Podcasts about reits

AI infrastructure and data centres… it's all anyone ever talks about these days. Given that it's all the rage, if you haven't knowledged up on the sector and don't have a solid grasp on the risk/reward ratio… now's a good time to do so.  In this latest episode of Infra Dig, Green Street News Infrastructure (formerly IJGlobal) editorial director Angus Leslie Melville talks to Gianluca Minella, head of portfolio strategy and research at InfraRed, for a brain dump on the sector.  Having lurked in the infra backwaters for a long time (largely in REITs), data centres have shot to fame in more recent times as the most active infra sector globally.  Gianluca traces the shift to 2023 when the rise of generative AI turned a relatively linear business into something… a lot less linear.  Hyperscalers now sit on both sides of the market – they are customers of data centre capacity and, increasingly, suppliers of the AI services running inside it, while also buying models from developers like OpenAI and Anthropic.  Tune in to the latest episode to knowledge up…  

Retirement decisions often get complicated when one rule, product, or investment idea starts driving the entire conversation. Mark answers listener questions about Social Security earnings, ESG investing, and REITs while bringing each topic back to the bigger retirement picture. The common thread is simple: start with the plan, then decide which tools actually belong in it. Here's some of what we discuss in this episode:

S-REITs have raised at least S$4.5 billion in equity funding this year, while average distribution yields of around 6.2% continue to tempt income investors. But after years of weak capital performance, are investors still being paid to wait—or overlooking deteriorating assets and balance sheets? Michelle Martin speaks with Kenny Loh, REIT Specialist and Wealth Advisory Director, about where he would average down, which headline yields may be value traps, whether banks and bonds now offer better income, and if data-centre REITs provide genuine exposure to the AI boom.See omnystudio.com/listener for privacy information.

On this episode of Zen and the Art of Real Estate Investing, Jonathan Greene breaks down the truth behind passive income in real estate and why the word "passive" is often used far too loosely. He explains why passive income is better understood as a spectrum, with different investments requiring different levels of involvement, oversight, and management. Jonathan walks through where different real estate strategies fall on that spectrum, from syndications and REITs to long-term rentals, short-term rentals, multifamily properties, and house flipping. He explains why property management can make an investment less active without necessarily making it truly passive, and why owning a rental property still requires you to make decisions when things inevitably go wrong. The episode also explores the hidden labor behind supposedly passive investments, including tenant issues, vacancies, capital expenditures, management oversight, and unexpected repairs. Jonathan explains why investors need to understand the true operational demands of an asset before deciding whether the returns justify the amount of work involved. Jonathan also discusses the tradeoffs between control, trust, and return, including why giving up control was initially difficult when he began investing in syndications. He shares how becoming more comfortable with passive investing has allowed him to diversify his wealth while spending less time managing individual properties. Finally, Jonathan explains that the real benefit of passive income isn't simply making more money. It's optionality. The ability to create time freedom and choose what you want to do with your life instead of being tied to the day-to-day operations of an investment. In this episode, you will hear: Why passive income is a spectrum rather than a simple yes-or-no category Where syndications, REITs, rentals, short-term rentals, multifamily, and house flipping fall on the active-to-passive spectrum Why property management makes an investment less active but does not necessarily make it passive The hidden labor, costs, and decision-making that come with owning rental properties Why the real value of passive income is optionality and time freedom, not simply more money Follow and Review If you enjoy the show, please follow Zen and the Art of Real Estate Investing on Apple Podcasts and leave a rating and review. It helps other listeners discover the show and supports its continued growth. Supporting Resources Connect with Jonathan: Podcast - www.zenandtheartofrealestateinvesting.com YouTube - www.youtube.com/JonathanGreenere Instagram - www.instagram.com/zenrealestateinvesting Instagram - www.instagram.com/trustgreene Bigger Pockets - www.biggerpockets.com/users/TrustGreene Facebook - www.facebook.com/zenandtheartofrealestateinvesting Jonathan's Hub Site - www.trustgreene.com Brokerage - https://www.streamlined.properties This episode was produced by Outlier Audio.

Data center demand is booming, but the buildings are going obsolete faster than they can fill up. Michael Bull, CCIM digs into the numbers with Ermengarde Jabir, PhD, Director of Economic Research at Moody's Analytics. The US data center market is now 31 to 32 gigawatts of power, and power, not square footage, is the right way to size it. Ermengarde explains why a 50,000 square foot data center built 10 or 15 years ago might now need only 25,000 square feet to house the newer racks and servers, leaving half the building empty. She walks through the sector's cap rates, a competitive 4% to mid-5% range, the shrinking risk premium as the 10-year Treasury pushes past 4.6%, and who is actually building these now, from traditional developers to the big tech owner-operators alongside long-time REITs Digital Realty and Equinix. The conversation covers the data center types from co-location to hyperscale, why the shell is simple like an industrial warehouse but the interior build-out and cooling are where the cost lives, office-to-data-center conversions and the load-bearing floor test that makes or breaks them, the moratoriums and lost-tax-base math driving local approvals, and what the AI build-out really means for jobs. Ermengarde's bottom line on employment: not more or fewer jobs, but different jobs. In this episode: 00:00  Intro: The Data Center Debate 01:23  How Big Is the Market? 31 to 32 Gigawatts of Power 02:18  Why Power Beats Square Footage, and the Obsolescence Problem 03:53  Data Center Types, From Co-Location to Hyperscale 04:47  Who Is Building Now: Developers, REITs, and Big Tech 07:54  Hyperscale Build-Out and the Shift to Liquid Cooling 10:28  Data Center Cap Rates: 4% to Mid-5% and the Risk Premium 12:11  Office-to-Data-Center Conversions and the Load-Bearing Test 14:08  Moratoriums, Zoning, and the Local Tax-Base Math 16:03  The Future: Why Exponential Growth Cannot Last 19:11  Data Centers and Jobs: Construction vs Permanent 22:43  AI and Employment: The 4.1% Headline and What It Hides 25:35  Office-Using Employment: Peak or Another Cycle? 27:03  Final Takeaway: Different Jobs, Not Fewer Connect with Ermengarde Jabir, PhD: https://www.linkedin.com/in/ermengarde-jabir-phd-3114829a/ Moody's Analytics Website: https://www.moodysanalytics.com Connect with Michael Bull & The Show: Michael Bull, CCIM Bull Realty, Inc https://www.linkedin.com/in/michaelbull/ For more commercial real estate market data, sector forecasts, and video episodes, visit CREshow.com. America's Commercial Real Estate Show is brought to you by our proud sponsors. TCN Worldwide: Commercial real estate property management, leasing, and sales solutions across the US and globally. Learn more: https://www.tcnworldwide.com Build Out: The ultimate product suite for commercial real estate brokerage firms looking to streamline their business. Learn more: https://www.buildout.com Bull Realty: Regional commercial real estate brokerage services headquartered in Atlanta, delivering market intel and strategies. Learn more: https://www.bullrealty.com Commercial Agent Success Strategies: Twenty-one cloud accessed commercial broker training videos with slide deck action notes. Learn more at https://www.commercialagentsuccess.com/ #DataCenters #CommercialRealEstate #CRE #DataCenterRealEstate #AI #CapRates #Hyperscale #AdaptiveReuse #RealEstateInvesting #CREForecast #MoodysAnalytics #MichaelBull

Chuck Lieberman of Advisors Capital Management discusses the FOMC's upcoming rate decision amid current inflation and strong growth, and explores AI's impact on the economy and market breadth. He highlights REITs like Omega Healthcare Investors (OHI) and Healthpeak Properties, favors money center banks Citigroup (C) and Wells Fargo (WFC) for their recovery stories, and contrasts the lower-risk appeal of oil pipelines against AI investments.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

This week on Dividend Talk, we get into the art of the turnaround investment .What worked, what didn't, and what we've learned the hard way. We share real stories from Walgreens, Intel, and Texas Instruments, then turn to Nike, Vici Properties, and ASR to figure out which stocks are genuine turnarounds and which are just mispriced quality names. Plus: trimming an ExxonMobil position, a fresh look at HP, and our predictions for the next Microsoft dividend hike.We also answer a big batch of listener questions covering FIRE, REITs, ETFs, and how dividend culture differs between Europe and the US.

This week, our Host, Thilan Wickramasinghe opens to rising geopolitical and inflation risk, with US-Iran attacks in the Straits of Hormuz prompting Goldman to flag possible USD120 oil, alongside a stronger US jobs print stoking Fed rate hike odds. Against this backdrop, the team hunts for structural winners in Singapore.The show leads with our Bank's Analyst Desmond Ch'ng's roundup of Malaysian banks post-results, covering 1H26's pressure points, the 2027 outlook, and his top picks.Next up is our new initiation on Keppel Corp, where our REITs and Industrials Analylst, Krishna, argues it's no longer the conglomerate investors grew up with. He rates it BUY, citing its asset-light shift toward asset management, broad AI/data centre infrastructure exposure, planned divestments, and dividends rising from 42 to 49 cents by FY28. Execution risk remains the key watch item.In the terms of tech, our analyst Jarick discusses two small caps: Addvalue, where a new USD5m order and a US government-linked partnership underpin his BUY despite a 35% one-month rally, and IsoTeam, addressing FY26 misses, project delays, the stalled drone-painting catalyst, and whether the stock offers value now.Finally, our Telcos Analyst Hussaini Saifee examines Foodpanda-Grab dynamics, arguing the real question is who ends up owning Foodpanda, not whether it survives — pointing to Singapore's two-player market as proof of its strategic value. He outlines three buyer scenarios (Uber, ShopeeFood, Meituan), notes the main risk sits in Grab's Deliveries segment rather than its sturdier Mobility business, flags currency and Uber-stake overhangs, but keeps a BUY given resilient growth and a ~33% YTD share price decline.Wishing you a profitable trading week ahead!

In this episode we answer emails from Optimus Bill, Sin Nombre, Darren, and George.  We discuss sizing small bitcoin ETF allocations, identify resources to learn more about managed futures, and talk about how underspending or hoarding strategies are often dressed up in various ways that often have surface appeal, but are ultimately unnecessarily restrictive and lack meaningful or useful purpose.  Basic financial tools like selling shares are meant to be used, not avoided.And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Links:Father McKenna Center Donation Page:  Donate - Father McKenna CenterCatching Up To FI -- Donor Advised Funds:  A Donor-Advised Fund For You (Daffy): Democratizing Philanthropy for Everyone | Adam Nash | 200Understanding Managed Futures Paper:  Understanding Managed FuturesDemystifying Managed Futures Paper:  Demystifying Managed FuturesA Century of Evidence on Trend-Following Investing Paper:  A Century of Evidence on Trend-Following InvestingList of Books from Top Traders Unplugged:  Top Traders Unplugged Ultimate Guide to Investing Books.pdf - Google Drive"Follow The Trend" Book:  Amazon.com: Following the Trend: Diversified Managed Futures Trading (Wiley Trading): 9781119908982: Clenow, Andreas F.: BooksExcess Returns Managed Futures Presentation:  Why Most Investors Won't Buy the Best Diversifier | Andrew Beer on Managed FuturesIM Global Partners YouTube Channel (DBMF):  iMGP DBi Managed Futures Strategy ETF Update with Andrew Beer | June 2026Overcoming Underspending Habits To Improve Well-Being in Retirement:  RPR Episode 436 Illustrated: The Two Halves of Your Financial LifeBreathless Unedited AI-Bot Summary:Bitcoin in a risk parity portfolio sounds like a harmless side bet, until you ask the only question that matters: will a tiny allocation actually move the needle, or is it just a story you tell yourself? We dig into the practical reality of a 1% Bitcoin ETF position, why volatility can make small weights matter, and why correlation to tech stocks can feel stable one month and chaotic the next. If you're considering crypto as a “moonshot” inside a diversified portfolio, we talk about what makes it behave like a levered risk asset and how to keep it from dominating your results.Next, we respond to a listener who wants to learn managed futures and trend following the right way. We lay out a no-fluff roadmap: key papers, episodes to revisit, book recommendations, and ongoing video resources from fund providers. If you've been looking at managed futures ETFs like DBMF or KMLM and wondering what they really add to a portfolio, this section helps you separate trading curiosity from allocation decisions, and makes the case for managed futures as a serious diversifier alongside stocks, bonds, gold, commodities, and REITs.Then we tackle a retirement hot button: living off dividend ETF income and never selling shares. We argue that “dividend-only” is often just window dressing for an ultra-low spending plan, and we make the case that selling shares is a normal tool, not a moral failure. We close with our September portfolio review and monthly distributions across the sample portfolios, including leveraged and return-stacked designs, so you can see real-world asset allocation decisions play out.Support the show

A real estate analyst explains why he upgraded an odd operator yielding 6%. A box office expert talks IMAX and Avengers. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Capitalism—and a strong profit motivation—has driven enterprise for centuries. Two notable examples are the East India Company and the US transcontinental railroad, and the various tycoons who built it. In neither case, by today's standards, were the operations fair or ethical on a number of fronts. Can we do better in space? Dr. Rainer Zitelmann joins us to discuss capitalism and the importance of extraterrestrial land ownership as an enabler of human expansion off-Earth. He's got a lot to say, and not all of it is what you might expect. Join us for this fascinating and informative look at one business case for newspace. Headlines: • NASA's Roman Space Telescope Launches to Explore Cosmic Mysteries • SpaceX Falcon Heavy Returns to Action for Major NASA Mission • Blue Origin Selected to Build Mars Communications Relay for NASA • Japan and Europe's BepiColombo Mission Arrives at Mercury Main Topic: Who Owns the Moon? — Capitalism in Space With Dr. Rainer Zitelmann • Dr. Zitelmann Explains Market Forces Transforming the Space Industry • Historical Parallels Between Economic Reforms and the Privatization of Space • The Outer Space Treaty and Legal Uncertainty Around Private Ownership Off-Earth • Potential for Stock Markets and REITs for Off-World Real Estate and Resources • China's Rapid Advancement in Private Space and Market-Driven Innovation • Safety Zones, Artemis Accords, and the Limits of Current Legal Frameworks • First-Mover Advantage: How Initial Claims Might Play Out on the Moon and Mars • Equity, Envy, and Ethical Debates Over Colonization and Space Ownership • The Role of Commercial Incentive Versus Public Benefit in Expanding Humanity's Reach Get "New Space Capitalism" (Amazon Affiliate Link): https://amzn.to/4xEeGID Hosts: Rod Pyle and Tariq Malik Guest: Dr. Rainer Zitelmann Download or subscribe to This Week in Space at https://twit.tv/shows/this-week-in-space. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: outsystems.com/twit helixsleep.com/space

Capitalism—and a strong profit motivation—has driven enterprise for centuries. Two notable examples are the East India Company and the US transcontinental railroad, and the various tycoons who built it. In neither case, by today's standards, were the operations fair or ethical on a number of fronts. Can we do better in space? Dr. Rainer Zitelmann joins us to discuss capitalism and the importance of extraterrestrial land ownership as an enabler of human expansion off-Earth. He's got a lot to say, and not all of it is what you might expect. Join us for this fascinating and informative look at one business case for newspace. Headlines: • NASA's Roman Space Telescope Launches to Explore Cosmic Mysteries • SpaceX Falcon Heavy Returns to Action for Major NASA Mission • Blue Origin Selected to Build Mars Communications Relay for NASA • Japan and Europe's BepiColombo Mission Arrives at Mercury Main Topic: Who Owns the Moon? — Capitalism in Space With Dr. Rainer Zitelmann • Dr. Zitelmann Explains Market Forces Transforming the Space Industry • Historical Parallels Between Economic Reforms and the Privatization of Space • The Outer Space Treaty and Legal Uncertainty Around Private Ownership Off-Earth • Potential for Stock Markets and REITs for Off-World Real Estate and Resources • China's Rapid Advancement in Private Space and Market-Driven Innovation • Safety Zones, Artemis Accords, and the Limits of Current Legal Frameworks • First-Mover Advantage: How Initial Claims Might Play Out on the Moon and Mars • Equity, Envy, and Ethical Debates Over Colonization and Space Ownership • The Role of Commercial Incentive Versus Public Benefit in Expanding Humanity's Reach Get "New Space Capitalism" (Amazon Affiliate Link): https://amzn.to/4xEeGID Hosts: Rod Pyle and Tariq Malik Guest: Dr. Rainer Zitelmann Download or subscribe to This Week in Space at https://twit.tv/shows/this-week-in-space. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: outsystems.com/twit helixsleep.com/space

Capitalism—and a strong profit motivation—has driven enterprise for centuries. Two notable examples are the East India Company and the US transcontinental railroad, and the various tycoons who built it. In neither case, by today's standards, were the operations fair or ethical on a number of fronts. Can we do better in space? Dr. Rainer Zitelmann joins us to discuss capitalism and the importance of extraterrestrial land ownership as an enabler of human expansion off-Earth. He's got a lot to say, and not all of it is what you might expect. Join us for this fascinating and informative look at one business case for newspace. Headlines: • NASA's Roman Space Telescope Launches to Explore Cosmic Mysteries • SpaceX Falcon Heavy Returns to Action for Major NASA Mission • Blue Origin Selected to Build Mars Communications Relay for NASA • Japan and Europe's BepiColombo Mission Arrives at Mercury Main Topic: Who Owns the Moon? — Capitalism in Space With Dr. Rainer Zitelmann • Dr. Zitelmann Explains Market Forces Transforming the Space Industry • Historical Parallels Between Economic Reforms and the Privatization of Space • The Outer Space Treaty and Legal Uncertainty Around Private Ownership Off-Earth • Potential for Stock Markets and REITs for Off-World Real Estate and Resources • China's Rapid Advancement in Private Space and Market-Driven Innovation • Safety Zones, Artemis Accords, and the Limits of Current Legal Frameworks • First-Mover Advantage: How Initial Claims Might Play Out on the Moon and Mars • Equity, Envy, and Ethical Debates Over Colonization and Space Ownership • The Role of Commercial Incentive Versus Public Benefit in Expanding Humanity's Reach Get "New Space Capitalism" (Amazon Affiliate Link): https://amzn.to/4xEeGID Hosts: Rod Pyle and Tariq Malik Guest: Dr. Rainer Zitelmann Download or subscribe to This Week in Space at https://twit.tv/shows/this-week-in-space. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: outsystems.com/twit helixsleep.com/space

Capitalism—and a strong profit motivation—has driven enterprise for centuries. Two notable examples are the East India Company and the US transcontinental railroad, and the various tycoons who built it. In neither case, by today's standards, were the operations fair or ethical on a number of fronts. Can we do better in space? Dr. Rainer Zitelmann joins us to discuss capitalism and the importance of extraterrestrial land ownership as an enabler of human expansion off-Earth. He's got a lot to say, and not all of it is what you might expect. Join us for this fascinating and informative look at one business case for newspace. Headlines: • NASA's Roman Space Telescope Launches to Explore Cosmic Mysteries • SpaceX Falcon Heavy Returns to Action for Major NASA Mission • Blue Origin Selected to Build Mars Communications Relay for NASA • Japan and Europe's BepiColombo Mission Arrives at Mercury Main Topic: Who Owns the Moon? — Capitalism in Space With Dr. Rainer Zitelmann • Dr. Zitelmann Explains Market Forces Transforming the Space Industry • Historical Parallels Between Economic Reforms and the Privatization of Space • The Outer Space Treaty and Legal Uncertainty Around Private Ownership Off-Earth • Potential for Stock Markets and REITs for Off-World Real Estate and Resources • China's Rapid Advancement in Private Space and Market-Driven Innovation • Safety Zones, Artemis Accords, and the Limits of Current Legal Frameworks • First-Mover Advantage: How Initial Claims Might Play Out on the Moon and Mars • Equity, Envy, and Ethical Debates Over Colonization and Space Ownership • The Role of Commercial Incentive Versus Public Benefit in Expanding Humanity's Reach Get "New Space Capitalism" (Amazon Affiliate Link): https://amzn.to/4xEeGID Hosts: Rod Pyle and Tariq Malik Guest: Dr. Rainer Zitelmann Download or subscribe to This Week in Space at https://twit.tv/shows/this-week-in-space. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: outsystems.com/twit helixsleep.com/space

Are consumers falling out of love with Lululemon’s famous leggings? Shares plunged after disappointing earnings and a weaker outlook - but the bigger question is whether fashion itself has moved on. Meanwhile, DBS analysts see a stronger yield opportunity in S-REITs than Singapore bank dividends. What has changed in the income equation? Michelle Martin also looks at what falling US bond yields mean for tech stocks before playing Up or Down on Nvidia’s US$12.9 billion Hugging Face acquisition, SpaceX’s return to the US$2 trillion club and Volkswagen’s plan to cut 50,000 jobs. Plus, why is the Dutch central bank moving part of its gold reserves away from the US - and does it tell us anything about changing perceptions of geopolitical risk?See omnystudio.com/listener for privacy information.

Is the Aussie share market still worth it? Should a new investor wait for the next crash? And how much tech exposure is too much?Dave and Hayden open the listener mailbag and tackle three questions that all circle the same problem: it's very easy to make long-term decisions based on what has worked lately.In this episode we'll discuss:

Dave Rodgers, managing director at Raymond James Equity Research, joined the REIT Report podcast to discuss the outlook for health care REITs, noting that the sector—and senior housing in particular—is one of the most attractive areas for investment across the REIT industry today.A large and wealthy older generation, and limited supply, provide a “really good runway for strong organic growth” in senior housing, marked by rent growth and margin expansion, Rodgers said. Over the next decade, “we don't think it's a stretch to think that maybe this business can grow at 10% annually,” he added.Senior housing occupancy nationwide is around 90% today, Rodgers pointed out. He noted that older, wealthy individuals considering senior housing options are more interested in the lifestyle component than ever before. “They really want to benefit from living in one of these facilities.” At the same time, enhanced technology is improving the resident experience and reducing labor intensity in operations.Chapters: 00:36 Healthcare REIT Breakdown01:14 Senior Housing Demand Surge02:42 How Senior Living Evolved04:53 Mid Market Supply Question06:12 Labor Costs And Margins07:27 Skilled Nursing And Medical Office09:29 Life Science Recovery Check10:50 Where Deals Are Happening13:25 Risks Next Two Years15:12 Final Investment Takeaways

We talk with Eglae Recchia, CEO of Keyway, about how Proptech grows from building tech into AI that gives commercial real estate teams back time for judgment. We also trace her path from a childhood of constant moves to MIT's SloanSchool of Business and a career built on turning data into action for lenders, REITs, investors, and operators. • Proptech as a broad umbrella across the built environment, fintech, and AI • Why “insights” are no longer enough and how “so what” drives adoption • How moving often shaped adaptability, networking, and comfort with pivots • Philosophy and advertising as training for clear thinking and persuasion • Early career lessons from editorial work, technology shifts, and ops problem solving • Choosing MIT's Sloan School of Business to build analytical tools and a problem-solving mindset • Graduating in 2009 and using networking to break into financial services • Finding commercial real estate through Capital One strategy and portfolio questions • Keyway's evolution from investor-operator thesis to agentic infrastructure for CRE • Who Keyway serves today and how it combines public data with internal data • What comes next: enterprise agents, risk management, and fraud detection Be sure to subscribe to the podcast on Apple Podcasts, Spotify, or wherever you listen to podcasts. To learn more, visit proptechespress.com. 

This episode of On Investing looks at a market environment increasingly shaped by persistent inflation, rising long-term Treasury yields, fiscal concerns, and renewed trade tensions. Liz Ann Sonders and Collin Martin begin by discussing the latest inflation data, which continues to show price pressures well above the Federal Reserve's 2% target. While wage growth is not driving inflation, they highlight several other forces keeping inflation elevated, including energy prices, tariffs, and the massive investment required to support the AI boom. The conversation then turns to Treasury Secretary Scott Bessent's efforts to influence long-term interest rates after yields surged. Collin argues that Bessent's actions are understandable given concerns about mortgage rates and borrowing costs, but he views them as a short-term response to a much deeper issue: the nation's growing debt burden and ongoing fiscal deficits. Both hosts suggest that attempts to manage yields address the symptoms rather than the underlying causes. They also explore the potential tension this creates with the Federal Reserve, which may prefer tighter financial conditions to combat inflation. The episode closes with a look ahead to the Fed's Jackson Hole conference, upcoming labor market reports, purchasing manager surveys, and other economic data that could shape expectations for both growth and Fed policy. You can read the report Liz Ann mentions here: "Great Moderation Era: Drift(ing) Away." On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Investing in alternative investments is speculative, not suitable for all clients, and generally intended for experienced and sophisticated investors who are willing and able to bear the high economic risks of the investment. Investors should obtain and carefully read the related prospectus or offering memorandum, which will contain the information needed to help evaluate the potential investment and provide important disclosures regarding risks, fees and expenses. Commodity-related products carry a high level of risk and are not suitable for all investors. Commodity-related products may be extremely volatile, may be illiquid, and can be significantly affected by underlying commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see Schwab.com/IndexDefinitions Negative correlation refers to investments that tend to move in opposite directions: when one rises, the other falls. (0826-1AXY) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Robinhood says it wants to be everything to investors—but its fastest-growing attractions look a lot like a casino. Don and Tom examine prediction markets, options, crypto, payment for order flow, and the uneasy fit between fiduciary advice and a brightly lit door to speculation.They explain why gamification and enormous transfer bonuses can be especially dangerous for inexperienced investors. If the goal is long-term wealth rather than entertainment, a boring, diversified custodian still beats a platform built to monetize trading excitement.Then they answer questions about using bonds during a retirement downturn, combining CD ladders with target-date funds, the trap behind eye-popping mortgage REIT dividends, and better ways to give money to grandchildren.1:03 — Robinhood and its merry band of revenue streams3:00 — Vlad Tenev explains the financial supermarket5:36 — A fiduciary office beside a casino door8:28 — Monetizing speculation instead of investing13:14 — Using bonds when retirement begins in a downturn21:06 — CD ladders and target-date funds23:36 — The truth behind 17% REIT dividends27:28 — UTMA, UGMA, 529s, and gifts for grandchildrenQuestions? Comments? Click!

Mehr als 14.000 Euro Nettodividende im Jahr, fast 50 Werte im Depot und eine ziemlich ungewöhnliche Strategie: Stefan verteilt sein Vermögen auf REITs, BDCs, Preferred Shares, Einzelaktien und ETFs. Sein Bild dafür ist ein Tisch mit vielen Beinen.Dabei ist sein Weg alles andere als geradlinig.Stefan ist IT-Business-Analyst aus Leipzig, Mitte fünfzig und investiert seit 2018 bewusst. Davor hat er einiges ausprobiert – vom Pyramidenspiel in den frühen 90ern bis zu 20 Jahren „Spielen ohne Plan“. Inzwischen beschäftigt er sich intensiv mit Dividenden, Ruhestandsplanung und der Frage, wie seine Frau später einmal mit seinem komplexen Depot umgehen kann.In Folge 276 sprechen wir unter anderem darüber:wie aus erwarteten 25.000 Euro Dividenden am Ende gut 14.000 Euro netto wurden – und welche Rolle Return of Capital dabei spieltwarum Stefan einen Gefängnis-REIT nach einem Gerücht mit 40 % Verlust verkauft hatwie seine „Tischbein“-Strategie mit REITs, BDCs, Preferred Shares, Einzelaktien, ETFs und P2P-Krediten funktioniertwarum er sagt: „Ich liebe das Bild von der goldenen Gans – ich möchte sie nicht schlachten“wie er nach Corona gezielt in eingebrochene REITs nachkaufte, während andere in Panik verkauftenwarum er mit seiner Frau schon heute über Nachlassplanung und den späteren Zugriff auf das Depot sprichtweshalb kalkuliertes Risiko für ihn ein wichtiger Teil des Lernprozesses istwie er Künstliche Intelligenz im Berufsalltag einsetzt und wo sie ihm tatsächlich etwas bringtund warum seine Definition von Glück am Ende überraschend wenig mit Geld zu tun hatEine sehr persönliche Folge über Dividenden, Fehlentscheidungen, Lehrgeld und den Versuch, sein Vermögen so aufzustellen, dass es auch langfristig funktioniert.Weitere InformationenZur Folge 274 mit Ingo Scholz zu Covered Call ETFsZur Folge mit Annette Weiss zu "Rente ohne Roulette"Zu den Folgen mit Luis PazosZu den Folgen mit Lars WrobbelPräsentiert von SailyWenn bei Euch ein Urlaub ansteht und ihr unterwegs mobiles Internet braucht, schaut unbedingt beim eSIM-Anbieter Saily vorbei. Mit dem Code „finanzrocker" bekommt ihr sogar 15% Rabatt auf euren ersten Kauf. Der Rabatt wird über den Link schon gleich abgezogen.Alle Infos zu Saily gibt es hier Hosted on Acast. See acast.com/privacy for more information.

The markets are moving mostly lower on Monday as a drop in key technology stocks overshadows a dip in Treasury yields. Brian Sullivan and Contessa Brewer are joined by Oliver Wyman's Dan Tannebaum to discuss how the U.S. could effectively sanction Iran without causing a massive surge in global oil prices.  Kpler's director of commodity strategy, Matt Smith, also joins the show to go through the latest shipping traffic numbers from the Strait of Hormuz and how much oil is actually leaving the Middle East. Later, Ji Zhang, Cohen & Steers Global Real Estate Portfolio Manager, explains the impact that AI data center backlash is having on the real estate sector and adds where she is still seeing opportunity for investors. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hier gehts zum Beitrag ►► https://passives-einkommen-mit-p2p.de/lars-wrobbel-vermoegen/ Hier kannst du der Community beitreten ►► https://bit.ly/p2p-community Als ich 2022 zum ersten Mal mein Portfolio veröffentlicht habe, hätte ich nie gedacht, dass es so einschlagen würde – doch der Beitrag wurde damals zum erfolgreichsten des Jahres mit zehntausenden Zugriffen! Ihr habt euch gewünscht, dass ich meine Vermögensaufstellung regelmäßig aktualisiere – und genau das tue ich. Also, wie sieht mein Portfolio im Jahr 2026 aus? Alle Details gibt's in diesem Beitrag!

AI's enormous capital requirements are reshaping the way companies tap credit markets. Our Chief Fixed Income Strategist Vishy Tirupattur takes stock of this summer's key financing developments. Read more insights from Morgan Stanley.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today: Why the summer of 2026 is all about AI Financing and the evolution of credit markets. It is Friday August 21st at 2pm in New York. The summer of 2026 may ultimately be remembered not for a new model release or a breakthrough chip, but for developments in AI financing that highlighted how quickly capital markets are adapting to the demands of the AI buildout. The starting point of our analysis remains unchanged: the demand for compute continues to outstrip supply of compute, resulting in upward revisions in AI infrastructure capex expectations as hyperscalers commit additional capital to secure future capacity. Our equity research colleagues now estimate that the total capex for the four largest hyperscalers will rise 57 percent in 2027 versus 2026. These spending plans reflect growing conviction that such investments can generate 25 percent plus returns on invested capital. At the same time, the lag between capex deployment and monetization continues to pressure near-term cash generation, with our analysts' 2027 free cash flow estimates for the four hyperscalers continuing to move lower. To a credit analyst, what this means is that the result is a widening financing gap in 2027. That means AI-related credit issuance will remain substantial and may even need to increase further before cash flows from these investments begin to catch up. Developments in credit spreads this summer have been equally telling. Credit spreads for hyperscalers have widened meaningfully. More notable even than the absolute level of widening is the divergence across financing channels. For example, spread widening was most pronounced in unsecured bonds, where issuance volumes accelerated sharply and investors remained exposed to a broader range of risks tied to the AI investment cycle. By contrast, spread widening in data center ABS and CMBS was much more modest. These structures are backed by operating assets that have already been constructed, powered, and leased, with contractual cash flows largely established. Combined with a more measured pace of issuance, these characteristics helped insulate securitized credit products from the volatility seen in unsecured credit markets. The divergence across credit markets also reflects the differences in issuer incentives and sensitivity to funding costs, which will shape issuance volumes going forward. At the higher end of the quality spectrum, the major hyperscalers, with average ratings of roughly AA, combine substantial financing needs with significant ratings flexibility. Given their ROIC expectations, these issuers are relatively insensitive to modest changes in borrowing costs. Higher funding costs alone are unlikely to materially slow capital raising by the highest-quality participants in the AI ecosystem. The opposite is true further down the quality spectrum. Lower quality hyperscalers and data center developers, including former bitcoin miners and REITs, have less balance-sheet flexibility and lower tolerance for higher funding costs. For these borrowers, wider spreads represent a more meaningful constraint, making funding costs a natural stabilizer of future supply. The next phase of AI financing is also likely to look quite a bit different as incremental capex shifts from data center shells toward compute equipment, particularly servers and chips, as well as energy assets. While some of these assets have already been financed through high-yield bonds and leveraged loans, compute infrastructure is particularly well-suited to asset-level financing, creating a larger role for private capital. The emergence of large-scale component financing is likely to be enabled by the highest-quality issuers flexing their ratings as well as balance-sheet strength. We expect these issuers to increasingly provide backstops, credit support arrangements, and residual value guarantees, helping private capital underwrite ever-larger pools of AI infrastructure assets. As AI scales from a technology cycle into a capital cycle, understanding the nuances of financing is becoming increasingly important. In the next phase of the AI buildout, understanding the flow of capital may prove nearly as important as understanding the flow of innovation itself. AI is no longer just a technology story. It is increasingly a capital markets story as well. Thanks for listening. If you enjoy the podcast, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

In this episode of On Investing, Liz Ann Sonders and Collin Martin examine the recent surge in global bond yields and what it means for investors. Collin explains that long-term Treasury yields have risen due to a combination of the Federal Reserve's hawkish posture, elevated uncertainty premiums, fiscal concerns, and a global move higher in interest rates. He emphasizes that inflation expectations remain relatively well-behaved, suggesting the rise in yields is less about fears of runaway inflation and more about uncertainty, government borrowing needs, and a "higher for longer" interest rate environment.  Liz Ann discusses how higher yields affect stocks, noting that growth-oriented sectors, real estate, and utilities are particularly sensitive to rising rates. She also argues that investors may be operating in a more volatile "Temperamental Era," where inflation and bond yields play a larger role in driving equity market performance than they did during the decades-long "Great Moderation."  Then, Liz Ann interviews former St. Louis Fed President Jim Bullard, who argues that the Federal Reserve risks falling behind the curve by tolerating inflation near 3% rather than returning it to its 2% target. Bullard shares his views on monetary policy, AI's potential impact on productivity, geopolitical risks, financial markets, and the evolving economic landscape.  Finally, Liz Ann and Collin provide a preview of upcoming economic indicators and data releases, including the Fed's preferred inflation measure, housing data, and consumer sentiment surveys. You can read the report Liz Ann mentions here: “Great Moderation Era: Drift(ing) Away.” On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Treasury Inflation Protected Securities (TIPS) are inflation-linked securities issued by the US Government whose principal value is adjusted periodically in accordance with the rise and fall in the inflation rate. Thus, the dividend amount payable is also impacted by variations in the inflation rate, as it is based upon the principal value of the bond. It may fluctuate up or down. Repayment at maturity is guaranteed by the US Government and may be adjusted for inflation to become the greater of the original face amount at issuance or that face amount plus an adjustment for inflation. Treasury Inflation-Protected Securities are guaranteed by the US Government, but inflation-protected bond funds do not provide such a guarantee. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. (0826-Z0K4) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Fire the Whole Investment Team: Meb Faber on 250 Years of American Compounding and Why CalPERS Can’t Beat a 60/40 allocation https://youtu.be/9lBYkG4J2sY A dollar invested in the U.S. stock market in 1800 is worth roughly $200 million today, and Meb Faber says the giant pension funds paid to beat that kind of compounding usually can’t. In this episode of Wealth Actually, Frazer Rice talks with Meb Faber, co-founder and CIO of Cambria Investment Management and host of The Meb Faber Show, about his new coffee-table book Investing in America: The Rise of a 250-Year Bull Market, the shareholder yield thesis behind Cambria’s ETF lineup, and his long-running public campaign arguing that CalPERS and other giant institutional pools routinely fail to beat a simple, low-cost buy-and-hold portfolio. https://open.spotify.com/episode/4WmnPm3GN8jwQtJuCVV9XG?si=nLLcz8y8RSuydORA5_ZHGQ Key Takeaways America is, in Faber’s words, the greatest compounding machine in history. He puts a dollar invested in U.S. stocks in 1800 at roughly $200 million today — a number he uses to reframe how clients should think about staying invested through wars, depressions, and pandemics. The book’s origin story starts with meme stocks. Faber says COVID pulled a new generation of retail investors into the market through gamified trading apps, and he wanted to hand them a historically grounded alternative to day-trading and zero-day options. Diversification is older than the country itself. Faber traces the concept back to 15th- and 16th-century joint-stock voyages — the Mayflower and the Virginia Company among them — where spreading capital across many risky expeditions let “merchant adventurers” survive when any single ship was lost. Shareholder yield, not dividend yield, is Cambria’s core factor. Since the S&P 500’s dividend yield now sits near an all-time low of 1.04%, Faber argues the real signal is cash dividends plus net buybacks — net of the dilution from stock-based compensation that quietly erodes shareholders’ ownership every year. Faber’s CalPERS critique boils down to one line: “the returns are not bad, they’re just not good.” He’s built an entire body of work, including Cambria’s ENDW endowment-style ETF, arguing that giant pools with virtually unlimited access to managers still can’t consistently beat a disciplined global 60/40. Complexity is often the enemy, not the edge. Faber contrasts investing with almost every other field of expertise: hiring the best doctor or coach nearly always helps, but hiring the most sophisticated (and expensive) money manager frequently doesn’t. Illiquidity has a way of showing up at the worst possible time. Faber points to endowments getting caught upside down in 2008–2009 and to more recent leveraged blowups as the same lesson repeating: over-lever a portfolio and you’re out of chips at the poker table. The real accountability gap is career incentives, not investment theory. Faber contrasts Yale, which gets a pass for strong long-term results, with Harvard’s endowment, which he says has underperformed for two decades without anyone losing their job over it — a dynamic he says maps directly onto UHNW family governance. Timestamps [00:00] Cold open — CalPERS CIOs vs. UK prime ministers [00:29] Show open and disclaimer [00:54] Welcome: Meb Faber, Cambria, and the new book [02:07] The $76 price tag and the 1776 joke [03:13] Genesis of Investing in America: COVID, meme stocks, and joint-stock voyages [06:33] The most surprising find: Ben Franklin’s “Mind Your Business” motto [09:09] Argentina vs. the U.S. — what actually drove American exceptionalism [12:47] Cambria today: the shareholder yield thesis [17:46] Why politicians target buybacks instead of stock-based comp [20:54] The CalPERS critique begins [21:34] The Ivy Portfolio, the ENDW endowment ETF, and year-one results [25:45] The Nevada pension comparison and the liquidity-complexity pushback [26:56] Institutional blowups, Harvard’s endowment dysfunction, and misaligned incentives [29:36] The “anti-Switzerland of asset management” bit [31:16] Close: where to find Meb, Cambria, and the book Pull Quotes “No, no, no, no, Frazer — it is $76, in honor of 1776.” — Meb Faber “A dollar would be worth roughly $200 million today… despite wars and depressions and pandemics and everything else terrible that’s happened in the history of the world, this relentless compounding is such a fun story.” — Meb Faber “There are dividend funds in the U.S. today… whose actual dividend yield is lower than their management fee. A negative net dividend yield — an astonishing statistic in 2026.” — Meb Faber “Who’s had more turnover in the past 10 years — CalPERS CIOs or UK prime ministers? Both totally dysfunctional. I think CalPERS has a slight edge, but it’s close.” — Meb Faber “I’m the anti-Switzerland of asset management.” — Meb Faber About the Guest Meb Faber is co-founder, CEO, and Chief Investment Officer of Cambria Investment Management, an independent, privately owned advisory firm built around quantitative asset management and alternative investment strategies (BusinessWire). He hosts The Meb Faber Show, one of the most widely followed investing podcasts, and is the author of eight books, including The Ivy Portfolio, Global Asset Allocation, Global Value, Shareholder Yield, and now Investing in America: The Rise of a 250-Year Bull Market — his first coffee-table book, released to coincide with the U.S. semiquincentennial (Curzio Research). Proceeds from the book go to charities that fund investment accounts for Americans born in the country. A ninth book, The Awesome Portfolio, is slated for release on September 8, 2026 (Meb Faber on X). Contact Meb Faber & Cambria Cambria Investment Management: cambriainvestments.com Cambria Funds: cambriafunds.com Meb’s blog, podcast & research: mebfaber.com The Meb Faber Show: themebfabershow.com Twitter/X: @MebFaber Book — Investing in America: available on Amazon, Barnes & Noble, and signed via Pages bookstore in Manhattan Beach, CA (Acquirer’s Multiple) Cambria Funds Mentioned Shareholder Yield suite (SYLD, FYLD, EYLD, plus small-cap and large-cap variants) — cash dividends plus net buybacks plus net debt reduction, divided by market cap (MarketWatch) GVAL — Global Value ETF screening the cheapest quartile of roughly 45 country markets by long-term valuation (Cambria — GVAL) TAIL / FAIL — U.S. and global ex-U.S. tail-risk ETFs pairing short-term Treasuries with a rolling ladder of out-of-the-money S&P 500 puts (Cambria — TAIL) Trinity Portfolio (TRTY) — roughly half buy-and-hold, half trend-following across a basket of other Cambria funds (Cambria — Trinity Portfolio) ENDW — Cambria’s endowment-style ETF, discussed on the show as roughly $150–180 million at launch and referenced later in conversation as having grown toward roughly $5 billion in assets with more than 100,000 investors (MebFaber.com) The CalPERS Critique — Further Reading 9 Institutions Can’t Beat a Basic Buy-and-Hold Allocation — MebFaber.com How California’s $450B Pension Fund Misses the Basics of Investing — YouTube Should a Robot Be Managing CalPERS’ Portfolio? — MebFaber.com, 2015 Index Funds vs. Ivy League — MarketWatch/Barron’s Streetwise CalPERS: America’s Misled and Misleading Pension Leader — Retired Public Employees Association CalPERS Section II Performance Tables (2026) — CalPERS.ca.gov Reducing the Noise of AI Investing – FrazerRice.com Frequently Asked Questions How much would a dollar invested in the U.S. stock market in 1800 be worth today?Meb Faber says roughly $200 million, using the figure to illustrate how relentless compounding has powered through wars, depressions, and pandemics over the country’s history. It’s an illustrative, back-of-envelope estimate rather than a precise index calculation, since standardized stock indexes didn’t exist in 1800. Why is Meb Faber’s new book priced at $76?It’s a nod to 1776 and the country’s founding, timed to the U.S. semiquincentennial. All proceeds go to charities that fund investment accounts for Americans born in the country. What is shareholder yield, and how is it different from dividend yield?Shareholder yield is cash dividends plus net stock buybacks (net of new share issuance, particularly from stock-based compensation), divided by market cap. Faber argues it captures real capital return to shareholders better than dividend yield alone, especially now that the S&P 500’s dividend yield sits near an all-time low of about 1.04% and share buybacks have outpaced dividends every year since the late 1990s. What is Meb Faber’s argument against CalPERS and other large pension funds?Faber’s recurring claim is “the returns are not bad, they’re just not good” — that giant institutional pools with access to virtually any manager on the planet still fail to consistently beat a simple, low-cost, diversified buy-and-hold portfolio, once fees and complexity are accounted for. Cambria launched an endowment-style ETF (ENDW) partly to make this a live, ongoing comparison rather than a hypothetical one. What is Cambria’s endowment-style ETF and how does it compare to institutions like CalPERS?ENDW replicates a Yale/Swensen-style endowment allocation — global stocks, global bonds, and real assets like gold, TIPS, and REITs — in a low-cost ETF with an all-in expense under 25 basis points. Faber uses it as a running, real-time benchmark against actual endowment and pension performance reported each fiscal year. Why does Meb Faber say complexity is often the enemy in investing?Unlike most fields, where more resources and the best available experts reliably produce better outcomes, Faber argues that in investing, more complexity and more access to exotic managers frequently doesn’t translate into better returns net of fees — and often just adds cost and illiquidity risk. What lesson does Meb Faber draw from institutional blowups and the 2008–2009 crisis?Endowments that mark their portfolios only once a year got caught badly offsides in 2008–2009, with illiquid positions falling even further than public markets. Faber sees the same pattern recur whenever a fund over-levers and gets forced out of the game — a basic failure of position sizing and situational awareness that keeps repeating at the highest levels of finance. Full Transcript [00:00] Cold Open (produced VO): I said, who’s had more turnover in the past 10 years — CalPERS CIOs or UK Prime Ministers? Both totally dysfunctional. And I think CalPERS has a slight edge, but it’s close. Meb Faber suggested that CalPERS should fire its entire investment team, and that complexity has become a major headwind to their ability to generate returns. Find out more on this episode of Wealth Actually. We’re also going to talk about Meb’s new book, which argues that America is one of the greatest compounding machines in the history of capitalism. [00:29] Show Open (produced VO): Welcome back to the Wealth Actually podcast — the show that features experts, entrepreneurs, and commentators who give you the right knowledge, planning, and guidance so you can preserve your assets and enjoy your wealth. Learn more and subscribe today at WealthActually.com. This podcast is for educational and entertainment purposes. It is not investment, legal, or tax advice. It does not represent the opinions of the employers of the host or guest. [00:54] Frazer Rice: Welcome back. Meb Faber is on the show. He founded Cambria Investment Management, which is a $4 billion ETF group. He also has The Meb Faber Show and does a lot of different writing. He’s famous for being on Twitter and taking on CalPERS. But most importantly, he has a new book out talking about America as a great compounding machine. It’s a lot of fun to have him on. Welcome aboard, Meb. [01:16] Meb Faber: My man, great to be here. Frazer Rice: Oh, thank you for being on. I thank you beforehand for including a piece of my writing in one of your old compendiums on best investment writing. I’ve never forgotten that, so thank you again. Meb Faber: Well, good job making the cut. Frazer Rice: Yeah, right, exactly. I passed the audition. Seen you a few times on The Idea Farm here and there over the years. Meb Faber: Yep. As I tell people with my girlfriend, I met expectations in my recent review, so we’re onto the next year. Look, key to life, Frazer — investors, we’re in a bull market, everyone expects 15% returns forever. Key to investing in life: just low expectations. That’s it. Set your expectations low, and you’ll be pleasantly surprised every day. Don’t lose principal over time — that’ll get you pretty far in life. [02:07] Frazer Rice: So anyway, you’ve got a new book out too, which I thought was pretty cool. I love the fact that you priced it at $17.76 and really focused on the— Meb Faber: No, no, no, no, Frazer — it is $76, in honor of 1776. Now to be clear, we don’t make any money on this book. We’re donating all the proceeds to the Invest America charities that fund accounts for Americans born in this country — a wonderful charity, big supporters of it. Frazer Rice: But yes, in honor of the country’s founding. This is why we have you all to make sure I get that stuff right. But the concept of America as the best compounding machine ever — I think that’s really interesting. First of all, what prompted you to get involved with putting this book together? You’ve written before — seems like you’ve been busy with other stuff, of course — but then you came back and decided this was a good topic to take on. What was the genesis of the book? [03:13] Meb Faber: Yeah, so this is my eighth book, and the first coffee-table book we’ve ever done. People were saying, “What the hell, $76? Are you guys crazy?” Look — this is a beautiful 200-page book. There’s probably 70 pictures, charts, tables. And the concept is in the subtitle: Investing in America: The Rise of a 250-Year Bull Market. And the origin story goes back to COVID. Nobody had anything to do — sports stopped, you couldn’t go to the beach. So people were sitting around, and Americans — look, they’re gamblers, they’re risk-takers, we know that. And I said, we can’t do anything about that. So this entire generation of young people turned their attention to the stock market, and we got meme stocks. Today that’s evolved into prediction markets and zero-day options and all sorts of other nonsense. We wanted to grab those young people and say, “No, you don’t understand — the real story is better than any of this. You don’t have to day-trade. You don’t have to bet against the casino and lose.” So we said, let’s do this history since the founding of our republic — what it would have looked like if you could invest from 1800. And the compounding math is so fantastical it seems wrong. A dollar invested in 1800 — and yes, I know there were no indexes back then, chill out, people — but just to be instructive, a dollar would be worth roughly $200 million today. The point is you get on this train despite wars and depressions and pandemics and everything else terrible that’s happened in the history of the world — despite all that, this relentless compounding is such a fun story. On top of that — the founding of our country, and a lot of people don’t know this: when you learn the history of America in elementary school, you learn about the immigration, particularly from Europe, people escaping religious persecution, seeking a better life through freedom — the Mayflower, all that. All true. But what they leave out is that most of these explorations and voyages were funded by companies. Back then they called them joint-stock companies; today we call them companies, LPs, C-corporations — corps, right, partnerships. Because the reality, going back to the 15th century, is that if you’re sending a ship to the New World to find gold, that ship could sink, or there were pirates — you’d lose all your money. So this brilliant invention we call diversification today has been around for hundreds and hundreds of years. These companies said, it’s risky to invest in one voyage, but you can own part of a company that invests in 10 or 20 or 30 of these, and maybe one of them will hit. That sounds like venture capital. They used to call these people “adventurers” or merchant adventurers. Hudson’s Bay, the Mayflower voyage, the Virginia Company — many of them failed, many didn’t make money, but some made spectacular profits. It’s a fun origin story that hasn’t really been told about these early entrepreneurs and risk-takers, who honestly still permeate our culture to this day. [06:33] Frazer Rice: In putting the book together, what was the most surprising chart you found that you ended up including? [06:41] Meb Faber: There’s a lot of fun historical statistics in the book. One of my favorite parts of writing it was buying — I don’t know, 50 or 100 financial history books I’d never heard of, books on financial crises globally from various markets. We just had an author on the podcast talking about the global financial crisis of 1873, and on and on — you learn so much. One I love telling people, especially young people — my son or his friends — is: look at a dollar bill or a quarter, and I ask, what’s the motto on there? Well, that used to not be the motto. Ben Franklin, back in the day, the motto on the Fugio cent used to say “Mind Your Business” — which I thought was amazing. And it’s not “mind your business, kid” in the nosy sense — it’s more like, mind your (own) business. It had a sundial on it, too: time is short, mind your business. I thought, let’s go back to that — such a great motto. A bunch of little fun stories, but to me one of the big takeaways of the book is: as a public stock investor, the news is always negative. You turn on CNBC, Bloomberg, pull up your phone, social media — negative, negative, negative, negative. It’s hard to sustain conviction. Look, we haven’t been through a big bear market in 17 years, but when you’re down 30%, 40%, 50%, and you’re reading “Lehman’s going under” and all these crazy headlines — the book lets you zoom out. Each chapter zooms into a decade and then zooms back out and says, okay, 1930s, Great Depression, you lost 80% in stocks — but guess what, here’s your return over the next 50 years. Even over a 20-year period, large-cap stocks become less volatile than bonds, which is an amazing takeaway. Being able to zoom out and say, “I’m a long-term investor, why am I even concerning myself with day-to-day negativity” — that shift in mindset is really important, because when you zoom out, you can barely even see 1987 on a long-term chart of the stock market. I think it’s a useful thing to send to clients, particularly at year-end if you’re a financial advisor. We’ve got big discounts if you buy 50 books online — send it to clients and say, hey, stop going crazy, this too shall pass. [09:09] Frazer Rice: One thing I always have in my mind — I don’t remember if this is exactly true, but Argentina and the US were on roughly equal economic footing back around 1900. When you were putting this together, did you see anything in the US’s political climate or structure — the things that gave it tailwinds to go from 1900 through to now with this rocket-ship growth — versus a country like Argentina, similarly situated, that just muddled along economically? Was there anything in particular that you saw that codified American exceptionalism? [09:51] Meb Faber: Yeah, you’ve got to remember, the US was an emerging market too, for a long period. We didn’t always hold the crown as the largest economy or the largest stock market in the world. The US is two-thirds of world market cap today — astonishing. But if you and I were sipping tea back in 1800 or 1900 and betting on what country would dominate the next century, you’d have gotten a whole host of different answers. That’s part of the fun of this book — you realize, when things got started in Amsterdam in the 1600s, they held the crown, but not forever. It shifted to London, then eventually to New York. And in our own lifetimes, the US wasn’t always the largest stock market — Japan was, in the 1980s. It’s a useful construct: look how much things change. Not even just on a country level — sectors too. Go back 100 years and you’re like, wait, where are the tech stocks? It was railroads. Go back another 100 years and it’s, wait, where are the railroads? There weren’t any — it was banks and insurance. The constant is always change and creative destruction. The big takeaway is you have to be an owner. This ownership mentality is particularly pervasive in the US. Talk to people in Sweden, Europe, Asia, Latin America — they own far fewer stocks than Americans do. Ask what they invest in, and it’s cash in the bank, real estate, maybe. There’s something in the water here. Same thing with entrepreneurship — talk to Americans about failure, and there’s no shame in it here. It’s almost celebrated; we cheer for it. The only thing we like seeing more than someone fail is their eventual rise after failure — the phoenix. There’s a lot of big takeaways in that. It feels like the last 17 years, the US is just going to dominate forever. We wrote a paper called The Bear Market and Diversification a few years back about how special this period has been for US stocks, crushing everything else — but it’s not totally without precedent. In the last hundred years it’s happened three other times where 10-year rolling stock returns hit 15%: the 1920s (the Roaring Twenties), the Nifty Fifty period in the mid-20th century, and my favorite bull market, the late 1990s. And now again today — COVID, meme stocks, the AI boom, whatever you want to call it. Eventually the good times don’t last forever; you probably shouldn’t expect 15% returns to the moon. But pat yourself on the back and celebrate it — it’s been a very special run. [12:47] Frazer Rice: Day-job-wise, at Cambria you’ve got a whole host of different investment theses that you build vehicles around. One that’s gotten my attention, and that I really like the idea of, is the shareholder yield concept — especially the global shareholder yield concept, for the reasons you just described, coming off a very long cycle of US exceptionalism in the stock market. I like the idea of cash flow as an indicator of good investment performance, and diversifying both within and outside the US. With an asterisk here that this is not investment advice, everyone — take us through what you’re thinking on that front, and what else you’re up to at Cambria that’s interesting in the investment ecosystem right now. [13:35] Meb Faber: Sure. It’s kind of crazy, Frazer, but we hit our 20-year anniversary this year, which feels like just yesterday when I started the company. Some of the shareholder yield funds — we now have three with over a 10-year track record, and our oldest, SYLD, is a pesky teenager now. What do you expect out of teenagers? More volatility — hopefully up volatility, not down. We wrote a book on this topic 10, 15 years ago, and a new second edition is out — it’s free online as an ebook, listeners, you can get it from the blog. The subtitle of the book is Shareholder Yield: A Better Approach to Dividend Investing — a pretty bold claim, given there are hundreds of dividend-type funds out there: dividend income, dividend growth, equity income, on and on. Our thesis was that there’s something the entire marketplace hadn’t noticed or appreciated: the rise of share buybacks. Starting in the late ’90s, share buybacks have outpaced dividend distributions in the United States every year. In fact, the US dividend yield on the S&P 500 is at an all-time low of 1.04% — it may cross below 1% for the first time ever, which is astonishing. Our thesis was that a shareholder yield approach — simply cash dividends plus net stock buybacks — outperforms, historically, any dividend strategy you can construct. The “net” matters because it accounts for share issuance, particularly stock-based compensation to the C-suite, which is everywhere in the US — my home state of California’s tech companies love to “make it rain” with stock-based comp. The problem is the average US stock is a diluter: your ownership share goes down every year because they keep issuing more shares. We’ve since demonstrated this in real time across SYLD, FYLD, EYLD (the emerging-market version), and now small-cap and large-cap variants — they’ve done exceptionally well. These funds effectively target a Buffett-like, value-and-quality approach: the average stock coming into the portfolios has roughly a double-digit shareholder yield. Let that sink in — there are dividend funds in the US today, ETFs and mutual funds, that claim to be high-yield or dividend-income funds whose actual dividend yield is lower than their management fee. A negative net dividend yield — an astonishing statistic in 2026. In the US, that shareholder yield is mostly driven by buybacks. In foreign developed and emerging markets, it’s closer to 50-50 — those markets still have more of a culture of cash dividends, so you’ll see yields there closer to 5-6%. But that’s changing, and changing fast. We did a blog post recently calling the UK the “buyback capital of the world” — the UK, China, Japan, and a bunch of other countries have hockey-sticked higher on this. It’s spreading globally, this idea of corporate responsibility: “my stock’s at half of book value, maybe we should consider buybacks.” There’s so much mythology around stock buybacks — we could do a whole podcast on it — and we try to tackle it in the book. Hopefully it’s like a red pill: once you take it, it’s hard to look at investing the same way again, because it feels like you were missing a major piece of the puzzle. [17:46] Frazer Rice: How infuriating is it when the Warrens of the world take aim at buybacks? It feels like an economically illiterate, and certainly politically driven, approach to legislating. To put the clamps on a genuinely useful capital allocation tool — I just don’t understand it. You must look at that and want to shake people and say, you’re missing the point, and you’re not even really targeting the abuses that exist. [18:20] Meb Faber: Well, I try not to be too dismissive of our lovely politicians — the joke I always make is, don’t look down on them, they weren’t taught finance and investing in school either. We don’t teach money and investing in school, and that’s sort of my white whale — I think we should be teaching it as early as elementary school, just basic classes on money. The good news is, roughly a quarter to a third of high schools are now requiring at least one class on the topic. What they’re actually targeting, I think somewhat thoughtfully underneath it, is executive compensation and stock issuance — which is the crazy part, because buybacks are the flip side of that. If a company is consistently loading up its CEO with options and diluting shareholders, and using buybacks to mop that dilution up — that’s what they’re really targeting, but it’s not the buyback itself. It’s the stock-based comp. Buybacks are the exhaust; that happens down the road. The cool part about our methodology is we’re only targeting companies trading at something like 80 cents on the dollar. Buffett is my favorite example here — Berkshire has never paid a dividend, and you might think that’s crazy, but he understands this better than anyone. He’s been writing about buybacks since the 1980s. There’s a great quote from an old Berkshire annual report where he says there’s no better use of cash than buying back your own shares when they’re trading below intrinsic value. Berkshire has bought back a ton of stock over the past several years — smart — they say they’ll buy back at 1.2 times book or below and run a valuation screen. There’s a great, somewhat surprising, takeaway in the book: there’s a myth that CEOs are megalomaniacs who just buy back stock whenever they think it’s expensive or cheap, but if you model it out historically, companies doing big buybacks (say, to retire 5% of market cap) tend to trade at a valuation discount to the market, and companies doing share issuance tend to trade at a valuation premium. There’s a real valuation arbitrage going on — CEOs aren’t dummies. That’s part of what you’re capturing with a shareholder yield approach, as long as it’s consistently recycled. And remember, a buyback is optional — there has to be someone willing to sell into it, so there are always two sides. [20:54] Frazer Rice: Let’s talk about one of my favorite parts of your persona, honestly — your fun critique of CalPERS and what large institutions do (and don’t do well) in managing money, and the inefficiencies that creep in with these big pools of capital as implementation and asset allocation get very complicated and very expensive. Walk me through your thinking when you first noticed the CalPERS phenomenon, and a bit of the history there. [21:34] Meb Faber: My very first book was called The Ivy Portfolio, and we looked at how top endowments manage their assets — Yale, the late David Swensen. One of the strange things about our world in asset management — almost unique among industries — is the assumption that more resources, more money, more access automatically equals better results. That’s true in almost every other endeavor: get the best doctor, you’re probably better off than with your local doctor; best trainer, best nutritionist, best coach, on and on. Not necessarily true in investing. The longer I’ve been in this business, the more I see complexity as often an enemy. So we love to pick on CalPERS — we’ve written a dozen articles: should CalPERS be run by a robot, should they just fire everyone and buy ETFs? We’ve run the simulations, and in many cases these giant institutions — with $500 billion, hundreds of employees, access to literally any fund on the planet — should be able to beat everyone, but they can’t. A very basic buy-and-hold portfolio can mimic what a lot of these top institutions actually deliver. Eventually I got tired of just talking about it. I’ve applied for the CalPERS CIO job at least half a dozen times — they have an opening every other year, listeners, it’s the most dysfunctional organization. I joked on Twitter the other day: who’s had more turnover in the past 10 years, CalPERS CIOs or UK prime ministers? Both totally dysfunctional — I think CalPERS has a slight edge, but it’s close. I said I’d do the job for free — I’d fire almost everyone and get rid of all the illiquid, high-fee investments. But there’s this entire ecosystem of people incentivized to keep the engine running: private equity consultants and the rest of the “two-and-20” crowd. So eventually we said, let’s make this a real, live contest. We launched an endowment-style ETF, ENDW — roughly $150-180 million in it now — and said every June 30th, once we’re through a fiscal year, we’re going to compare results head-to-head. This ETF has no management fee to speak of, all-in under 25 basis points. Can you beat a low-cost ETF like that? Let’s find out. Sure enough, year one — CalPERS has already reported, and they didn’t do badly, but it was basically like a 60/40 portfolio; you’d have been just as well off doing 60/40 and moving on. Our endowment-style allocation actually replicates the average endowment quite well — a nice global mix of global stocks, global bonds, and global real assets (gold, TIPS, REITs, and so on — that real-assets sleeve is one a lot of people leave out). To get closer to a Swensen-level result, you need a couple more ingredients, in my view: you can approximate something like private equity with small-cap value, and approximate the broader endowment risk profile with a bit of leverage, plus tilts to value, global exposure, and trend-following. We’ll see how year one shakes out once all the endowments report — UNC might actually beat us because they had a huge stake in SpaceX, so congrats to Chapel Hill. But I think year one goes to me, sorry to say, CalPERS. I’m going to be a giant irritant on this for years to come. The cool thing is you now have a genuinely investable benchmark. Every endowment investment committee suddenly has to ask, with real fiduciary teeth: can we beat this low-cost ETF? And if we can’t, what are we even doing — why are we studying all these crazy illiquid partnerships instead of just buying a basket of ETFs and calling it a day? That’s going to be an awkward conversation in a lot of boardrooms. [25:45] Frazer Rice: Two comments on that. First — isn’t there someone in the state of Nevada doing something similar, basically running one of the state pension pools with a team of about three people? [25:51] Meb Faber: Yes — we had him on the podcast. I told him, look, you’re putting your money where your mouth is on this. I won’t do his story justice here, I’ll tell you about it off-air — but it’s a great example that this doesn’t have to be as hard as people make it out to be. Frazer Rice: The second thing is — anytime I’ve talked to people in the industry about this, they come back and say, “yes, we technically have an infinite investing horizon, but we have very rigid liquidity needs, so we need to be complex, because our liquidity needs can shift at any moment.” Meanwhile, on one hand I’m thinking, that complexity doesn’t actually help you with liquidity, as far as I can tell — and on the other, it feels like a bit of a convenient excuse. Do you have a response to that? [26:56] Meb Faber: Oh boy, I’ve got a bunch. The endowments famously got caught upside-down in 2008-2009. They only mark their portfolios once a year, June 30th — I wish we could all do that; maybe we should just tell clients, you’re only allowed to look once a year. They were probably down roughly half in ’08-’09, and the illiquid positions were probably down even more. A lot of them got badly offsides, and I don’t think many of them have fully learned the lesson — if you look at the amount of private allocations still sitting in a lot of these portfolios today, it’s a massive amount. I hope they’ve learned the lesson. We’ll see. But it’s a story as old as time — we just saw a version of it recently with a fund blowup, a basic, one-oh-one level failure of situational awareness and position sizing: you over-lever a portfolio, you get taken out of the game, you lose all your money, and then you’re out of chips at the poker table. You watch these mistakes happen at the upper echelons of finance and wonder how it’s still happening — and the core problem is that the career incentives of the people running the money don’t necessarily match the actual investment problem. Yale gets a pass. When Swensen’s successors hit a rough patch, how long do they get a pass? Because Harvard has been a total mess for the last 20 years — there are entire books written about the Harvard endowment, which used to be the Yale before Yale. The Harvard Crimson ran article after article saying, you’re overpaying people, what’s going on here — and the fund would underperform and nobody would actually lose their job over it. That’s the real problem, and I have some sympathy for how hard it is to fix. You deal with a version of this on the personal client side too, with multigenerational wealth — it’s almost an unsolvable structural problem for a Harvard, an endowment, or a CalPERS, because — take Harvard — you’ve got current students, alumni, future students, professors, the people who work at the endowment itself, all with completely different incentives and interests. It creates a genuinely absurd situation where, in no realistic scenario, should the resulting portfolio look like what they actually end up with. It’s an outright disaster, structurally. [29:36] Frazer Rice: It reminds me of a car designed by committee — you end up with this stitched-together Frankenstein’s monster of a product that was never going to work or sell, and it ends up sinking the company. Meb Faber: Yeah, yeah — a Rube Goldberg machine is not what you need. But there’s a reason our endowment ETF, out of the roughly 20 funds we’ve launched, has gotten the least attention — even though it’s now about $5 billion in assets with over a hundred thousand investors. It’s received the least publicity of any ETF we’ve ever done, because it doesn’t benefit anyone in that whole existing ecosystem — it’s actually a genuine threat to it. I was at an institutional conference up in Santa Barbara, at a wine happy hour, talking to three women who run three of the most famous pension and endowment pools of real money in the country. We’d just launched an endowment-style ETF, and they just stared back at me with these icy daggers. I said, oh, sorry — I’m not really a competitor to you, you should easily be able to beat me, I’m just the table stakes. But I think they realized that’s probably not true — they’re going to have a very hard time beating me, which doesn’t exactly make me anyone’s friend. I’m the anti-Switzerland of asset management. [31:16] Frazer Rice: Meb, how do people find the firm, find the book, find you? [31:24] Meb Faber: With a name like Meb, it’s easy. Cambria Funds is the day job, with the ETFs. Meb Faber is the old blog, podcast, and Twitter presence — you can find that just about anywhere. And if you find yourself in Los Angeles, Manhattan Beach, come say hi. We’d love to hear from you if you pick up a copy of the book, Investing in America — let us know what you think. Frazer Rice: Really cool stuff. Thanks, Meb, for being on. This was a blast — let’s do it again. Meb Faber: Let’s do it. [31:50] Close (produced VO): This podcast is for educational and entertainment purposes. It is neither investment, legal, nor tax advice. It does not represent the opinions of the employers of the host or guests. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Could sticking to familiar choices like cash and stocks leave a gap in your portfolio? A new BlackRock survey offers fresh insight into where investors are putting their money. Michelle Martin speaks with Koay Hui Sien, Head of iShares Fixed Income Product Strategy for APAC at BlackRock, about the opportunity cost of holding too much cash, concentration risk in ETFs and what bond ETFs can offer when interest rates are uncertain. Plus, how do bond ETFs actually generate income, how do they behave differently from dividend stocks and REITs, and should they have a place in your portfolio?See omnystudio.com/listener for privacy information.

Cannabis real estate is different from almost every other commercial property sector. Anthony Coniglio explains how cannabis REITs give licensed operators access to capital while creating long term real estate investments backed by specialized cultivation facilities and dispensaries. During the conversation, Anthony shares how his own opinion of cannabis changed after taking the time to research its therapeutic uses. He also explains why cannabis real estate demands careful underwriting, how sale leaseback transactions work, and why recent regulatory developments could create new opportunities for the industry. Key Topics What a REIT is and how it works Why cannabis operators use sale leaseback financing The difference between cultivation facilities and dispensaries How NewLake evaluates investment risk Why limited license states matter Regulatory changes that could impact the industry What Anthony sees ahead for cannabis real estate Guest Information Anthony Coniglio CEO of NewLake Capital Partners Website https://newlake.com Connect with Anthony Visit NewLake Capital Partners at: https://newlake.com Apple Podcast https://podcasts.apple.com/ph/podcast/property-profits-real-estate-podcast/id1445202776  

Send us Fan MailWelcome to Safe Dividend Investing's Podcast #288 on August 15th of 2026. Equity Real Estate Investment Trusts invest in office buildings, apartments and stores and Investors make money from rents. Mortgage Real Estate investment Trusts make money from interest and pay much higher dividend yields than Equity REITs, often in the 15% to 16% range. These high yields obviously attract income-seeking investors. However, today we explore the heightened risks in mortgage REITs that you must consider.200 million Americans own REITs either directly or through ETFs and pension funds.  5 trillion dollars is invested in them. Since being introduced in 1960 they have become a mainstream assetLet my other 287 podcasts and my 7 books help develop your investment confidence.Ian Duncan MacDonald Author and Commercial Risk Consultant,President of  Informus Inc                              2 Vista Humber Drive                               Toronto, Ontario                                Canada, M9P 3R7                                 Toronto Telephone - 416-245-4994                                   imacd@informus.ca

Liz Ann Sonders and Collin Martin begin this episode by analyzing the powerful role earnings are playing in driving the U.S. stock market higher and what that means for investors. Liz Ann highlights that S&P 500 earnings growth is tracking around 51% for the second quarter, an unusually strong pace outside of a post-recession recovery. Collin explains why Schwab expects a "higher-for-longer" rate environment, with short- and longer-term Treasury yields likely remaining elevated as the economy stays resilient and inflation remains above the Fed's target. Then Collin sits down with former Federal Reserve Vice Chair Dr. Richard Clarida. They discuss how the Fed thinks about inflation, labor markets, supply shocks, productivity, and AI. Clarida argues that policymakers are trying to determine whether today's inflation pressures are temporary or indicative of a higher underlying trend. He also discusses the transition to new Fed Chair Kevin Warsh, potential changes to Fed communications, and why AI could be inflationary in the near term but ultimately disinflationary through improved productivity over the next several years. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal.  Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Currencies are speculative, very volatile and not suitable for all investors. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors.  Diversification, rebalancing, and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions  ISM refers to the Institute for Supply Management. (0826-VELR) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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Send us Fan MailBrandon Seigel breaks down a pragmatic approach to passive income for practice owners, from building a clear opportunity filter to calculating your true hourly rate. He tackles why many small business owners under-save, how to match investments to risk and liquidity needs, and how to avoid mistaking owner salary for real profit. You'll also hear practical considerations for 401(k)s with profit sharing, real estate options like leasebacks and REITs, and low-cost index funds—plus a simple three-phase roadmap and action plan to get started. This episode is designed to help you stop trading time for money and build multi‑engine wealth without adding another job.What You'll Learn:How to define and use an “opportunity filter” before investing time or moneyThe five criteria: return threshold, time commitment, risk tolerance, liquidity, and competency alignmentWhy calculating your current and desired true hourly rate changes investment decisionsHow to avoid confusing owner salary with true profit when evaluating businessesA practical overview of 401(k) strategies, tax considerations, real estate choices, and index fundsA three-phase passive income roadmap and a concrete weekly/monthly/quarterly action planStart building a diversified, resilient wealth strategy that supports your practice and your freedom. #PrivatePractice #PassiveIncome #TherapyBusiness #SmallBusinessFinance #WealthBuildingWelcome to Private Practice Survival Guide Podcast hosted by Brandon Seigel! Brandon Seigel, President of Wellness Works Management Partners, is an internationally known private practice consultant with over fifteen years of executive leadership experience. Seigel's book "The Private Practice Survival Guide" takes private practice entrepreneurs on a journey to unlocking key strategies for surviving―and thriving―in today's business environment. Now Brandon Seigel goes beyond the book and brings the same great tips, tricks, and anecdotes to improve your private practice in this companion podcast. Get In Touch With MePodcast Website: https://www.privatepracticesurvivalguide.com/LinkedIn: https://www.linkedin.com/in/brandonseigel/Instagram: https://www.instagram.com/brandonseigel/https://wellnessworksmedicalbilling.com/Private Practice Survival Guide BookThis show is proudly produced at PS Studios — learn more https://www.psstudios.co

REITs have underperformed for 25 years, but could the next decade be different? Jussi Askola joins us to look at where REITs stand today, how they are valued, and where investors may find the best opportunities. We discuss how to value REITs using NAV and FFO, why management quality matters, and which sectors look most attractive, including data centers, cell towers, multifamily, retail, and office. We also compare public and private real estate and explore what could drive REIT returns over the next 10 years. To go beyond the podcast: Take the guesswork out of investing, taxes, and retirement. Book a free consultation with Domain Money Today: www.biggerpocketsmoney.com/cfp  Get 50% Off Your First Year of Monarch by using code ‘Pockets': https://www.monarch.com/pockets Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney Connect with Jussi Askola Website: https://www.leonbergcapital.com/ Buy His New Book ‘The Reit Advantage': https://www.amazon.com/dp/9916435359?lv=shuf&channelId=500&plpRedirect=mhFallback Substack: https://www.high-yield-landlord.com/ We believe financial independence is attainable for anyone no matter when or where you're starting. Let's get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

REITs have underperformed for 25 years, but could the next decade be different? Jussi Askola joins us to look at where REITs stand today, how they are valued, and where investors may find the best opportunities. We discuss how to value REITs using NAV and FFO, why management quality matters, and which sectors look most attractive, including data centers, cell towers, multifamily, retail, and office. We also compare public and private real estate and explore what could drive REIT returns over the next 10 years. To go beyond the podcast: Take the guesswork out of investing, taxes, and retirement. Book a free consultation with Domain Money Today: www.biggerpocketsmoney.com/cfp  Get 50% Off Your First Year of Monarch by using code ‘Pockets': https://www.monarch.com/pockets Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney Connect with Jussi Askola Website: https://www.leonbergcapital.com/ Buy His New Book ‘The Reit Advantage': https://www.amazon.com/dp/9916435359?lv=shuf&channelId=500&plpRedirect=mhFallback Substack: https://www.high-yield-landlord.com/ We believe financial independence is attainable for anyone no matter when or where you're starting. Let's get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Rafael Weiss is the co-founder of Sytes, a marketplace platform that connects commercial real estate landlords, developers, and brokers with tenants actively looking for space in real time. Rafael came to the problem as a developer who lost a deal because tenant demand was invisible until it was too late, and built Sytes to fix the information asymmetry at the core of retail leasing. The platform serves nearly 350 tenants and over 35,000 active site listings across all 50 states, with clients including Kimco, InvenTrust, Church's Chicken, and Dutch Bros. Rafael is based in Boca Raton, Florida.(01:04) Retail's Demand Visibility Problem (02:44) Why Sytes (04:04) A Filtration System for Tenant Demand (06:24) Getting First Customers to Pay Upfront (07:24) Why Tenant Demand Data Was Opaque (08:34) Anonymous Tenant Expansion (10:14) How a Deal Happens on Sytes (11:24) Church's Chicken Case Study (14:54) Kimco & MyEyeDoctor Portfolio Review (16:34) REITs & Strip Centers (18:04) The Subscription Model (19:24) Retail Is Back (22:44) AI Leasing Agents & the Broker's Future (24:04) Tenant Demand Index for Developers (27:24) Bootstrapping vs. Venture Capital Backing (28:24) Collaboration Superpower: Travis Kalanick

Today's Post - https://bahnsen.co/4hmEuE3 David Bahnsen hosts the Monday Dividend Cafe, recapping a quiet market day with the Dow down 60 points, the S&P essentially flat, and the Nasdaq down 32 bps, while noting rapid credit-spread tightening and the 10-year yield closing at 4.7%. Energy led sectors as oil rose over 5%, while REITs lagged; he highlights that most S&P 500 profit-margin expansion is concentrated in large tech rather than the broader index. PitchBook data show 33,600 unsold private-equity-owned companies globally, up year-to-date. On policy, the Senate recessed after voting to fund the government through mid-December, with no movement on a GOP budget blueprint or the CLARITY crypto bill. The key development was Friday's jobs report: 23,000 jobs lost, large downward revisions, and a lower unemployment rate driven by labor-force exits, reducing September hike odds to 50/50. Redfin data show widespread below-ask home sales, especially in Florida and Texas, and he addresses a listener question about faith references in his Friday piece. 00:00 Welcome and Agenda 00:24 Market Wrap and Rates 00:57 Credit Spreads and Risk 02:18 Sector Moves and Breadth 02:57 Margins and AI Divide 04:12 Private Equity Backlog 05:17 Friday Episode Plug 06:02 Middle East and Oil 06:28 Washington Policy Update 07:21 Jobs Report Shock 07:55 Fed Outlook After Jobs 08:43 Housing Price Softening 10:50 Energy and SPR Levels 11:29 Ask TBG Faith Question 13:49 Closing and Friday Preview Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

In this episode we respond to emails from Thirsty Horse, Joanne, Matt and Alan.  We share our gratitude for our listeners and reflect on how a listener community can become one of the most meaningful outcomes of a long-term investing project. We also provide an update on the Top of the T-Shirt fundraising campaign for the Father McKenna Center.  Next we answer two portfolio design questions about retirement drawdown constraints and how to fit them into the framework for portfolios with higher safe withdrawal rates.And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Links:Father McKenna Center Donation Page (please mention Risk Parity Radio in the comment section with your donation):  Donate - Father McKenna CenterCharity Navigator Rating for The Father McKenna Center:  Charity Navigator - Rating for Father McKenna Center Inc.Bengen "Richer Retirement" Sample Portfolio at Portfolio Charts:  Richer Retirement Portfolio – Portfolio ChartsBill Bengen's "Richer Retirement" Content:  Bill Bengen's New Book | Charts & Tools for YouGolden Ratio Compared with Version w/o Alternative Investments:  Portfolio Backtester for ETFs and Asset Allocation | testfolioAfford Anything Risk Parity Portfolio Blueprint:  Afford Anything frank-vasquez-risk-parity-portfolio-BluePrint.pdf - Google DriveBreathless Unedited AI-Bot Summary:A week where stocks jump 3% to 5% and gold pops more than 7% can feel like the market is daring you to change your plan. We don't take the bait. We walk through what actually happened across major asset classes, why we still refuse to time markets, and how a diversified risk parity approach is designed to keep you steady when headlines and price moves get loud.We also start with something more important than portfolio math: the notes we received after my mom passed away, and what it means to build an audience that shows up for each other. From there, we share a progress update on our Father McKenna Center “top of the t-shirt” campaign, including matching funds, a Charity Navigator 100% rating, and a practical tip for tax-smart giving: donating appreciated shares can reduce capital gains while supporting a mission you care about.Then we get into two listener questions that hit the real world. First: if you're in the retirement drawdown phase and you can only use stock and bond ETFs or index funds, what would we actually hold and why? We talk safe withdrawal rate research, the role alternatives play, and what you might use as imperfect substitutes (value tilt, REITs, utilities, even gold miners) when gold and managed futures aren't on the table. Second: what if you're investing from New Zealand with limited fund access and a tax drag on US ETFs? We lay out a decision process for finding value-tilted funds locally, evaluating managed futures costs, and avoiding expensive “solutions” that quietly erase the benefit you're chasing.Support the show

Dupree Financial Group  Blog & Podcast The Tom Dupree Show The Financial Hour · Hour 2 · August 8, 2026 Is the AI Rally a Bubble? What Retirees Should Watch For The Tom Dupree Show | Dupree Financial Group | dupreefinancial.com | 859-233-0400 By Tom Dupree, Founder, Dupree Financial Group III     Ii               I iiI.  Is this AI Rally Built to Last? Turn on any market report lately, and you’ll hear the same story: a handful of AI-linked names are doing most of the heavy lifting. On this week’s Financial Hour, Tom sat down with analyst James Dupree and market analyst Michael Dawahare to talk through what’s actually driving that rally — and it’s a more complicated story than “AI stocks are up.” The conversation opened with reshoring: American companies bringing manufacturing back from overseas, and the market slowly absorbing the idea that this makes more sense than the offshoring wave of the ’70s, ’80s, and ’90s. From there it moved into the AI infrastructure buildout, the old industrial companies suddenly catching a second wind because of it, and a cautionary tale about a leveraged AI hedge fund that lost 78% of its value in three weeks. Tom, James, and Michael walked through the Gold Rush and dot-com parallels, why diversification matters more than ever in a fast-moving sector, and where Dupree Financial Group is finding value right now — financials, insurance, mortgage REITs, and energy. The short version: something real is happening in AI and in American manufacturing. But a real trend and a sure thing are two very different things, and knowing the difference is the whole job. “There’s gonna be people riding high on AI right now who in four years may not be. Don’t just focus on the new technology — ask what are the derivative trades, what can go wrong. Because something will.” — Tom Dupree Topics Covered Why the market is absorbing the reshoring of U.S. manufacturing — and why that’s different from a tariff headline The AI infrastructure buildout, and which “old economy” companies (Johnson Controls, Cummins) are catching a second wind from it The Leopold Aschenbrenner story: how a 4x-leveraged AI fund went from $45 billion to a forced $10 billion sale in about three weeks Gold Rush and dot-com parallels — and who actually made the money when a boom goes bust Regional mall traffic and the return of in-person, live entertainment spending as a signal worth watching Why financials, insurance, and mortgage REITs are on Dupree Financial Group’s radar right now The capital gains tax cost of trying to “sell at the top” and buy back in lower Why a “set it and forget it” approach is especially risky in a fast-moving sector like AI Security concerns as new AI models test the limits of their own guardrails Key Takeaways Reshoring is showing up in the data, not just the headlines. Manufacturing activity has expanded for several consecutive months, and reshoring initiatives have driven a meaningful number of announced U.S. manufacturing jobs since 2010 — a trend the show connected directly to the “picks and shovels” companies benefiting from it. AI infrastructure spending is running far ahead of AI revenue. The largest tech companies are on pace to spend hundreds of billions on AI infrastructure this year alone — spending that, by some estimates, is outpacing the revenue AI products are currently generating. That gap is exactly what Tom, James, and Michael were pointing to when they said “something will go wrong.” Leverage turns a good idea into a forced sale. The Leopold Aschenbrenner fund didn’t lose money because AI was a bad bet — it lost money because a 4x-leveraged position can only absorb so much of a pullback before it’s liquidated. That’s a lesson about position sizing, not about AI. History says the “picks and shovels” companies often outlast the flashiest players. Tom’s Levi Strauss story from the Gold Rush isn’t just a fun aside — it’s the show’s real thesis. When a boom happens, the companies supplying the boom sometimes outlast the speculative names chasing it. Diversification is what protects you when some AI names don’t make it. Nobody on the show argued AI is fake. The argument was that not every AI company will succeed, and a portfolio built around five or ten concentrated bets is a very different risk profile than one spread across sectors. Trying to time a pullback can trigger its own tax bill. Selling a highly appreciated position to avoid a possible drop means paying capital gains tax on the gain — which, as James pointed out, can functionally act like selling at the top even if the stock never actually drops that far. Dividend-paying sectors remain the core of the plan, regardless of what AI does next. Financials, insurance, mortgage REITs, and energy were named as areas of current focus — companies tied to real, ongoing economic activity rather than to a single technology cycle. “Set it and forget it” is the riskiest approach in a fast-moving sector. The show’s closing message: stay alert, stay informed, and know what you own — because in a sector that can move 10-15% in a day, being asleep at the wheel is exactly when it costs you. The Reframe: What This Means for Your Portfolio Here’s where we’d push the conversation a step further than the show had time for. The AI story and the reshoring story aren’t really two separate topics — they’re the same story told twice. Both are examples of real, durable economic activity attracting an amount of capital that may or may not be justified by what it produces. The five largest U.S. tech companies are on pace to spend somewhere in the range of $660–690 billion on AI infrastructure this year alone, nearly double the year before, according to industry analysis from Futurum Group. Other estimates put the ratio of AI infrastructure spending to AI software revenue at close to eighteen-to-one, per S&P Global research reported by ETF Trends. That doesn’t mean the technology is fake — it means the payoff isn’t set to arrive on the same timeline as the spending, and it may not arrive on that timeline at all. The Bank for International Settlements — essentially the central bank for the world’s central banks — has already flagged the scale of this spending as a risk worth watching, noting that combined AI capital expenditure across 2025 and 2026 is outpacing the free cash flow of the companies funding it, per Fortune’s reporting. Fidelity’s own research team has taken a more measured view, noting that as of early 2026 they aren’t yet seeing some of the classic bubble warning signs, like shrinking free cash flow among the AI leaders — but they’re watching closely, and so should you (Fidelity). Both things can be true at once, which is exactly what Tom, James, and Michael said on air. This is precisely the environment dividend-focused, diversified investing was built for. Research from Hartford Funds, using data going back to 1973, has found that companies that grew or initiated a dividend have historically delivered higher returns than the broader market with meaningfully less volatility than non-dividend payers (Hartford Funds). That’s the case for owning financials, insurance, and energy alongside — not instead of — exposure to the AI and reshoring trends. You get to participate in the buildout without betting the whole plan on any single piece of it working out on schedule.     Related Reading Listen to this episode and browse past shows on the Podcasts page Learn more about our approach and team on the About Us page Schedule your own complimentary portfolio review from the DFG homepage About The Tom Dupree Show The Tom Dupree Show is hosted by Tom Dupree, founder of Dupree Financial Group and a 48-year veteran of the investment business. Each episode covers the financial topics that matter most to retirees and those approaching retirement — in plain English, without the Wall Street spin. Dupree Financial Group is a fee-only, fiduciary Registered Investment Advisory firm based in Lexington, Kentucky. The firm manages separately managed accounts focused on income-generating, dividend-paying portfolios — no products sold, no commissions, no conflicts of interest. Past episodes are available at dupreefinancial.com under the Podcast tab. TD Tom Dupree Founder of Dupree Financial Group and host of The Tom Dupree Show. Tom started in the investment business in 1978 as a municipal bond salesman, and has spent 47 years building an income-first, fee-only approach to retirement investing in Lexington, Kentucky. Schedule a Complimentary Portfolio Review If you’re not sure whether you know what’s actually driving your portfolio’s gains right now — and whether it could unwind as fast as it built — we’ll take a look. No charge. No pressure. Just an honest conversation about what you own and whether it’s working for you. Call: 859-233-0400 | Visit: dupreefinancial.com { "@context": "https://schema.org", "@type": "PodcastEpisode", "name": "Is the AI Rally a Bubble? What Retirees Should Watch For", "url": "https://www.dupreefinancial.com/is-the-ai-rally-a-bubble-what-retirees-should-watch-for/", "datePublished": "2026-08-08", "description": "Tom Dupree, James Dupree, and Michael Dawahare discuss the AI market rally, reshoring, and where Dupree Financial Group sees value for retirement portfolios right now.", "partOfSeries": { "@type": "PodcastSeries", "name": "The Tom Dupree Show", "url": "https://www.dupreefinancial.com/podcasts" }, "author": { "@type": "Person", "name": "Tom Dupree" } } { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [ { "@type": "Question", "name": "Is the AI stock rally a bubble?", "acceptedAnswer": { "@type": "Answer", "text": "It's too early to say for certain. AI infrastructure spending is running well ahead of AI revenue, which is a real warning sign, but the underlying technology and demand are also real. The honest answer is: parts of it may be a bubble, and parts of it may not be — which is exactly why diversification matters." } }, { "@type": "Question", "name": "What is reshoring, and why does it matter to investors?", "acceptedAnswer": { "@type": "Answer", "text": "Reshoring means bringing manufacturing and industry back to the U.S. from overseas. It matters to investors because it's benefiting a range of established industrial companies, and manufacturing activity data has shown consistent signs of expansion." } }, { "@type": "Question", "name": "What happened with the Leopold Aschenbrenner AI hedge fund?", "acceptedAnswer": { "@type": "Answer", "text": "A hedge fund that was leveraged roughly 4-to-1 on AI infrastructure stocks was forced to sell at a steep loss after the market moved against it, dropping from about $45 billion in net asset value to roughly $10 billion in about three weeks. It's a reminder that leverage, not the underlying investment thesis, is often what causes forced losses." } }, { "@type": "Question", "name": "Should retirees own AI-related stocks?", "acceptedAnswer": { "@type": "Answer", "text": "There's no one-size-fits-all answer, and this isn't individualized advice. Generally speaking, exposure to a trend like AI works best as part of a diversified, income-generating portfolio rather than as a concentrated bet, especially for retirees who need their money to last for decades." } }, { "@type": "Question", "name": "What is Dupree Financial Group's approach to sector risk like AI?", "acceptedAnswer": { "@type": "Answer", "text": "Dupree Financial Group focuses on dividend-paying stocks and bonds across a range of sectors, including financials, insurance, and energy, rather than concentrating in any single trend. The goal is income and growth investors can understand, not a bet on any one technology." } } ] } The post Is the AI Rally a Bubble? What Retirees Should Watch For | Dupree Financial Group appeared first on Dupree Financial.

With Liz Ann Sonders away, Collin Martin is joined by Schwab Head of Macro Research and Strategy Kevin Gordon for an in-depth conversation on the economy, Federal Reserve policy, bond yields, equities, and global markets. The episode opens with the idea that "good news can be bad news" for markets. Kevin explains that strong economic data, particularly in the labor market, can sometimes hurt stocks because it increases the likelihood of tighter monetary policy. The conversation then turns to interest rates and the surprising resilience of markets despite elevated bond yields. Collin and Kevin discuss the Fed's increasingly hawkish tone, the unusual presence of multiple dissents favoring rate hikes, and concerns about communication from Chair Kevin Warsh.  Looking ahead, Collin and Kevin identify inflation data, labor-market reports, Fed commentary, retail sales, and inflation-expectation surveys as the key indicators investors should monitor in the weeks ahead. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Currencies are speculative, very volatile and not suitable for all investors. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Diversification, rebalancing, and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions A hyperscaler is a large-scale cloud service provider that offers vast computing, storage, and networking resources through a distributed infrastructure of interconnected servers and software. (0826-TEWK) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In today's episode on 6th August 2026, we explain why SEBI is trying to make Indian real estate and infrastructure trusts accessible to international markets via depository receipts.Sign up for FREE insurance masterclass by Ditto

Barry Jonas, managing director at Truist Securities, joined the REIT Report to discuss the gaming REIT sector, highlighting its acceptance as an asset class that provides a safe, secure rental streamHe noted that when the sector first emerged about 10-15 years ago, “it was seen as an orphan and really misunderstood. But as time has moved on, we are really seeing buy-in from the REIT community.”Investors understand that gaming REITs are “a very safe, durable stream of rent that has tenants who are sizable, most of them are public, audited, and have at this point not seen any major defaults or lack of payments made,” he said.In an environment of macro uncertainty and a K-shaped economic recovery, the sector has still seen low single-digit increases in gaming revenues, Jonas said. “Consumers generally want to go have fun, let off some steam, and go to a casino,” he added.Chapters:00:00 Gaming REITs Resilience00:23 Welcome to REIT Report00:41 How Gaming REITs Work02:08 Tenant Strength and Coverage03:38 Where Casinos Are Located04:59 Fundamentals and Growth Outlook07:40 Deal Flow and Sale Leasebacks09:16 Investor Appetite and Valuations10:26 Online Betting Cannibalization14:03 Future Growth Drivers

Darrell Crate, Founder and Managing Partner of Easterly Asset Management, warns that massive capital flows across the AI ecosystem may be creating an unsustainable market bubble. He explains why investors should consider stable, income-producing REITs, highlighting Easterly Government Properties.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Is the market falling apart—or is money simply rotating? In this episode of Payne Points of Wealth, Bob, Ryan, Chris, and Courtney explain why semiconductor stocks and the Magnificent Seven are struggling while energy, commodities, value stocks, REITs, international stocks, and emerging markets continue to perform. The team discusses why diversification is winning in 2026, whether Wall Street's AI earnings expectations have become too optimistic, and why the biggest long-term AI winners may be companies outside the technology sector. They also examine: • Whether the Federal Reserve could raise interest rates • How oil prices, tariffs, and reshoring could affect inflation • Why companies are rehiring workers after AI-related layoffs • How baby boomer wealth is supporting consumer spending and housing • Where investors may find growth beyond the Magnificent Seven The key takeaway: money is not necessarily leaving the market. It may be rotating into overlooked sectors and asset classes—and investors who stay diversified could be better positioned for what comes next.

Our Seema Mody recaps the wild session while Eunice Yoon reports on CXMT's soaring market debut and what it means for China's semiconductor ambitions. Lori Calvasina of RBC assesses the broader market outlook and explains where investors should look as leadership continues to evolve. John Belton of Gabelli discusses whether technology spending can continue at its current pace as companies race to expand AI infrastructure. CME is launching of single-stock futures. CME's Tim McCourt explains how the new products could change the way investors trade individual companies. Willy Walker, CEO of Walker & Dunlop, discusses the AI-driven data center boom and why REITs tied to digital infrastructure continue to attract investor interest. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Season 8, Episode 6: Today, we sit down with Jim Corl, Executive Vice President and Head of Private Real Estate at Cohen & Steers, to break down the relationship between listed REITs and private real estate. Jim explains why public markets often reprice first, why private valuations lag, and how that gap can create major opportunities for investors who know where to look. Whether you're interested in REITs, private real estate, shopping centers, apartments, warehouses, or data centers, this episode is a must-listen. Join us as we dive into valuation discipline, sector rotation, and why Jim believes many investors are still stuck in last cycle's winners. Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in. TOPICS 00:00 - Introduction to Jim Corl and Cohen & Steers 06:00 - Why REITs Became an Institutional Asset Class 12:00 - Buying Residential Lots for 5 Cents on the Dollar 18:00 - Why Public Markets Reprice Before Private Real Estate 24:00 - Apartments, Warehouses, and the Valuation Hangover 30:00 - Why Cap Rates Still Look Too Low in Multifamily 36:00 - The Shopping Center Thesis 42:00 - Walmart, Amazon, and the Future of Retail 48:00 - Industrial Demand and the E-Commerce Slowdown 54:00 - Why Investors Need to Exit Last Cycle Portfolios For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America's economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry's biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

This week, Liz Ann Sonders and Collin Martin discuss one of the market's biggest themes, AI, and why the enormous capex spending on AI reinforces the importance of portfolio rebalancing. Liz Ann explains how AI-related companies now make up a significant share of major stock indexes and explores the risks that come with growing concentration in a handful of large-cap names. Rather than trying to predict which AI winners will emerge next, she highlights rebalancing as a disciplined way to trim outperformers, add to lagging areas, and maintain diversification. The conversation also touches on opportunities beyond the largest technology stocks, including equal-weight index funds, small-cap stocks, and quality-focused investing. On the fixed income side, Collin discusses how investors can think about rebalancing bond portfolios by balancing interest-rate risk and credit risk. He explains why investors sitting in cash or very short-term investments may be able to capture higher yields further out on the yield curve and why selective exposure to higher-quality corporate bonds may still make sense despite relatively tight credit spreads. Finally, Liz Ann and Collin discuss how inflation, AI-related investment spending, and the strength of the consumer could shape both Fed policy and market performance in the months ahead. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal.  Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors.  Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. Diversification, rebalancing, and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. Rebalancing may cause investors to incur transaction costs and, when a non-retirement account is rebalanced, taxable events may be created that may affect your tax liability. Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement for Futures and Options: https://www.schwab.com/Futures_RiskDisclosure prior to trading futures products. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions  (0726-KJ39) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Leo Young is the founder and managing partner of Cornell Communities, a private equity real estate firm revitalizing manufactured housing communities across eight states. He studied finance in college, then moved into sales at Tesla to build the communication skills he knew he was missing, working his way up to top regional salesperson before leaving to pursue real estate full time. After earning his real estate license, working in brokerage, and investing passively in apartments, Leo launched his own firm. Cornell Communities acquires and operates middle market mobile home parks, expanding access to affordable housing while delivering risk managed returns to accredited investors.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.     Key Takeaways Stack skills deliberately, since finance, sales, and operations compound over a career Vet the operator harder than the pro forma, because execution drives returns Buy in the middle market where institutions with cheaper capital are not competing Underwrite infrastructure first, since older parks carry hidden CapEx risk Create value through expense discipline and rent normalization, not unit renovations     Topics From Finance to Tesla Sales Leo studied finance but could not hold a presentation or speak in front of a room He joined Tesla to fix that weakness and became the top regional salesperson Why He Left a Dream Job for Real Estate Sales income required constant output and did not build lasting wealth A first passive apartment investment and distribution check convinced him to go all in Manufactured Homes vs. Mobile Homes Manufactured housing is the legal term tied to federal HUD construction standards Roughly 20 million Americans live in these communities, across a wide quality range Buying in the Middle Market Institutions and REITs with cheaper capital absorb the top quality assets Leo targets workable properties where his team can execute a clear value add What He Underwrites First Infrastructure leads: water, sewer lines, and roads on parks 50 to 70 years old Purchase price, location, and regulations follow, then his own team bandwidth How He Vets Sponsors as a Limited Partner Most decks oversell the property and undersell the team He asks for case studies and how the sponsor responds when a deal goes wrong Why the Economics Work Residents own their homes, which lowers the operating expense ratio and lifts NOI Heavy land improvement creates more depreciable value in a cost segregation study Lot rents sit at the low end of the housing market, so demand stays strong The Two Main Value Levers Expenses: rebuild vendor contracts and move home and utility costs to residents Rent: normalize lot rents toward market while keeping the value proposition intact Site improvements like roads, fencing, signage, and lighting support resident relations Why Homes Rarely Move Relocating a home can cost $7,000 to $10,000 and risks damage in transit Most residents sell in place and cash in the equity they built Community and Retention Turnover runs near 5%, compared with roughly 50% in apartments Private yards and driveways make the setting closer to a subdivision than a building    

Brandon Sedloff and Mike Cordingley explore what it takes to build durable, scalable private markets firms in an era of constant disruption. Mike leads the strategy, leadership, and advisory group at Ferguson Partners, a talent management and strategic advisory firm that works with about half of the public REITs and many of the largest private equity and real estate platforms. His work takes him inside these organizations as they navigate fundamental shifts in leadership, operating models, and business strategy. The conversation on The Distribution covers how private markets firms have reached an inflection point where the entrepreneurial, founder-led models that drove early growth now face pressure from rising costs, compressed fees, and the need to retain next-generation talent. Mike explains why founders must move beyond an investment thesis to develop a true enterprise strategy, and why the CEO's role is evolving from chief decision-maker to platform architect who distributes decision rights across the organization. They discuss: - Why succession planning has become a business imperative as founder-led firms face generational transitions - How decision architecture creates competitive advantage by pushing decisions closer to where value is created - Why AI represents a people transformation challenge, not just a technology implementation - The concept of zero-based org design and what it means to treat operating models as design choices rather than fixed structures This episode offers practical frameworks for leaders wrestling with how to scale their organizations, develop talent, and prepare for the next phase of growth in private markets. Topics: (00:00:00) - Intro (00:00:33) - Why founders need an enterprise strategy (00:02:20) - Mike's path to management consulting (00:07:17) - The role of consultants in private markets (00:09:29) - Four big trends shaping private markets today (00:13:27) - How we got to this inflection point (00:17:49) - Navigating founder succession and talent retention (00:30:59) - Decision architecture as a competitive advantage (00:38:59) - Operating model as a design choice (00:42:28) - Distributed accountability and data access (00:46:27) - Precision talent matching (00:50:40) - AI as a people transformation, not just efficiency (00:53:17) - Closing Links: Brandon on LinkedIn - https://www.linkedin.com/in/brandonsedloff/ Mike on LinkedIn - https://www.linkedin.com/in/mikecordingley/ Ferguson Partners - https://www.fergusonpartners.com/ Juniper Square - https://www.junipersquare.com/

Niklas Kunkel maps where the RWA market is heading next, from Centrifuge and Apollo's CLOs to Galaxy's first tokenized credit product, then turns to a cautionary tale: some SpaceX pre-IPO token buyers never actually owned the shares they thought they had. Host: Steven Ehrlich - Host of Bits + Bips and Head of Research at Sharplink Guest: Niklas Kunkel - Founder and CEO of Chronicle Labs This clip is from a longer conversation on crypto oracles, tokenized real-world assets, and Chronicle Labs' work verifying them. Full episode here: https://youtu.be/HW9Cu_E8DnU  We go live every week - subscribe to catch it live. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). Chapters

Chase MacLeod is the founder and principal of MacLeod & Co., a boutique industrial commercial real estate firm that has closed more than $850 million in transactions since launching in 2021 and over $1.5 billion throughout his 20+ year career across Southern California, Dallas, and Miami. Starting with just two agents in a converted guest bedroom, Chase has built a firm that specializes in large-format industrial tenant representation, investment sales, and seller advisory, serving publicly traded REITs, global logistics companies, and C-suite executives while sharing the behind-the-scenes stories behind some of the industry's biggest deals.  Here's some of the topics we covered: How Chase Accidentally Built a Career in Industrial Real Estate The Sales Skills That Changed Everything Why Southern California Became an Industrial Powerhouse The Industrial Real Estate Boom Nobody Is Talking About Data Centers Are Fueling Massive Warehouse Demand Why Small Bay Industrial Is the Next Big Opportunity Where the Biggest Industrial Investing Opportunities Are Right Now   To find out more about partnering or investing in a multifamily deal: Text Partner to 72345 or email Partner@RodKhleif.com    For more about Rod and his real estate investing journey go to www.rodkhleif.com   Please Review and Subscribe