Podcasts about IRR

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

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

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!

In this episode of the Startup CEO Show, Mark MacLeod sits down with Mark Bordo, co-founder and CEO of Vetster, to explore the world of pet telemedicine and marketplace businesses. Bordo shares the origin story of Vetster, born from a personal need and launched just before the COVID-19 pandemic. He discusses how the company quickly scaled across North America, balancing supply and demand in the veterinary marketplace.Bordo offers valuable insights into building and growing a successful marketplace business, emphasizing the importance of data-driven decision-making and continuous optimization. He also touches on the challenges of regulatory environments in different states and provinces, and how Vetster navigates these complexities. The conversation delves into Bordo's 25-year journey as an entrepreneur, highlighting lessons learned and strategies for personal growth that have enabled him to stay ahead of his rapidly expanding businesses. From the intricacies of customer acquisition to the evolution of marketing strategies in the age of AI, this episode is packed with practical advice for aspiring and seasoned entrepreneurs alike. Tune in to gain valuable knowledge on building and scaling a marketplace business in today's dynamic digital landscape.-------------------------------------Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. As a CFO I experienced outright failures, wildly profitable exits, and everything in between.I was a General Partner in Real Ventures, Canada's largest and most active seed stage fund. My investments there include the fund's largest cash on cash and highest IRR returns to date. Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.Connect on LinkedIn: https://www.linkedin.com/in/themarkmacleod/Contact Mark: https://markmacleod.me/

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.

On today's BizNews Briefing, President Ramaphosa defended BEE in the NCOP, calling it vital for growth and a "national project," dismissing claims it hinders investment. He proposed an "equity equivalent" model for firms like Starlink to invest while prioritising transformation. IRR's Marius Roodt labelled Ramaphosa's BEE stance "empty rhetoric," advocating economic growth over redistribution. Dr. Corné Mulder criticised BEE as punishing future generations, urging equal opportunities. Afrikaner delegates met White House officials to rebuild ties. Accounting firms eye IPOs, and the Springboks face the Barbarians this weekend, 30 years after their 1995 Rugby World Cup triumph.

First Phosphate Corp CEO John Passalacqua talked with Proactive's Stephen Gunnion about the company's recent metallurgical testing progress and next steps toward a feasibility study. The company has collected a 5,000-kilogram bulk sample to refine its phosphate separation process and further validate its earlier pilot results, which had already achieved nearly 90% phosphate recovery. Passalacqua emphasized the significance of this stage, saying, “Now it's a second stage as we advance towards our feasibility study… to get down to what will be our real live scale separation process.” The Northern and Mountain zones remain the focal points for the first decade of production, chosen for their high phosphate concentration and accessible terrain. He also shared findings of up to 45% apatite from surface stripping and noted that the project area spans 2.5km by 0.5km, with confirmed mineralization to depths of 300m and remaining open. The next steps include completing definition drilling and validating resource estimates to transition from inferred to measured classification. Passalacqua also highlighted investor-ready metrics from the PEA, including a C$2.1 billion NPV and a 37% IRR, along with strong logistics and existing offtake agreements. For more updates, visit Proactive's YouTube channel. Don't forget to like the video, subscribe, and turn on notifications. #FirstPhosphate #PhosphateMining #CriticalMinerals #BatteryMetals #MiningInvesting #FeasibilityStudy #ResourceDevelopment #CanadianMining #PhosphoricAcid #MetallurgicalTesting

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

In this episode of the Startup CEO Show, Mark MacLeod sits down with Christine Song, a multi-time Chief People Officer with extensive experience in both established corporations and high-growth startups. They dive deep into the critical role of people and HR in scaling successful companies. Christine shares her journey from corporate HR to becoming a strategic partner for startup CEOs, offering a wealth of knowledge on building high-performance cultures, giving direct feedback, and balancing employee growth with business objectives.The conversation explores how HR has evolved from a back-office function to a key strategic role, especially in the wake of COVID-19. Christine emphasizes the importance of HR leaders earning their seat at the executive table by tying initiatives to business outcomes and being willing to have difficult conversations. She also discusses the challenges of scaling company culture, the need for honest communication about work expectations, and the value of investing in high-potential employees. Mark and Christine debate the merits of pushing people out of their comfort zones versus prioritizing employee happiness, offering valuable insights for leaders grappling with these tradeoffs.Listeners will gain practical advice on improving company communication, implementing effective coaching and talent development programs, and creating a culture of feedback and continuous improvement. The episode concludes with Christine introducing her new venture, Five to Nine Society, an exclusive network for elite operators and founders. Don't miss out on this compelling discussion - tune in now to elevate your leadership and people management skills!-------------------------------Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. As a CFO I experienced outright failures, wildly profitable exits, and everything in between.I was a General Partner in Real Ventures, Canada's largest and most active seed stage fund. My investments there include the fund's largest cash on cash and highest IRR returns to date. Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.Connect on LinkedIn: https://www.linkedin.com/in/themarkmacleod/Contact Mark: https://markmacleod.me/

Luke Norman, Co-Founder and Chairman of US Gold Corp. (NSADAQ:USAU), joins me to reintroduce the value proposition at the Company's flagship, fully-permitted, and shovel-ready CK Gold-Copper Project in Wyoming, the upcoming catalysts, as well as the significant underappreciated value in their secondary Keystone Gold Project in Nevada.   We start by discussing the 1.6 million gold equivalent ounces of resources, broken down into roughly 1 million ounces of gold and 260 million pounds of copper.  They company is in the process of working  towards their Definitive Feasibility Study where they'll demonstrate to the market improved metrics over the prior versions of their Pre-Feasibility Study (PFS).   We discussed though that based on the existing PFS, using just a $4.30 copper price and $2,500 gold price that the after-tax NPV of the project is $532Million with a 39.4% IRR and a payback period of 1.63 years.  As it stands today there is a10-year mine life, projecting to produce an average of 110,000 gold equivalent ounces per annum, with an All-In Sustaining Cost of $937, an upfront capex of $277Million, and sustaining capital of $13Million per year.   Those metrics will all be getting updated in the DFS due out in Q4.   Additionally, Luke highlights how their granite is actually very high spec, and a saleable product with several interested parties interested in off-taking this material, so that is even more considerable value above and beyond the gold and copper resources.   One other unique feature of the project that we discuss, is that after the pit has been mined out, as part of the mine closure process, it will be turned into a large water storage facility for the surrounding area and state park, and keeps them from having to build larger dams to flood that surrounding area.   Next we shift over the value potential of their Keystone Gold Project  in Nevada, which is located along the same mineral trend as Nevada Gold Mine's Cortez Complex.   This property has many similarities to this well-endowed district, with the same kind of pathfinder arsenic mineralization with the gold found in these Carlin-gold type systems, as well as the Wenban rock formations.  Luke was very constructive of their potential to unlock more value in the project.   Wrapping up we discussed the key members of the management team and board of directors, the financial health of the company, the tight share structure, solid analyst coverage, plan to work on the capex financing, and other key upcoming catalysts over the balance of the next several months.     If you have any follow up questions for Luke regarding US Gold Corp, then please email me at Shad@kereport.com.     Click here to follow the most recent news from US Gold Corp  

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q1 2025 operations and financials at Minera Don Nicolas in Argentina, the transformative recent acquisition of Ascendant Resources and the value proposition at the Lagoa Salgada VMS Project in Portugal, along with the further value and optionality at the Mont Sorcier Iron-Vanadium project in Quebec.    Q1 2025 M.D.N. Operating Highlights:   Q1/25 production of 11,163 Gold Equivalent Ounces (GEOs) Full year guidance of 55,000-60,000 GEOs maintained Adjusted EBITDA of $4.8 million for Q1, 2025 and Cash balance over US$20m AISC of $1,932/oz; Unit costs set to decline as production increases (target AISC US$1,500-1,700/oz ) Record heap leach production of 6,897 GEO During the Quarter Secondary crusher operational and underground development started   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 will bring to production starting at the tail-end of Q2, but then 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 start 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 to start 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 recent Ascendant Resources Inc. (TSX: ASND) for their 80% interest in the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in 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. The Environmental Impact Assessment approval expected imminently, and there will be an optimized Feasibility Study released in Q3, a construction decision in Q4 of 2025.  Construction is targeted for early 2016, 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.

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:

Leif Nilsson, CEO & Director of Surge Copper (TSX.V:SURG – OTCQX:SRGXF), joins me for a comprehensive update on all derisking work and development work that is building towards a Pre-Feasibility Study (PFS), including the excellent metallurgical results released today at their flagship copper-molybdenum-silver-gold Berg Project in British Columbia.   We start off reviewing the resource size and different metals contributions as well as the key economic metrics from the Preliminary Economic Assessment (PEA) released in June 2023.   The updated Mineral Resource Estimate includes combined Measured & Indicated resource of 1.0 billion tonnes grading 0.23% copper, 0.03% molybdenum, 4.6 g/t silver, and 0.02 g/t gold, containing 5.1 billion pounds of copper, 633 million pounds of molybdenum, 150 million ounces of silver, and 744 thousand ounces of gold, plus an additional 0.5 billion tonnes of material in the Inferred category.   Leif highlights that there has a been a fair bit of infill drilling completed over the last 2 years where more ounces will be moving from the inferred category and into the measured and indicated category when it gets updated along with the coming PFS.   The 2023 PEA outlined a base case after-tax NPV8% of C$2.1 billion and IRR of 20% based on long-term commodity price assumptions of US$4.00/lb copper, US$15.00/lb molybdenum, US$23/oz silver, and US$1,800/oz gold plus foreign exchange of 0.77 USDCAD.  There is a projected 30-year mine life with total payable production of 5.8 billion pounds (2.6 million tonnes) of copper equivalent (CuEq), including 3.7 billion pounds (1.7 million tonnes) of copper.    Leif outlines that these economic metrics will see marked improvements in the upcoming PFS, based on a few different factors.  The larger amount of resources in the indicated category will be a factor, as will the the geotechnical drilling showing the potential for steeper pit walls, and the inclusion of mineralization previously below the pit shell from that 2023 study.  The conversation then shifted to the recent successful metallurgical tests that demonstrated improved recoveries for copper and molybdenum into the bulk concentrate, as well as the separation into the separate copper and moly concentrates.   Highlights of the metallurgical testing:   27 variability composites tested, covering all major rock and alteration types spatially distributed across all areas and depths of the proposed open pit Over 60 flotation tests conducted to optimize parameters and improve recoveries Locked cycle testing achieved up to 90.7% Cu and 93.0% Mo recovery to bulk concentrate grading 29.7% Cu Excellent copper-molybdenum separation confirmed, with Mo recoveries of 94.6% and 95.6% from bulk concentrates across the main hypogene and supergene composites respectively   Wrapping up we discussed a number of factors from what the permitting process will look like, the potential for government funding for critical minerals projects in British Columbia and Canada, the strategic partner they have in African Rainbow Minerals Limited (“ARM”) assisting the Project both financially and technically, and an overall sense of, and how the size and scale of the Berg stacks up to other large copper development assets in Canada.   If you have any follow-up questions for Leif regarding Surge Copper, then please email them to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Surge Copper at the time of this recording, and may choose to buy or sell shares at any time.   Click here to follow the latest news from Surge Copper

In this insightful episode of the Startup CEO Show, host Mark MacLeod sits down with Darrell Heaps, co-founder and CEO of Q4 Inc., to explore the fascinating 18-year journey of building a successful investor relations platform. Heaps shares his experiences navigating different stages of growth, from bootstrapping to venture funding, going public, and ultimately becoming private equity-backed. He offers valuable advice on avoiding burnout as a long-term CEO, emphasizing the importance of setting challenging goals and constantly evolving. Heaps discusses how he's grown as a leader, including learning to delegate effectively and leverage diverse personality types on his executive team. He provides an inside look at the realities of taking a company public, including the challenges of managing stock price fluctuations and balancing investor relations with day-to-day operations. For founders considering an IPO, Heaps offers candid insights on the pros and cons, as well as key considerations around timing and scale. Tune in to gain wisdom from Heaps' nearly two decades of experience leading Q4 through multiple phases of growth and funding.-------------------------------------Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. As a CFO I experienced outright failures, wildly profitable exits, and everything in between.I was a General Partner in Real Ventures, Canada's largest and most active seed stage fund. My investments there include the fund's largest cash on cash and highest IRR returns to date. Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.Connect on LinkedIn: https://www.linkedin.com/in/themarkmacleod/Contact Mark: https://markmacleod.me/

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   —--------------------

What happens when a retired-at-38 scientist turns a crowdfunding platform into one of the most predictive biotech VC machines on the planet? In this high-voltage episode of 9x90™, Adi Soozin interviews Alex Fair, founder of MedStarter, a medtech and biotech fund redefining early-stage investing. With a 44% IRR, MedStarter's data-driven approach—built on founder psychometrics, expert networks, and founder grit—has funded companies that now move billions and influence healthcare policy.Alex reveals the secrets behind Fund III, their $40M accelerator-backed investment vehicle designed to identify 130 future game-changers before they hit mainstream. You'll also get a rare look into the elite salons where billionaires, policy-makers, and innovation freaks collaborate, and how “Dinner with the Winners” is helping surface the next great unicorns.Whether you're an LP looking for alpha, a founder with something to prove, or a connector seeking the next wave of disruptors—this is the episode you don't want to miss.

In today's BizNews Briefing, Donald Trump dishes on US-China trade talks as global markets hang in the balance. Helen Zille teases a bold Joburg mayoral run, with IRR's John Endres unpacking the city's make-or-break stakes. The DA unveils a hard-hitting 10-point plan to combat farm attacks. UIM's Neil de Beer maps SA's future-boom or bust. Plus, Apple's AI and AR fumbles spark fierce criticism.

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.

In this episode of the Energy News Beat Daily Standup, the hosts, Stuart Turley and Michael Tanner discuss China's energy strategy, emphasizing how the nation profits from Western net-zero policies while maintaining a coal-heavy grid. They also touch on the resurgence of coal in the U.S., particularly in Montana, driven by President Trump's energy dominance push and coal export opportunities to Japan and South Korea. The conversation highlights the global energy landscape, including the rising demand for coal, the impact of trade tariffs, and the shifting dynamics in oil and gas investments. They conclude by stressing the need for smarter energy investments, particularly in the face of misleading IRR metrics used in the industry.Highlights of the Podcast 00:00 - Intro01:21 - DAVID BLACKMON: On Energy, China Knows What The Rest Of Us Must Re-Learn03:50 - China's Energy Mix and Investment Made on the Backs of the Western Net Zero Movement06:39 - Coal is Crowned King Again by President Trump: Montana's Bull Mountains Mine Expansion and Investment Opportunities13:11 - Markets Update15:51 - Frac Count Update15:55 - US Oil Drillers See Sharp Decline in Activity – How do investors respond? 20:46 - Internal Rate of Return Is Misleading You!23:40 - OutroPlease see the links below or articles that we discuss in the podcast.DAVID BLACKMON: On Energy, China Knows What The Rest Of Us Must Re-LearnChina's Energy Mix and Investment Made on the Backs of the Western Net Zero MovementCoal is Crowned King Again by President Trump: Montana's Bull Mountains Mine Expansion and Investment OpportunitiesUS Oil Drillers See Sharp Decline in Activity – How do investors respond?Follow Stuart On LinkedIn and TwitterFollow Michael On LinkedIn and TwitterENB Top NewsEnergy DashboardENB PodcastENB SubstackENB Trading DeskOil & Gas Investing– Get in Contact With The Show –

In this episode of the Startup CEO Show, host Mark MacLeod sits down with Casey Woo, founder of Operators Guild and Fog Ventures, to explore the evolving landscape of executive roles in the tech industry. Woo, a former military officer and six-time CFO, shares his unique perspective on how AI is reshaping the business world and creating new opportunities for multidisciplinary leaders he calls "scalers."The conversation delves into the changing nature of the CFO role, with Woo arguing that modern CFOs are becoming "mini CEOs" who need to be strategic partners rather than just number crunchers. He discusses how AI is making specialists vulnerable while elevating the importance of generalists who can synthesize information across disciplines. Woo introduces the concept of "scalers" - versatile executives who don't code or sell, but excel at solving complex business problems and leveraging AI for insights.Listeners will gain valuable insights into the future of executive leadership, the impact of AI on various roles, and the growing importance of business intelligence. Woo also shares details about Operators Guild, a community he founded for non-technical executives in tech startups. Tune in to learn how you can position yourself for success in this rapidly changing landscape.Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. As a CFO I experienced outright failures, wildly profitable exits, and everything in between.I was a General Partner in Real Ventures, Canada's largest and most active seed stage fund. My investments there include the fund's largest cash on cash and highest IRR returns to date. Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.Connect on LinkedIn: https://www.linkedin.com/in/themarkmacleod/Contact Mark: https://markmacleod.me/

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.

Nicholas Lorimer and Makone Maja discuss the IRR's campaign to find out how many parts of government will have expropriating powers. They also chat about failed government efforts to create jobs and problems with the deeds office in Joburg. Website · Facebook · Instagram · Twitter

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

In this captivating episode of the Startup CEO Show, host Mark MacLeod sits down with Rand Fishkin, co-founder and CEO of SparkToro, for a candid conversation about entrepreneurship, venture capital, and building successful businesses. Rand, best known for founding Moz and his influential role in the SEO industry, shares invaluable insights from his journey as a founder and thought leader.The discussion delves into the pros and cons of building a personal brand as a CEO, with Rand reflecting on how his own high profile impacted Moz both positively and negatively. He offers a refreshing perspective on the venture capital world, discussing why he now advocates for alternative funding models that prioritize sustainable growth over hypergrowth. Rand also provides a fascinating look at his current ventures, including SparkToro and Snackbar Studio, explaining how he's applying lessons learned from Moz to build more balanced, founder-friendly companies.This episode is a must-listen for entrepreneurs, marketers, and anyone interested in the realities of building and scaling startups in today's competitive landscape. Tune in to gain actionable advice from one of tech's most respected voices and learn why sometimes the path less traveled leads to greater success and fulfillment.-------------------------------------------Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. As a CFO I experienced outright failures, wildly profitable exits, and everything in between.I was a General Partner in Real Ventures, Canada's largest and most active seed stage fund. My investments there include the fund's largest cash on cash and highest IRR returns to date. Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.Connect on LinkedIn: https://www.linkedin.com/in/themarkmacleod/Contact Mark: https://markmacleod.me/

Hier gehts zum Beitrag ►► https://passives-einkommen-mit-p2p.de/p2p-kredite-22-25-robocash-digido/ Hier kannst du der Community beitreten ►► https://bit.ly/p2p-community Willkommen zu den neuen P2P-Kredite-News! Diese Woche: Robocash gerät in den Philippinen unter regulatorischen Druck! Bondora glänzt mit einem IRR von fast 19 %. Afranga steigt zum echten Marktplatz auf. Swaper senkt erstmals die Zinsen bei Kurzläufern. Und Modena meldet sich erstmals zu Wort – mit leisen Tönen, aber einer klaren Botschaft. 5 P2P News in extremer Kürze auf YouTube, dem Blog & hier, damit ihr auf dem aktuellsten Stand seid. Ganz schnell & ganz kurz unter dem Motto, 5 News in 5 Minuten. Viel Spaß mit den News der letzten Woche.

What makes one investor's offer stand out over another's—even when the numbers look the same?   In this episode, Angel hosts Fernando Arias and Anna Latysheva for a detailed walkthrough of how underwriting variables impact real estate valuations, investor returns, and bidding strategies. They examine the unseen levers—like DSCR, interest rates, amortization schedules, and capital expenditures—that can shift IRRs dramatically. With real-world scenarios and expert commentary, this episode provides valuable insights for both novice and seasoned investors navigating a tightening lending environment.     [00:01 - 04:14] Why Debt Terms Change the Game The significance of DSCR in determining actual loan amounts—not just LTV assumptions How interest rates and loan terms affect down payments and investor returns The need to build strong banking relationships for accurate underwriting inputs   [04:15 - 08:44] The Impact of Amortization on IRR What amortization periods reveal about monthly debt service and deal feasibility Why a higher down payment reduces IRR—even if the NOI stays constant The importance of recalculating purchase offers based on updated debt quotes   [08:45 - 13:28] Expense Assumptions That Can Break a Deal How slight changes in operating expenses significantly affect valuation The importance of classifying capital expenditures below the line Why expense accuracy is essential in low-cap markets   [13:29 - 18:00] Income Projections vs. Market Realities Why underwriting based on realistic rent comps boosts your competitiveness The significance of local PM data over online averages like Rentometer How fluctuating lending terms can lead to broken contracts   [18:01 - 23:40] Cap Rates, Risk, and Investor Psychology Why understanding cap rate spreads is essential for valuation decisions The relationship between NOI, cap rate, and perceived asset risk How market psychology and alternative income streams influence investor behavior       Connect with Anna:   LinkedIn: https://www.linkedin.com/in/ibuybuildings/   Connect with Fernando:   LinkedIn: https://www.linkedin.com/in/fernandoapartments/     Key Quotes:   “Just because your pro forma shows a 1.89 DSCR a year from now doesn't mean the bank will underwrite that way.” - Fernando Arias   “Every $1,000 in NOI can mean a $20,000 swing in valuation in low-cap markets.” - Anna Latysheva     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!

Atlas Invest is revolutionizing real estate financing as a marketplace connecting borrowers with institutional investors. With $13 million in funding, the platform provides an alternative to inefficient traditional lending models by offering borrowers quick, simple financing while enabling investors to access what Tal calls "the holy grail of asset classes" - real estate-backed bridge loans. In this episode of Category Visionaries, we sat down with Tal Shahar, CEO and Co-Founder of Atlas Invest, to discuss his journey from military special forces officer to venture capitalist to founder, and how Atlas is building a platform that delivers superior returns to investors while providing crucial financing for real estate developers. Topics Discussed: Tal's experience as an officer in Israeli special forces and how it shaped his approach to entrepreneurship The transition from venture capital at Deep Insight to founding Atlas Invest How Atlas addresses inefficiencies in real estate bridge loan financing through technology The platform's dual-sided marketplace connecting borrowers and institutional investors Atlas's ability to generate 12% net IRR for investors compared to traditional funds' 8% Strategies for building both sides of a marketplace business simultaneously The challenges of securing the first deals that validated the business model Atlas's approach to brand building and marketing experiments in the real estate space The evolving vision to become the go-to platform for all real estate financing needs   GTM Lessons For B2B Founders: Exercise disciplined due diligence in your own ventures: Before leaving his VC position, Tal created a comprehensive due diligence list and spent six months validating Atlas's potential during nights and weekends. B2B founders should apply the same rigorous validation processes to their own ideas that VCs would use, testing assumptions methodically before fully committing resources. Leverage market disruptions as entry points: Atlas launched during a period of rising interest rates when banks were pulling back from lending, creating an opportunity for new entrants. As Tal explained, "When we started Atlas, it was a crazy market environment... that actually enabled us to step into the market when each side was okay with us not having a lot of the other side." B2B founders should identify and exploit market dislocations that weaken incumbent advantages. Build marketplaces by continuously balancing both sides: Rather than solving the chicken-and-egg problem once, Atlas constantly rebalances supply and demand. Tal noted, "We're continuously balancing... Sometimes the challenging part is the deal flow, sometimes it's the investors. If it was always only one, maybe it's not the best product-market fit." The shifting nature of the challenge is actually a positive signal for marketplace businesses. Use white-glove service to win initial customers: For Atlas's first deals, personal relationships and exceptional service were critical. "It was a lot of white glove service... we're selling basically enterprise in a way," Tal shared. The team did "whatever it takes to win it, to make it successful." B2B founders should be prepared to deliver extraordinary service to early customers, especially in high-value transactions where trust is paramount. Test marketing channels empirically, not based on assumptions: Atlas discovered that LinkedIn performed poorly for their paid campaigns while Meta worked well, contrary to expectations for a B2B financial service. "I'm a big believer of not relying on our assumptions... always using data to make the decision," Tal emphasized. B2B founders should start with small tests across multiple channels, measure results objectively, and periodically retest channels that previously underperformed.     //   Sponsors: Front Lines — We help B2B tech companies launch, manage, and grow podcasts that drive demand, awareness, and thought leadership. www.FrontLines.io The Global Talent Co. — We help tech startups find, vet, hire, pay, and retain amazing marketing talent that costs 50-70% less than the US & Europe.  www.GlobalTalent.co Don't Miss: New Podcast Series — How I Hire Senior GTM leaders share the tactical hiring frameworks they use to build winning revenue teams. Hosted by Andy Mowat, who scaled 4 unicorns from $10M to $100M+ ARR and launched Whispered to help executives find their next role. Subscribe here: https://open.spotify.com/show/53yCHlPfLSMFimtv0riPyM     

How do companies decide where to invest, when to return cash to shareholders, or when to take bold risks on new technologies? In this episode of Corporate Finance Explained, we break down capital allocation, the art and science behind a company's biggest money decisions.From ROI and NPV to multi-billion dollar bets on streaming, cloud computing, and biotech, this deep dive features case studies from Amazon, Apple, Microsoft, Netflix, Pfizer, and more. Learn how capital allocation drives long-term value, and how to spot it in your own company or investments.In this episode, you'll learn:What capital allocation really means and why it mattersThe key metrics (ROI, NPV, IRR) behind investment decisionsReal-world strategies from Amazon (AWS), Apple (stock buybacks), and Microsoft (Azure)Warren Buffett's approach to acquisitions at Berkshire HathawayHow companies like Netflix, Disney, Intel, and Pfizer made bold capital betsHow to evaluate capital allocation as an FP&A analyst or investorWho this episode is for:This episode is for finance professionals, FP&A analysts, investors, and business strategists who want to understand how capital allocation decisions shape value creation. It's also valuable for anyone making or analyzing investment decisions—inside a company or in the stock market.

In this insightful episode of the Startup CEO Show, host Mark MacLeod sits down with Eli Portnoy, a serial entrepreneur with two successful exits under his belt. Portnoy shares his journey from his first venture to his current role as co-founder and CEO of BackEngine, offering a masterclass in navigating acquisitions and building thriving startups. The conversation delves into the psychological aspects of selling a company, the importance of building relationships with potential acquirers, and the challenges of transitioning from founder to employee post-acquisition. Portnoy's candid reflections on his experiences provide valuable lessons for aspiring entrepreneurs, emphasizing the rarity of acquisition opportunities and the need to carefully consider one's motivations when faced with an offer. The episode also explores Portnoy's current venture, Back Engine, which leverages AI to help companies maintain a strong connection with their customers as they scale. Listeners will gain actionable insights on fundraising, exits, and the evolving landscape of startup leadership in the age of AI. Tune in to learn from Portnoy's successes and challenges, and discover how to build a company with long-term vision while remaining open to transformative opportunities.Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. As a CFO I experienced outright failures, wildly profitable exits, and everything in between.I was a General Partner in Real Ventures, Canada's largest and most active seed stage fund. My investments there include the fund's largest cash on cash and highest IRR returns to date. Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.Connect on LinkedIn: https://www.linkedin.com/in/themarkmacleod/Contact Mark: https://markmacleod.me/

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

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

Hermann Pretorius and Nicholas Lorimer discuss the latest polling from the IRR about how South Africans feel on a variety of policy questions. They show that the ANC is deeply out of touch with how South Africans actually feel. Website · Facebook · Instagram · Twitter

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

In this captivating episode of the Startup CEO Show, host Mark MacLeod sits down with Josh Pantony, co-founder and CEO of Boosted AI, to explore the cutting-edge world of artificial intelligence in finance. Josh, a veteran in the AI space, shares his journey from co-founding Maluva, an early competitor to Siri, to his current role revolutionizing Wall Street with AI-powered tools.The conversation delves into the technological breakthroughs that have made modern AI possible, including unsupervised training and attention networks, and how these advancements are reshaping the financial industry. Josh provides fascinating insights into the future of SaaS, predicting that AI will soon be able to auto-generate user interfaces and drastically reduce the cost of software development.He envisions Boosted AI becoming an integral part of every professional investment manager's workflow, ultimately accelerating wealth creation for society as a whole. Tune in to gain valuable insights from one of AI's pioneering minds and learn how these innovations may impact your own career and investments.----------------------------------------Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. As a CFO I experienced outright failures, wildly profitable exits, and everything in between.I was a General Partner in Real Ventures, Canada's largest and most active seed stage fund. My investments there include the fund's largest cash on cash and highest IRR returns to date. Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.Connect on LinkedIn: https://www.linkedin.com/in/themarkmacleod/Contact Mark: https://markmacleod.me/

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

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

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

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

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

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

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

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

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