk, and so there's still coordination that has to happen, and you know what you're talking about. In the end. There is enough esoterica on optimizing the ICDISC usage, that especially trying to maximize the ICDISC capability that I don't think others really understand and not all of them need to understand it. But what I mean by that is for many companies they can just use the stupid simple approach for doing ICDISC and it'll still let them translate all the income they have right. In my particular case, it was important to look at the transaction by transaction optimization capability of the ICDISC in order to fully utilize and maximize the amount of income I could translate to dividend income. I use shared logic as my ERP system. There is literally an ICDISC button that creates the report that you care about. Dave: Right, and so that's one of the benefits of not to interrupt you, but people ask me because, like my, our IC disc business is almost impossible to sell. In fact your CPA firm even talked to me a few years ago about buying the ICDIS practice. The problem is we're not very sellable. We have a huge, we have a concentration risk because it's all tied to one part of the tax code. So they wanted to discount that, or they would have wanted if the conversation on that far. And the second problem is I'm a craftsman, I have the primary relationship with all of the clients. So they would have made me stay around for three or five years and I'm like you know and it would have been tied to some kind of an earn out because they're going to say well, what if the IC just goes away next year? You know we want you to basically keep some of that risk. So I don't know what got me off on this tangent of that risk. Roank: So I don't know what got me off on this tangent. I hear you, and I've thought about that question on your behalf as well, because from my perspective I think your job is kind of interesting and fun. Right, you get to visit a lot of different scrap yards, talk to a bunch of different scrap dudes about a thing you're very knowledgeable about that you know really could trans dramatically improve their financial position, and yet it's still a tough sell. Right, it should be like selling. You know it's not like selling ice cream to eskimos, and yet sometimes it probably feels that way. It is that way, yeah, yeah, and also the question of how to. Because you have a couple of people, I think that work for you, right, at least? Dave: one, yeah, yeah, there's a whole team, yeah. Roank: And so, yes, if IC-DISC went away, it would be I don't know what else you guys do, but pretty close to the end of the company and that's a rough gig. And you know, the low-grade communist in me certainly is shocked, shocked by all the awesome and incredible tax code optimization tools that exist for business owners tools that exist for business owners. Dave: I mean between the IC-DISC, new market tax credits opportunity zones right Bonus appreciation just it's Cost segregation, research-. Roank: Absolutely phenomenal, right, I am now a W2 employee like a putz, you know it's just phenomenal. But if that went away then, yeah, this does die. It's a really difficult thing to try to sell, right. It's the type of thing that, I don't know, if you can't keep some level of skin in the game or risk on it. It feels like the type of thing that if you have the right person in the organization that could be the face, should be kind of employee acquired in some capacity. Dave: Well, and that opportunity exists Some of my partners, I mean I have a standing offer to basically sell my part of the business and in many ways are you familiar with the inside. Roank: I am the. Dave: There's a deep dive of tax yeah, yeah, the structure for us I've already looked at it just doesn't. It doesn't really, it's not not the right fit, but yeah, I thought this thing. You know the funny thing about the disc it's been around since 1972, but it's been quote going, going away since 1973. So I've been doing this 20 years, and I thought I might have five years before this went away or there was a change. But the key, though, is that and that's true the concentration risk is there, but on the flip side, there's also a premium. You get a specialization premium that comes along with it. It's the reason if you look at a lawyer, the more specialized they are, the higher their billing rate, and so there's a premium that comes with that specialization. I know what I was going to say, and then I doubled down further where we have a concentration of risk within the scrap metal industry. But the benefit of that, though, is that when I show up to a scrap metal conference, I'm the only one there talking about IC disc, and I'm the one that well, a scrap guy introduced us. I mean, in fact, I won't mention him by name, but I call him my best unpaid salesman. He's referred as multiple clients. For a variety of reasons, they don't use us, but he's still a big fan of uh, of the work we do. So, yeah, and then the. Finally, there's this concept that has not caught on with a lot of americans. But there's this concept of saving Like you don't have to spend all your income in any given year, so there is this concept of you can make money, put it away and then, if the business goes away, you have this thing called like a nest egg, or you know. So People should think about it, yeah, but yeah my clients, my clients who I have a relationship with, that's. Oftentimes they'll ask me hey, dave, I'm a little worried about you, like as a friend, what happens if the IC disc goes away and I'm like I'll just spend more time there? That's what will happen. Roank: If it makes you feel better, I don't worry about you. I just think it's a very interesting company sale situation. I just think it's a very interesting company sale situation. Yeah, and you know, when you look at the environment today, you could be a tweet away from getting doged. Yeah, yeah, exactly yeah. So one of the you know, keep your head down and stay quiet, kind of things which appears to be the standard business approach to today's situation. Dave: It does seem to be. Roank: Well, hey Ronak. Dave: I can't believe how fast the time has floated. This has been a blast. I really appreciate it and I hope you have a great afternoon. Thank you, it's good to talk to you. Special Guest: Ronak Shah.

Marv and Victoria McGuire joined the Vast Voice podcast to share their journey from single-family rentals to becoming multifamily syndicators managing hundreds of doors across the Southeast. Victoria began as a residential Realtor in 2005, later pivoting to underwriting multifamily deals, while Marv—retired from the Navy and a background in IT sales—focuses on investor relations. After years of managing scattered single-family homes, facing high maintenance costs and burnout, they sought scale and stability through multifamily investments.The couple transitioned into syndication after educating themselves through real estate courses, including one by Grant Cardone, and joining a mastermind group led by Rod Khleif. Their shift proved fruitful—acquiring nearly 500 doors in a single year. Their strategy emphasizes strong partnerships, due diligence, and conservative underwriting. They only present three to four vetted deals per year, filtering through hundreds of opportunities to meet their strict metrics—at least an 8% preferred return, 15% IRR, and 1.75x equity multiple.Victoria emphasized transparency and co-investment as key values. They invest their own money in every deal and maintain clear communication with investors through webinars and a streamlined portal process. They also welcome funds from qualified retirement accounts like IRAs and 401(k)s, helping clients diversify into real estate. Marv noted they're conservative with projections and aim for "singles and doubles," offering a solid alternative to the volatility of the stock market.While based in Florida, most of their current acquisitions are in Georgia and South Carolina, due to Florida's high insurance costs and inflated seller expectations. They focus only on landlord-friendly states, which helps protect investor capital. Their deals involve thorough three-tier underwriting, site visits, and market analysis, which sets them apart from many operators who submit dozens of low-due-diligence offers.In closing, Victoria and Marv encouraged listeners to explore real estate syndications as a way to diversify and build generational wealth. Marv shared that his military background shaped his disciplined and deliberate approach to investing. Both stressed the importance of education, mindset, and taking action. They invited interested investors to reach out through their site HeartSillCapitalPartners.com or by contacting them directly for more information.Takeaways• Victoria transitioned from residential real estate to multifamily syndication.• Marv's military background influenced his disciplined approach to investing.• They acquired nearly 500 doors in the past year.• Their investment strategy includes stringent underwriting standards.• They focus on landlord-friendly states for property investments.• The McGuires emphasize the importance of due diligence in real estate.• They partner with experienced operators in the industry.• The current market in Florida is challenging due to high prices and insurance issues.• They believe real estate syndications offer great diversification for investors.• The McGuires encourage taking action and investing in real estate.Sound Bites• We did almost 500 doors last year.• We have a three tier underwriting model.• You gotta take action and get out there.Listen & Subscribe for More:

Wondering how to grow a resilient multifamily real estate portfolio while minimizing risk? In this episode, Dustin Miles reveals how he evolved from flipping houses to leading multifamily syndications, why strategic location and healthy cash reserves are critical, and the key lessons he's learned managing thousands of units. Whether you're just getting started or looking to scale, this conversation delivers actionable insights from a seasoned expert.   Key Takeaways To Listen For The power of starting small and patient in multifamily investing Early mistakes that taught Dustin the power of pivoting Franchising principles you can apply to multifamily operations What to look for in location, property age, and unit count Current market dynamics and where the best opportunities are today Resources/Links Mentioned In This Episode Cancer Care Services University of Texas at Austin Lifestyles Unlimited Rockstar Capital    Asset Living RealPage    Community Crime Map Atomic Habits by James Clear | Kindle, Hardcover, and Perfect Paperback Courage Is Calling by Ryan Holiday | Kindle, Hardcover, and Paperback   About Dustin Miles Dustin is the Principal and Managing Partner at Momentum Multifamily, a real estate investment firm focused on acquiring and operating high-performing multifamily assets. With over 15 years of industry experience, he has consistently identified and executed value-driven opportunities that deliver strong returns. Under his leadership, Momentum has acquired more than 1,550 units with a total capitalization of approximately $241 million. Before co-founding Momentum, Dustin independently acquired over 1,400 units totaling approximately $96 million. Over the course of his career, he has successfully exited around 1,000 units with an average IRR exceeding 30% and a 2.3x equity multiple. At Momentum, Dustin leads the firm's strategic vision, acquisitions, and asset management initiatives.   Connect with Dustin Website: Momentum Multifamily LinkedIn: Dustin Miles Instagram: @dustin.miles Meetup: MOMENTUM - Multifamily Investor Group   Connect With UsIf you're looking to invest your hard-earned money into cash-flowing, value-add assets, reach out to us at https://bobocapitalventures.com/.   Follow Keith's social media pages LinkedIn: Keith Borie Investor Club: Secret Passive Cashflow Investors Club Facebook: Keith Borie X: @BoboLlc80554

Welcome back to the Alt Goes Mainstream podcast.Today's episode is about mining for investment success in enterprise software by going “an inch wide and a mile deep” with someone who is one of the industry's most prolific private equity technology investors.We sat down with Nic Humphries in Hg's London office. Nic is the Senior Partner and Executive Chairman of Hg and Head of the firm's Saturn fund.Hg, one of the top 10 largest PE firms globally based on the PEI300 ranking, has built an impressive investment engine focused on mission-critical enterprise software. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.Nic is responsible for Hg's strategy, management, and governance. On the investing side, Nic focuses on larger software investments that provide daily-use mission critical applications for accountants, tax / compliance professionals, and designers / engineers / scientists. He has brought his electrical engineering background to bear to go a “mile deep” into a category where Hg has become an unquestioned market leader.Nic balances being both a detail-oriented specialist with a vision for both the enterprise software industry and Hg as a firm. We had a fascinating discussion about enterprise software investing, how to create European software giants, applying AI to make companies more efficient, and much more.We covered:The origin story of Hg.How Hg grew into one of the industry's leading software focused private equity firms.How an engineering mindset has helped Nic become a leading investor.Why Hg focuses on mission-critical enterprise software and why it's a compelling investment thesis.Why enterprise software investing can be considered a low volatility investment strategy and how Hg has delivered consistent returns to investors.How to effectively manage exits and DPI.Why Europe, why now?How AI could impact technology and services businesses.Thanks Nic for coming on the show to share your wisdom and expertise about enterprise software and private markets.A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It's not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there's increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:00 Introduction to our Sponsor, Juniper Square01:40 Introducing Nic Humphries01:56 Hg's Investment Strategy04:03 Nic's Background and Career Journey04:46 Engineering Mindset in Investing05:14 Long-Term Business Thinking05:58 Hg's Focus on Accounting Software06:45 Growth Drivers in SMB Market09:05 Impact of AI on Enterprise Software09:34 Platform Shifts in Technology11:10 Adapting to AI in Business12:15 Mission Critical Software14:02 Challenges of AI Integration14:58 Embedding Products and Services17:13 Organic Growth vs. Acquisitions20:51 Geographical Expansion Strategies21:59 European vs. North American Markets23:30 Management Teams and Expansion24:32 Jurisdictional Challenges in Europe25:05 Hg's Investment Philosophy25:50 Mission Critical Software in Europe36:22 Hg's Consistent Investment Returns38:00 Conclusion and Final Thoughts40:13 Understanding Recurring Revenues40:59 The Importance of Discipline in Investing41:48 Learning from Past Experiences43:30 Maintaining Excitement and Focus45:26 The Role of Realization Committees46:44 Continuous Improvement Culture47:42 The Importance of Cash Returns48:51 Exit Strategies and Realization Committees50:32 Re-underwriting Investments52:40 AI's Impact on Software Development54:17 The Rule of 40 and AI54:38 Investing in AI: Startups vs. Established Businesses55:59 Hg's Growth Strategy58:56 Specialization in B2B Back Office Software01:01:35 Fund Structure and Management01:03:27 Expanding into the Wealth Channel01:03:48 Hg Capital Trust and Fusion Fund01:05:27 Communicating with a Broader Audience01:06:39 The Importance of Brand in Wealth Management01:07:32 Connecting Private Markets to Everyday Life01:09:36 The Prevalence of Private Companies01:11:09 Aligning Interests with Investors01:12:19 Investment Decisions and Long-term Growth01:14:21 Future Growth Opportunities for Hg01:16:38 The Role of AI in Future Investments Editing and post-production work for this episode was provided by The Podcast Consultant.DisclaimerThe views and opinions expressed in this episode are those of the speaker and do not necessarily reflect the official policy or position of any affiliated organization.Any references to past performance, including IRR or MOIC figures, are presented on a gross basis and do not reflect the deduction of fees, expenses, or carried interest. These figures are illustrative and not necessarily indicative of future results. Statements regarding industry rankings, success rates, or performance consistency are based on internal analysis and may not be indepe...

In a market flooded with pitch decks and pro forma promises, what actually drives durable returns in private real estate?  In this episode, Jim sits down with Jacob Vanderslice of VanWest Partners to dissect the operational backbone of self-storage, the risks behind the spreadsheets, and why real investors focus on downside protection more than projected upside. Key Takeaways: Self-storage is an operating business. With granular rent streams, month-to-month leases, and retail-level management, it's not just real estate—it's operations. Cycles expose weak decisions. Jacob shares how forced timing, tax pressures, and poor planning can destroy returns—and how to avoid those traps. The right questions matter. A good pitch isn't enough. Investors should ask about worst-case outcomes, not just IRR targets. Self-storage may look simple from the outside, but as Jacob Vanderslice makes clear, consistent returns come from disciplined operations, not market timing. W hether you're using Infinite Banking or other private capital strategies, the message is the same: know your operator, understand the risks, and focus on long-term execution—not short-term projections. Connect with Jacob Vanderslice: Website: www.vanwestpartners.com/ Linkedin: www.linkedin.com/in/jacob-vanderslice-02905b16b/  

In this powerhouse episode of The Money Mondays, Dan Fleyshman brings together two incredible entrepreneurs who are reshaping the way people build wealth, invest capital, and give back.• Gary Lipsky, founder of Break of Day Capital, shares how he went from producing indie films and running youth programs to managing $100M+ in real estate assets. He breaks down real estate syndications, how to spot red flags, and why passive investing is one of the smartest wealth plays for busy professionals.• Douglas James, a Navy veteran turned tech founder, walks through his evolution from lead generation agency owner to co-creator of LeadFi, a cutting-edge platform using proprietary data and AI to supercharge high-ticket sales. He opens up about losing 8 figures, hitting rock bottom, and rebuilding with faith, focus, and purpose.In this episode you'll learn:• Why hands-off real estate investing creates true freedom• How to evaluate IRR, cash flow, and cap rates in deals• The power of AI and real-time data for qualifying leads• What both men teach their kids about charity and legacy• Why neither plans to hand over massive wealth to their children without preparationFrom real estate to revenue tech, this episode is a blueprint for how to make, grow, and give money, with purpose.Like this episode? Watch more like it

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-brazilian-gold-project-advances-toward-mid-2025-production-decision-7194Recording date: 30th July 2025Cabral Gold has released an updated pre-feasibility study (PFS) for its Cuiu Cuiu gold project in northern Brazil, showcasing compelling economics for a staged development approach. The company's Stage 1 operation targets oxide material in the top 60 meters through heap leach processing, requiring $37.7 million in capital expenditure while delivering a 78% IRR and payback period of just 7-8 months at current gold prices. The operation will process 3,000 tons per day, producing approximately 25,000 ounces annually over a 6+ year mine life, generating $50-60 million in pre-tax cash flow yearly.This cash-generative starter operation positions Cabral to self-fund Stage 2 development of the underlying hard rock resources without dilutive equity raises. The company currently holds 1.3 million ounces in indicated and inferred resources, with 300,000 ounces in oxide material and one million ounces in hard rock potential. Management believes the district-scale project could ultimately contain 5-10 million ounces, supported by over 50 unexplored targets and recent high-grade discoveries including 11 meters at 33 grams per ton at Machichie Northeast.Cabral benefits from proximity to G Mining's Tocantinzinho operation, leveraging shared infrastructure including upgraded road access and nearby grid power. The company holds trial mining licenses permitting immediate construction start, with full mining licenses expected by year-end 2025. Three drill rigs are currently expanding the hard rock resource base, with management targeting a resource update when reaching 2-2.5 million ounces to support Stage 2 scoping studies.Financing discussions are advanced with multiple parties interested in a combination of debt, streaming, and limited equity. Construction decision anticipated within three months, followed by 12-month build timeline targeting production in second half 2026. This strategy offers investors near-term cash generation while preserving significant exploration upside in an underexplored gold district.—View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Small Cap Breaking News You Can't Miss!Here's a quick rundown of the latest updates from standout small-cap companies making big moves today:Loncor Gold (TSX: LN)New deep drill results from the Adumbi deposit in the DRC reinforce its underground gold potential. Highlights include: 6.61m @ 4.56 g/t gold and 11.43m @ 1.77 g/t. With over 3.6M ounces in total resources and a fully permitted plan, Loncor is deepening its flagship asset's value.Vista Gold (TSX: VGZ)Revised feasibility study for Mt Todd project in Australia confirms robust economics at 15,000 tpd scale. At US$2,500/oz gold: US$1.1B NPV, 27.8% IRR, 2.7-year payback. Capital costs cut 59% from prior plan, setting the stage for near-term development.Americas Gold and Silver (TSX: USA)Silver production soared 54% in Q2 2025, reaching 689,000 ounces. Cash reserves jumped to US$61.7M from US$8.8M. Cosalá mine surged 103% in output, while Galena delivered a 34% increase.Endurance Gold (TSXV: EDG)Crown Zone drilling hits 5.63 g/t gold plus 5.12% antimony over 3.3m — the best antimony width to date. Additional hits: 11.21 g/t gold over 3.0m and strong continuity across key zones. Project demonstrates growing potential as a rare polymetallic system in BC.Brixton Metals (TSXV: BBB)Drill hole THN25-322 at Glenfiddich Zone intersects: → 16m @ 3.4 g/t gold, 96 g/t silver, 0.59% copper → Including 6m @ 6.17 g/t gold and 221 g/t silver Zone extended to 380m strike and remains open. Multimetal system shows major district-scale promise.

In today's episode, Nico calls out the overcomplicated waterfall structures and financial gymnastics too many operators use to confuse LPs—and breaks down exactly how he structures his multifamily deals instead. You'll hear: – Why Nico avoids IRR-based waterfalls and keeps things clean with a simple preferred return – How his investors get paid before he sees a dime – The exact split structure he uses (and why he never hides fees or plays games) – The real reason some syndicators overcomplicate things—and why Nico refuses to Whether you're an LP looking for transparency or an aspiring GP learning how to structure deals the right way, this episode will hit home.

In this episode of the Startup CEO Show, host Mark MacLeod sits down with Tanya Papanikalov, founder of Rainbo, a leading functional mushroom brand. Tanya shares her fascinating journey from holistic nutritionist to successful entrepreneur, detailing how her personal healing experiences led her to create Rainbo. The conversation delves deep into the world of medicinal mushrooms, exploring their myriad health benefits and Tanya's mission to educate consumers about these powerful natural remedies. Listeners will gain valuable insights into the challenges of building a direct-to-consumer business, expanding into major retail channels like Whole Foods, and balancing entrepreneurship with spiritual practices. Tanya's unique background in mind-body medicine and Kundalini yoga adds a compelling dimension to the discussion, offering listeners a fresh perspective on integrating mindfulness and spirituality into business leadership. Whether you're an aspiring entrepreneur, health enthusiast, or simply curious about the intersection of business and wellness, this episode offers a wealth of knowledge and inspiration. Tune in to discover how Tanya's journey can inform your own path to success and well-being.Tonya Papanikolov00:01:04 Meet Rainbow's Mushroom Maven00:03:57 Full Moon Guru Wisdom00:12:14 Mushroom Magic in Every Product00:16:11 Western Approach to Eastern Wisdom00:18:21 Mushrooms 101: Beginner's Guide00:30:50 Power Couple Behind Rainbow00:39:20 Standing Out in Mushroom Market00:48:18 Kundalini Culture in Company00:58:39 Midlife Kundalini AwakeningSince 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/Contact Mark: https://markmacleod.me/Subscribe to Mark MacLeod for The Startup CEO Show Podcast, actionable insights, coaching, and strategy for CEOS.https://www.youtube.com/@MarkMacLeod-CEOCoach?sub_confirmation=1

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q2 2025 operations and 20,000 meter expansionary exploration program at the producing Minera Don Nicolas gold mine in Argentina, and the value proposition key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec.    Q2 2025 M.D.N. Operating Highlights:   Gold Equivalent Ounce ("GEO") Production of 11,437 GEO for the 2nd Quarter 2025 Underground Development has commenced and production set to ramp up in H2/2025 Expanded crushing and agglomeration capacity should expand tonnages to the leach pads and improve recoveries at the Heap Leach operation 2025 Production Guidance of 55,000 - 60,000 GEO remains in place, production weighted to H2 2025 as underground ramps up 20,000m Exploration Program underway at MDN targeting potential significant resource growth opportunities   Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. We discuss the positive impact that the newly installed secondary crusher has brought to production starting at the tail-end of Q2, but then will continue to be impactful on a move-forward basis in Q3 and beyond, with the quantity of ore being placed on the pad having increased.   The production profile will also keep growing in Q3 with the underground mining having now commenced.  With higher gold prices, the CIL plant continued to process lower-grade stockpiles and is planned to continue processing low grade stockpiles through Q2/25, after which it will be blended with new high-grade material from the underground mining operations, and this will increase the average grade throughput at the mill.   Another area of future growth will be the 20,000 meter drill program that is exploring the open pit resources, as well as identifying for more satellite open-pits at surface.   Having gone underground, there is also now the potential for underground exploration work to begin targeting new areas of mineralization or further defining existing areas of mineralization.     Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project  in Portugal, with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile.  We also discuss the 2 areas that will be addressed in the resubmission of their Environmental Impact Assessment (EIA) where approval is expected after upcoming political elections, and there will be an optimized Feasibility Study released in Q3, a construction decision by year end or early next year.  Construction is targeted for Q2 of 2026, with first production slated for H2 2027.*   We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study in Q1 of 2026 at the Mont Sorcier Iron-Vanadium in Quebec. Recent metallurgical test work, 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%.     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.

Interview with Keith Boyle, CEO of New Found Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-a-model-for-responsible-mining-development-7373Recording date: 17th July 2025New Found Gold Corporation (TSXV:NFG) has released its first preliminary economic assessment for the Queensway Gold Project in Newfoundland, presenting an innovative three-phase development strategy designed to minimize capital requirements while maximizing investor returns. The approach marks a strategic shift toward early cash generation rather than traditional large-scale mine development.The company plans to produce 1.5 million ounces of gold over a 15-year mine life with all-in sustaining costs of $1,256 per ounce. CEO Keith Boyle emphasized the strategy's focus on internal rate of return over net present value, stating: "We sacrificed NPV for IRR. In phasing the approach, we really pushed out that big production number because the capital cost of the small starter is much more attractive to us and much better fit for our shareholders."Phase one involves constructing a 700 ton-per-day operation requiring $155 million in capital expenditure, utilizing a toll mill in Newfoundland for five years. This initial phase will produce 69,000 ounces annually, generating substantial margins of approximately $2,000 per ounce at current gold prices. The second phase scales up significantly with a 7,000 ton-per-day processing plant beginning construction in years three and four, commencing production in year five at 172,000 ounces annually.The project demonstrates exceptional economics, delivering $742 million net present value with 56% internal rate of return at $2,500 gold assumptions. At current spot prices around $3,300, the IRR exceeds 100%, showcasing the project's leverage to gold price movements.New Found Gold benefits from exceptional infrastructure proximity, located one hour from Gander, Newfoundland. The company expects rapid permitting based on government support targeting five mines by 2030, with recent examples showing 10.5-month approval timelines. Additional upside comes from active drill programs at Dropkick and other targets, plus underground development adding 230,000 ounces as a "sweetener" to the open pit operation.View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

In this insightful episode of the Startup CEO Show, host Mark MacLeod sits down with Nick Mehta, co-founder and CEO of Gainsight, to explore the journey of building a category-defining company. Mehta shares how Gainsight played a pivotal role in creating the customer success profession and job category, transforming how businesses approach customer retention in the SaaS world. The conversation delves into Gainsight's funding history, with Mehta offering valuable perspectives on navigating relationships with top-tier venture capital firms and aligning expectations. He provides a candid look at the challenges of scaling a startup while maintaining a strong company culture, discussing Gainsight's core values and how they've shaped the organization's growth. Mehta also opens up about personal growth and the evolving priorities of a long-term CEO, offering wisdom on balancing professional ambition with personal fulfillment. This episode is a must-listen for founders, aspiring entrepreneurs, and anyone interested in the human side of building a successful tech company.Nick Mehta00:53 Gainsight's Guru: Meet Nick Mehta02:14 Taylor Swift: Nick's Unexpected Muse05:01 The Many Faces of Nick13:29 Nick's Literary Legacy: Five Books17:48 Keeping Customer Focus at Scale24:16 Glassdoor Glory: Gainsight's Triumph28:44 Five Pillars: Gainsight's Core Values38:22 Ganesh's Wisdom: Letting Go46:28 Wrapping Up: Kudos to NickSince 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/Contact Mark: https://markmacleod.me/

Title: Rare Earths to Truffles: Diversified Investments You've Never Heard Of with Louis O'Connor Summary: In this episode of Raise the Bar Radio, Seth Bradley welcomes back Lou, an international investor, to discuss diversification, rare earth metals, and a unique agricultural investment opportunity. Lou, who splits his time between Europe and Latin America, emphasizes the importance of global diversification for peace of mind and flexibility. He highlights the geopolitical dynamics affecting rare earth metals, where China dominates the refining process, and discusses the increasing demand due to restricted exports. Transitioning from metals to agriculture, Lou introduces his truffle farm investment. Leveraging agri-science and Ireland's favorable climate, the project offers investors ownership of inoculated truffle trees with professional farm management. Returns are projected to begin in year 4-5 and continue for up to 40 years, offering IRRs between 14% to 69% based on historical truffle prices. Risks include mismanagement and natural elements, though strong biosecurity and proven success mitigate concerns. Lou finishes with a valuable mindset tip: improve by 1% daily to compound results over time. Bullet Point Highlights: Diversification across countries and industries provides flexibility and peace of mind China's control of rare earth refining and export restrictions create scarcity and opportunity Truffle farm investment offers strong IRR potential, with returns starting in years 4-5 and lasting 30-40 years Minimum $30K investment includes 400 saplings and full farm management with a 70/30 profit split Primary risks are mismanagement and nature, mitigated through biosecurity and replacement guarantees Lou's golden nugget: Focus on improving 1% daily to unlock exponential long-term growth Transcript: (Seth Bradley) (00:02.062) What's up, builders? This is Raise the Bar Radio, where we talk about building wealth, raising capital, and all in all, raising the bar in your business and your life. This is the No BS podcast for capital raisers, investors, and entrepreneurs who are serious about scaling their business and living life on their own terms. I'm Seth Bradley, securities attorney, real estate investor, and entrepreneur, bringing you world-class strategies from the best in the game.   If you're ready to raise more capital, close bigger deals, build a better you and create true financial freedom, you're in the right place. Let's go. Lou, what's going on, brother? Welcome back to the show.   Thank you very much Seth. Thank you. I'm very happy to be here. Good to see you again.   Yeah, absolutely man. Great to catch up with you. Are you tuning in from where?   Well, in Europe still, you know, I'm back and forth between Ireland, Germany, mostly, a little bit of time in Panama as well, because my wife's from there, but I'm in temporary in Ireland, horse breeding country and agricultural heartland actually of Europe. And at the moment anyway, yeah, so in Europe.   (Seth Bradley) (01:16.664) awesome, awesome. That's the beauty of being on a video conference call that you can talk to anyone from anywhere in the world now. That's the one good thing that came out of COVID is it made it normal to do it.   Yeah, it's funny, unbelievable. Just yesterday I was contacted actually by CNBC in the US, I'm in Europe, about the metals. We're not talking about metals today, but I've spoken with you before about the rare earth metals. And I guess the US chamber, secretary chamber of commerce is in China this week because China is restricting the export of certain technology metals and that's their area.   And within a day, there's like an hour after I speak with you, I'm doing an interview with CNBC on, I think it's Power Launch or something they call it. So it's fascinating really how quickly you can sort of ping around the globe and find somebody and do this.   Yeah, yeah, very cool, very cool, man. Well, thanks for taking the time to tune in with us today. And we've got a brand new thing to talk about and we'll jump into that. But before we do, just for listeners who didn't listen to your previous episode, give us a little bit about your background and your story. Just a general synopsis,   Sure, thank you. Yeah, so I'm obviously, you can tell from the accent, I'm Irish or Scottish or Australian, but it's Irish. And I suppose you could say I'm bit of a world traveler who has come back home specifically for this project we're going to talk about. Ireland is known as sort of the breadbasket of Europe. But yeah, I lived in Germany for 10 years, lived in Central America and traveled extensively in South America during that time.   (Louis O'Connor) (03:05.422) But my niche, if you will, you know one other business we're involved in. And my niche, what I'm looking for is always what I call, I don't know what you might call it in the US, but we sort of call it a path of progress play here, which is if you sort of look at an industry or a product, what's happened in the last 10 years, or even a country or even a business for that matter, if you look at what's happened in the last 10, you can sort of   have a look at likely what's going to happen in the next 10. So I'm always looking for somewhere where demand is increasing and supply is either going to be limited or subject to disruption and somehow, and that's what we will be talking to an agricultural product and we'll talk more about it. But I like to be diversified in every way. So I have business in Germany, this agricultural product is in Ireland.   I do my banking in Belize and Panama and different parts of Europe. So just trying to be as diversified as possible.   Right, right. And that's part of your kind of plan as well, right? Like to be kind of this international man of mystery, right? Like you have different ties to a couple of different countries, which gives you flexibility in case something goes wrong in one of them, right? Like, you know, I think a lot of people were worried here for a while and I think it's still in the back of people's minds in the United States about, you know, the strength of the dollar and   You know, people were talking about getting a second citizenship and things like that. Can you speak to that a little bit about kind of, you know, how you've done that and what your kind of thoughts and feelings are around that?   (Louis O'Connor) (04:46.552) Sure, sure. Well, you my feeling always has this peace of mind, you know, I just want peace of mind. I want to be at peace with myself and the world around me. that's, I mean, I'm probably talking about more philosophically and spiritually as well, but also, you know, in business or residencies or banking. I suppose it's because I left Ireland quite young and I did live.   I didn't just go on a vacation somewhere. lived in Germany for 10 years. I learned the language. Ireland is an island, even though we're part of Europe, continental Europe is completely different. And then I went to Latin America, which is a completely different kettle of fish altogether. And I suppose it was those experiences that the perspective that gave me was that, that sounds very simple, really, root of entry, but there's...   there's good and bad, know, you we do certain things in Ireland very well, and maybe other things not so well in Germany, they do, you know, they've made better cars and better roads. And we do and you know, Latin America, I think they dance better and drink better maybe than you know, but so yeah, what I learned is, you know, you know, you can pick is a bit like life can be a bit like a buffet, and you can pick what you like, and you know what you don't like leave behind, you know, so and the idea, I suppose the point I should make is that   What I've learned is it's not expensive or difficult to be diversified. Like have your banking in different jurisdictions really doesn't cost anything. Having a second or third residency if you do the right homework on I'll go into more detail if you want. have residency still in Panama and I three passports. I'm working on the fourth and it has been a little bit of effort but not expensive or costly.   And will I ever use it? I worried that the world's going to end? No. But it's just that peace of mind you have when you've got these other options that, God forbid if something did happen here in Ireland or Europe, I have a residency in Panama, I banking there. So it's just that, suppose it's like having a parachute or a safety net that's always there.   (Seth Bradley) (07:00.13) Yeah, yeah, I agree. mean, that's, you know, especially the way that things are today and people kind of just worry about things generally, right? If you have that peace of mind and you have that, you know, second or third option, it's just something that can kind of let you sleep at night a little bit better. It's like having a nest egg or, you know, having a second, third, fourth, fifth stream of income.   things like that that can let you sleep at night and while other people are panicking and worrying and making, you know, maybe even bad decisions based on that, you know, based on those worries, you can sleep soundly and make decisions that are best for you.   Yeah, yeah, and you're not limited, know, if you're just, you know, like, I mean, it's funny though, as well, I think it's timely. I think the time has come. I you see people, you know, we were chatting earlier, you know, being involved in multiple different industries and, you know, with technology, we're allowed to do that. We can reside in one country, we can do our bank in another, we can do our tax responsibility somewhere else, we can do our business. So it's probably just in the last 20, 30 years that we can move so freely.   with all this stuff, know, you know, only maybe 25, 30 years ago, I wanted to, I couldn't really do business in Germany, but live in Ireland, it'd have to be one or the other. There was no internet, you know, everything. So, so yeah, I think, I think we're heading in that direction anyway. And it's just, yeah, there's great freedom in it and great peace of mind, even though, you know, I mean, I'll be in Ireland for, you know, my two kids are, there's another six or eight years.   before they finish school. So I plan to be here, but I just have other options as well, you know.   (Seth Bradley) (08:41.42) Yeah, yeah, that's fantastic. And speaking of diversification, mean, your investments are very diverse, right? I mean, in the previous episode, we jumped into rare earth metals. And then in this episode, we're going to jump into something new. Before we jump into the new thing, though, give us a little update on what has changed in your business with the rare earth metals or if anything has changed or how those things are going.   Yeah, well, thanks. Thanks for asking, Seth. Since we spoke, actually, the big news is just in the last 60 days, I think I mentioned to you that China pretty much sort of dominates the rare earth industry. it's, I think really, it's possible and we understand now that China sort of saw before the EU and maybe before the US or they understood at least that rare earths would become   the backbone of manufacturing in the 21st century and they've been, you know, they've taken action on that. So we're in a situation now and it's not really an economic strategy. It's more of a geopolitical strategy that China has big plans for electric cars, big plans for solar, big plans for wind. you know, they, they've hundreds of million people, they're, taken out of the poverty, into the middle class all the time. So sort of   thinking strategically and long term, they rightfully secured their supply of rare earths. And what happened just in the last 60 days is the US sort of initiated a sort of a block. Now it was also supported by Holland and Japan and they're blocking sort of the latest sort of semiconductor technology from going to China. And in retaliation for that, China   You know, they have, you know, an ace up their sleeve, which is where it hurts. So the West has the technology and China has the raw materials. And just in the last 60 days, China has said they're going to, well, effective August 1, which is a month ago, they're restricting the export now of gallium and germanium, which is two of these technology metals, and that China, you know, is responsible for 95 % of the global production. so we're seeing the prices go up and this is sort of.   (Louis O'Connor) (10:57.826) what I talked to you about that these metals are in demand on a good day, you know, you will make a nice return. But if something like this happens where China sort of weaponizes these metals economically, then you'll see prices increasing quite dramatically, which they are. Yeah, that's that's what's happening there. It's basically a market where there's surging demand and you have sort of political landscapes affecting as well. So   It makes for interesting investment.   Yeah, yeah. Are these rare earth metals, are they not something that we can mine or is it something we're not willing to mine, like let's say in the West?   (Louis O'Connor) (11:44.142) Yeah, good question actually. that actually gets right to the heart of it, Seth, because despite the name rare earths, they're not all that rare. Some of them are as sort of common as copper and stuff, but there's about eight or ten of them that are rare and they are available in the US. But this is what's changed dramatically in the last 30 years is the rare earths don't occur naturally. So they always occur as a byproduct of another raw material.   They're sort of, they're very chemically similar. they're, sort of all stuck together. So they have to be extracted and separated and then refined and processed into, you know, high purity levels for jet engines or smartphones or whatever the case might be. what's happened where China dominates is, is China is responsible for 95 % of the refining. Now there's about 200 or sorry, $390 billion available in subsidies in the U S.   from the Inflation Reduction Act, which despite the name is all about energy transition. And that's all very well, except the human capital and the engineering expertise to refine rare earths is depleted in, it doesn't exist in Europe, and it's very much depleted in the US. Just to give you some context, there's 39 universities in China, where they graduate degrees in critical minerals.   So the Chinese are graduating about 200 metallurgists a week, every week for the last 30 years. I think the US has a handful of universities. I'd say there's probably 300,000 metallurgists in China and there might be 400 in the US and probably none in Europe at all. So it's not just a question of if they're there, it's how do we get them into 99.99 % purity? Without the engineering expertise, we can't, not anytime soon anyway.   Wow, yeah, yeah. mean, that just alone sounds like a recipe for a pretty good play for an investment. you know, there's these bottlenecks, right? Whether that's people that can refine it or the actual element itself or willingness to mine it, you know, all these different things come into play to make it a good investment. All right, let's switch over a little bit here. Let's talk about the new investment vehicle.   (Seth Bradley) (14:06.99) that you talked to me about. It's an agricultural play, correct? we're talking about truffles, talking about mushrooms, right? Tell me a little bit about it just to get started here.   Okay, well, you probably I mean, you know, truffles are in the culinary world, they're known as the black diamond of the kitchen, you know, they're, they're a delicacy going back to, you know, thousands and thousands of years. Traditionally, the black perigord, which is the Mediterranean truffle would have originated in France, but for the last sort of, you know, the last 100 years or so,   they've been growing abundantly in sort of South, Southwestern France, Northern Spain and Italy. So traditionally, you know, that's where they grow and they sort of, know, because the truffle, as you said, it's a mushroom that has a symbiotic relationship with a a native tree, an oak tree or hazel tree or sometimes beech. So it's a very delicate balance, you know.   And although I have invested in agriculture before, we started, we, I mean, a collective does not just me involved here, and I don't want to sound like I take credit for any of this really. I was just a part of a team where we had some agri-science people, and we had sort of four generational farmers involved. But we were looking at, it is no question that climate, there's a climate change, right?   It doesn't matter to me whether people, whatever the causes of that are, the reality is if you talk to an olive grower or a truffle grower in Italy or France, they'll tell you the climate has changed because their harvests have been decreasing for about the last 30 to 40 years actually, but really more so in the last 10. So we were sort of, I'll tell you basically the AgriScience partner involved in this.   (Louis O'Connor) (16:10.958) As a test back in 2005, they started to plant and the trees inoculated, the baby trees inoculated with the truffle sort of in the root system as a test all over different countries, not just Ireland, England, UK, also the US. So this has been in sort of research and development since about 2005.   And we got seriously involved in about 2015 when history was made and this Mediterranean truffle was grown here in the British Isles for the first time. we then with our agriscience partner in 2015 planted a thousand trees in five different locations in Ireland where I am.   and one of them is about 20 minutes away from me here. They're all secret locations. I won't even tell you where they are because they really are. They're highly valued or highly prized. And so it takes about four or five years to see if you're a business. So yeah, we now are growing the Mediterranean truffle, not just in Ireland, but in other parts of the UK. But the real interesting thing, Seth, it's just now ready for scale. And all of the farmers,   who were involved in the original research. None of them are going to take it to scale. The one that's local to me is a lovely gentleman. in his 60s and he planted a thousand trees really just as a retirement. His daughter works in banking in Switzerland and so there's nobody really to take over the farm. So we're the first to do it with scale. So we're inviting in...   a portion of some investors in as well.   (Seth Bradley) (18:05.87) Gotcha. Are there specific, I assume there are, are specific growing conditions where these things can prosper? Like I can't, I'm in San Diego, I can't just plant them in my backyard and wait five years and be a millionaire.   Well, if you you if I hear you're growing truffles death, you know, we should assign an NDA we should assign. You could try but no, they wouldn't grow in San Diego because I mean, there's a very delicate balance and you're what you're you're what you're using here is agri science and nature. You're working with nature. And because the reason they've grown so well in demand is   No way.   (Louis O'Connor) (18:48.738) just because of that balance up they get a sort of a dry season or sort of they got to get a lot of rain and then they get the dry season and what's happened is they're getting more drought and less rain and it's just upset the balance. So it's a very, very delicate balance. But what people wouldn't know, I think, is that truffles have always grown wild in Ireland.   There was a time five or 600 years ago when Ireland was 85 % forest and our native tree is the oak and the hazel tree, is the tree that's also where the fungus grows. And what happened was when the Brits were before, you know, when shipbuilding was the thing and the British Navy were, you know, the Spanish were, so the Brits sort of chopped down a lot of the forest for the wood for shipbuilding. you know, our forests were depleted. But to this day,   Truffles do still grow wild here, but we're doing it differently. know, we're only planting on land where you have like certain protein and pH levels and limestone. And then we're planting baby saplings that are already two years old that were inoculated with the truffle fungus like at birth, like in the root system. And we only plant them after we see that the root system and the fungi are already thriving.   So if you get into the right soil and it's already thriving, then two, three, four years later, you'll get truffles.   (Seth Bradley) (20:17.216) the interruption, but we don't do ads. Instead, know that if you're raising capital for real estate, my law firm, RaiseLaw, is here to give you the expert legal guidance you need to raise capital compliantly and structure and close your deal. And if you're looking for a done-for-you fund-to-fund solution, Tribest is the industry's only all-in-one setup and fund administration solution. Visit Raise.Law and Tribest.com to learn more.   That's awesome. just, I think about like wine and like, you know, you can grow it, you know, vines in different places. Some places they grow, some places they don't, some places they grow and the result isn't good and some places they grow and the result is awesome. It's probably a very delicate balance between, you know, environment plus how they're raised, how they're taken care of and all those sorts of things.   It is 100%. I mean, first and foremost, mean, because of angry science and technology today, you know, I mean, we can plant baby saplings that are already and not, I mean, we're playing God a little bit with nature, but you know, I mean, it's just amazing, you know, like you could do it. And then, you know, the biggest threat is actually mismanagement. You know, if you don't then manage it correctly. If you have a root system inoculated with the fungus and you have the right soil conditions,   after that and it's management and it's sort of bio security meaning they have a very pungent smell. mean, squirrels and pigs and they love them. They love to eat. So you have to, mean, you're literally it's like protecting a bank, know, you have a bio security fence. You've you know, you limit visitations to the farm, you've, know, special footwear and cleaning and stuff. so yeah, it's serious stuff, you know.   Yeah. Yeah. Wow. That's awesome. Well, let's dive in a little bit to the kind of the investment itself. Like what does that look like for an investor? Like what are your projected returns? You know, what, how does it all kind of, how does it all shape out? Like you've grown these wildly valuable truffles and now I guess the first step would be what's the business plan? Who are we selling these truffles to? What makes them so valuable? And then get into kind of the investor   (Seth Bradley) (22:33.794) portion like how would someone get involved in whether projector returns.   Okay, so we sell, first of all, the estate that the farm is, it's called Chan Valley Estate. People can Google it, it's beautiful. It's 200 acres of north-temporary farmland. The estate itself, it's a bit like a smaller version of Downton Abbey. It's a Georgian.   a three story Georgian home, it's over 200 years old. It's also a museum and we have events there and it's also a working farm. And it's a herbal farm. So we grow plants and herbs there that we then we have our own, we work the value chain where we also sell those herbs for medicinal purpose and we convert them into medicinal oils and things like that. So the location is already up and running.   And what we're doing with the truffles is for every acre, we can plant 800 trees. And so what we're doing is we're offering investors, well, a client, the minimum investment is $30,000 and the investor for that price gets 400 baby saplings already inoculated with the truffle fungus. And then they get the farm management   included up to the first four to five years. takes about, there'll be truffles after, bearing in mind that the sapling, the baby tree is two years old. So after three years in the ground, it's already five years old and there'll be truffles then and the returns don't begin until then. But what's included in the price is all the farm management, know, all the, you know, the,   (Louis O'Connor) (24:23.508) implementation of the farm, the irrigation, the electricity, the hardware that's needed. So all the management right up until there is production and then when they're producing, the investor gets 70 % of the growth and the farm management company, we get 30%. So it's a 70-30 split. Now the great thing about the oak and the hazel is they'll produce   for 30 to 40 years. it's a long term, it's a legacy investment, you might call it, because you won't see returns until the fourth or fifth year. But once you do, you'll see returns then for another 30 to 35 years. And they're very, very good. mean, we have three numbers in the brochure. We looked at what's...   price half the truffles never dropped below. So we have the very low estimate, which is they've never gone below this price. That brings in an IRR, which would be from day one of about 14%. And then the highest that they've sold for, you're looking at about 69%, but the average is about 38%.   So the returns will be very, very good once production kicks in and then they'll maintain. We've included an inflation for 30 to 40 years. I hope, I think I answered everything there.   Yeah, definitely. sorry. I gave you about six questions there to answer in a row. But yeah, I think you covered everything. And having an IRR, which is time-based on something that has this long of a horizon and even takes four or five years to even start producing, those are really, really strong numbers.   (Louis O'Connor) (26:23.63) Yeah, well, again, even the, you know, one of the reasons obviously we like truffles because they're very, very expensive. mean, they're a luxury product. You know, we're about an hour from Shannon Airport here, which is the transatlantic hub between Europe and the U.S. So we can have truffles in U.S. or anywhere in Europe or even the Middle East or the Far East, for that matter, in less than 24 hours. that's important as well. But they're a luxury item. There's huge demand for them. mean,   You know how the world is. mean, there are, unfortunately, you know, there's always sort of, people are getting richer and some people maybe are getting poorer. But the luxury, you know, high end market and the culinary, international culinary explosion means that, you know, there's huge demand for truffles. And also you have to factor in the fact that the harvests in the Mediterranean are less and less every year. And I mean, very, very sadly,   I mean, it's an opportunity for us, but very sadly that they've done very specific scientific studies and it's going to over the next 50 years, the truffle harvests in the Med will go will decline between 73 and 100%. So literally, they will not be growing truffles there in 50 plus years from now. So that's an opportunity for us. you know, again,   We've been working on this really since 2015. And it was only, you know, it was only 2019, 2020 when we began to get to truffles we knew because there was no guarantee, you know. But yeah, now that we're growing them, we just need to scale up.   Gotcha. Gotcha. what's kind of the I see that you know, for that minimum investment, you get X number of baby saplings. How many was that again? 400. That's what I Okay, 400. What's kind of the survival rate, I guess, of those saplings? Do you have kind of a percentage on that? Is it like?   (Louis O'Connor) (28:17.102) 400   (Louis O'Connor) (28:27.086) Yeah, well, we expect you got what's happening so far is within in about year three, which is actually year five, because the sapling, you should get three of the five trees producing. But once you have production, once that fungi is thriving, it will just continue to grow. So in year four, you should have four of them. In year five, you should have all of them producing.   Now we also put a guarantee in the farm management contract that if any tree, you know, if it dies or if it's not, you know, producing truffles, we'll replace it free of charge at any time. in the event, you know, for some reason, I mean, we put a tree in that's inoculated and it doesn't take, then we just replace it. So either way, over the first four to five years, we get them all. And the great thing is if you protect that soil from   pests and diseases and other sort of unwelcome sort of mycorrhizal or fungi, then it will thrive. It will thrive. It'll keep, you know, it'll spread, you know, it's a symbiotic relationship underground between the tree and the fungi.   Got it. Yeah, that's awesome to know. like survival is not one of the things that we should consider because if for some reason it wouldn't survive or is not producing, then it just gets replaced. So you actually are getting those full 400 saplings turning into trees that will be producing.   almost they mature and produce and you know as I said barring you know any pests or diseases or you know interference then they just continue you just protect them you just allow nature then to do its work.   (Seth Bradley) (30:18.848) Yeah, yeah. So what are some of the risks then? What are the downsides that you can foresee if something were to go wrong? What would it be?   Well, the greatest threat is mismanagement, literally. I obviously we're doing this with scale, so it's a professional endeavor, you know, people from time to time, know, I mean, some of the test sites here, mean, I don't know, it seemed like a good idea at the time, and they're not that hard to manage, but people just lose interest, or the younger kids don't want to farm. But the greatest threat is mismanagement. So as long as you put in these biosecurity measures,   and manage, you know, there's got to be some clearing done, there's got to be some pruning done, there's got to be tree guards. So there is a process involved in bringing them to nurturing them along and then keeping everything, you know, neutral, if you will. that's first, weather is always, you know, factor in agriculture. We don't feel it's as much of a threat here, because although we're for the first time,   growing the Mediterranean truffle. Truffles have grown, they grow here wild anyway. So the climate is right and has been right for thousands of years in Ireland. So, you know, and again, we'll have irrigation as well. You know, we get a lot of rain here. It's not likely we'll need any more rain, but yeah, we, you know, the agri-science will kick in there as well. And then, you know, as I said, like,   you know, biosecurity we call it, which is, you know, very, very serious fencing, limited visits to the farm, know, special footwear if people are going up to the area and sort of rinse. We have a pool area where they have to disinfect before they go into, you know, it's a very, very, very protected area from pests and from diseases or anything, you know, that could be brought in from the outside on whether that's machinery or humans.   (Louis O'Connor) (32:22.892) So yeah, it's almost like a laboratory. mean, you keep it very, very delicate balance and keep it very limited on who visits and, you know, people are a visit, but they have to be properly, you know, the feet have to be cleaned and footwear has to be worn and stuff like that. So, but, know, at the end of the day, Seth, it's, you know, well, any investment really, but agriculture, you know, the final say is in nature's hands, you know, not ours. mean, we...   We like to think, suppose, we're in the results business, but the reality is we're not. in the planning business and all we can do is plan everything as well as we can. It's just like, you if you planted a rose, you know, bush out in your backyard there today, you wouldn't stand outside and will it to grow, right? You know, grow quicker. You know, we have to allow nature and the cosmos to do its work. so yeah, nature has the final say, you know.   Yeah, yeah, no, totally, totally understand. And any investment has its risks, whether you're investing in truffles or real estate or any of the above. Quick question on this. Don't want to paint you like in a bad way at all, but we have had and it's not you, of course, of course, but we've had an influx of bad sponsors and people that are anything from mismanaging investor capital on one end, which can happen pretty easily. And there's not a whole lot of   Not a lot of bad blood there. Things happen. And then on the other side of the spectrum, we've seen everything from fraud to Ponzi schemes and all kinds of stuff lately. One thing that I tell investors is to make sure you know who you're investing with and make sure your investing dollars are actually getting invested where they're supposed to. Could an investor invest with you and actually go to the farm?   and see their saplings or see the farm and see this business.   (Louis O'Connor) (34:24.654) 100 % in fact, we would rather people do I mean, I it's not always possible. Right. But Shan Valley Estate, I mean, I'll give you the website and stuff after Shan Valley Estate. It's a 200 acre farm. It's already a museum. have events there. It's a herb dispensary as I said, as I said, it's our our manage our farm management partner is the Duggan family, their fourth generation farmers and they're being in temporary, you know,   longer than that even. absolutely, you you know, of course, there's legal contracts. mean, people get a legal contract for the purchase of the trees and then we have a legal contract for the farm management that we're responsible for implementing the project, we're responsible for bringing the hard, the trees to truffles to harvest. But we do, we just beginning, we just had our first tour, but it was sort of Europe from Germany. Last, sorry,   the 18th, 19th of August. But we will be having tours every quarter. And if anybody wants to come at any time, we'd be delighted to have them because it's like I said, it's like a smaller version of Downton Abbey. And we've accommodated, we converted the stables into accommodation, you know, because we have weddings and events and stuff there as well. It's not just a field that we bought.   Yeah.   And so it's a big deal. I'll give you the website. The location is spectacular and clients can, you know, stay the night, you know, and there's a three story Georgian estate house and the bottom floor is a museum. So it's like walking into a pharmacy from 1840, all the bottles and the counter is 200 years old, you know, and then the middle level, we've an organic vegetarian restaurant, all the   (Louis O'Connor) (36:17.24) food is grown on the farm. There's an old walled garden that they used to wall the gardens years ago to keep out the pests. And all the food that's served is grown on the farm. And then the top floor is accommodation as well and the stables have been converted. look, it's all about trust, Seth. And, you know, I would say to anybody, you've   I mean myself, if I have any doubt about anything, don't do it. And it might not be that somebody's a scam or a fraud, it's just if you're not 100 % sure about it, don't touch it. But what I would recommend is people do their due diligence because we've done ours. We've eight years invested in it, put a lot of time and effort into it. And at the very least, we'd like people to check it out and see it all the way through.   for what it is. yeah, we'll be, we're hoping to, we have a partner in Europe and we're to connect with somebody in North America. I don't want name anybody here because it might not come off, but there's a few sort of marketers and there's plenty obviously that we might sort of do a sort of an agreement with where they'll, you know, I mean, we could even have sort of investment real estate conferences on the farm.   you know, and do farm tours as well. so definitely 100 % we'd love for people to visit and, and they get to drink some Guinness and they're really brave, they can swim in the Irish sea.   Yeah, and I'm looking at the website right now. We'll drop that in the show notes, but it is absolutely gorgeous. I mean, it's making me want to get on a plane right now and check it out. It's incredible.   (Louis O'Connor) (38:00.046) Yeah, that's the estate, shambali.ie. I mean, what I love about it's 100 % organic or members of the Irish Organic Association, track ref, fourth generation. You know, this is not me, I'm a part of this, but the farm management team are, you know, they're already like growing herbs and plants and converting them to medicinal, you know, oils and things. And this is just another, it's more of a farming enterprise, I suppose, than a farm.   And then the other partner is the Agri Science Partner, which is this team of scientists who basically made history by growing for the very first time eight years ago, the black, the Mediterranean truffle in Ireland, you know, so there's a lot of professionalism and thought and effort being put into a chap.   Love that. Love that man. Is there anything else about this type of investment that I didn't ask about that I should have?   I think you know Seth, you should be on CNN or something because I you did. I'm pretty sure you did, you definitely covered it. I mean I may have left something out but I think it's a good foundation for somebody if they're interested, I'll give them my email and you know it's not that expensive to get to Europe and it's a great way to mix a holiday and you know come to the farm and stuff you know.   Absolutely, absolutely. Well, since you're repeat guest of the guest of the show, we won't go into the freedom for but you have one last golden nugget for our listeners.   (Louis O'Connor) (39:34.446) You know, I knew you were going to ask me that, Seth, you caught me off guard. So I have one ready and I stole this from someone else. So I'm not going to take it. But I was listening to a guy last week and he, sort of a big operation in Europe. And he was talking about a phrase they have in the office and it's 1%. And they always look at each other and when you pass them, they go 1%. And I love what it's about. It's about the idea that in a way it sort of comes back to what we talked about earlier, which is forget about.   Yeah.   (Louis O'Connor) (40:04.664) the fact don't think you're in the results business. You're in the planning business. And the 1 % is every day, try and improve every little action. I'm not just talking about work. I'm talking about family, your spiritual practice, if you have one, increase it by 1 % every day. And you know, it's like compound interest, isn't it? That in a way, then you don't have to worry about the big picture. And the results will just look after themselves then, you know.   Yeah, yeah, I love that man. Always improve. mean, you you've got to take small steps to get to those big goals. And a lot of times you just need to ask yourself, did I improve 1 % today? If the answer is yes, then it was a successful day.   Yes. Yeah. Yeah. And it's great because, you know, if I was to try and think now, or you were to try and think now, everything you have to do in the next three weeks, right, you just be overwhelmed, right. And sometimes my head is like that, you know, I mean, I've got meditation practice and stuff, but I watch my thoughts and you know, I mean, it's it's a fact. I mean, it's a human condition. I don't know, some disestimates of how many thoughts do we have a day? How many are repetitive and how many are useless?   A lot of them are repetitive, a lot of them are useless. So it's good just to narrow it right down to what's the next thing I can do right now and can I do it 1 % better than I did yesterday, you know?   Absolutely. Love that man. All right, Lou, we're gonna let us find out more about you.   (Louis O'Connor) (41:34.954) Okay, so they can email me. It's Truffle Farm Invest. Sorry, it's a new website www.trufflefarminvest.com or they can if somebody from your your audience wants to email me directly, it's louis at trufflefarminvest.com   Alright, perfect man. We'll drop all that in the show notes. Thanks again for coming on the show. Always a pleasure, brother.   Thank you very much, Seth. A pleasure.   (Seth Bradley) (42:08.088) Thanks for tuning in to Raise the Bar Radio. If you enjoyed today's episode, make sure to subscribe, leave a review, and share it with someone who needs to hear it. Keep pushing, keep building, and keep raising the bar. Until next time, enjoy the journey. Links from the Show and Guest Info and Links: Seth Bradley's Links: https://x.com/sethbradleyesq https://www.youtube.com/@sethbradleyesq www.facebook.com/sethbradleyesq https://www.threads.com/@sethbradleyesq https://www.instagram.com/sethbradleyesq/ https://www.linkedin.com/in/sethbradleyesq/ https://passiveincomeattorney.com/seth-bradley/ https://www.biggerpockets.com/users/sethbradleyesq https://medium.com/@sethbradleyesq https://www.tiktok.com/@sethbradleyesq?lang=en Louis O'Connor's Links: https://www.facebook.com/profile.php?id=100054362234822 https://www.linkedin.com/in/louis-o-connor-a583341b8/ https://www.cnbc.com/video/2023/08/30/strategic-metals-founder-louis-oaconnor-breaks-down-china-u-s-rare-metal-wars.html

Hermann Pretorius and Makone Maja discuss the launch of the IRR's Freedom From Poverty Bill, a leaked report that the National Security Council investigated DA MP Emma Powell for her trip to the US, and the results of the latest round of by-elections. Freedom From Poverty Bill webinar launch with Dr Anthea Jeffery and Makone: https://www.youtube.com/live/AkFm4vfeKdc?si=MlrH8ExRCVfC0Jqo Rule Breakers book launch: https://www.facebook.com/proteaboekhuis1/posts/1184801466993685/ Link to purchase the book: https://www.takealot.com/rule-breakers-how-the-2024-election-campaign-changed-south-afric/PLID98543267 Website · Facebook · Instagram · Twitter

Mike Palmer is the CEO of Sigma Computing, a company that makes data exploration, analysis, and business intelligence accessible to all. Under his leadership, Sigma has experienced remarkable growth, going from $2 million to $100 million in IRR over three years and raising a $200 million funding round. Mike's expertise in business transformation and customer experience has been a driving force behind Sigma's success. He specializes in scaling enterprise solutions and driving innovation across product, marketing, and operations. In this episode… Many businesses struggle to unlock the full potential of their data, especially when complex systems limit access to only technical teams. This creates bottlenecks that slow decision-making and restrict company-wide collaboration. How can organizations make data accessible, actionable, and manageable for everyone, regardless of technical skill? Mike Palmer, an expert in scaling technology solutions and driving enterprise growth, shares how to break down these barriers by focusing on user-friendly, no-code platforms that allow non-technical users to analyze and act on live data. He emphasizes starting with mid-market customers to perfect the user experience and building scalable, intuitive products that eliminate complexity. He suggests prioritizing real-time collaboration, developing features like instant data write-back, and continuously collecting customer feedback to drive product evolution. Mike also highlights the importance of growing strategically by securing the right investors, resisting distracting acquisitions, and building a team culture that values direct feedback and long-term development. In this episode of the Inspired Insider Podcast, Dr. Jeremy Weisz interviews Mike Palmer, CEO of Sigma Computing, about creating accessible, scalable data solutions. Mike discusses how rebuilding their product from scratch led to exponential growth, why a mid-market focus sharpened their user experience, and how his team strategically expanded to enterprise clients. He also shares lessons on fundraising, product-led growth, and sales team evolution.

Mark MacLeod sits down with fitness coach Greg Newlands to explore the critical importance of health and wellness for high-performing entrepreneurs. As a coach to successful business leaders, Greg shares his expertise on how CEOs can optimize their physical and mental performance through strategic fitness and nutrition practices. The conversation dives deep into the four key pillars Greg focuses on with clients: daily step count, weigh-ins, calorie tracking, and protein intake. Greg emphasizes the power of resistance training for maintaining muscle mass and a high metabolism as we age, allowing entrepreneurs to sustain energy and productivity. The episode also covers practical tips for creating boundaries and implementing strategic breaks throughout the workday to avoid burnout. Greg provides actionable advice on nutrition, recommending whole foods and explaining the roles of protein, carbs, and fats in achieving peak performance. Whether you're a startup founder looking to boost your energy or an executive aiming to optimize your health, this episode offers valuable insights to help you perform at your best. Tune in to learn how treating yourself like a "high-performance Formula One car" can transform your business and life.00:53 Health: The CEO's Secret Weapon05:23 Comeback Kings: Fitness Redemption Stories09:37 Sleep: The Sacrificial Startup Lamb16:59 Burnout: Recognizing the Warning Signs20:59 KPIs for Your Body33:05 Urgency vs. Boundaries: Finding Balance38:16 Outsourcing Meals: Fueling Success Effortlessly48:50 Sobering Up: Energy and Productivity Boost56:13 Startup CEO Show: Until Next TimeSince 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/Contact Mark: https://markmacleod.me/

Take a break from the heat today to discuss some of the hidden history, and importance, of the Presidential retreat at Camp David with the author of the book, Presidential Seclusion: The Power of Camp David, Charles Ferguson.After graduating from Georgia Tech and earning his commission, Charles Ferguson served for 11 years in the Submarine force onboard the USS Louisville and as Weapons Officer onboard USS Buffalo with a shore duty at Nuclear Power School in between. He switched to the IRR as Chaplain Candidate while attending seminary at Duke Divinity School and was recommissioned as an Active Duty Chaplain in 2010. As a chaplain he has served with both Navy and Marine Corps commands to include three and a half years as the Chaplain and Historian at Camp David.ShowlinkPresidential Seclusion: The Power of Camp DavidSummaryThis conversation explores the historical significance and operational dynamics of the Presidential retreat of Camp David. The discussion highlights its origins, the Navy's role in its management, and the unique environment it provides for presidents to make critical decisions. The conversation also delves into the architectural design that facilitates diplomacy, notable guests who have visited, and the personal touches each president has added to the retreat. Additionally, the role of the chaplain and the supportive relationship with the local community are examined, emphasizing the importance of solitude for leaders in high-pressure positions.Chapters00:00: Introduction to Camp David's Significance05:35: The Navy's Role in Camp David's History10:27: Becoming the Chaplain and Historian at Camp David15:22: The Origins and Transformation of Camp David20:38: The Impact of Camp David on Presidential Decisions29:15: Notable Guests and Diplomatic Encounters at Camp David30:53: Architectural Diplomacy at Camp David34:20: Presidential Modifications and Personal Touches38:04: The Origin of Camp David's Name40:58: Management and Operations at Camp David43:13: The Role of the Chaplain45:25: The Solitude of Leadership49:32: Community Interactions and Local Support53:22: Memorable Moments and Staff Contributions58:14: The Importance of Setting Conditions for Peace01:00: Future Projects and Closing Thoughts

Interview with Nolas Paterson, CEO of Atlas Salt Inc.Recording date: 8th July 2025Atlas Salt (TSXV: SALT) presents a compelling value proposition for investors seeking exposure to North America's critical infrastructure mineral supply deficit through a strategically positioned, environmentally sustainable industrial mineral project. Under new CEO Nolan Peterson's leadership, the company is advancing the Great Atlantic Salt project in Newfoundland to address the continent's persistent 10-12 million ton annual deicing salt import dependency.The investment opportunity centers on Atlas Salt's unique positioning to capture market share in a $1.5-2.5 billion annual market characterized by exceptional stability and predictable demand growth. Unlike volatile commodity markets, deicing salt demonstrates consistent 2% annual price appreciation tracking inflation, with periodic 4-5% increases during severe winters that establish new pricing floors. Municipal customers cannot defer winter road maintenance, creating recession-resistant demand that positions salt as an essential infrastructure commodity rather than a cyclical material.The Great Atlantic Salt project's competitive advantages stem from superior geological and geographical positioning. The shallow 200-meter deposit depth enables cost-effective drift mining with conveyor systems, contrasting sharply with competing projects requiring expensive shaft mining at 500-600 meter depths. This fundamental advantage positions Atlas Salt at the lower end of the cost curve while foreign competitors face 3-4x longer shipping timeframes and associated logistics costs that erode their competitive positioning.Project economics demonstrate infrastructure-grade investment characteristics with 34+ years of production generating over $100 million annual free cash flow after tax. The 18.5% after-tax IRR and sub-five-year payback period reflect conservative modeling using bulk deicing salt pricing, providing upside potential through higher-margin retail applications and production optimization initiatives. When contextualized against gold equivalent metrics, the resource represents a 25-35 million ounce deposit, highlighting the project's substantial scale.Environmental leadership distinguishes Atlas Salt within the mining sector through 100% battery electric operations eliminating diesel usage, chemical processing, water consumption, and tailings generation. The operation will produce greenhouse gas emissions equivalent to just four Newfoundland households annually, positioning the company to benefit from increasing ESG investment focus while delivering superior returns through operational efficiency.Strategic infrastructure positioning provides additional competitive moats. Located 3km from deep-water port facilities on the Trans-Canada Highway, the project enables efficient distribution to major northeastern US and eastern Canadian markets. The proximity advantage becomes particularly pronounced during severe weather periods when import logistics face maximum constraints.The financing strategy leverages the project's industrial mineral characteristics to access infrastructure-focused debt providers typically unavailable to traditional mining projects. With total capital requirements of $480 million, Atlas Salt is engaging sovereign wealth funds and institutional lenders attracted to long-term, stable cash flow profiles. The phased development approach mitigates near-term financing pressure while enabling progressive project derisking.Market entry timing provides exceptional opportunity as no new North American salt mines have been constructed in 25-30 years despite growing import dependence. The 2.5 million ton production target represents approximately 25% of current import volumes, positioning Atlas Salt as a meaningful market participant without threatening established supply relationships.Advanced permitting status further derisks the investment proposition. The project has completed environmental assessment approval, eliminating a primary risk factor in Canadian mining development while benefiting from strong community support that reduces regulatory and social license risks.Atlas Salt represents a distinctive opportunity to participate in addressing North America's critical infrastructure mineral deficit while capturing stable, long-term cash flows characteristic of essential industrial minerals. The convergence of market necessity, strategic positioning, environmental leadership, and proven economics creates compelling investment dynamics rarely available in commodity markets.View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Stevens, CEO of Coda Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-asxcod-copper-cobalt-project-demonstrates-robust-economics-7009Recording date: 8th July 2025Coda Minerals Limited (ASX:COD) represents a compelling investment opportunity in the rapidly strengthening copper market, positioned at the critical intersection of technical innovation, proven management execution, and exceptional infrastructure advantages. The Perth-based company has achieved a transformational metallurgical breakthrough at its Elizabeth Creek copper-cobalt-silver project in South Australia, fundamentally altering the project's economics and development pathway.The company's most significant achievement is the successful development of an ammonium chloride whole ore leaching process that delivers recovery rates exceeding 95%, representing a dramatic improvement from the previous 55% recovery rates at the Windabout deposit. CEO Chris Stevens characterizes this advancement as "effectively free money," highlighting the direct revenue enhancement potential over the mine's life. This breakthrough eliminates a major technical risk while opening possibilities for smaller-scale startup operations with reduced capital requirements and earlier cash flow generation.Elizabeth Creek's robust project economics align closely with recently acquired Australian copper companies, delivering an $802 million NPV post-tax with a 35% IRR based on over one million tons of contained copper equivalent in JORC indicated resources. Critically, 93% of resources are classified as indicated, providing exceptional geological confidence rarely seen at this development stage. These economics become particularly compelling when viewed against recent takeover activity, with Rex Minerals acquired for $393 million, New World Resources subject to competing bids exceeding $230 million, and Xanadu Mines accepting a $160 million offer.Stevens emphasizes the validation from peer transactions: "There is now empirical evidence that companies that are able to do that with credible solid projects with comparable MPVs, comparable IRRs, comparable capexes are being valued over $200 million." This peer group comparison suggests significant value realization potential as Coda advances through its 12-month Pre-Feasibility Study timeline.The company's management team brings proven execution capability, having previously developed 17 projects and transformed Elizabeth Creek from two open pits to five times the original resource base. Stevens notes: "This is a team that has taken, frankly, a bit of a busted project with two open pits, turned it into five times the resources." The team's disciplined approach to capital allocation and project advancement provides confidence in their ability to deliver on development milestones.Elizabeth Creek benefits from exceptional infrastructure advantages that distinguish it from typical remote Australian developments. Located adjacent to BHP's established haulage road with contractual usage rights, the project sits one hour from Roxby Downs and maintains access to power infrastructure and established supply chains. South Australia's streamlined regulatory environment offers additional advantages through its unique iterative approval process.The investment opportunity is enhanced by favorable copper market timing, with prices advancing from $8,000 to over $10,000 per ton while financing availability improves and capital costs reduce. Stevens observes the strategic timing: "I personally think doing that is maybe leaving a party just as it starts to get exciting with the way that copper's moving."Coda maintains strong financial positioning with over $4 million cash and low corporate costs, providing runway to advance critical path items without immediate dilution pressure. The company's critical minerals classification through cobalt credits enhances strategic value while multiple development pathways provide flexibility in capital structure approaches.For investors seeking exposure to the copper supply shortage driven by electrification trends, Coda offers a de-risked entry point with established resources, proven economics, exceptional infrastructure, and experienced management positioned to deliver significant value appreciation through the critical feasibility phase.View Coda Minerals' company profile: https://www.cruxinvestor.com/companies/coda-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com

Bring Three Stats for Your LP Fundraise Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Raising funds from Limited Partners requires a track record, an investment thesis, and a competitive advantage. It's important to show you have a track record of successfully deploying capital. Investors want to know what you will be investing in, and is that space growing. Finally, they will look for your competitive advantage in finding and closing deals. In raising funds from Limited Partners, add these three statistics to your pitch: Track record -- have your IRR, MOIC, or TVPI numbers available to show. This is most often an IRR number or MOIC. If you haven't deployed funds and don't have a track record, it's best to build one before launching a fund. Target market growth rate -- show the growth rate in the market sector you are targeting. Investors invest in growth, so look for a growth sector in your target market. Competitive advantage -- investors want to know what you have that they don't in deploying capital. This could be a network of CEOs who bring you deals and help you diligence them. Call out the number of people in that network and something about them, such as their geographic location or their market sector. Use these three numbers to anchor your pitch.    Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let's go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact info@tencapital.group    Please , share, and leave a review. Music courtesy of .

Ken MacLeod, President and CEO of Sonoro Gold Corp (TSXV: SGO) (OTCQB: SMOFF), joins me to review the value proposition for their flagship Cerro Caliche Gold Project, and the exploration and development initiatives to move it into open-pit gold and silver production within ~12 months of receiving their final permit in Mexico.   This 1,400-hectare property confirms a broadly mineralized low-sulphidation epithermal vein structure and over 25 northwest-trending gold mineralized zones along trend and near surface. With only 30% of the property's identified mineralized zones drilled and assayed, the Company filed an updated Mineral Resource Estimate (MRE) in March 2023 based on a total 55,360 meters of drilled data, including 498 drill holes, 17 trenches and assays for 53,865 meters of the drilled data.   In October 2023, the Company filed a new Preliminary Economic Assessment (PEA) demonstrating the potential viability for a 9-year open pit, heap leach mining operation. Using a gold price of US $1,800 per ounce, the project has an after-tax net present value discounted at 5% (“NPV5”) of US $47.7M and an Internal Rate of Return (“IRR”) of 45%. Using a gold price of US $2,000 per ounce, the project has an after-tax NPV5 of US $77M and an IRR of 63%.  We discussed that with precious metals prices so much higher that the project has grown in value considerably, and the Company is working on an updated PEA for Q3 of this year, factoring in the ability to bring in material previously sterilized, and the cost efficiencies of the higher gold and silver prices.   Ken reviews the potential for resource expansion once the mine is in production, funded through organic revenue generation.  We also discussed the bench strength and experience of the management team and board, the strong inside ownership and separate the signal from all the media noise as it relates to permitting in Mexico and their anticipated receipt of their MIA for environmental impact later this year.     If you have questions for Ken regarding Sonoro Gold, then please email those into to me at Shad@kereport.com.   Click here to follow the latest news on Sonoro Gold

Are you staring at spreadsheets without really knowing what they're telling you? In this episode, I break down the most important return metrics in multifamily real estate—from cash-on-cash and IRR to DSCR and equity multiple. I explain what they actually mean, why they matter, and how to use them to make smart investment decisions. We're not just guessing here. These numbers tell a story—and if you know how to read them, you'll stop overpaying, start protecting your capital, and finally start growing real wealth. Whether you're an LP trying to spot BS in a pitch deck or an operator building your summary page, this one is for you.

What's the real connection between mindset and underwriting, and why should both matter to passive and active investors alike? In this episode, Rich Neuharth and Moses Lucero of Aviana Capital Group explore the surprising overlap between mindset and underwriting in multifamily real estate. They talk through how relationships, trust, and mindset influence underwriting quality, and how both GPs and LPs can better evaluate deals. The conversation also covers the importance of involving family in real estate, how projections can mislead passive investors, and why conservative underwriting is a necessity, not an option. Whether you're diving into spreadsheets or just want to know how to avoid a bad deal, this episode breaks down real lessons with real numbers and real experiences.   [00:01 - 04:45] Mindset Meets the Math How Moses and Rich's friendship evolved into a business partnership Why mindset is a key factor in approaching underwriting The importance of alignment in personal relationships when pursuing real estate   [04:46 - 08:25] Underwriting: A Learnable Skill Rich's perspective on whether analytical thinking is innate or learned Moses's journey from confusion to confidence in underwriting Why loving the process matters more than being naturally inclined   [08:26 - 12:45] What Every Investor Should Understand Why all partners—active or passive—should grasp basic underwriting The importance of vetting your team, not just the deal How equity multiple and IRR are interpreted differently by different investors   [12:47 - 17:30] Getting Burned and Learning From It Angel shares a personal story of a deal gone wrong How emotional signals and missed cues affected her trust What passive investors can do to protect themselves from poor projections   [17:31 - 22:28] Cap Rates and Exit Strategy Breakdown What exit cap rate assumptions mean and why they matter How unrealistic assumptions mislead investors Why conservative underwriting is critical in a volatile market     Connect with Rich:   https://www.linkedin.com/in/realmindsetrich   Connect with Moses:   https://www.linkedin.com/in/moses-lucero-9026b220b/     Key Quotes: “If you separate family and business, you're always juggling both. If you bring them together, you get to do it all the time.” - Rich Neuharth   “As an LP, you want to underwrite the person and underwrite the deal. That's how you protect your capital.” - Moses Lucero   Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

Mark MacLeod's Startup CEO Show brings us an enlightening conversation with Alina Vandenberghe, the dynamic co-founder and co-CEO of Chili Piper. This episode offers a deep dive into the unique challenges and opportunities of co-leading a company with your spouse, as Alina candidly discusses her partnership with her husband and co-CEO. The discussion sheds light on their fluid approach to dividing responsibilities and how they've managed to create a flat organizational structure despite having 150 employees across 38 countries.Alina shares invaluable insights on hiring for values, detailing how they assess candidates not just for skills but for alignment with company culture. The conversation takes an interesting turn as Alina reflects on her background growing up in communist Romania and how it shaped her entrepreneurial journey, instilling in her a unique perspective on resource management and customer motivations. This episode is packed with practical advice on building a strong company culture, leveraging personal branding for business growth, and adapting to the rapidly changing tech landscape.Don't miss this opportunity to learn from one of tech's most innovative and authentic leaders.Timestamps: 01:06 Meet Alina: Chili Piper's Spicy CEO03:26 Chili Piper: Spicing Up Sales Software06:11 Raw and Real: Alina's Authentic Approach10:16 Social Media: The Pipeline Powerhouse12:20 Speaking Up: Time Well Invested16:42 Dividing and Conquering CEO Duties19:42 Remote Work: Born from Wanderlust29:48 Bootstrapping to Millions: Chili Piper's Journey35:48 AI: Blessing or Terminator Scenario?43:00 Corporate Wisdom in Startup Land48:07 Inspiring Women: Alina's Ripple EffectSince 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/Contact Mark: https://markmacleod.me/

The June jobs number looks stronger than it really is I want to be clear; I wouldn't say this was a bad report, but the headline number that showed an addition of 147,000 jobs in the month of June doesn't show the full picture. The number did come in well above the estimate for 110,000 jobs and it follows upward revisions in the months of April and May that have totaled 16,000 jobs, but the concerning part I saw was government accounted for 73,000 new jobs in the month of June. This did not come from the federal government as that actually saw a decline of 7,000 jobs, but rather it was state and local governments which added a combined 80,000 jobs in the month, most of which came from education. The speculation is that this had something to do with seasonal adjustments and that obviously gains of that magnitude will not continue moving forward. Other areas that were strong included healthcare and social assistance, which was up 58,600, leisure and hospitality, which was up 20,000, and construction, which was up 15,000. Many of the other areas in the report were quite muted and manufacturing and professional and business services actually saw a decline of 7,000 jobs each in the month. There was good news on the unemployment rate as it ticked down to 4.1%, which was the lowest level since February and came in below the expectation for 4.3%. Unfortunately, this largely came due to the decline in the labor force participation rate, which dropped to 62.3%. This was the lowest level since late 2022. The problem here is the working age population continues to shrink, while the retirement population continues to grow. In fact the prime working age participation rate was recently near a record high of 83%. A potential problem to future job growth is the fact that we are running low on workers in their prime. This report largely erased any chance of a Fed rate cut in July, but I would say there was more positive news on the inflation front as average hourly earnings saw a manageable year over year increase of 3.7%. As I said, this wasn't a bad report and in fact I would say it continues to show that the labor market is in a good spot for the most part, but it definitely wasn't an overly strong report in my opinion.   Job openings remain strong The Job Openings and Labor Turnover Survey, also known as the JOLTs report, showed job openings rose 374,000 in the month of May to 7.769 million. This easily topped the estimate of 7.3 million and it also comes during a month where layoffs declined 188,000 to 1.601 million. While this is positive for the economy and shows the labor market remains resilient, it does hurt the chances of a July cut from the Federal Reserve. Fed chair Powell during a panel said, ““In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.” With the labor market staying strong and many Fed members likely waiting for more data on how tariffs are impacting inflation, I would be surprised to see a cut in July. Although there have been a couple members saying a cut in July is possible, I still believe it would come as a surprise as many other members have expressed their desire to remain patient. I can see the case for a July cut, but I believe it is more likely we will see one in a couple months at the next meeting in September, if inflation remains in check.   Why did Apple produce the new movie F1? Apple is obviously known for the iPhone, the iPad and the Mac, but a top producer of mega hit movies, not so much. Since 2019 they have tried to produce big hit movies like Killers of the Flower Moon in 2023 that starred Leonardo DiCaprio and Robert DeNiro, but the world box office receipts were only $159 million. Another hit movie they tried for that ended up as their top movie in 2023 was Napoleon with $221 million in box office receipts. So why did Apple agree to spend almost $250 million more to produce F1, which stars Brad Pitt? No one seems to understand. Brad Pitt will be paid $20 million for this movie and will get a cut of the films revenue if it's a hit. It does have some chance for success since it was directed by Joe Kosinski and produced by Jerry Buckheimer, who were successful with Top Gun Maverick as that movie grossed $1.5billion in 2022. This past weekend F1 was the top box office hit with $55.6 million, but it appears to be struggling with the mass audience as most viewers were older men like myself who love cars and racing. I have not seen the movie yet but would like to soon. Apple seems to struggle in this space as it is spending billions of dollars annually but continues to lose on the development of hit movies. Apple TV+ only has roughly 27,000,000 subscribers and is known for subscribers canceling their subscription after watching a particular show or movie. Netflix has a 2% cancellation rate while Apple's is 6% in any given month. It's also interesting to note that the big movie production house Warner Brothers is responsible for distributing F1 and will receive a percentage of box office revenue that increases as ticket sales rise. There is some concern that in less than two weeks, Warner Brothers will be releasing their hit movie Superman and that could override the promotion of F1. If you want to see the movie F1 and you have Apple Pay you can get a discount on the tickets, which is something Apple has never done before. I won't make any judgments on the movie till I see it myself, but I don't see this boosting the lagging stock price of Apple and I do not understand why they're in the movie business.   Don't be fooled by ultra-high-income ETF's I wouldn't think I would have to warn people that if you're being offered a yield of 100% or more on a fund, the risk has to be extremely high and there is probably a good chance for loss. However, with that said this year alone $6.4 billion of new money has been placed into these high-risk funds that I assume are unsuspecting buyers who don't really understand how these funds work. Regulatory filings show that at least 95% of these ETFs are held by individual investors or small financial advisors. The way they generate this high income is by trading options contracts on a single stock. It is misleading how they come up with those ultra-high yields of 100% plus as they take the ETF's payout from option trading in the most recent month then multiply it by 12 and divide it by the fund's net asset value. As an example, we can go back to November 2022 when a fund called the YieldMax TSLA Option Income Strategy ETF (TSLY) sold options on Tesla stock and promoted the yield was 62.8%. The fund has now dropped down to under $9 a share, roughly a 80% drop in the fund. This is somewhat surprising to most since during that timeframe Tesla stock is up around 70%. Sometimes people think just because there's income or a nice yield that the fund is safer, but investors should remember that in most cases, the higher the yield the higher the risk.   Financial Planning: Pension lump sum vs monthly income? When deciding between taking a pension benefit as a lump sum or monthly payments, it's helpful to compare the guaranteed income stream to the return you'd need on the lump sum to generate the same income yourself. Monthly payments offer steady, reliable income for life, essentially acting like a personal pension annuity, but most pensions do not include inflation adjustments, meaning the purchasing power of those payments may decline over time. Additionally, choosing a joint life annuity to continue payments to a surviving spouse will offer a lower monthly amount compared to a single life annuity. Since Social Security income drops when the first spouse passes, a joint annuity is usually more appropriate than a single life annuity to help maintain household income for the surviving spouse. In contrast, rolling over the lump sum into a retirement account gives you full control and the potential for growth. It also provides flexibility to structure income in a tax-efficient way allowing you to manage taxable distributions around other income sources, perform Roth conversions, or plan for inheritances and legacy goals. To make an apples-to-apples comparison, it is helpful to calculate the internal rate of return (IRR) you'd need to earn on the lump sum to replicate the monthly pension payments over your expected lifetime. For example, if your lump sum is $500,000 and your pension offers $3,000/month for life, you'd need to earn a little over 5% on the lump sum to match that income.  Keep in mind, the lump sum is also an income source and this return calculation can help clarify whether the guaranteed income or potential flexibility and growth better align with your overall financial plan.   Companies Discussed: The Goldman Sachs Group, Inc. (GS), Robinhood Markets, Inc. (HOOD), Centene Corporation (CNC) & Columbia Sportswear Company (COLM)  

Stephen Petasky is the founder and CEO of The Luxus Group, a hospitality and development firm specializing in luxury vacation homes, global restorations, and high-end resort communities. Over nearly two decades, he's raised more than $100 million, facilitated 20,000 vacations, and partnered with brands like Four Seasons to deliver premium lifestyle experiences through real estate. His business journey spans from fractional home ownership to international development, all driven by a passion for design, family travel, and scalability.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here. Key Takeaways Stephen started Luxus by solving his own problem—traveling with young kids—and turned that into a $100M global vacation home portfolio. Raising capital gets easier when the investment includes a dual purpose, like lifestyle use alongside financial return. Scaling a business requires building it “back to front”—start with the exit goal, then reverse engineer every step. Real estate and development success takes patience; some ventures took 7–10+ years to turn profitable. Subject matter expertise becomes a valuable asset after years of refinement, leading to higher-impact, lower-risk projects.     Topics How a Personal Travel Need Became a Syndicated Real Estate Venture Started Luxus to create a family-friendly alternative to hotels or inconsistent vacation rentals. Solved the problem of predictability, comfort, and flexibility by imagining ownership of 30 homes—then invited others to co-invest. Raised $3.5M to purchase three homes; word-of-mouth demand led to $100M+ raised and 50 properties acquired. Dual-Purpose Investing: Lifestyle + Returns Investors received lifestyle benefits—discounted nightly rates—alongside capital preservation. These vacation privileges created real financial savings, boosting total return beyond simple IRR metrics. Stephen compares the model to a “golf club that sells at the end”—with liquidity and upside built in. How to Make Raising Capital Easier Dual-purpose investments or vendor-aligned capital (e.g., landowners or contractors investing) make raises more compelling. Giving investors experiential or operational upside increases buy-in—even when the financial returns are moderate. Partnerships built on aligned interests are more resilient over time. Scaling With Clarity and Hindsight Luxus' new business model was built “back to front,” starting with a $100M valuation target and working backward to day one. Planning for bottlenecks—legal, financial, tech, or operational—can reduce future breakdowns. AI tools now help model scalable pathways and highlight structural weak points before launch. New Ventures: Management, Development, and Restorations Luxus now manages luxury short-term rentals it doesn't own, applying hotel-like service and strategy. Stephen is a core partner in the Four Seasons Private Residences Las Vegas ($1.3B sellout). The company also restores centuries-old Tuscan estates for North American and European clients—12 years in, with a waitlist.    

Join our community of RE investors on Skool: https://www.skool.com/the-real-estate-investing-club-5101/about?ref=44459ba83f5540f19109c8a530db40230:00 Episode Introduction0:58 From Engineering to Real Estate Empire Journey3:34 Why Paul Abandoned Multifamily for Better Assets5:56 Mobile Home Park Deal Finding Strategies8:59 Park-Owned vs Tenant-Owned Home Conversions12:07 Self-Storage Investment Thesis and Value-Adds16:00 Small Town Success: Beeville Texas Case Study18:14 U-Haul Partnership Revenue Reality Check21:37 How to Lose Money Podcast Wisdom25:11 Circle of Competence: Warren Buffett's Advice27:17 Geographic Investment Strategy RevealedFROM ENGINEERING TO ALTERNATIVE INVESTMENTS EMPIRE

A weekly magazine-style radio show featuring the voices and stories of Asians and Pacific Islanders from all corners of our community. The show is produced by a collective of media makers, deejays, and activists. Tonight Producer Swati Rayasam showcases a community panel of how discriminatory exclusion policies during times of heightened fears of national security and safety have threatened our communities in the past, and how the activities of the current administration threaten our core constitutional rights, raising the specter of politicization and polarization of citizenship, immigration visas, naturalization rights, and the right to free speech.   Deport. Exclude. Revoke. Imprison – “Wong Kim Ark is for All of Us” SHOW TRANSCRIPT Swati Rayasam: You are tuned in to APEX Express on KPFA. My name is Swati Rayasam and I'm back as your special producer for this episode. Tonight we have an incredible community panel titled Deport. Exclude. Revoke. Imprison. This panel explores the history of how discriminatory exclusion policies during times of heightened fears of national security and [00:01:00] safety have threatened our communities in the past, and how the activities of the current administration threaten our core constitutional rights, raising the specter of politicization and polarization of citizenship, immigration visas, naturalization rights, and the right to free speech. I'll pass it on to UC Berkeley Ethnic Studies Professor Mike Chang to kick us off. Mike and Harvey: We're starting on Berkeley time, right on time at three 10, and I want to introduce Harvey Dong. Harvey Dong: Okay. The sponsors for today's event include, AADS- Asian American and Diaspora studies program, uc, Berkeley, Asian American Research Center, the Center for Race and Gender Department of Ethnic Studies- all part of uc, Berkeley. Off campus, we have the following community groups. Chinese for Affirmative Action, Asian Law Caucus, [00:02:00] Asian Prisoners Support Committee, and East Wind Books. Okay, so that's, quite a few in terms of coalition people coming together. My name is Harvey Dong and I'm also a lecturer in the AADS program and part of the ethnic studies department. I can say that I exist here as the result of birthright citizenship won by Ancestor Wong Kim Ark in 1898. Otherwise, I would not be here. We want to welcome everyone here today, for this important panel discussion titled: Deport, Exclude, Revoke, Imprison – Immigration and citizenship rights during crisis. Yes, we are in a deep crisis today. The Chinese characters for crisis is way G in Mandarin or way gay in [00:03:00] Cantonese, which means danger and opportunity. We are in a moment of danger and at the same time in a moment of opportunity. Our communities are under attack from undocumented, documented, and those with citizenship. We see urgency in coming together. In 1898, the US Supreme Court case, US versus Wong Kim Ark held that under the 14th Amendment birthright, citizenship applies to all people born in the United States. Regardless of their race or their parents' national origin or immigration status. On May 15th this year, the Supreme Court will hear a President Donald Trump's request to implement an executive order that will end birthright citizenship already before May 15th, [00:04:00] deportations of US citizen children are taking place. Recently, three US citizen children, one 2-year-old with cancer have been deported with their undocumented parents. The numbers of US citizen children are much higher being deported because it's less covered in the press. Unconstitutional. Yes, definitely. And it's taking place now. Also today, more than 2.7 million southeast Asian Americans live in the US but at least 16,000 community members have received final orders of deportation, placing their lives and families in limbo. This presents a mental health challenge and extreme economic hardship for individuals and families who do not know whether their next day in the US will be their last. Wong Kim Ark's [00:05:00] struggle and the lessons of Wong Kim Ark, continue today. His resistance provides us with a grounding for our resistance. So they say deport, exclude, revoke, imprison. We say cease and desist. You can say that every day it just seems like the system's gone amuk. There's constant attacks on people of color, on immigrants and so forth. And our only solution, or the most important solution is to resist, legally resist, but also to protest, to demand cease and desist. Today brings together campus and community people. We want you all to be informed because if you're uninformed , you can't do anything. Okay? You have to know where things are at. It's nothing new. What they're trying to do, in 1882, [00:06:00] during times of economic crisis, they scapegoated Asian Americans. Today there's economic, political crisis. And the scapegoating continues. They're not doing anything new. You know, it's old stuff, but we have to realize that, and we have to look at the past in terms of what was done to fight it and also build new solidarities today. Wong Kim Ark did not take his situation sitting down. He went through, lots of obstacles. He spent three months in Angel Island he was arrested after he won his case because he was constantly being harassed wherever he went. His kids when they came over were also, spotted as being Wong Kim Ark's, children, and they too had to spend months at Angel Island. So Wong Kim Ark did not take his situation sitting down. We need to learn from him today. Our [00:07:00] next, special guest is Mr. Norman Wong, a good friend of mine. He was active here in the third world Liberation Front strike that led to ethnic studies. He did a lots of work for the development of Asian American studies and we've been out in touch for about, what, 40 years? So I'm really happy that he's able to come back to Berkeley and to talk about yourself, if you wish, maybe during the Q and a, but to talk about , the significance of your great-grandfather's case. Okay, so Norman Wong, let's give him a hand. Norman Wong: Hello, my name's Norman Wong. I'm the great grandson, Wong Kim Ark. Wong Kim Ark was [00:08:00] born in the USA, like my great-grandfather. I, too was born American in the same city, San Francisco, more than 75 years after him. We are both Americans, but unlike him, my citizenship has never been challenged. His willingness to stand up and fight made the difference for his struggles, my humble thanks. Wong Kim Ark however, was challenged more than once. In late 1889 as an American, he traveled to China in July, 1890. He returned to his birth city. He had his papers and had no problems with reentry. In 1895, after a similar trip, he was stopped from disembarking and was placed into custody for five months aboard ship in port. [00:09:00] Citizenship denied, the reason the Chinese exclusion Act 1882. He had to win this case in district court, provide $250 bail and then win again in the United States Supreme Court, March 28th, 1898. Only from these efforts, he was able to claim his citizenship granted by birthright from the 14th Amendment and gain his freedom. That would not be the last challenge to his being American. My mother suffered similar treatment. She like my great-grandfather, was born in America. In 1942, she was forced with her family and thousands of other Japanese Americans to relocation camps an experience unspoken by her family. [00:10:00] I first learned about Japanese American internment from history books. Executive order 9066 was the command. No due process, citizenship's rights stripped. She was not American enough. Now we have executive order 14160. It is an attack on birthright citizenship. We cannot let this happen. We must stand together. We are a nation of immigrants. What kind of nation are we to be with stateless children? Born to no country. To this, I say no. We as Americans need to embrace each other and [00:11:00] cherish each new life. Born in the USA. Thank you. Harvey Dong: Thank you, Norman. And Annie Lee, will moderate, the following panel, involving campus and community representatives who will be sharing their knowledge and experience. Annie Lee, Esquire is an attorney. She's also the, managing director of policy for Chinese Affirmative Action, and she's also, heavily involved in the birthright citizenship issue. Annie Lee: Thank you so much Harvey for that very warm welcome and thank you again to Norman for your remarks. I think it's incredible that you're speaking up at this moment, to preserve your ancestors' legacy because it impacts not just you and him, but all of us [00:12:00] here. So thank you. As Harvey said, my name is Annie Lee and I have this honor of working with this amazing panel of esteemed guest we have today. So I will ask each of them to introduce themselves. And I will start, because I would love to hear your name, pronouns. Title and organization as well as your personal or professional relationship with the US Immigration System. So my name's Annie. I use she her pronouns. I'm the managing Director of policy at Chinese for Affirmative Action, which is a non-profit based in San Francisco Chinatown. We provide direct services to the monolingual working class Chinese community, and also advocate for policies to benefit all Asian Americans. My relationship with the immigration system is I am the child of two Chinese immigrants who did not speak English. And so I just remember lots of time spent on the phone when I was a kid with INS, and then it became U-S-C-I-S just trying to ask them what happened to [00:13:00] a family member's application for naturalization, for visas so I was the interpreter for them growing up and even today. I will pass it to Letty. Leti Volpp: Hi everybody. Thank you so much, Annie. Thank you Harvey. Thank you, Norman. That was profoundly moving to hear your remarks and I love the way that you framed our conversation, Harvey. I'm Leti Volpp. I am the Robert d and Leslie k Raven, professor of Law and Access to Justice at the Berkeley Law, school. I'm also the director of the campus wide , center for Race and Gender, which is a legacy of the Third World Liberation Front, and the 1999, student movement, that led to the creation of the center. I work on immigration law and citizenship theory, and I am the daughter, second of four, children of my mother who was an immigrant from China, and my father who was an immigrant [00:14:00] from Germany. So I'll pass it. Thank you. Ke Lam: Thank you. Thank you all for being here. Thank you, Norman. So my name's Key. I go by he, him pronouns or Nghiep “Ke” Lam, is my full name. I work for an organization called Asian Prison Support Committee. It's been around for like over two decades now, and it started behind three guys advocating for ethics study, Asian and Pacific Islander history. And then it was starting in San Quent State Prison. All three of them pushed for ethics study, hard and the result is they all was put into solitary confinement. And many years later, after all three got out, was Eddie Zang, Mike Romero and Mike no. And when they got out, Eddie came back and we pushed for ethics study again, and we actually got it started in 2013. And it's been going on to today. Then the programs is called Roots, restoring our Original True Self. So reconnecting with who we are. And one of Eddie's main, mottos that really stuck with me. He said, we need to all connect to our chi, right? And I'm like, okay, I understand what chi is, and he said no. He [00:15:00] said, you need to connect to your culture, your history, which result to equal your identity, who you are as a person. So, the more we study about our history and our culture, like, birthright citizen, it empower us to know, who we are today. Right? And also part of that is to how do we take down the veil of shame in our community, the veil of trauma that's impacting our community as well. We don't talk about issue that impact us like immigration. So I'm a 1.5 generation. So I was born in Vietnam from Chinese family that migrant from China to Vietnam started business after the fall of Vietnam War. We all got kicked out but more than that, I am directly impacted because I am a stranded deportee, somebody that got their, legal status taken away because of criminal conviction. And as of any moment now, I could actually be taken away. So I live in that, right at that threshold of like uncertainty right now. And the people I work with, which are hundreds of people, are fixing that same uncertainty.[00:16:00] Annie Lee: Thank you, Ke. I'm gonna pass it to our panelists who are joining us virtually, including Bun. Can you start and then we'll pass it to Chris after. Bun: Hey everybody, thank you for having me. My name is Bun. I'm the co-director of Asian Prison Support Committee. I'm also, 1.5 generation former incarcerated and under, direct impact of immigration. Christopher Lapinig: Hi everyone. My name is Christopher Lapinig, my pronouns are he, him and Sha. I am a senior staff attorney on the Democracy and National Initiatives Team at Asian Law Caucus, which you may know is the country's first and oldest legal aid in civil rights organization, dedicated to serving, low income immigrant and underserved AAPI communities. In terms of my connection to the immigration system, I am, I also am a beneficiary of a birthright citizenship, and my parents are both immigrants from the Philippines. I was born in New York City. My [00:17:00] extended family spans both in the US and the Philippines. After graduating law school and clerking, my fellowship project was focused on providing litigation and immigration services to, survivors of labor trafficking in the Filipino community. While working at Asian Americans Advancing Justice Los Angeles, I also was engaged in, class action litigation, challenging the first Trump administration's practices, detaining immigrants in the Vietnamese and Cambodian communities. Annie Lee: Thank you, Chris. Thank you Bun. Let's start off by talking about birthright citizenship since it's a big topic these days. On the very, very first day of Trump's administration, he issued a flurry of executive orders, including one that would alter birthright citizenship. But I wanna take us back to the beginning because why do we have this right? It is a very broad right? If you were born in the United States, you are an American citizen. Where does that come from? So I wanna pose the first question to Letty to talk about the [00:18:00] origins of birthright citizenship., Leti Volpp: Very happy to. So what's being fought about is a particular clause in the Constitution and the 14th Amendment, which says, all persons born are naturalized in the United States, and subject to the jurisdiction thereof are citizens of the United States and of the state wherein they reside. Okay, so that's the text. There's been a very long understanding of what this text means, which says that regardless of the immigration status of one's parents, all children born here are entitled to birthright citizenship with three narrow exceptions, which I will explain. So the Trump administration executive order, wants to exclude from birthright citizenship, the children of undocumented immigrants, and the children of people who are here on lawful temporary visas. So for example, somebody here on an [00:19:00] F1 student visa, somebody on a H one B worker visa, somebody here is a tourist, right? And basically they're saying we've been getting this clause wrong for over a hundred years. And I will explain to you why I think they're making this very dubious argument. Essentially when you think about where the 14th amendment came from, in the United States, in the Antebellum era, about 20% of people were enslaved and there were lots of debates about citizenship. Who should be a citizen? Who could be a citizen? And in 1857, the Supreme Court issued a decision in a case called Dread Scott, where they said that no person who was black, whether free or enslaved, could ever be a citizen. The Civil War gets fought, they end slavery. And then the question arose, well, what does this mean for citizenship? Who's a citizen of the United States? And in 1866, Congress [00:20:00] enacts a law called the Civil Rights Act, which basically gave rights to people that were previously denied and said that everybody born in the United States is a birthright citizen. This gets repeated in the 14th Amendment with the very important interpretation of this clause in Norman's great-grandfather's case, the case of Wong Kim Ark. So this came before the Supreme Court in 1898. If you think about the timing of this, the federal government had basically abandoned the reconstruction project, which was the project of trying to newly enfranchised, African Americans in the United States. The Supreme Court had just issued the decision, Plessy versus Ferguson, which basically legitimated the idea that, we can have separate, but equal, as a doctrine of rights. So it was a nation that was newly hostile to the goals of the Reconstruction Congress, and so they had this case come before them, whereas we heard [00:21:00] from Norman, we have his great-grandfather born in San Francisco, Chinatown, traveling back and forth to China. His parents having actually left the United States. And this was basically presented as a test case to the Supreme Court. Where the government tried to argue, similar to what the Trump administration is arguing today, that birthright citizenship, that clause does not guarantee universal birthright citizenship saying that children of immigrants are not subject to the jurisdiction thereof, not subject to the jurisdiction of the United States because their parents are also not subject to the jurisdiction of the United States. The Supreme Court took over a year to decide the case. They knew that it would be controversial, and the majority of the court said, this provision is clear. It uses universal language. It's intended to apply to children of all immigrants. One of the things that's interesting about [00:22:00] what the, well I'll let Chris actually talk about what the Trump administration, is trying to do, but let me just say that in the Wong Kim Ark decision, the Supreme Court makes very clear there only three narrow exceptions to who is covered by the 14th Amendment. They're children of diplomats. So for example, if the Ambassador of Germany is in the United States, and, she has a daughter, like her daughter should not become a birthright citizen, right? This is why there's diplomatic immunity. Why, for example, in New York City, there are millions of dollars apparently owed to the city, in parking tickets by ambassadors who don't bother to pay them because they're not actually subject to the jurisdiction in the United States. Okay? Second category, children of Native Americans who are seen as having a sovereign relationship of their own, where it's like a nation within a nation, kind of dynamic, a country within a country. And there were detailed conversations in the congressional debate about the [00:23:00] 14th Amendment, about both of these categories of people. The third category, were children born to a hostile invading army. Okay? So one argument you may have heard people talk about is oh, I think of undocumented immigrants as an invading army. Okay? If you look at the Wong Kim Ark decision, it is very clear that what was intended, by this category of people were a context where the hostile invading army is actually in control of that jurisdiction, right? So that the United States government is not actually governing that space so that the people living in it don't have to be obedient, to the United States. They're obedient to this foreign power. Okay? So the thread between all three of these exceptions is about are you having to be obedient to the laws of the United States? So for example, if you're an undocumented immigrant, you are subject to being criminally prosecuted if you commit a crime, right? Or [00:24:00] you are potentially subjected to deportation, right? You have to obey the law of the United States, right? You are still subject to the jurisdiction thereof. Okay? But the Trump administration, as we're about to hear, is making different arguments. Annie Lee: Thank you so much, Leti for that historical context, which I think is so important because, so many different communities of color have contributed to the rights that we have today. And so what Leti is saying here is that birthright citizenship is a direct result of black liberation and fighting for freedom in the Civil War and making sure that they were then recognized as full citizens. And then reinforced, expanded, by Wong Kim Ark. And now we are all beneficiaries and the vast majority of Americans get our citizenship through birth. Okay? That is true for white people, black people. If you're born here, you get your ci. You don't have to do anything. You don't have to go to court. You don't have to say anything. You are a US citizen. And now as Leti referenced, there's this fringe legal theory that, thankfully we've got lawyers like [00:25:00] Chris who are fighting this. So Chris, you're on the ALC team, one of many lawsuits against the Trump administration regarding this unlawful executive order. Can you tell us a little bit about the litigation and the arguments, but I actually really want you to focus on what are the harms of this executive order? Sometimes I think particularly if you are a citizen, and I am one, sometimes we take what we have for granted and you don't even realize what citizenship means or confers. So Chris, can you talk about the harms if this executive order were to go through? Christopher Lapinig: Yeah. As Professor Volpp sort of explained this executive order really is an assault on a fundamental constitutional right that has existed for more than a hundred years at this point, or, well, about 125 years. And if it is allowed to be implemented, the harms would really be devastating and far reach. So first, you know, children born in the us, the [00:26:00] parents without permanent status, as permissible said, would be rendered effectively stateless, in many cases. And these are of course, children, babies who have never known any other home, yet they would be denied the basic rights of citizen. And so the order targets a vast range of families, and not just undocument immigrants, but also those with work visas, student visas, humanitarian productions like TPS, asylum seekers, fleeing persecution, DACA recipients as well. And a lot of these communities have deep ties to Asian American community. To our history, and of course are, essential part, of our social fabric. In practical terms, children born without birthright citizenship would be denied access to healthcare through Medicaid, through denied access to snap nutritional assistance, even basic IDs like social security numbers, passports. And then as they grow older, they'd be barred from voting, serving on juries and even [00:27:00] working. And then later on in life, they might be, if they, are convicted of a crime and make them deportable, they could face deportation to countries that they never stepped, foot off basically. And so this basically is this executive order threatened at risk, creating exactly what the drafters of the 14th Amendment wanted to prevent the creation of a permanent underclass of people in the United States. It'll just get amplified over time. If you can imagine if there's one generation of people born without citizenship, there will be a second generation born and a third and fourth, and it'll just get amplified over time. And so it truly is just, hard to get your mind around exactly what the impact of this EO would be. Annie Lee: Thanks, Chris. And where are we in the litigation right now? Harvey referenced, a hearing at the Supreme Court on May 15th, but, tell us a little bit about the injunction and the arguments on the merits and when that can, when we can expect [00:28:00] that. Christopher Lapinig: Yeah, so there were a number of lawsuits filed immediately after, the administration issued its exec order on January 20th. Asian Law Caucus we filed with the ACLU Immigrant Rights Project. Literally we were the first lawsuit, literally hours after the executive order was issued. By early February, federal judges across the country had issued nationwide preliminary injunctions blocking implementation of the order. Our case is actually not a nationwide injunction. And so there're basically, I believe three cases that are going up to the Supreme Court. And, the Trump administration appealed to various circuit courts to try to undo these injunctions. But all circuit courts upheld the injunctive relief and and so now the Supreme Court is going to be hearing arguments on May 15th. And so it has not actually ruled on whether or not the executive order is constitutional, but it's going to. I mean, it remains to be seen exactly what they're going to decide but may [00:29:00] 15th is the next date is the big date on our calendar. Annie Lee: Yeah. So the Trump administration is arguing that these judges in a particular district, it's not fair if they get to say that the entire country, is barred from receiving this executive order. Is that procedurally correct. Judges, in order to consider whether to grants an injunction, they have a whole battery of factors that they look at, including one, which is like likelihood of winning on the merits. Because if something is unconstitutional, it's not really great to say, yeah, you can let this executive order go through. And then like later when the court cases finally worked their way, like a year later, pull back from that. And so that's, it's very frustrating to see this argument. And it's also unfair and would be very messy if the states that had republican Attorneys General who did not litigate, why would you allow the executive order to go forward in those red states and not in these blue state? It really, I would say federalism run terribly amuck. Swati Rayasam: [00:30:00] You are tuned in to APEX Express on 94.1 KPFA, 89.3 KPFB in Berkeley,. 88.1. KFCF in Fresno and online@kpfa.org. Annie Lee: But anyway, let's see back off from the actual case because I think what we're really talking about and what Chris has alluded to is, these cases about birthright citizenship, all the immigration policy is essentially determining who belongs here. Who belongs here. That's what immigration policy is at its heart. And we see that the right wing is weaponizing that question, who belongs here? And they are going after very vulnerable populations, undocumented people, people who are formerly incarcerated. So Bun if you can talk about how, is the formerly incarcerated community, like targeted immigrants, targeted for deportation? What is going on with this community that I feel like most people might not know about? Thank [00:31:00] you. Bun: Yes. For our folks that are incarcerated and former incarcerated, we are the easiest target for deportation because we are in custody and in California, CDCR colludes with ICE and on the day that we are to be paroled they're at the door, cuffing us up and taking us to detention. I'm glad to hear Harvey say, this is a time of fear for us and also opportunity. Right now, our whole community, the Southeast Asian community, mainly are very effective with immigration. In the past 25 years, mostly it was the Cambodian community that was being targeted and deported. At this moment, they are targeting, all of the Southeast Asian community, which historically was never deported because of the politics and agreements, of the Vietnamese community. And now the Laos community thats more concerning, that are being targeted for deportation. Trump have opened a new opportunity for us as a community to join [00:32:00] together and understand each other's story, and understand each other's fear. Understand where we're going about immigration. From birthright to crimmagration. A lot of times folks that are under crimmigration are often not spoken about because of our cultural shame, within our own family and also some of our community member felt safe because the political agreements. Now that everybody's in danger, we could stand together and understand each other's issue and support each other because now we could see that history has repeated itself. Again, we are the scapegoat. We are here together fighting the same issue in different circumstances, but the same issue. Annie Lee: But let me follow up. What are these, historical agreements that you're talking about that used to feel like used to at least shield the community that now aren't in place anymore? Bun: Yeah. After the Clinton administration, uh, passed the IRA [immigration reform act] a lot of Southeast Asian nations were asked to [00:33:00] take their nationals back. Even though we as 1.5 generation, which are the one that's mostly impacted by this, had never even stepped into the country. Most of us were born in a refugee camp or we're too young to even remember where they came from. Countries like Cambodian folded right away because they needed the financial aid and whatever, was offering them and immediately a three with a MOU that they will take their citizens since the early two thousands. Vietnam had a stronger agreement, which, they would agree to only take folks that immigrated here after 1995 and anybody before 1995, they would not take, and Laos have just said no until just a few months ago. Laos has said no from when the, uh, the act was passed in 1995, the IRRIRA. Mm-hmm. So the big change we have now is Vietnam had signed a new MOU saying that they will take folks after 1995 [00:34:00] in the first administration and more recently, something that we never thought, happened so fast, was Laos agreeing to take their citizen back. And then the bigger issue about our Laos community is, it's not just Laos folks. It's the Hmong folks, the Myan folks, folks, folks that are still in danger of being returned back 'cause in the Vietnam War, they colluded and supported the Americans in the Vietnam War and were exiled out and kicked out, and were hunted down because of that. So, at this moment, our folks are very in fear, especially our loud folks, not knowing what's gonna happen to 'em. Ke Lam: So for folks that don't know what IRR means it means, illegal Immigration Reform and Immigrant Responsibility Act. It actually happened after the Oklahoma bombing, which was caused by a US citizen, a white US citizen. Yeah. But immigration law came out of it. That's what's crazy about it. Annie Lee: Can you tell us, how is APSC advocating to protect the community right now because you [00:35:00] are vulnerable? Ke Lam: So we had to censor a lot of our strategies. At first we used to use social media as a platform to show our work and then to support our community. But the government use that as a target to capture our people. So we stopped using social media. So we've been doing a lot of on the ground movement, such as trying to get local officials to do resolutions to push Governor Newsom to party more of our community members. The other thing is we hold pardon workshops, so try and get folks to get, either get a pardon or vacate their sentence. So commute their sentence to where it become misdemeanor is not deportable anymore. Support letters for our folks writing support letters to send to the governor and also to city official, to say, Hey, please help pardon our community. I think the other thing we are actually doing is solidarity work with other organizations, African American community as well as Latin communities because we've been siloed for so long and we've been banned against each other, where people kept saying like, they've taken all our job when I grew up. That's what they told us, right? [00:36:00] But we, reality that's not even true. It was just a wedge against our community. And then so it became the good versus bad narrative. So our advocacy is trying to change it it's called re-storying you know, so retelling our story from people that are impacted, not from people, not from the one percenters in our own community. Let's say like we're all good, do you, are there's parts of our community that like that's the bad people, right? But in reality, it affects us all. And so advocacy work is a lot of different, it comes in a lot of different shapes and forms, but definitely it comes from the community. Annie Lee: Thanks, Ke. You teed me up perfectly because there is such a good versus bad immigrant narrative that takes root and is really hard to fight against. And that's why this administration is targeting incarcerated and formerly incarcerated folks and another group that, are being targeted as people who are accused of crimes, including Venezuelan immigrants who are allegedly part of a gang. So, Leti how is the government deporting [00:37:00] people by simply accusing them of being a part of a gang? Like how is that even possible? Leti Volpp: Yeah, so one thing to think about is there is this thing called due process, right? It's guaranteed under the constitution to all persons. It's not just guaranteed to citizens. What does it mean? Procedural due process means there should be notice, there should be a hearing, there should be an impartial judge. You should have the opportunity to present evidence. You should have the opportunity to cross examinee. You should have the opportunity to provide witnesses. Right? And basically Trump and his advisors are in real time actively trying to completely eviscerate due process for everybody, right? So Trump recently said, I'm doing what I was elected to do, remove criminals from our country. But the courts don't seem to want me to do that. We cannot give everyone a trial because to do so would take without exaggeration, 200 years. And then Stephen Miller said the judicial process is for Americans. [00:38:00] Immediate deportation is for illegal aliens. Okay. Quote unquote. Right. So I think one thing to notice is, as we're hearing from all of our speakers are like the boxes, the categories into which people are put. And what's really disturbing is to witness how once somebody's put in the box of being quote unquote criminal gang banger terrorists, like the American public seems to be like, oh, okay you can do what you want to this person. There's a whole history of due process, which exists in the laws which was created. And all of these early cases actually involved Asian immigrants, right? And so first they were saying there's no due process. And then in a case called Yata versus Fisher, they said actually there is due process in deportation cases, there's regular immigration court proceedings, which accord with all of these measures of due process. There's also a procedure called expedited removal, [00:39:00] which Congress invented in the nineties where they wanted to come up with some kind of very quick way to summarily exclude people. It was motivated by a 60 Minutes episode where they showed people coming to Kennedy Airport, who didn't have any ID or visa or they had what seemed to be fake visas and they were let into the United States. And then they disappeared, right? According to the 60 Minutes episode. So basically Congress invented this procedure of, if you appear in the United States and you have no documents, or you have what an immigration inspector thinks are false documents, they can basically tell you, you can leave without this court hearing. And the only fail safe is what's called a credible fear screening. Where if you say, I want asylum, I fear persecution, I'm worried I might be tortured, then they're supposed to have the screening. And if you pass that screening, you get put in regular removal [00:40:00] proceedings. So before the Trump administration took office, these expedited removal proceedings were happening within a hundred miles of the border against people who could not show that they had been in the United States for more than two weeks. In one of his first executive orders. Trump extended this anywhere in the United States against people who cannot show they've been in the United States for more than two years. So people are recommending that people who potentially are in this situation to carry documentation, showing they've been physically in the United States for over two years. Trump is also using this Alien Enemies Act, which was basically a law Congress passed in 1798. It's only been used three times in US history it's a wartime law, right? So it was used in 1812, World War I, and World War II, and there's supposed to be a declared war between the United States and a foreign nation or government, or [00:41:00] there's an incursion threatened by a foreign nation or government, and the president makes public proclamation that all natives of this hostile nation, 14 and up shall be liable to be restrained and removed as alien enemies. Okay? So we're obviously not at war with the Venezuelan gang Tren de Aragua, right? They have not engaged in some kind of invasion or predatory incursion into the United States, but the Trump administration is claiming that they have and saying things like, oh, they're secretly a paramilitary wing of the Venezuelan government, even as the Venezuelan government is like cracking down on them. It's not a quasi sovereign, entity. There's no diplomatic relationships between Tren de Aragua and any other government. So these are legally and factually baseless arguments. Nonetheless, the administration has been basically taking people from Venezuela on the basis of tattoos. A tattoo of a crown of a [00:42:00] rose, right? Even when experts have said there's no relationship between what Tren de Aragua does and tattoos, right? And basically just kidnapping people and shipping them to the torture prison in El Salvador. As I'm sure you know of the case of Kimber Abrego Garcia, I'm sure we'll hear more about this from Christopher. There's a very small fraction of the persons that have been sent to this prison in El Salvador who actually have any criminal history. And I will say, even if they had a criminal history, nobody should be treated in this manner and sent to this prison, right? I mean, it's unbelievable that they've been sent to this prison allegedly indefinitely. They're paying $6 million a year to hold people there. And then the United States government is saying, oh, we don't have any power to facilitate or effectuate their return. And I think there's a struggle as to what to call this. It's not just deportation. This is like kidnapping. It's rendition. And there are people, there's like a particular person like who's completely [00:43:00] disappeared. Nobody knows if they're alive or dead. There are many people in that prison. People don't know if they're alive or dead. And I'm sure you've heard the stories of people who are gay asylum seekers, right? Who are now in this situation. There are also people that have been sent to Guantanamo, people were sent to Panama, right? And so I think there questions for us to think about like, what is this administration doing? How are they trying to do this in a spectacular fashion to instill fear? As we know as well, Trump had said oh, like I think it would be great when he met with Bukele if you build four more or five more facilities. I wanna house homegrown people in El Salvador, right? So this is all the more importance that we stick together, fight together, don't, as key was saying, don't let ourselves be split apart. Like we need a big mass coalition right? Of people working together on this. Annie Lee: So thank you leti and I think you're absolutely right. These Venezuelans were kidnapped [00:44:00] in the middle of the night. I mean, 2:00 AM 3:00 AM pulled out of bed, forced to sign documents they did not understand because these documents were only available in English and they speak Spanish, put on planes sent to El Salvador, a country they've never been to. The government didn't even have to prove anything. They did not have to prove anything, and they just snatch these people and now they're disappeared. We do have, for now the rule of law. And so Chris, there are judges saying that, Kimber Abrego Garcia has to be returned. And despite these court orders, the administration is not complying. So where does that leave us, Chris, in terms of rule of law and law in general? Christopher Lapinig: Yeah. So, I'm gonna make a little personal. So I graduated from Yale Law School in 2013, and you might know some of my classmates. One of my classmates is actually now the Vice President of the United States. Oh man. [00:45:00] Bless you. As well as the second lady, Usha Vance. And a classmate of mine, a good friend Sophia Nelson, who's a trans and queer, was recently on, I believe CNN answering a question about, I believe JD Vice President Vance, was asked about the administration's sort of refusal to comply with usual orders. Yeah. As we're talking about here and JD had said something like, well, courts, judges can't tell the president what he can't do, and sophia, to their credit, said, you know, I took constitutional law with JD, and, we definitely read Marbury Versus Madison together, and that is the semial sort of Supreme Court case that established that the US Supreme Court is the ultimate decider, arbiter, interpreter, of the US Constitution. And so is basically saying, I know JD knows better. He's lying essentially, in all of his [00:46:00] communications about, judicial orders and whether or not a presidential administration has to comply , with these orders. So, to get to your question though, it is of course unprecedented. Really. It is essentially, you know, it's not, if we not already reached. The point of a constitutional crisis. It is a constitutional crisis. I think it's become clear to many of us that, democracy in the US has operated in large part, and has relied on, on, on the good faith in norms, that people are operating good faith and that presidents will comply when, a federal judge issues an injunction or a decision. It kind of leaves us in an interesting, unprecedented situation. And it means that, lawyers, we will continue to litigate and, go to court, but we can't, lawyers will not save the country or, immigrants or communities. We need to think extensively and creatively. [00:47:00] About how to ensure, that the rule of law is preserved because, this administration is not, abiding by the longstanding norms of compliance and so we have to think about, protests, advocacy, legislatively. I don't have the answers necessarily, but we can't rely on the courts to fix these problems really. Annie Lee: Oof. That was very real, Chris. Thank you. But I will say that when there is resistance, and we've seen it from students who are speaking up and advocating for what they believe is right and just including Palestinian Liberation, that there is swift retaliation. And I think that's partly because they are scared of student speech and movement and organizing. But this is a question to all of you. So if not the courts and if the administration is being incredibly retaliatory, and discriminatory in terms of viewpoint discrimination, in people and what people are saying and they're scouring our social [00:48:00] media like, Ke warns, like what can everyday people do to fight back? That's for all of you. So I don't know who, which of you wants to take it first? Ke Lam: Oh man. I say look at history, right? Even while this new president, I wanna say like, this dude is a convicted felon, right? Don't be surprised at why we country is in the way it is, because this dude's a convicted felon, a bad business person, right? And only care about the billionaires, you know? So I'm not surprised how this country's ending up the way it is 'cause it is all about money. One way that we can stand up is definitely band together, marched on the streets. It's been effective. You look at the civil right movement, that's the greatest example. Now you don't have to look too far. We can actually, when we come together, they can't fight us all. Right? It is, and this, it's like you look at even nature in the cell. When things band together, the predators cannot attack everyone. Right? They probably could hit a few of us, but in the [00:49:00] long run, we could change the law. I think another thing is we, we, as the people can march to the courts and push the courts to do the job right, despite what's going on., We had judges that been arrested for doing the right thing, right? And so, no matter what, we have to stand strong just despite the pressure and just push back. Annie Lee: Thanks, Ke. Chris? Christopher Lapinig: What this administration is doing is you know, straight out of the fascist playbook. They're working to, as we all know, shock and awe everyone, and make Americans feel powerless. Make them feel like they have no control, make them feel overwhelmed. And so I think first and foremost, take care of yourself , in terms of your health, in terms of your physical health, your mental health. Do what you can to keep yourself safe and healthy and happy. And do the same for your community, for your loved ones, your friends and family. And then once you've done that do what you can in terms of your time, treasure, [00:50:00] talent to, to fight back. Everyone has different talents, different levels of time that they can afford. But recognize that this is a marathon and not necessarily a sprint because we need everyone, in this resistance that we can get. Annie Lee: Thank you, Chris. Leti Volpp: There was a New Yorker article called, I think it was How to Be a Dissident which said, before recently many Americans, when you ask them about dissidents, they would think of far off countries. But they interviewed a lot of people who'd been dissidents in authoritarian regimes. And there were two, two things in that article that I'm taking with me among others. One of them said that in surveying like how authoritarian regimes are broken apart, like only 3.5% of the population has to oppose what's going on. The other thing was that you should find yourself a political home where you can return to frequently. It's almost like a religious or [00:51:00] spiritual practice where you go and you get refreshed and you're with like-minded people. And so I see this event, for example as doing that, and that we all need to find and nurture and foster spaces like this. Thank you. Annie Lee: Bun, do you have any parting words? Bun: Yeah. Like Ke said, to fight back, getting together, understanding issues and really uplifting, supporting, urging our own communities, to speak Up. You know, there's folks that can't speak out right now because of fear and danger, but there are folks here that can speak out and coming here learning all our situation really give the knowledge and the power to speak out for folks that can't speak down [unclear] right now. So I appreciate y'all Annie Lee: love that bun. I was gonna say the same thing. I feel like there is a special obligation for those of us who are citizens, citizens cannot be deported. Okay? Citizens have special rights based [00:52:00] on that status. And so there's a special responsibility on those of us who can speak, and not be afraid of retaliation from this government. I would also urge you all even though it's bleak at the federal level, we have state governments, we have local governments. You have a university here who is very powerful. And you have seen, we've seen that the uni that the administration backs down, sometimes when Harvard hit back, they back down and that means that there is a way to push the administration, but it does require you all putting pressure on your schools, on your local leaders, on your state leaders to fight back. My boss actually, Vin taught me this. You know, you think that politicians, lead, politicians do not lead politicians follow. Politicians follow and you all lead when you go out further, you give them cover to do the right thing. And so the farther you push and the more you speak out against this administration, the more you give them courage to do the right thing. And so you absolutely have to do that. A pardon [00:53:00] is critical. It is critical for people who are formerly incarcerated to avoid the immigration system and deportation. And so do that. Talk to your family, talk to your friends. My parents, despite being immigrants, they're kinda old school. Okay guys, they're like, you know, birthright citizenship does seem kind of like a loophole. Why should people like get like citizenship? I'm like, mom, we, I am a birthright citizen. Like, um, And I think for Asian Americans in particular, there is such a rich history of Asian American civil rights activism that we don't talk about enough, and maybe you do at Berkeley with ethnic studies and professors like Mike Chang. But, this is totally an interracial solidarity movement. We helped bring about Wong Kim Ark and there are beneficiaries of every shade of person. There's Yik wo, and I think about this all the time, which is another part of the 14th Amendment equal protection. Which black Americans fought for that in San Francisco. [00:54:00] Chinatown made real what? What does equal protection of the laws even mean? And that case was Seminole. You've got Lao versus Nichols. Another case coming out of San Francisco. Chinatown about English learner rights, the greatest beneficiary of Lao v Nichols, our Spanish speakers, they're Spanish speaking children in schools who get access to their education regardless of the language they speak. And so there are so many moments in Asian American history that we should be talking about, that we should educate our parents and our families about, because this is our moment. Now, this is another one of those times I wanna pass it to Mike and Harvey for questions, and I'm so excited to hear about them. Mike and Harvey: Wow, thank you so much. That's a amazing, panel and thank you for facilitating annie's wanna give it of a great value in terms of that spiritual home aspect. Norm how does your great grandfather's , experience in resistance, provide help for us [00:55:00] today? Norman Wong: Well, I think he was willing to do it. It only took one, if no one did it, this, we wouldn't be having the discussion because most of us would've never been here. And we need to come together on our common interests and put aside our differences because we all have differences. And if we tried, to have it our way for everything, we'll have it no way for us. We really need to, to bond and bind together and become strong as a people. And I don't mean as a racial or a national group. Mm-hmm. I mean, we're Americans now. We're Americans here think of us as joining with all Americans to make this country the way it's supposed to be. The way [00:56:00] we grew up, the one that we remember, this is not the America I grew up believing in. I'm glad he stood up. I'm proud that he did that. He did that. Him doing that gave me something that I've never had before. A validation of my own life. And so yes, I'm proud of him. Wong Kim Ark is for all of us. It's not for me to own. Yeah. Wow. Really not. Thank you so much. Wong Kim Ark is for all of us. And, and , talking about the good , that we have here and, the optimism that Harvey spoke about, the opportunity, even in a moment of substantial danger. Thank you so much everybody. Mike and Harvey: This was amazing and really appreciate sharing this space with you and, building community and solidarity. Ke Lam: But is there any, can I leave with a chant before we close off? Oh yeah. Oh yeah. Yeah. Thank you so much. So this is a chant that we use on the ground all the time. You guys probably heard it. When I said when we fight, you guys said we [00:57:00] win when we fight. We win when we fight, we win. When we fight, we win up. Swati Rayasam: Thanks so much for tuning into APEX Express. Please check out our website at kpfa.org/program/apexexpress to find out more about the show tonight and to find out how you can take direct action. We thank all of you listeners out there. Keep resisting, keep organizing, keep creating, and sharing your visions with the world. Your voices are important. APEX Express is produced by Miko Lee, along with Jalena Keene-Lee, Ayame Keene-Lee, Preeti Mangala Shekar, Anuj Vaida, Cheryl Truong, Isabel Li, Ravi Grover, and me Swati Rayasam. Thank you so much to the team at KPFA for their support, and have a good [00:58:00] night.   The post APEX Express – 6.26.25-Deport. Exclude. Revoke. Imprison – Wong Kim Ark is for All of Us appeared first on KPFA.

In this powerful segment from The Abundance Mindset podcast, Vinney Smile Chopra shares an exclusive breakdown of a newly acquired Courtyard Marriott hotel deal in Plano, Texas—purchased at a staggering 65% discount from replacement cost.   Discover how Vinney and his team secured this lender-owned gem in one of the hottest real estate markets in the U.S., and how investors are poised to nearly double their money in just 4 years—even without accounting for bonus tax advantages like cost segregation and depreciation!

Navigating Risk, Noise, and Uncertainty: Barry Ritholtz on Investing in a Volatile World   In my conversation with Barry Ritholtz, chairman of Ritholtz Wealth Management and host of Bloomberg's “Masters in Business” podcast, we explored market and real estate cycles, caution, and capital allocation in today's increasingly unpredictable economic environment. Below are the most actionable and provocative takeaways for real estate investors, both passive and professional, drawn from Barry's decades of lessons and market observations.   Origins of Insight: From Blog to Bloomberg Ritholtz didn't set out to run a multi-billion-dollar firm. What started as daily trading notes eventually evolved into a blog, a book, Bailout Nation, and a platform that positioned him to correctly call both the top and bottom of the 2008 financial crisis. This journey, grounded in curiosity and behavioral finance, shaped the contrarian and data-driven approach he still employs today.   "I just wanted to know why some people made money while others didn't doing the same thing."   The 2008 Playbook: Behavioral Edge Over Economic Models Ritholtz attributes his early warning of the Global Financial Crisis (GFC) to non-traditional thinking and real estate roots (his mother was a real estate agent). Observing abnormal refinancing activity and "cash-out mania" led him to investigate securitized debt and derivative risk, well before it was mainstream.   He reverse-engineered risk from Reinhart & Rogoff's crisis research and famously predicted the Dow's decline to ~6,800—earning mockery initially, then vindication.   Echoes of 2008? Why This Time Feels Precarious While he stops short of predicting a crisis, Ritholtz allows for a 10–15% probability of a self-inflicted depression – a worst-case scenario rooted not in structural weakness, but political mismanagement.   “It [is an] asymmetrical risk to take one bullet, put it in a six shooter, spin the wheel, and put it up against your head with a $28 trillion economy.”   From tariffs to immigration policy to fiscal gamesmanship, Ritholtz sees signs that the U.S. may be eroding the long-standing trust that underpins reserve currency status and global capital flows.   Cash Isn't a Plan, Discipline Is When asked whether it makes sense to sit in cash and wait out the next downturn, Ritholtz counters with behavioral caution. Historically, those who “go to cash” rarely reenter at the right time and often miss the rebound entirely.   “If you're going to sit out in cash, do you have the temperament, the discipline to get back in?” Instead, he recommends building resilience: modest leverage, long-term focus, and capital efficiency – hallmarks of legends like Sam Zell, who Ritholtz holds up as a model of disciplined real estate investing.   A Word on Leverage: Use with Extreme Care High leverage is the common thread in stories of ruin. Ritholtz referenced the downfall of the Peloton CEO, who borrowed heavily against inflated stock. The same caution applies to over-leveraged real estate investors, especially those who haven't endured a full cycle.   “Market crashes are where capital returns to its rightful owners.”   For CRE sponsors, now is the time to refinance where possible, preserve cash, and maintain flexibility, even if that means lower IRR projections.   How to Filter the Noise: Create an Information Diet Ritholtz emphasized the need to tune out “financial candy from strangers” – the firehose of social media, Substacks, and hot takes by unvetted commentators.   “They don't know your zip code, your goals, your tax bracket. Why would you trust them?” He recommends identifying a shortlist of credible voices with defined, rational processes and a record of sound judgment. “Build your A-Team,” he advises. “Then ignore the rest.”   Real Estate Today: Not Monolithic, but Multifaceted Unlike equities, real estate behaves very differently depending on location, asset class, and capital structure. While some sectors (e.g., Class B office) remain distressed, others (e.g., data centers, multifamily in select markets, industrial) are faring relatively well.   “Literally, there are properties [Zell] held for half a century. He was long term… used modest amounts of leverage, and he bought great properties at even better prices.”   Ritholtz warns against painting real estate with a broad brush and urges nuanced thinking about cycles, risk-adjusted return, and operator quality.   Sentiment vs. Signals: What to Watch Now While he downplays the predictive power of investor sentiment, Ritholtz monitors: Three-month moving averages of non-farm payrolls Rounded tops in S&P earnings trends Residential real estate supply conditions in key metros Dollar strength (as a proxy for confidence and capital flows) “If the dollar keeps falling and supply starts rising in housing markets, it's time to pay attention.”   Dollar, Debt, and the Doomsayers Ritholtz is blunt about the debt debate. He finds most public discourse alarmist and often wrong. With the U.S. still enjoying reserve currency privileges, he sees no imminent collapse but warns against complacency.   “We've been hearing the deficit will destroy America for 50 years. It hasn't. But bad policy could.”   He is more concerned with underinvestment in infrastructure and human capital than with rising debt levels per se.   Closing Counsel for Investors For those sitting on fresh capital, say $1 million, Ritholtz advises: Clarify your goals (retirement, education, housing). Max out tax-advantaged accounts. Build a core of low-cost index exposure. Don't chase alpha before securing beta. Avoid overcomplexity: “Two dozen funds is not a portfolio.” His parting message? Discipline beats prediction. And humility is a superpower.   Final Thought “Everyone is faking it to some degree. The real danger isn't what you don't know – it's not knowing what you don't know.”   In an age of volatility and noise, Ritholtz's framework stands out: stay informed, stay skeptical, and invest like risk is real – because it is.   *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing.   With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection.    Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000

Interview with Barry O'Shea, CEO, Highland CopperRecording date: 18th June, 2025Highland Copper Company emerges as one of the most compelling investment opportunities in the U.S. critical minerals sector, operating a fully permitted copper development project positioned to address America's growing strategic mineral shortage. Led by CEO Barry O'Shea, who brings 15 years of mining finance expertise including successful value creation at Fiore Gold, the company's Copperwood project in Michigan's Upper Peninsula represents a rare construction-ready copper mine in domestic U.S. markets.The project's economics demonstrate exceptional leverage to copper prices. At $4 per pound copper, Copperwood delivers $170 million NPV with 18% IRR, but at $5 copper, NPV jumps dramatically to $510 million—a 300% increase from just 25% higher copper prices. This sensitivity positions Highland Copper to benefit significantly from ongoing copper market tightness and the metal's critical role in electrification and defense applications.Highland Copper's competitive advantage extends beyond economics to its regulatory position. Unlike competitors facing years of permitting uncertainty, Copperwood holds all seven required Michigan state permits and operates on private land, eliminating federal NEPA process delays. This fully permitted status, combined with 22 formal government resolutions of support and a proposed $50 million state grant, creates unprecedented government backing for a private mining venture.The company's capital structure reflects institutional confidence, anchored by Orion Mine Finance's 28% equity stake, which provides both patient capital and a clear path to construction financing. With targeting a construction decision by first half 2026 and an 11-year initial mine life producing 30,000 tons of copper annually, Highland Copper addresses the urgent need for domestic copper production.As O'Shea emphasizes, "What the US needs now is projects that can be built and not ones that are sitting at first drill hole." This construction-ready status positions Highland Copper as a strategic play on America's industrial renaissance and energy security objectives, making it a standout opportunity in the critical minerals space.Learn more: https://www.cruxinvestor.com/companies/highland-copperSign up for Crux Investor: https://cruxinvestor.com

My guest today is Sugandhi Matta, Chief Impact Officer at ABC Impact – the largest Pan-Asian impact-dedicated private equity fund, with nearly $900 million in AUM.Sugandhi began her career focused on growth and returns — first at Temasek, and later at Actis. But after a breast cancer diagnosis in her early thirties, she returned to work with a new question: What if she could apply her investing skills to businesses solving real problems?That question led her to LeapFrog Investments — and eventually to ABC Impact, where she became one of the founding partners. From the ground up, she helped build a fund that integrates impact into every step of the investment process, from deal screening to reporting.Today, ABC Impact invests across four themes:Climate and water solutionsFinancial and digital inclusionBetter health and educationSustainable food and agricultureSugandhi leads the firm's impact team. They developed a proprietary system rooted in the five dimensions of the Impact Management Project and tailored to ABC's sectors.The internal language centers on three Cs: consistency, comparability, and communicability. It's a disciplined approach – built to align intention, data, and outcomes across the portfolio.Sugandhi's goal is to hold impact to the same standard as IRR.However, she points out that the burden of proof is often uneven. Expected returns are taken at face value. Impact is asked to justify itself at every turn. Because investors don't yet trust its metrics the way they trust financial ones.The double standard isn't just about data. It's about gender, too.As one of the few female investment leads in Asia's private equity ecosystem, Sugandhi has had to thread her way through what she calls the “quiet skepticism” – the unspoken assumptions around risk appetite, ambition, or expertise.Even now, she's often the only woman in the room with GPs or LPs. She doesn't lead with gender, but she's aware of how it plays out. The skepticism is often unspoken, but present.Over time, she's learned not to internalize it. Instead, she focuses on the work, knowing that – fairly or not – being a woman in this space can mean having to prove yourself just a little more.—Connect with SRI360°:Sign up for the free weekly email updateVisit the SRI360° PODCASTVisit the SRI360° WEBSITEFollow SRI360° on XFollow SRI360° on FACEBOOK—Additional Resources:ABC Impact websiteABC Impact LinkedInSugandhi Matta LinkedInABC's 2020 Impact ReportABC's 2024 Impact ReportInsights from Dalberg and ABC Impact's User-Centered Study—SRI360 interviews mentioned:

In this conversation, Stephen Schmidt interviews Brad Johnson, a seasoned real estate entrepreneur specializing in mobile home parks. Brad shares his journey into the real estate industry, the criteria for investing in mobile home parks, and the differences between mobile home parks and traditional apartments. He discusses the importance of understanding internal rate of return (IRR), the challenges of tenant vs. park-owned homes, and the impact of city regulations on mobile home park investments. Brad also highlights the funding strategies he employs and the opportunities available in the Southeast market. He concludes by reflecting on the biggest mistakes he's made and the lessons learned throughout his career.   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   —--------------------

Think you know how to underwrite? Think again. In Episode 253, I'm breaking down the real fundamentals of multifamily underwriting—what actually matters, what most people miss, and how to stop being emotional and start being objective. You'll learn: The key metrics that matter most (and why) How to build a realistic pro forma (not just a fairy tale) Why most deals don't pencil—and how to spot the ones that do How I underwrite deals using my own proprietary model Whether you're still fumbling with napkin math or already analyzing deals weekly, this episode will sharpen your underwriting game—fast.

Marc Bell, CEO of Marc Bell Capital Marc Bell has taken 17 companies public, rebuilt distressed businesses, and invested across industries most wouldn't dare touch. In this follow-up to Part 1, he's back with sharp insights on what it really takes to run high-stakes deals—and survive them. Marc and Kison cover everything from building a rock-solid diligence process to choosing between private equity and private credit. They get tactical about capital allocation strategy, reflect on the mistakes that shaped Marc's approach today, and unpack how to lead during downturns—when optimism fades and character shows. This episode is a masterclass in M&A realism. Whether you're planning your first minority recap or running a mature corp dev team, you'll walk away with fresh perspective—and a few war stories that'll stick with you. Things you will learn: The tradeoffs between debt and equity—and when to choose either Why the wrong private equity partner can cost more than capital How to lead through setbacks and build people-first organizations   ________________________ Sponsored by DealRoom—where M&A chaos meets its match. Still stuck in spreadsheet hell? DealRoom helps corporate development teams take control—streamlining diligence, syncing integration, and eliminating the back-and-forth.

In this episode of The Tech Leader's Playbook, Adam Coffey, a seasoned private equity expert, shares his insights on the dynamics of private equity and its impact on entrepreneurs. He discusses the importance of understanding private equity, the role of company culture, and the significance of choosing the right business model. Adam also reflects on his experiences with successful and less successful exits, emphasizing the influence of macroeconomic conditions. He provides valuable advice for aspiring entrepreneurs, highlighting the opportunities presented by the current wealth transfer as baby boomers retire. The discussion culminates in a deeper understanding of private equity fund structures and how they affect business operations. In this conversation, Adam Coffey discusses the critical aspects of private equity, focusing on the importance of Internal Rate of Return (IRR), the differences between private equity and venture capital, and strategies for successful acquisitions. He emphasizes the significance of understanding unit economics and scaling businesses effectively. The discussion also touches on hiring practices and the importance of aligning talent with future company goals. Adam shares valuable insights and practical advice for entrepreneurs looking to navigate the complexities of business growth and investment.TakeawaysPrivate equity can be a force for good in company culture.Understanding private equity is crucial for entrepreneurs.The growth of private equity has significant implications for business owners.Successful exits often depend on macroeconomic conditions.Choosing the right business model is essential for resilience.Recurrent revenue models provide stability in tough times.Entrepreneurs should conduct due diligence on potential partners.The importance of understanding fund structures in private equity.There is a wealth transfer opportunity as baby boomers retire.Unsexy businesses can be highly profitable. IRR is a key metric in private equity.Private equity firms often sell early to showcase high IRR.Family offices prioritize multiple of money over IRR.Buyout funds focus on mature companies for consistent results.Venture capital involves higher risk with potential for high rewards.Thesis-based investing is crucial for successful acquisitions.Understanding unit economics is essential for profitability.Scaling a business requires a focus on gross profit margins.Hiring for future growth is more effective than hiring for current needs.Failing small and fast can lead to better long-term outcomes.Chapters00:00 Introduction to Private Equity and Adam Coffey02:59 Understanding Private Equity's Impact on Entrepreneurs05:52 The Role of Culture in Private Equity09:12 Success Stories and Lessons from Acquisitions12:10 Key Indicators of Successful Exits15:01 Navigating Economic Challenges in Business18:10 Choosing the Right Business Model20:57 Advice for Aspiring Entrepreneurs24:03 The Evolution of Business Models26:55 Understanding Private Equity Fund Structures28:43 Understanding IRR in Private Equity31:56 Comparing Private Equity and Venture Capital34:56 Strategic Acquisition: Finding the Right Industry40:00 The Importance of Unit Economics52:46 Scaling for Success: The 30-20-10 Rule54:09 Recommended Reads for EntrepreneursAdam Coffey's Social Media Links:https://www.linkedin.com/in/adamecoffey/https://www.instagram.com/adamecoffey_official/Adam Coffey's Website:https://adamecoffey.com/

Leyla Kunimoto brings a rare and unfiltered perspective to today's commercial real estate conversation: that of a full-time individual LP who writes publicly about her investment decisions. She's not a sponsor, a capital raiser, or a fund manager; she's an investor allocating her own capital and speaking candidly about what she sees in the market.   Through her newsletter Accredited Investor Insights, Leyla connects with hundreds of other LPs and GPs, giving her a uniquely well-informed view of how sentiment is shifting, how sponsors are adapting (or not), and why many individual investors, herself included, are taking a more cautious, capital-preserving stance in the current environment.   Track Records Are the New Credentials Leyla made one thing immediately clear in my conversation with her: experience across market cycles matters more than ever. Sponsors who lived through the Global Financial Crisis (GFC), and made it out intact, view the world differently. “There's a certain level of conservatism they develop,” she said, that translates into more disciplined underwriting, more thoughtful pacing, and fewer emotionally driven decisions.   This stands in sharp contrast to what Leyla observed in 2020, when billboards at Dallas airports advertised real estate masterminds promising to teach people how to raise capital fast. She watched sponsors pile into deals with razor-thin margins, driven more by optimism than fundamentals. Some of those same players are now facing tough questions from investors.   Tariffs Are Already Affecting CRE in Two Big Ways While many LPs focus on interest rates, Leyla highlighted tariffs as a macro driver that's beginning to affect commercial real estate, particularly in development. First, tariffs are raising costs on imported materials, like lumber, pushing construction budgets higher. Second, she's watching what tariffs could mean for demand in the industrial sector.   “If trade with Mexico declines, what happens to logistics facilities near the border?” she asked. Conversely, if reshoring takes off, we may see demand rise for inland warehouse space. It's a nuanced picture and one that sponsors in ground-up deals can't afford to ignore.   Equity Is Cautious. Retail Capital Is Now in Play. Another shift Leyla is tracking is on the capital side. Institutional equity has pulled back in many corners of the market, and some sponsors are turning to retail LPs for the first time. But this isn't an easy pivot.   “Retail investors are expensive to reach,” she said. They also tend to ask more questions – and now, they're more skeptical. Many LPs are sitting on deals that aren't performing. As a result, the bar for new allocations is much higher. “There's a sense of caution,” she noted. “LPs aren't allocating blindly anymore.”   Floating Rate Debt Divides the Market Leyla sees a bifurcated sponsor landscape: those who are still dealing with the aftermath of floating-rate debt, and those who have the capital and flexibility to transact but can't find deals that pencil.   Sponsors with legacy floating-rate loans are focused on rate caps and marginal cash flow. They're rooting for the Fed to cut rates. Others are hunting for acquisitions, but the math isn't working. “Without aggressive assumptions, most deals don't pencil,” she said.   The IRR Illusion: What LPs Should Actually Be Watching Many sponsors still lead with IRR projections, but Leyla has shifted her mindset. “I don't screen for how much money I'm going to make. I don't screen for the IRR probability,” she told me, “the only thing I'm laser beam focused on when I evaluate private placement deals is the probability of losing money.”   That loss-aversion lens changes everything. She believes LPs are better off compounding modest, positive returns over time than chasing double-digit IRRs that come with a real chance of loss. “Making 3-4% positive IRR for 10 years straight outperforms hitting 20% on some deals and going to zero on others,” she said.   Stress Tests Are Private. Optimism Is Public. Behind closed doors, sponsors are more conservative than they let on, she says. The real pros run multiple models – best, worst, and most likely scenarios. “I always ask for stress test scenarios underwritten to the GFC,” she says, continuing that she used to hear sponsors saying such scenarios were never going to play out because the underwriting is too stringent. “I'm hearing a little bit less of that now,” she says.   Still, she's skeptical of any deck that doesn't acknowledge the possibility of a rent decline. Of course deals won't pencil if you underwrite to a 10% rent drop but, in some markets, that's exactly what's happening.   Cash Is a Position. Waiting Is a Strategy. When I asked what she'd do if handed a $1 million windfall today, Leyla didn't hesitate: “I'd keep it in cash and I would try to get very narrow on what my buy box is,” not because she's fearful but because she wants to be surgical when she deploys.   She encourages LPs to be patient and wait for opportunities that fit tight criteria. In an environment where you can make 4.5%+ tax and risk-free, “there's no harm in waiting,” she says. She also shared stories of seasoned sponsors that sold early, sat in cash through the entire 2021 run-up, and are still waiting because they can't find deals that pencil – that are still too expensive for prudent investors.   What Leyla's Watching Now Leyla doesn't try to predict markets. But she does monitor signals: The 10-Year Treasury yield Local supply pipelines Investor sentiment from her network of LPs And her biggest piece of advice? Focus on not losing money. That alone will make you a better investor.   *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing.   With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection.    Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000