Podcasts about reits

David Bahnsen recaps Tuesday, June 16 market action with the Dow up 329 points (+0.64%) while the S&P fell over 0.5% and the Nasdaq dropped 1.15% as big tech/AI names sold off. Oil fell another 4.5% with WTI around $77, and the 10-year yield declined three basis points to 4.437%. Financials rallied about 1.5% (helping the Dow), with strength also in some healthcare names, while energy mostly continued lower. Bahnsen argues Monday's rally was less about Iran/Strait of Hormuz headlines and more a return to AI-tech momentum, which reversed Tuesday, framing the key market tension as AI momentum and valuations versus more fundamental sectors like REITs, healthcare, industrials, and staples. He also defines “first-year maximum drawdown” as the largest peak-to-trough decline in a stock's first year post-IPO. 00:00 Market Recap Overview 00:38 Sector Rotation Snapshot 01:31 Bonds and Tech Divergence 02:11 Debunking the Iran Rally 03:04 AI Momentum vs Fundamentals 04:07 What Drawdown Means 05:02 Wrap Up and Contact Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Rick Chess, attorney, real estate strategist, capital-raising expert, and trusted advisor, is passionate about helping entrepreneurs, investors, and business owners navigate complex decisions that can dramatically impact enterprise value and long-term success. Throughout a career spanning more than five decades, Rick has raised over $100 million for multiple organizations, guided companies through acquisitions, governance challenges, and strategic growth, and helped owners prepare for successful exits. We explore The Capital Raising Framework — Focus on Individuals, Not “the Market”; Be Ready to Sell; Start With Who You Know; Connect on Emotion; and Find a Problem to Solve. Rick explains why raising capital is ultimately about understanding people, not pitching ideas, why investors care more about their needs than your opportunity, and how trust-based relationships create opportunities that compound over time. He also shares lessons from raising capital, building influential networks, serving on boards, and helping entrepreneurs avoid costly mistakes when pursuing funding, growth, and exit strategies. — How to be a Trusted Advisor with Rick Chess  Good day, dear listeners. Steve Preda here with the Management Blueprint Podcast. And my guest today is Rick Chess, who is a real estate and exit strategist. He helps business and real estate owners, and the trusted advisors who guide them, turn complex decisions into strategic moves that grow enterprise value and maximize sale outcomes. Rick, welcome to the show.  Thank you. Appreciate it, Steve.  Well, it’s great to have you. And I’m going to ask you my favorite question, which I always ask: What is your personal ‘Why’, and what are you doing to manifest it in your practice?  When you go back in my career, 50-some years, where I’ve been most happy is either growing an organization. That can be a community, that can be a business, it can be an association. And then, at some point, individuals in that association want to move on, whether that’s to retire, to go someplace else, or whatever. And I find that in that world, there are certain things where they might have a Steve Preda who helps them with how to manage day to day. But they get to certain big issues that they’ve never done before, and maybe they’ll never do again. That’s where I like to come in because I know I’m critically important to them. So you’re a trusted advisor. You like to grapple with the big challenges people have in their lives, whether it’s a big real estate transaction, getting ready for an exit, an acquisition, or something like that.  Yeah.  Yeah.  So, I mean, the things that would be—for instance, most folks, if they’re talking about real estate, they have some idea how to fix a toilet. They have some idea how to buy a property. But when they get to a certain point, it’s like, “We need to raise $10,000. We need to raise $100 million,” whatever the amount is, because there’s either a great opportunity or they want to keep moving upward. And they have, again, a Steve Preda who can help them through the process. How they get that capital often is what trips people up. So that’s where I kind of first got into this.  I was an acquisition guy. I knew how to spend other people’s money, but I didn’t know at that time how to raise the money. And I’ve done it several times. I’ve raised $100 million for three different companies. And like everything in life, like with Summit, there is a process that you go through. And I love doing it. I just love doing that kind of stuff.  Okay. So when you are doing capital raising, fundraising, M&A deals, or real estate transactions, is there a framework that has helped you, that you figured out along the way? And think about something that is three to five steps. Maybe it’s a mental model of how you look at things, or maybe it’s a process. How would you describe that framework that you have, or that has helped you, so that the listeners would also benefit from it?  The listeners are best served if they step back from their preconceived notions of, A, how they think capital is attracted, because they usually are wrong. And they step back from how wonderful they are. And those two things are difficult. Because the reality is, no one is waiting to give you money. That’s foolish. You’ve got to sell the concept like you have to sell everything else. And what you sell is not what you think is wonderful. It’s what the market is going to think is wonderful. It’s like with any other product you’re making. “Hey, I made this great widget.” And the population looks at it and says, “I don’t need it. I don’t want it. I don’t know what it does.”  And depending on whether you’re trying to raise $100,000 from friends and family or $100 million on Wall Street, you look at who it is that you know. Because people that you know might at least return your phone call. So if you don’t know Bill Gates, thinking that you’re going to go to Bill Gates and get a billion dollars is, well, stup*d. But if you’re just trying to raise money from friends and family, and you have an aunt who lives three states away that you don’t see very often, and she has some money, okay, then you start with who you know. So, for instance, thinking about one of the many ways that you can raise money, there’s something called intrastate. And it is something that’s allowed by the Securities and Exchange Commission. If all of your money is raised within your own state, there are certain allowances for that.  But if you do one transaction outside the state, it all collapses. So like everything else on the business side, where there are certain rules that you can’t violate without getting into trouble, it’s the same thing when raising money. And I get so many people saying, “I’m going to list this on Wall Street, and I’m going to make…” It’s like, “No, you don’t. You better be prepared. If you’re going to list something on Wall Street, you’d better have $25 million that you can risk just to get it out there. And nine times out of ten you’re going to fail.” Not because there’s anything wrong with you.  It’s just that if you’re going to climb Mount Kilimanjaro with a pair of Keds, a T-shirt, and some shorts, you’re not prepared to climb that mountain. It’s no different when raising capital. And also think about when you were a kid. At a certain age, your parents let you cross the street to see your buddy. Then ten years later, they’ll let you get in the car and drive, but you’ve got to get home by midnight. It’s the same thing with raising money. And there aren’t a lot of folks who have done what I’ve done. So talking to your local lawyer or accountant—who may be wonderful people—but if they’ve never raised money, they’re not the people to talk to.  One of the ways people get taken advantage of on a regular basis is they’ll go to a securities attorney. The securities attorney will charge them $100,000 and write this great offering document, and no one ever gives them a penny. Because lawyers generally have no clue what’s happening in the marketplace. I own my own securities broker-dealer. I’ve also raised money for three different companies. It’s not easy. But like having read your book, Steve, if you follow certain paths, there’s at least a chance for success. Same thing here. Fascinating. So what I’m taking away in terms of a framework: Be aware that people are not out there waiting to give you money. You have to sell them. So that’s the first step. The second one is: start with who you know. Don’t start on Wall Street. Start with the people you know, where you have some trust, the people you understand, and where you have a chance to get there. And then look at some special circumstance that’s going to give you a leg up. For example—  Absolutely. Again, this is coming right out of your book on the business side. You create a widget. So what? But you create a widget that solves a problem. Ah. Then you have something. So it’s the same thing. When you get over onto the money-raising side, it’s: who do you know? Where do they live? How much money do they have? How do I approach them? But then, in the end, it’s not what’s in it for you, it’s what’s in it for them. And for them, if it’s friends and family, your mama may give you some money because she thinks you’re cute.  Your aunt might give you some money because she’s related to your mama. But at some point, you’re going to people who really have a checkbook. They have money in the checkbook. They’re not going to give this up just because you’re cute or you have a great idea. You’re either going to get them because you have something they’ve never heard of, or you have something that really feels like it could solve one of their needs. And their needs are not always what you think. Some people think, “Well, what they need is high cash flow.” What if they don’t need cash flow, but they’re really interested in a cure for cancer?  What if you think, “Well, it’s really going to go up in value”? Well, they have all the money they need. They’re not looking for that. But is this something that is going to allow their nephew to come work for you? Yeah. When you start thinking that you know what other people are thinking, that’s when you’re going to fail. When you can step back and just ask them, “Well, what’s important to you?” If you can’t have a conversation, one, you’re never going to date anybody, and you’re never going to raise any money.  And don’t be slick. You can be slick for three sentences, and at that point they’re going to reject everything you say thereafter. So don’t talk about how much money you’re going to make and all the rest of it. No. Talk about them. Talk about them. Talk about them. Your document should talk about them. Your questions should talk about them. Now, does that mean there are certain people who won’t put money into your deal? Yes, because it doesn’t fit. If you sell high-heeled shoes and a runner comes in, they’re generally not going to buy your high-heeled shoes. They’re not going to invest money in high-heeled shoes.  But if that high-heeled shoe actually is a running shoe, and you can break off the heel and then… I mean, I don’t know. You could come up with something there. And the folks that say no are sometimes your biggest advocates. What? The folks that… Yes. Because you’ve been able to get into their head, and they’ve shaken it around, and they’ve looked at it and said, “No, that’s probably not right for me. I’m not into high-heeled shoes, but I have a friend.” If you’ve done a sincere job, a thoughtful job, you’ve really asked them questions, and you’ve connected on an emotional level, they’ll open the next door. And that’s what it’s about. It’s often a lot of the same things that you teach people about how to sell their company. It’s how they sell—  Rick, this is fascinating. So how do you connect with people on an emotional level? What’s the trick there?  First thing is: why are they going to take a meeting with you? Why they take a meeting with you answers almost everything that we’ve just asked. If they’re taking a meeting with you because you’re related, okay, that’s the emotional connection. If they take a meeting with you because some friend of yours called them and said, “This is a great way to make money,” that’s another reason. If you found them in an article in the paper—yes, there are things called newspapers. They print them. There are words in them. And there’s somebody in there who has shown an interest in something you do.  Then you’re talking to them about that interest. You want to try to avoid cold calls. Really, it’s a waste of your time and a waste of their time. It’s a random thing. It’s like asking every girl who walks by in college, “Do you want to go out on a date?” Sometimes it works. You get slapped a lot, get arrested, and what have you. There’s this thing called the internet, Steve. And what shocks me is how few people—not just my age, but young pups—say, “Well, that’s for watching YouTube videos.” No.  Through the internet, you have so much information. So maybe I can’t find anything about Johnny Jones, but his kids are on there and what sports they play. Huh. Okay, so I used to do judo. I did three years of judo in high school. If somebody’s doing karate or whatever, I have an opening. I have something to talk about. Now, it’s great if what you have to talk about then connects to something else that they want. It’s a linking process of connecting various things together. It’s what I did… I told you I was a member of the General Assembly in Pennsylvania way back in the ’70s.  And I learned there that if I could get people talking about themselves, or their next-door neighbor, or some relative… What’s funny is people are much more likely to tell you about somebody else. So when I go into a company—this is just a side note—when I’m doing due diligence and I really want to know their financial condition, I’m not going to get it from the CFO. I’m going to get it from somebody over in property management. Why? Because the property management person knows not to tell me anything secret about property management, but they’ll talk about finances all the time. And it’s the same thing. If I’m in a family and I want to know about Daddy, I talk to the daughter.  If I want to know about a neighbor, I talk to a neighbor. I can go to the post office. Everything you ever need to position yourself to sell is out there waiting for you. But you’ve got to get out of your head what you think the market is about and start thinking about individuals within the market. And accept that when I’ve raised money, 70% to 80% of the people I call on don’t do a deal with me. But of that 70%, half of them lead me to somebody else. And I keep up with them. They become my support group. They become my unofficial advisors. Because I’m a decent guy, they want me to succeed. And once they know I’m not bugging them anymore, I say, “Hey, you told me I should go talk to such-and-such.  Here’s what I heard.” And then the network just expands. And occasionally, that person who said no has somebody new come into their life and says, “You need to go talk to Rick Chess.” And sometimes the next time I’m raising money, their situation is different. So the person who told me no originally has seen me work the market and close the deal. It’s amazing how attractive an opportunity is once you can’t put any more money into it. And so you let them know, “I know it wasn’t the right time for you to come into my deal, but we did buy this company. We’ve doubled their…” Whatever it is. You continue to work with them. If somebody is willing to give you time on the phone, on Zoom, at a coffee shop, or wherever, they’re your friend for life. They don’t know that yet, but you’re going to make them your friend for life. It’s the old six degrees of separation—the Kevin Bacon game.  Everybody’s related to somebody somewhere. And it’s what makes this fun for me. You were talking before about growing an exit. I love the process of putting together the network and feeding the network. There are people I’ve known for 50 years that I still talk with.  You’re very good at connecting people and making them look good with other people that you connect them to. It’s very gratifying. So this is a long game, right? Absolutely.  It’s a long game because you’re being decent. You listen to people. You find something that helps them. You learn what they need, what is the itch that needs to be scratched, and then you connect people who can help them scratch that itch. And then they will reciprocate, and it becomes a self-perpetuating process.  Well, I mean, an example is the work that I do in North Carolina with a family that owns 44 hotels. A woman who was my CPA left the CPA firm and became the family officer for a large family here in Richmond. A friend of hers who does advisory work with family offices was giving up on a client. So she told my friend, who used to be a CPA. She introduced me to them and said, “Would you be willing to serve on the board of a private company?” I said, “Well, do they pay?” I used to be on the board of a public company, and after a certain age, you’re not attractive anymore.  After a certain age, they want you off the board because the institutions say, “We want a mix on the board. So I got introduced to these people, and I’ve had a great time. Members of the family have hired me for other work, and it just goes on and on. But I’ve learned that you’ve got to pay it forward. So I have students of mine from VCU who I’ve helped place in jobs. I keep up with them. I give them ideas. And they’re often shocked to find that I’m still in touch with them. I’m not asking them for anything. I’m just saying, “Look, I paid it forward to you. Now it’s your turn to pay it forward to somebody else.” And some of them are doing it. Some of them haven’t caught on yet.  But it is the circle of life, and it’s all tied together. And there are skills you have that I don’t have. There are skills I have that you don’t have. We both have folks that work with business brokers because they have a different drive. But it’s also self-selecting. There are a lot of people you’ve met that you don’t do business with. There are a lot of people I’ve met that I don’t do business with. If you’re going to get into raising money, doing governance, or doing exit planning, whatever it may be, one of the most important things is saying no. Or, “No, I don’t want to work with this person.” You can always be friendly with them. Yeah. But I try to fire a client every month. Somebody that just doesn’t fit for me ethically. Yeah. Or I don’t think there’s anything more I can do for them.  I pass off legal work to other attorneys in Virginia. I’m the chair of the Real Property Section of the state bar. There are 1,550 attorneys. I have plenty of attorneys that I can pass things on to, and they’re happy to get the business, and I’m happy. I’ve got somebody that I’ve referred that’s happy that I’ve referred them. My biggest challenge, my wife would say, my son would say, is that I’m a squirrel chaser. Something new and interesting comes along, and I want to get involved with it. And I’ve wasted so much time. So I’m working with this hotel group down in North Carolina. The last time I had worked with a hotel company was 30 years earlier. Two owners couldn’t agree on a direction.  I worked with them for six months. We made a decision. It was great work. I learned a lot about hotels. But I then went 30 years without applying the same skills. And that’s one thing that, with age, I’ve realized. I am better off saying: “I’ll help you with capital, I’ll help you with governance, and when you’re ready, I’ll help you exit.” That’s it.  Yeah.  If it’s not one of those three, I’ll talk about it.  Yeah.  I’ll listen to you. You don’t want to engage me.  Yeah. I mean, people want deep expertise. They don’t want generalists. They want someone who knows what they’re talking about and who can link them to other resources who also know what they’re talking about. And in today’s age, I think this is becoming more important again. Because of the internet, there was a disintermediation going on, but now there is a reintermediation, I believe. Because there’s so much noise out there, you don’t know what is true and what is fake. AI is creating a lot of fake stuff.  The only people you can really trust are the people who are in front of you, or someone recommends them whom you trust. It’s a transparency thing. So I think what you’re doing is very valuable. It’s going to become even more valuable. And knowledge is ubiquitous. You can ask ChatGPT, and it will give you an answer. But how do you get the trust? How do you get the emotion? How do you get the relationships? That’s all human stuff. And if you still have that, then you’ve got what is valuable.  Well, I have a friend of mine who wrote a book, and he wrote it as a fable. What I love about it is that I know the true story behind the fable. And what comes across in every single chapter is that, with that trust, people who were afraid took a step. And often that is the hardest thing. So I go to the gym six days a week, and the gym is hard. Getting in the car to drive there is the hard part. Once I’m there, I’m around friends, I work hard, I sweat, I get better. Getting in that car and driving down the drive…  So in your fable, in your book, and in most of where I’ve had success, I would love to say it was because I was brilliant. Eh, sometimes I will say I was brilliant. But let me give you an example. United Dominion Realty Trust, now based in Denver and originally based here in Richmond, has been around for 35 years. It was one of the original five REITs in the country—real estate investment trusts. I came in as acquisitions director. They hadn’t closed a deal in a year. I closed three in the first three months. I grew the firm tenfold in 10 years, and I had great people. Buddy Scott as an analyst. Catherine Surface as an attorney.  But what I did was look at it and say, “Does anybody know what we’re trying to buy?” Because they had no acquisition criteria. So I wrote a one-page acquisition criteria document and put it out to everybody who had ever submitted a deal. Oh, and we weren’t responding to the submissions. So a submission would come in, they would look at it and say, “Okay, that doesn’t work.” But they never told anybody no. So one of my rules was that anything that came in would get a response within 48 hours.  And it should be specific. “We don’t like this because of the city.” “We don’t like this because of the roof.” Something specific, because I knew they’d pay attention. And by responding within 48 hours, we went from struggling to get submissions to doubling our submissions within a year. Because people were like, “Oh, we know what they want. We know they will respond.” And then—and this probably sounds outrageous—we celebrated. We put out a newsletter every month. This is back when you mailed things, so we’re going way back into the dinosaur era. But anytime a broker brought us something that we bought, we would do a full-page spread on the broker. We were marketing him or her.  People loved us. And they would tell others about us. So owners would know that if they came to us, we’d make a fair offer and we’d move on. So I would love to say that’s because I was a great attorney. I would love to say that’s because I was insightful. It was just like, “Well, damn, this is obvious.” And reading some of your stuff, I’ve seen you point that out to people time and time again.  You give me too much credit. But yeah, I mean, if you’re there, they say that if you work hard for 25 years, you can become an overnight success. So yeah, it does get obvious when you’ve been studying it long and hard. Well, listen, Rick, that’s been wonderful. So what is your final thought for an entrepreneur, a young entrepreneur or founder who’s coming up? Maybe he’s in real estate. Maybe he’s trying to be successful. What’s the most important mindset for an entrepreneur to become successful?  Well, I mean, you’ve got to know something. I mean, you either need to really know construction, or you’ve got to really know how to lease a space. If you’re going into it like they do on HDTV, like, “Oh, we’re going to find this property and it’s going to be…” You’re going to fail. So get good at something. Accept the fact that you’re not going to be good at everything. Find people who fill in the spots where you aren’t good. In the old days, you might have had to hire them. In today’s world, there are fractional CFOs.  And then when you get down to picking your experts—your attorneys, your accountants, the people that cost you real money—ask them a simple question: When was the last time they did whatever it is that you’re trying to do? Not when was the last time they prepared a securities document. When was the last time they prepared a securities document that succeeded? And that’ll knock out two-thirds of them right there.  Love it. That’s fantastic. Well, if you’re listening to this and you want to be successful in business, or you have a business and maybe you’re getting close to retirement and want to figure out how to transition it, how to exit right, and how to structure it… Or maybe you have a family company and you’re trying to put together a board, and you need someone who really understands governance. Or if you’re trying to do a transaction, a merger, or an acquisition, and you need a trusted advisor who will connect you to the right people and help you make it happen, then call Rick Chess. Rick Chess is here in Richmond. He is on LinkedIn. And you have a website as well, Rick, right?  Yep, yep.  What’s your domain?  It’s chesslawfirm.com.  Chesslawfirm.com. So you can go there, and Rick is going to respond because he always does within 24 hours, or 48 hours max, and he’ll help you. So Rick, thank you very much for coming on the show and sharing your wisdom with us. And if you’re listening to this and you like this show, please follow us on YouTube and Apple Podcasts. Give us a review, and make sure you listen to every episode because we have very exciting entrepreneurs and subject matter experts sharing their knowledge. So thank you for coming, and thank you for listening. Important Links: Rick's LinkedIn Rick's website

Hoya Capital's David Auerbach talks REITs, interest rates, and spiking volatility (0:30) M&A activity - more small/midcap in play (4:35) Retail one of the more positive sectors (9:25) Strawberry Fields and healthcare (14:30) HOMZ, RIET ETFs (16:40) A manufactured housing play (23:15) Recorded June 10, 2026Show Notes:REITs Are Boring And Boring Is GoodiREIT®+HOYA CapitalTranscriptsFor full access to analyst ratings, stock and ETF quant scores, and dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions

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The CBOE Volatility Index (VIX) is a measure of expected price fluctuations in the S&P 500 Index options over the next 30 days. The VIX is calculated in real time by the Chicago Board Options Exchange (CBOE). P/E or Price to Earnings ratio is indicates the dollar amount an investor can expect to invest in a company in order to receive one dollar of that company's earnings. The Consumer Confidence Survey® reflects prevailing business conditions and likely developments for the months ahead. The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District; Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. 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A meme stock is a security that has seen an increase in trading volume after going viral on social media or an online forum. This document may contain forward-looking statements relating to the objectives, opportunities, and the future performance of the U.S. market generally. Forward looking statements may be identified by the use of such words as; “believe,” “expect,”“anticipate,”“should,”“planned,”“estimated,”“potential”and other similar terms. Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of any particular investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio' operations that could cause actual results to differ materially from projected results. Such statements are forward-looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to place undue reliance on any forward looking statements or examples. This material is proprietary and may not be reproduced, transferred, modified or distributed in any form without prior written permission from Americana Partners. Americana Partners reserves the right, at any time and without notice, to amend, or cease publication of the information contained herein. Certain of the information contained herein has been obtained from third-party sources and has not been independently verified. It is made available on an "as is" basis without warranty. Any strategies or investment programs described in this presentation are provided for educational purposes only and are not necessarily indicative of securities offered for sale or private placement offerings available to any investor. The mention of any individual security should not be construed as a recommendation to buy or sell that security.

Hosted by Michelle Martin, this episode brings together Willie Keng of Dividend Titan (https://www.dividendtitan.com) and Paul Chew of Phillip Securities for a high-stakes debate on some of the market's biggest investment questions. Has Singtel transformed itself from a steady telco into a compelling AI and digital infrastructure play, or has the market already priced in the good news? Is DBS still Singapore's crown jewel, or are investors paying too much for quality after a decade of stellar returns? The bulls and bears clash over whether Singapore REITs are finally back, whether the STI's best years still lie ahead, and whether investors should stick with the Magnificent Seven or start looking elsewhere.See omnystudio.com/listener for privacy information.

The robotics industry is quietly emerging as one of the most undervalued opportunities for real estate investors today. While mainstream attention focuses heavily on software and AI, physical automation is simultaneously transforming how assets are constructed and operated. The global robotics market currently sits at roughly $70 billion and is projected by McKinsey to cross $260 billion by 2030. This exponential growth mirrors the e-commerce warehouse boom of 2010, offering massive upside for investors positioned ahead of the curve.In this episode, we break down the two primary avenues robotics will impact real estate: significantly lowering hard construction costs and drastically reducing ongoing operational expenses. From 3D-printed homes by ICON cutting building costs by 20% to 30%, to humanoid robots reducing hospitality labor expenses by up to 35%, the financial implications are profound. Listeners will learn exactly how to capitalize on this shift, including specific publicly traded companies, REITs, and upcoming IPOs directly exposed to real estate automation.Key Topics DiscussedThe current $70 billion valuation of the robotics industry and projections reaching $260 billion by 2030.How ICON Technology's 3D-printed homes are decreasing traditional stick frame construction costs by 20% to 30%.The impact of autonomous rebar-tying robots reducing structural labor needs by 40%.Keen Robotics and Figure AI streamlining commercial facility management and cutting hospitality labor costs.Why Prologis is capturing a 200 basis point occupancy premium for robotics-enabled industrial facilities.Specific actionable investment vehicles including REITs, automation infrastructure stocks, and upcoming AI IPOs.Key TakeawaysA 30% reduction in labor costs for a standard 200-room hotel can translate to over $11 million in added asset value based on standard cap rates.Investors who target companies building durable competitive advantages through robotics integration will secure a significant economic moat.Industrial REITs are already proving that commercial tenants are willing to pay a premium to occupy tech-forward, automation-ready buildings.The entire global robotics sector is currently valued lower than Home Depot's market cap, highlighting the immense remaining upside.Connect & Take Action:Wealth Intelligence Brief: Text "WIB" to 844-447-1555 to get Matty's free macro data, real estate intel, and crypto signals delivered to your inbox 3 times a week.Imagos Income Fund: Text "INCOME" or "DEALS" to 844-447-1555 to learn more about Matty A's private debt fund targeting 10% fixed returns paid out monthly.

In this episode, Collin Martin and Liz Ann Sonders focus on the outlook for equities, fixed income, and the overall U.S. economy in the second half of 2026. They begin by discussing recent inflation data, noting that while CPI remains elevated, core inflation came in slightly better than expected. Both agree inflation is not quickly returning to the Fed's target, but easing expectations and stable inflation expectations suggest the Federal Reserve can remain patient for now. The key risk is whether higher prices, especially at the pump, begin to erode consumer spending, as real wages have turned negative year over year. From a policy perspective, Collin expects the Fed to stay on hold through year-end, despite the fed funds futures market pricingin a potential hike. He emphasizes that short-term yields should remain steady, while longer-term Treasury yields may stay elevated due to persistent inflation, heavy Treasury issuance, and global rate pressures. In this environment, he suggests favoring short-to-intermediate bond durations and selectively considering credit risk via investment-grade corporates, high yields, and preferred securities. Liz Ann focuses on the outlook for equity investors, highlighting a shift back to a negative correlation between bond yields and stocks—more characteristic of inflation-driven regimes. Her midyear forecast points to a solid economic backdrop, led by resilient GDP growth, strong capital spending tied to AI, and a healthy labor market, though some early warning signals are emerging in survey-based employment data. The episode closes with a cautious but constructive outlook: no immediate recession signals, but investors should consider prioritizing diversification, risk management, and periodically rebalancing as markets navigate inflation, policy uncertainty, and evolving leadership trends. 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. 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. Preferred securities are a type of hybrid investment that share characteristics of both stock and bonds. They are often callable, meaning the issuing company may redeem the security at a certain price after a certain date. Such call features, and the timing of a call, may affect the security's yield. Preferred securities generally have lower credit ratings and a lower claim to assets than the issuer's individual bonds. Like bonds, prices of preferred securities tend to move inversely with interest rates, so their prices may fall during periods of rising interest rates. Investment value will fluctuate, and preferred securities, when sold before maturity, may be worth more or less than original cost. Preferred securities are subject to various other risks including changes in interest rates and credit quality, default risks, market valuations, liquidity, prepayments, early redemption, deferral risk, corporate events, tax ramifications, and other factors. High-yield securities and unrated securities of similar credit quality (junk bonds) are subject to greater levels of credit and liquidity risks and may be more volatile than higher-rated securities. High-yield securities are considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments. 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. 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. (0626-WG7N)   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Episode Overview:In this episode of The World According to Boyar, Jonathan Boyar speaks with Lina Tetelbaum, a corporate partner at Wachtell Lipton, one of the world's most influential corporate law firms, where she heads the firm's shareholder engagement and activism defense practice.Lina takes us inside the world of shareholder activism — how activists choose targets, the small universe of ideas they typically push, how companies and boards respond, and why so many activist campaigns ultimately end in settlements rather than full proxy fights.We discuss the tension between the changes activists typically call for and long-term business strategy, the role of index funds and proxy advisors, how activists build positions, what really happens behind the scenes in settlement negotiations, and why even controlled companies are not completely immune from activist pressure.Lina also shares her perspective on Wachtell Lipton's history in takeover defense and activism, from the era of the poison pill to today's more complex battles between boards, activists, institutional investors, and other stakeholders.Topics discussed include: shareholder activism, proxy fights, activist settlements, board governance, index funds, ISS and Glass Lewis, activist nominees, controlled companies, capital allocation, M&A, and long-term value creation.To receive more of Boyar's research, interviews, and thoughts on investing, subscribe to our Substack at boyarresearch.substack.comAbout Lina Tetelbaum:Elina (Lina) Tetelbaum is a Corporate Partner and Head of Shareholder Engagement and Activism Defense at Wachtell, Lipton, Rosen & Katz.  Lina regularly counsels on proxy fights, takeover defense, corporate governance, crisis management and mergers and acquisitions. Lina has been named a Dealmaker of the Year by The American Lawyer, one of The Deal's Top Women in Dealmaking, a Power Player in Shareholder Activism by Financier Worldwide, a Leading Partner in Shareholder Activism by Legal500, a Law360 Rising Star for M&A, and one of the 500 Leading Dealmakers in America by Lawdragon, among other honors.Lina has advised companies in numerous industries navigating activist situations across an array of established and new activists, including Phillips 66 in its response to three years of activism from Elliott Management and first-ever contested vote by Elliott in the United States, United States Steel Corporation in its successful defense against a proxy contest by Ancora, The J.M. Smucker Co. in its response to activism by Elliott Management, Hexcel Corporation in response to activism by Vision One, Macy's, Inc. in its response to activism and unsolicited takeover proposals, Match Group in its response to activism by Elliott Management and later Anson Funds, and numerous REITs in their response to activism by Land & Buildings.  Lina has extensive expertise advising companies in response to unsolicited takeover offers, including National Instruments in its $8.2 billion acquisition by Emerson following its unsolicited offer, and Kansas City Southern in its unsolicited transaction with Canadian National Railway and $31 billion acquisition by Canadian Pacific Railway. Lina has also advised public and private companies in a wide range of industries in mergers and acquisitions, including The Free Press in its acquisition by Paramount, Allergan in its $83 billion acquisition by AbbVie, PDC Energy in its $7.6 billion acquisition by Chevron and successful proxy fight defense against Kimmeridge, Barnes Group in its $3.6 billion acquisition by Apollo Global Management, and Masonite International in its $3.9 billion sale to Owens Corning. Lina is the President of the Stuyvesant High School Alumni Association, an Advisory Board Member of the Harvard Law School Program on Corporate Governance, the John L. Weinberg Center for Corporate Governance at the University of Delaware, and the Yale Law School Center for the Study of Corporate law. She frequently lectures, presents and publishes on corporate governance and M&A at law schools and corporate governance conferences around the world. Lina received an A.B. magna cum laude in Economics from Harvard University and completed a J.D. from Yale Law School, where she served as editor-in-chief of the Yale Journal on Regulation and editor of the Yale Law Journal. After law school, Lina served as a law clerk to the Chief Judge of the U.S. Court of Appeals for the Ninth Circuit. Unlocking Investment Opportunities Since 1975At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

The conversation begins with Elite UK REIT's inclusion under the CPF Investment Scheme and what that means for CPF investors. Kenny Loh, REIT Specialist and Wealth Advisory Director, examines whether yields, lower interest rate expectations and valuations are creating a compelling opportunity. We also examine why industrial REITs continue to demonstrate resilience and the return of acquisition activity across the REIT sector. What are the S-REIT subsectors best positioned for growth? What risks investors should continue to monitor when thinking of investing in S-REITs with their CPF OA funds? Guest: Kenny Loh, REIT Specialist and Wealth Advisory Director. Hosted by Michelle Martin.See omnystudio.com/listener for privacy information.

What does it actually take for a retail asset to survive the next 20 years? Karly Iacono gets a rare, unfiltered look inside the investment strategy of one of the world's largest net lease REITs — live from the ICSC Las Vegas PropTech floor. Gino Sabatini, Head of Investments at W. P. Carey, breaks down exactly how they decide what's worth owning, what they walked away from, and where they're placing big bets right now. Topics include: -Defining "mission-critical" retail in 2026 -The single metric that drives every underwriting decision -A category they owned 10 years ago they'd never touch today -How they're structuring deals in a higher rate environment -Portfolio construction across industrial, retail, and global assets-The office exit strategy and what came next -Where W. P. Carey is finding opportunity right now

The ASX 200 staged a remarkable comeback to finish down only 20 points at 8633 (-0.2%) after falling nearly 100 points in early trade. A stronger US futures market helped, as did a calming in the oil price and the absence of any collapse in Korea.Once again, though, we saw sector rotation, with the banks still under pressure. CBA fell 2.4%, WBC dropped 2.6%, and MQG eased 0.7%. The Big Bank Basket fell to $260.43 (-2.3%). Other financials performed slightly better, and insurers continued to do well, with QBE the star of the show, up 3.7%. REITs also gained, with CHC up 2.8% and SGP rising 3.3%. Industrials were a mixed bag. The rally in WES continues, and retail stocks held firm, with TLS up 0.4% and both WOW and COL continuing their strong winning streaks.Technology was once again very much on the nose, with tax-loss selling and ongoing pessimism surrounding SaaS business models. XRO fell 3.6%, WTC dropped 2.8%, and NXT was hit hard as well. Healthcare was a mixed bag of lollies, with CSL continuing to push higher, gaining another 4.2%. However, RMD fell 0.9%, while SIG continued to drift lower on concerns about a UK expansion push.Meanwhile, resources recovered some poise, although the move lacked conviction. BHP rose 1.0%, and some lithium names improved, with PLS rising alongside LTR, which enjoyed a strong day, up 4.2%. Gold stocks also found some support, with EVN up 2.1% and RMS also edging higher. Oil and gas stocks were stronger, with WDS up 1.6% and STO jumping 2.0%. While coal stocks recovered, uranium stocks continued to struggle.In corporate news, LLC rose 4.6% following the appointment of a new CEO and the maintenance of guidance between 28 cents and 34 cents. NST fell slightly as Elliott Investment Management called for further board changes. SXL dropped 4.4% after the company downgraded its full-year earnings outlook and announced 300 job cuts. AAI fell 8.3% following a warning about its Middle East operations.In economic news, the CBA said the RBA is likely to keep rates on hold for the first time this year. Australian wages rose 0.8% in May, with consistent growth recorded over the last 18 months.Asian markets weaker. Japan flat, Hong Kong down 1.0%, and China down 0.7%. South Korea fell slightly.US futures: Dow up 88 and Nasdaq up 150. Oil up 1.0%. Europe opening easier. ECB expected to hike rates today.Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice. 

Real estate mogul Grant Cardone made his Consensus mainstage debut to explain the unconventional investment strategy he's been building for the past 17 months: fusing Bitcoin directly into large-scale real estate deals to outcompete traditional REITs. Cardone, who first received Bitcoin as payment for a speaking gig and still holds those 115 coins today, argues the hybrid model can deliver 22–32% returns by combining the stability of cash-flowing properties with the upside of Bitcoin. He also shared why he believes this structure could disrupt the entire $4 trillion REIT industry. - Timecodes: 00:00 - Grant Cardone at Consensus Miami 2026 00:40 - How Grant First Discovered Bitcoin 02:02 - Real Estate Bitcoin Hybrid Strategy 05:45 - Why Real Estate Beats Other Asset Classes 08:03 - Disrupting The REIT Industry 14:22 - Going Public And Bypassing The Banks 16:57 - Final Advice: Get Fiat, Build Wealth

The ASX 200 showed solid gains to finish up 49 points at 8,653. Once again, it was the tale of two cities, with the best of times and the worst of times. The banks held steady, with CBA down 0.2%, and WBC doing well, up 2.0%. Insurers also pushed higher, led by QBE up 2.4%, and even ASX up 0.6%, with the Big Bank Basket at $266.54. Elsewhere, industrials were once again stronger, with defensive stocks taking the bull by the horns. WES rose 4.3%, TLS rose 2.0%, and both the supermarket stocks WOW and COL did very well, building on recent gains in the healthcare space. CSL was also strong as it looks to have turned the corner, up 3.5%, with SHL also firm, although SIG fell 5.5% on the back of media speculation that it was looking at buying the Boots chemist chain in the UK. REITs were positive, with GMG up 1.6%, CHC up 1.8%, and other industrials faring okay. Retail also had a good bounce, with JBH up 3.5% and ALL up 2.2%. Technology stocks were still very much in the doghouse, with XRO down 2.0%, TNE down 2.3%, and NXT down 4.1%. Utilities firmed in this environment, and the All-Tech Index fell 1.8%.Meanwhile, resources were once again on the nose, with BHP up 0.2%, and RIO and FMG also falling as iron ore came under pressure. Lithium stocks fell, PLS down 1.7%, and LTR falling a big 8.0%, with MIN also suffering heavy losses. The gold sector was also slammed again as the gold price fell out of bed, with NST down 3.5%, EVN falling 5.0%, and RMS also having a bad day, down 3.8%. Over in the energy space, Woodside slipped slightly, and Santos pushed ahead somewhat, with coal stocks under pressure, WHC down 4.4%, and uranium stocks still on the nose.In corporate news, SDF rose 36.2% after receiving a $6.00 non-binding indicative offer. IGO fell hard after a fire broke out at the Chemical Grade Plant 3 facility at Greenbushes. WES had a good investor day reaction, saying it would drive growth through AI and data monetisation. Citi downgraded banks following the budget changes. In economic news, the ANZ-Roy Morgan consumer confidence rose for the second consecutive week, lifting two points to 70.8.Asian markets weaker. Japan down 1.9% Hong Kong down 0.9%, and China down 1.1%. South Korea falls again.US futures: Dow down 78 and Nasdaq down 132. Oil down 1.5%. Europe opening easier. Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice. 

In this episode of the Matthews Mentality Podcast, Kyle Matthews sits down with Brian Finnegan, President and CEO of Brixmor Property Group (NYSE: BRX), one of the largest open-air shopping center owners and operators in the United States.Brian's story is a masterclass in leadership, patience, and long-term career growth. Starting as a leasing representative in 2004, he spent more than two decades working through nearly every operational role in the company before ultimately becoming CEO of a publicly traded real estate investment trust with 344 shopping centers, 62+ million square feet of retail space, and more than 900 million annual consumer visits.Time Stamps:00:00 Intro00:55 Welcome to the Show02:25 Understanding Brixmor Property Group05:10 Retail's Resurgence08:04 Supply and Demand Dynamics11:19 Same Store Growth12:51 How We Met15:13 Networking as a Young Professional16:49 Brixmor's Evolution and History20:41 Lessons from Being Young22:30 Philadelphia Roots24:29 Getting Into Real Estate26:49 Brokerage Lessons28:33 Cold Calling Stories30:56 Dealing with Rejection34:32 Time Blocking and Prospecting35:10 Maximizing Your Current Role38:01 Moving Across America39:37 Embracing New Cities40:54 National Portfolio Experience41:36 Market Expertise Matters43:14 Career Growth and Relocation45:20 Becoming CEO49:07 First Quarter Success51:59 CEO Responsibilities53:13 Redevelopment Strategy56:08 Work Life Balance01:00:13 Technology and AI01:05:07 Innovation and Young Talent01:07:50 Advice for Young Professionals01:10:01 Rapid Fire RoundIf you're interested in commercial real estate, investing, leadership, entrepreneurship, career growth, public companies, REITs, retail real estate, or business strategy, this episode is packed with practical insights and real-world experience.Follow Brian Finnegan:LinkedIn: Brian FinneganLearn More About Brixmor Property Group:Website: https://www.brixmor.com NYSE: BRXFollow Kyle Matthews:Instagram: @KyleMatthewsCEO TikTok: @KyleMatthewsCEO X: @KyleMatthewsCEO LinkedIn: Kyle MatthewsSubscribe for more interviews with CEOs, founders, investors, entrepreneurs, and industry leaders.#KyleMatthewsCEO #BrianFinnegan #Brixmor #BRX #CommercialRealEstate #RetailRealEstate #REIT #Investing #Leadership #BusinessPodcast #Entrepreneurship #RealEstateInvesting #CEO #Retail #ShoppingCenters #MatthewsMentality #BusinessGrowth #NYSE #CareerGrowth #CommercialProperty

The ASX 200 closed down 21 points at 8604 (0.2%), well off its lows for the day, with most sectors rallying throughout the session and the banking sector staging a turnaround. CBA fell 0.3%, with the Big Bank Basket easing only slightly to $265.42 (0.4%). Financials were generally firm, with MQG up 0.7%, while the insurance sector also performed well, led by QBE up 0.9% and MPL higher. REITs enjoyed a solid session, with GMG up 0.3% and SCG rising 1.6%. TLS also had a strong day, gaining 2.2%, although REA was a disappointment, falling heavily. Both WOW and COL posted gains as defensive buying in the supermarket sector helped push them higher. Retail stocks were also in demand, led by WES up 1.3% and APE rising 4.3%.Healthcare was another bright spot, with CSL recovering a further 1.6% and RMD also posting gains. Elsewhere, technology stocks remained under pressure but recovered from their lows, with XRO down 1.1% and WTC off 4.6%, while the All-Tech Index fell 0.1%.It was a different story in resources, although the sector also bounced from early lows. BHP fell 1.9% and RIO dropped 1.8% as iron ore and copper prices weakened. Gold stocks were also under pressure, with NST down3.3% and NEM lower. Lithium stocks slipped away, with MIN falling 2.6% and LTR off 3.3%. In energy, WDS rose alongside STO, although gains were relatively muted. Uranium stocks came under heavy pressure, with PDN dropping 8.8% and DYL down 7.6% as short sellers gained the upper hand.In corporate news, OML had a good day, up 9.6%, after receiving yet another NBIO, this time from Bain Capital. QUB rose 0.4% after the PNG competition regulator backed the company's planned takeover by Macquarie. On the economic front, NAB is now saying the next move in local interest rates is likely to be a cut. Business confidence rebounded as price pressures softened, according to the NAB Business Survey. However, Australian consumer confidence slipped back towards record lows, with the Melbourne Institute-Westpac Consumer Sentiment Index falling to 80.6, one of the lowest readings in its history.Asian markets mixed. Japan up 2.1%, Hong Kong up 0.1%, and China up 0.8%. South Korea jumps 8%.US futures: Dow up 8 and Nasdaq up 170. Oil down 1.5%. Europe opening slightly easier. Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice. 

In this episode of The Canadian Investor Podcast, Simon is joined by Daniel Foch to take a deep dive into Canadian REITs and the major forces reshaping the real estate market. They discuss why residential REITs are facing pressure from falling rents, rising vacancies, and slowing population growth, while retail REITs have been surprisingly resilient thanks to strong occupancy, rent increases, and valuable land redevelopment opportunities. They also cover the office sector, where return-to-office trends are helping at the margin but vacancy rates remain well above pre-pandemic levels, especially outside top-tier buildings. Simon and Daniel also look at industrial REITs, the impact of overbuilding, the role of higher interest rates, and whether areas like data centres could become an interesting opportunity for Canadian real estate investors. They wrap up with a discussion on office conversions, adaptive reuse, and what investors should watch before jumping into beaten-down REITs. Tickers discussed: CAR-UN.TO, BEI-UN.TO, IIP-UN.TO, KMP-UN.TO, REI-UN.TO, SRU-UN.TO, CHP-UN.TO, PMZ-UN.TO, AP-UN.TO, D-UN.TO, RPR-UN.TO, GRT-UN.TO, DIR-UN.TO. Subscribe to our Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Our New Youtube Channel! Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

In this Swift Chat conversation, Marie Swift speaks with Stacy Chitty of Blue Vault and Henry Zelikovsky of Softlab360 to discuss how better data and modern technology are transforming the way financial advisors and asset managers evaluate alternative investments.   The conversation explores Blue Vault's new research portal, built to bring greater transparency, usability, and depth to alternative investment data. With a Snowflake-backed data infrastructure and standardized performance metrics, the portal helps users analyze and compare offerings across non-traded REITs, BDCs, interval funds, tender offer funds, DSTs, and more.   Chitty shares his thoughts on why the market needed a better way to access alternative investment research and how Blue Vault has been collecting and vetting performance-based data since 2009. He emphasizes that the portal makes it easier to access standardized performance metrics, compare offerings, and evaluate risk, leverage, distributions, and other details that matter when assessing alternative investments. Zelikovsky highlights how Softlab360 helped build the portal's underlying technology and data architecture to support more flexible, scalable, and granular analysis. He sees the portal as a foundation for future capabilities like comparative analysis and more interactive, conversational ways to work with the data.   Learn more about Stacy Chitty and Blue Vault at www.BlueVaultPartners.com.   Learn more about Henry Zelikovsky and www.Softlab360.com.

Steve Cress shares Pro Quant Portfolio's impressive returns (0:45) 3 stocks from the brand-new Quant Growth & Income Portfolio (6:30) Q&A with Steve (13:30) Thoughts on SpaceX IPO (37:25)Show Notes:Know When To Hold 'Em And When To Fold 'EmA Free Peek Inside The Quant Growth & Income Portfolio: 3 Top Stocks3 Stocks To Buy From Alpha Picks/Pro Quant PortfolioTranscriptsFor full access to analyst ratings, stock and ETF quant scores, and dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions

In this episode we answer emails from Optimus Bill, Arun, and Aaron.  We discuss why we do this show, how to build real friendships as an adult, and how to think clearly about investing without chasing fame or noise. Then we challenge the “gold returns zero” myth with a supply-and-demand lens that looks beyond popular US-centric group-think.  And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Additional Links:Fairfax CASA Donation Page:  Donate - Fairfax CASAFather McKenna Center Donation Page:  Donate - Father McKenna CenterSlides from the May 31 Zoom AMA;  2026-05-31 Risk Parity Radio AMA Summary Slides.pdf - Google DriveVideo from the May 31 Zoom AMA:  2026-05-31 Risk Parity Radio AMA Video Summary.mp4 - Google DriveBreathless Unedited AI-Bot Summary:A listener asks a deceptively simple question that a lot of personal finance repeats without thinking: if gold's expected real return is “about zero,” what does that imply about commodities, and why would you hold either one in a long-term portfolio? We take that head-on, starting with what the data actually shows in the post-1970 fiat currency era, then working outward into the real drivers that move gold: supply that barely budges, global demand that Americans often ignore, and the uncomfortable possibility that money supply growth helps explain why gold has compounded the way it has.Before we get there, we share two listener emails that land in a surprisingly human place. We talk about financial independence as “almost winning the game” and the tricky part of figuring out how to stop playing. We also reflect on why we keep Risk Parity Radio small and audienced-focused, why we avoid the usual podcast growth playbook, and how friendship, vulnerability, and alignment beat chasing money, fame, and power.We also shout out the community: creative “perfect number” donations for Fairfax CASA, a listener-organized Zoom AMA, and the kind of nerdy curiosity that makes building a risk parity style asset allocation feel less lonely. Then we close with our weekly market recap after a nasty Friday selloff and a full performance review of the sample portfolios, including stocks, Treasury bonds, REITs, gold, commodities, managed futures, and a clear warning on leveraged experimental mixes.If you like thoughtful investing talk that stays grounded in data, diversification, and real life, subscribe, share the show with a friend, and leave us a review so more do-it-yourself investors can find it.Support the show

Liz Ann Sonders and Collin Martin discuss the recent wave of IPO hype and the surge in investor interest driven by high-profile listings and large valuation headlines. They explain why headline market caps can be misleading, emphasizing the importance of float-adjusted valuations and how much stock is actually available to public investors. Despite attention-grabbing figures, the impact of these IPOs on major indexes like the S&P 500® may be smaller than many assume. Liz Ann and Collin discuss how potential changes to index inclusion rules, including shorter eligibility timelines and flexibility around profitability requirements, could alter how quickly newly public companies enter major benchmarks. In addition, they highlight structural dynamics such as lockup expirations and the gradual increase in share float over time, which can influence trading behavior well after the initial offering. Behavioral factors also play a central role in the discussion. Liz Ann revisits the risks of speculative investing, noting how FOMO and a "casino-like" market environment can lead investors to chase IPO hype rather than consider long-term portfolio fit. They stress the importance of discipline and context when evaluating new investment opportunities. The conversation then shifts to the broader macro backdrop, including the Federal Reserve's policy outlook and recent movements in the bond market. Collin outlines the Fed's likely wait-and-see approach amid rising inflation, noting that while the balance of risks has shifted, a single rate move may not signal a broader trend. They also discuss the potential impact of Fed decisions on long-term yields and overall market stability. Finally, Liz Ann and Collin preview upcoming economic data releases, including inflation reports, labor market indicators, and sentiment surveys, and discuss what they'll be watching in the week 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. 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 (0626-THZL)   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

TRABALHE NO MERCADO FINANCEIRO E DESCUBRA COMO CHEGAR AOS R$ 18 MIL OU MAIS POR MÊS! https://finc.ly/c1b8d20709 CONTABILIZEI: USE O CUPOM ECONOMISTAS E GANHE A 2ª MENSALIDADE! https://bit.ly/economistas-ctbz-05062026Maio foi brutal. Curva de juros abrindo, bolsa no chão, Bitcoin descolando da máxima americana e a sensação de que não tem pra onde correr. Mas é exatamente nesse cenário que aparecem as melhores oportunidades, e foi pra isso que reunimos quatro feras na mesma bancada.Ricardo Figueiredo (FIIs) e Felipe Arrais (Research Internacional) recebem Eduardo Perez, especialista em renda fixa da Finclass, e Thales, especialista em criptoativos e produtos alternativos, pra desenhar o pano de fundo sem maquiagem e mostrar onde o dinheiro inteligente está se posicionando agora.Petróleo que não para de assustar, o Fed trocando de comando, Michael Saylor vendendo Bitcoin pela primeira vez, IPCA+8 disponível na renda fixa e fundo imobiliário sendo vendido por metade do valor do portfólio. Tem distorção sobrando. A pergunta é onde aproveitar.No fim, a aula que vale por todo o episódio: por que o home broker é o maior inimigo da sua carteira e por que os melhores investidores são, literalmente, os que menos mexem.Senta, aperta o cinto e pega o caderninho.CAPÍTULOS00:00 Abertura e o mês que doeu00:43 Recados: A Nova Carreira e Contabilizei05:06 Quem está na bancada hoje05:51 Maio: o show de horrores07:46 O prêmio na curva de juros09:19 Petróleo: o risco que ninguém sabe precificar10:43 Por que a bolsa Brasil estava deslocada12:15 Brent de 60 a 90: o estrago que ficou14:07 Inflação: alimentação, transporte e a tarifa amarela17:06 Petrobras 40% abaixo da paridade: ainda vem aumento?18:03 Gasolina em ano eleitoral: a conta que sempre volta19:33 O que está mais volátil: petróleo ou Bitcoin?20:07 A saída de capital nos ETFs de Bitcoin22:08 O FOMO migrou: agora todo mundo quer Nvidia23:41 Michael Saylor vende Bitcoin pela primeira vez26:43 IA, ciclo de 4 anos e o inverno cripto28:02 Lá fora: Fed, Europa, Ásia e China30:32 Sai Powell, entra Kevin Warsh34:15 REITs: os primos gringos dos FIIs36:21 FIIs: o IFIX no negativo e a distorção dos preços37:42 Faria Lima a 23 mil o metro: comprar o que não dá pra vender40:09 A curva virou uma reta (e isso é péssimo)41:20 Renda fixa: pré ou IPCA+?44:06 Sua carteira é uma caixa de ferramentas46:18 Título direto ou ETF: qual escolher49:34 O erro de olhar o ativo e esquecer a carteira50:39 Cripto: por que as altcoins ficaram pra trás52:36 Bitcoin no mesmo preço de 5 anos atrás53:37 Até onde o Bitcoin ainda pode cair56:36 Terras raras, semicondutores e a tese de defesa59:54 Dólar: o erro de esperar o "preço certo"01:04:23 Por que aporte de um tiro só é perigoso01:05:04 Enriquecer em moeda forte: a conta na planilha01:06:43 FIIs: onde estão os maiores descontos hoje01:11:27 O home broker é o maior inimigo do investidor01:13:19 Os melhores investidores são os que não mexem01:15:04 Home broker é igual supermercado: não entre com fome#bitcoin #rendafixa #fiis #dolar #petroleo

Independent analyst Jimmy Moyaha on the Ninety One results after the market initially sold off the stock. Asset managers should be benefiting from stronger markets, but is rising volatility starting to weigh on sentiment? Leon Kok from the SA Reit Association on the launch of the third edition of its best-practice guidelines for Reits and what it means for the sector. Simon's thoughts: Is the AI rally a boom or a bubble – and does the distinction even matter for investors?

Chief Fixed Income Strategist Vishy Tirupattur takes a look at how credit markets are adapting to fund the new phase of AI capex.Read more insights from Morgan Stanley.----- Transcript ----- Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today – The critical question behind the AI-driven capex cycle that is front and center for markets year to date. How is credit market financing this ecosystem evolving? It's Wednesday June 3rd at 2 pm in New York. When we first discussed the role of credit markets in financing the AI and data center build-out around the middle of last year, the direction of travel was clear. Realizing the transformative potential of AI requires unprecedented levels of capex. What has really surprised us since is the scale and speed of that spending, both of which have exceeded our expectations by a wide margin. The upward revision to capex expectations has been dramatic. A year ago, we projected the combined capex of the five large hyperscalers at roughly $450 billion in both 2026 and 2027. After the first quarter earnings reports, Morgan Stanley's internet equity analysts, led by Brian Nowak, now expect hyperscaler capex of roughly $800 billion in 2026 and $1.2 trillion in 2027. One data point really captures the surge in the underlying demand for compute. According to OpenRouter, the global weekly token usage, which is a key proxy for compute, has risen by roughly 350 percent since early January, increasing from about 6 trillion tokens to 28 trillion tokens. Credit channels for financing this capex have not only been broader and deeper than we anticipated, spanning public and private markets, but have seen remarkable in the structural innovation that is blurring the lines between public and private markets. Over $200bn of public AI-related issuance across the different credit channels has happened just in the first five months of this year. We had previously assumed unsecured issuance would be limited by the scale of the largest non-financial issuers, confined to investment grade credit only, and largely USD denominated. Instead, some hyperscaler issuance has now far exceeded even the largest telecom names; funding has expanded well beyond USD into EUR, GBP, CHF, JPY and CAD markets. The issuer base has also broadened to include data center REITs and neoclouds, particularly in the high-yield market. The scope of financing has also widened beyond the data center shells themselves. GPU financing, which we assumed would be funded entirely through equity capital, has begun to migrate into credit markets. Funding is now coming through broadly syndicated loans and asset based financing, with ABS structures not far behind. Structural innovation illustrates how rapidly the credit ecosystem is adapting to the complexities of demands of AI-driven capex. Financings that combine elements of project finance, tranching, and residual value guarantees, along with high-yield issuance backed by hyperscaler guaranteed leases – these are innovations that we have never seen before. These structures have expanded the investor base, reduced the funding frictions, and further blurred traditional boundaries – between both corporate and project finance, and public and private credit markets. At the same time, physical, operational, and political constraints are beginning to shape the pace and the composition of the AI infrastructure build-out – and, by extension, the demand for financing. Grid access, power generation equipment, skilled labor, and permitting delays are emerging as significant constraints. These are compounded by political and regulatory frictions at the local, national, and international level. As power availability becomes a gating factor, the AI build-out is likely to pull energy infrastructure financing more tightly into the orbit of AI infrastructure financing. The clear takeaway is this. The capex requirements underpinning AI infrastructure are expanding exponentially, and with them the role of credit markets in financing this build-out. Along the way, there will be winners and losers, periods of adjustment, and a range of physical, financial, and political constraints that shape outcomes on the margin. But the broader trajectory is certain. The scale, duration, and strategic importance of AI infrastructure investment mean that financing of this will remain a defining theme for credit markets and credit investors for years to come. 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.

Forty percent of the land in this country is expected to change hands by 2035. Most of the people holding it have no idea how much of that wealth they are about to hand to the IRS. Joe Michaletz and Mike O'Toole, CEO and principal at Discipline Advisors, have spent decades helping farmers, ranchers and land owners exit their real estate in the most tax-efficient way possible. In this conversation they break down the full toolkit, starting with 1031 exchanges and the most common mistakes people make going into them, including the debt replacement test that catches landowners off guard more than almost anything else. They walk through Delaware Statutory Trusts in real depth, how they differ from REITs, why diversification inside a DST portfolio matters as much as it does anywhere else, and what the 721 UPREIT path actually means and when it is and is not a good idea. The conversation also covers charitable remainder unitrusts, a tax elimination strategy for farm equipment, livestock and grain that most landowners have never heard of, and how one dairy farmer moved 6.5 million dollars of cattle and equipment into a CRUT, sold it with zero tax, and funded a lifetime income stream in the process. For anyone aging out of land ownership, planning a farm transition, or sitting on decades of appreciation with no exit plan, this episode is the conversation to have before you sign anything.   Visit Discipline Advisors! https://www.disciplineadvisors.com/   Visit National Land Realty to see our listings!  https://www.nationalland.com 

Markets may be entering a fundamentally different era. In this episode, Liz Ann Sonders and Collin Martin explore why long-term bond yields remain elevated, how rising uncertainty is driving a higher term premium, and what a potential shift away from the “Great Moderation” could mean for investors. They discuss how inflation volatility, reduced likelihood of Fed asset purchases, and geopolitical tensions are reshaping expectations for interest rates and economic stability. The conversation also examines changing correlations between stocks and bonds, and whether equities are underpricing risks. Then, Liz Ann is joined by RSM Chief Economist Joe Brusuelas. Joe reinforces the idea of a structural shift, describing a “split-screen” economy marked by inequality, policy shocks, and an AI-driven transformation. He expects trend-level growth but sustained inflation pressures, with risks tied to energy supply disruptions and potential knock-on effects to equities via the wealth effect. The conversation highlights a disconnect between resilient equity markets and more cautious signals from bond markets, suggesting investors brace for higher-for-longer rates, ongoing volatility, and a more complex economic cycle. Finally, Collin and Liz Ann look ahead to next week's upcoming macroeconomic indicators and key data releases.  To keep up with Joe Brusuelas, you can follow him on X: @joebrusuelas 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. Alternative investments are speculative and involve a high degree of risk. Investors may lose all or a substantial portion of their investment. Alternative investments cover a wide array of strategies, including real estate, private equity, private credit, and hedge funds. Risks will vary based on each unique strategy and can include investments in highly illiquid assets or securities, use of leverage, higher fees, lower transparency, tax risks, and limited ability to redeem or limited transferability. 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  The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. (0526-NRT9)   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Travis Watts is a passive real estate investor and investor relations professional connected with Spartan Investment Group, focused mainly on self-storage, multifamily, REITs, and other passive income vehicles. He helps investors understand how to build long-term financial freedom through limited partner (LP) investing in syndications and funds. His core focus is simplifying complex real estate investing and promoting disciplined, long-term wealth strategies.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true 'white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a "mini-mastermind" with Mike and his private clients on an upcoming "Retreat", either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas "Big H Ranch"? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

Geoffrey Dohrmann, founder, chairman, and CEO of Institutional Real Estate Inc. (IREI) joined the REIT Report podcast to discuss how institutional investors are navigating the changing landscape of real estate allocations amidst a prolonged period of market uncertainty. “There's a pricing reset going on, there's capital market stress, and there are structural demand shifts that are happening all at once,” he said.Investors are increasingly unsure about which signals to heed, leading to a widening knowledge gap between those who understand the context of these changes and those who react purely on instinct, Dohrmann said. This moment in the market is marked by cautious capital, he said, “but curiosity is starting to come back, which is a good thing.”Dohrmann also pointed to a “tremendous opportunity” for REITs to create joint ventures. REITs are “integrated vertical operating companies. A lot of pension funds and a lot of pension fund investment managers like to invest in joint ventures with operating companies. But the advantage a REIT has is access to both private and public capital.” 

In this episode, I sit down for the third time with the legendary Grant Cardone — real estate mogul, founder of Cardone Capital, and creator of the 10X movement — and this one is the most raw and strategic conversation we've ever had. Grant breaks down his brand-new Real Estate + Bitcoin hybrid fund model, explaining exactly why he's fusing institutional-quality multifamily properties with Bitcoin on the same balance sheet, and why REITs — despite managing hundreds of billions — simply cannot replicate what he's doing. We also get into the origin story of the 10X Growth Conference, why he's shutting it down and pivoting to a wealth management model to compete with Charles Schwab and Merrill Lynch, how his Cardone Foundation is giving inner-city kids access to entrepreneurial education, and why he believes most people should never flip homes. Grant also opens up about the personal and legal challenges that come with scaling at his level, how partnerships protect you, and what the coming "tidal wave" of distressed real estate will mean for investors who are positioned and patient. GRANT CARDONE Grant Cardone is the CEO of Cardone Capital and Cardone Training Technologies, Inc., owning and operating over seven privately held companies. Cardone Capital is a private equity real estate firm managing a multifamily portfolio worth over $5 billion. Under his leadership, the firm has acquired a diversified portfolio comprising 14,600 multifamily units and 500,000 square feet of commercial office space across high-growth U.S. markets, raising more than $1.65 billion in equity from nearly 20,000 accredited and non-accredited investors, while distributing over $400 million in returns with zero investor principal losses. Grant is a New York Times bestselling author, international speaker, and is considered one of the top sales training and social media experts in the world, with over 15 million followers, fans, and connections across his platforms. He is also the founder of the 10X Movement and creator of Cardone University, and in 2024 he pioneered a first-of-its-kind real estate and Bitcoin hybrid investment fund model through Cardone Capital SOCIAL LINKS Platform Handle / Link Website grantcardone.com Instagram @grantcardone X / Twitter @GrantCardone LinkedIn linkedin.com/in/grantcardone ️ YouTube youtube.com/@GrantCardone About Justin: Justin Colby is the host of The Entrepreneur DNA and The M.O.R.E Show podcasts and a best-selling author. He is a serial entrepreneur and a seasoned real estate investor with over 20 years of experience. Driven by a passion to help entrepreneurs thrive, Justin created the Entrepreneur DNA community to support business owners in building wealth, systems, and long-term freedom. Through his podcasts, books, education platforms, and hands-on mentorship, he continues to help entrepreneurs scale with clarity and confidence. Connect with Justin: Instagram: @thejustincolby YouTube: Justin Colby TikTok: @justincolbytsof  LinkedIn: Justin Colby Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Elevate Eldercare, AgingIN CEO Susan sits down with Otis Woods for a candid and insightful conversation about the evolution of aging services, culture change, and the future of long-term care. Drawing from decades of leadership experience—from supporting individuals with intellectual and developmental disabilities to directing the Wisconsin Department of Health Services, Woods shares how his journey shaped his commitment to person-centered care. Their discussion explores the dramatic growth of assisted living, the ongoing decline in nursing home beds, and the urgent need for clearer regulations. Woods also reflects on the lessons learned during the pandemic, the importance of collaboration between regulators and providers, and the critical role of workforce development in ensuring quality care for older adults. Susan and Otis dive into topics including culture change in eldercare, the Civil Monetary Penalty (CMP) program, transparency in regulation, and the growing influence of private equity and REITs in aging services. This episode is a thoughtful look at where eldercare has been, and where it must go next, to better support frail elders, individuals with disabilities, and the workforce that cares for them. Learn more about AgingIN's upcoming 2026 annual conference here: https://aginginnovationconference.org/.

What financial conversations absolutely need to happen before a couple gets married — beyond just “how much money do we have”? What are the most common financial disagreements between couples? How can couples get control of their finances instead of constantly living “in the red”? When spouses come from very different financial backgrounds or mindsets, can those differences realistically be bridged? Host: Ari Wasserman with Rabbi Dr. Jeremy Wieder – Rosh Yeshiva at REITS – 9:30 with Mrs. Stacey Zrihen – Senior Director of Coaching for Living Smarter Jewish and Senior Financial Advisor for Achiezer – 34:02 with Mrs. Chani Juravel, LCSW – Author, lecturer and therapist – 1:03:50 with Rabbi Shimon Taub – Author, Laws of Tzedakah and Ma'aser – 1:35:56 Conclusions and Takeaways – 1:53:01 מראי מקומות   

High Yield Landlord's Jussi Askola joins us to discuss mispriced opportunities in the REIT space (0:30) Look beyond dividends, think of REITs as total return investments (3:20) Self storage and healthcare - 2 attractive REITs (5:00) Tenants a major factor (9:25) Cannabis rescheduling good for NLCP and IIPR (10:30) REITs becoming more independent from interest rates (17:30) AI immunity trade (19:10)Episode transcriptsFor full access to analyst ratings, stock quant scores and dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions

AIMS APAC REIT, Airbnb, Deckers Outdoor, Salesforce, HP, Dell Technologies, Costco, Nvidia, Mapletree Industrial Trust, The Hour Glass, ST Engineering, SGX, Thai Beverage, Disney. AIMS APAC REIT is chasing the AI boom, but can data-centre dreams translate into real investor returns? Hosted by Michelle Martin, this episode explores AIMS APAC REIT's push into digital infrastructure and why industrial landlords are racing to capture AI-driven demand for data centres. Michelle examines why cash-rich companies such as Airbnb and Deckers Outdoor may have a growing advantage in an uncertain economic environment. She unpacks the market's latest acronyms -TACO and NACHO - and what they reveal about investor expectations for trade policy, oil prices and geopolitics. The episode also previews earnings from Salesforce, Dell, HP and Costco, asking whether AI spending is spreading beyond Nvidia into the broader economy. Plus: Japan's record-breaking rally, gains at Mapletree Industrial Trust, The Hour Glass, ST Engineering, SGX and Thai Beverage, and what they signal for the STI's next move.See omnystudio.com/listener for privacy information.

In this episode, Liz Ann Sonders and Collin Martin explore how rising Treasury yields and persistent inflation pressures are reshaping the relationship between stocks and bonds, reviving a more volatile, “temperamental” market regime where higher yields can weigh on equities. They discuss the likelihood of a “higher for longer” rate environment, the challenges facing incoming Fed leadership, and why rate cuts appear increasingly unlikely in the near term. The conversation then shifts to municipal bonds with Cooper Howard, who explains how munis work, why their tax advantages make them especially attractive for higher-income investors, and how to evaluate them relative to Treasuries and corporate bonds. He highlights that while munis are generally high quality and relatively stable, investors should still pay attention to credit risk, valuation metrics like the muni-to-Treasury ratio, and strategy considerations such as bond ladders. Finally, Collin and Liz Ann look ahead to next week's upcoming macroeconomic indicators and key data releases.  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. Tax-exempt bonds are not necessarily a suitable investment for all persons. Information related to a security's tax-exempt status (federal and in-state) is obtained from third parties, and Charles Schwab Investment Management, Inc., dba Schwab Asset Management does not guarantee its accuracy. Tax-exempt income may be subject to the Alternative Minimum Tax (AMT). Capital appreciation from bond funds and discounted bonds may be subject to state or local taxes. Capital gains are not exempt from federal income tax. A bond ladder, depending on the types and amount of securities within the ladder, may not ensure adequate diversification of your investment portfolio. This potential lack of diversification may result in heightened volatility of the value of your portfolio. As compared to other fixed income products and strategies, engaging in a bond ladder strategy may potentially result in future reinvestment at lower interest rates and may necessitate higher minimum investments to maintain cost-effectiveness. Evaluate whether a bond ladder and the securities held within it are consistent with your investment objective, risk tolerance and financial circumstances. Money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the fund. 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 Correlation refers to investments that tend to move in opposite directions: when one rises, the other falls. (0526-KSY4) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

American Tower war über Jahre der REIT, den viele haben wollten – und nur wenige zu diesen Preisen kaufen mochten. Seit dem Hoch Ende 2021 hat das Bewertungsmultiple deutlich nachgegeben, die Dividendenrendite liegt im Gegenzug wieder bei rund 4 Prozent. Zeit für eine ehrliche Neubewertung. Tobias Kramer spricht mit Torsten Tiedt, Gründer von Aktienfinder.Net, über einen Real Estate Investment Trust, bei dem nicht der bilanzierte Gewinn, sondern die Funds from Operations den entscheidenden Cashflow liefern. Auf dem Prüfstand stehen das oligopolistische Mietmodell mit langlaufenden Verträgen zu den großen US-Carriern, der überraschende Rückzug aus einem Wachstumsmarkt und der Aufbau eines zweiten Standbeins, das im KI-Zeitalter zur eigentlichen Monetarisierungsfantasie werden könnte. Am Ende treffen zwei Bewertungslogiken aufeinander – und die Frage, wie viel Aufpreis ein stabiles Infrastruktur-Geschäft gegenüber klassischen REITs eigentlich verdient. Reicht die aktuelle Marktstimmung, um American Tower wieder zum ernsthaften Kandidaten fürs Immobilienaktien-Depot zu machen?

Will Barton from High Dividend Opportunities talks long-term income investing (0:30) Liking commodities and Dorchester Minerals (4:15) Interest rates and municipal bonds (7:00) REITs and real estate (19:50) High yield preferreds (26:05)Show Notes:Will Barton Talks High Dividend OpportunitiesEpisode transcriptsFor full access to analyst ratings, stock quant scores and dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions

Tom and Don explore whether artificial intelligence is truly ready to replace financial advisors, sparked by a recent Wall Street Journal experiment using ChatGPT to build a long-term investment portfolio. They break down the AI-generated recommendations, highlighting both the surprisingly sensible use of low-cost index funds and the concerning inconsistencies, recency bias, and lack of academic factor tilts. Along the way, they discuss whether AI gives investors what they need or simply what they want, the future of fiduciary advice, and why human judgment still matters. Listener questions cover retirement planning basics, the foreign tax credit on international ETFs, cash “bucket” strategies in retirement, and why banks paying 0.01% on savings accounts still somehow get away with it.0:05 AI threatens financial advice jobs and why Don is oddly relieved to be old1:15 Product placement, affiliate marketing, and favorite AI assistants2:06 Wall Street Journal test of ChatGPT as a financial advisor3:24 AI portfolio recommendations: 80/20 allocation breakdown5:13 Concerns about cash, REITs, and taxable account inefficiencies6:16 Lack of value and small-cap tilts in AI-generated portfolios7:10 Same prompt produces different AI portfolio recommendations8:44 MIT professor says AI investing isn't “ready for prime time”9:50 AI personalization and the danger of confirmation bias11:09 Why AI is at least favoring low-cost indexing over active management12:14 How listeners can submit questions to the show12:51 Listener question: What actually goes into a financial plan?14:27 Retirement income planning basics and fixed income sources15:17 Using portfolios, home equity, and withdrawal strategies in retirement16:03 Estate planning, insurance, healthcare, and lifestyle considerations17:01 Why purpose and meaning matter in retirement planning19:17 Younger generations avoiding phone calls20:02 Foreign tax credits with VXUS, VT, AVGE, and AVGV22:33 How little foreign tax credits usually matter in practice23:36 Apple fandom, Cupertino, and Don's dead Apple TV dilemma25:35 Listener question about cash buckets and retirement withdrawals26:14 How much “safe money” retirees should keep available27:19 Why excessive cash drags long-term portfolio performance29:13 Bank savings accounts paying 0.01% APY31:17 Free fiduciary advisor meetings through TalkingRealMoney.com32:33 Tom's advancing age and the race to catch Stacking BenjaminsQuestions? Comments? Click!

Episode Summary In this episode, Benoy Thanjan sits down with Victoria Stulgis, President of Black Bear Energy, to explore one of the most underrated opportunities in the solar industry: commercial real estate. Black Bear Energy acts as an owner's representative for institutional property owners, helping them deploy on-site solar and battery storage across their portfolios at scale. Victoria discusses Black Bear's recently published 2025 Real Estate Solar Leaderboards Report, a first-of-its-kind dataset tracking energized on-site solar across major U.S. real estate owners and managers. The numbers are eye-opening. Prologis leads with 309 MW deployed in the U.S. alone and more than 1 GW globally. Public Storage has quietly completed more than 1,100 projects totaling 111 MW. According to Morgan Stanley, there is still 326 GW of untapped solar capacity sitting on commercial rooftops across the country. The conversation gets into the real mechanics of how large REITs and institutional landlords are approaching solar today, why most deals are front-of-meter rooftop leases, what is driving community solar adoption in Illinois, New Jersey, and Maryland, and what the ITC phase-out means for lease rates and deal economics going forward. Victoria also makes the case for why battery storage is the next major frontier for commercial real estate and what it will take for the capital markets to catch up. Biographies Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy, a solar development and consulting firm, and a strategic advisor to multiple cleantech startups. Over his career, Benoy has developed more than 100 MW of solar projects across the U.S., helped launch the first residential solar tax equity funds at Tesla, and brokered $45 million in Renewable Energy Credit transactions. Prior to founding Reneu Energy, Benoy was the Environmental Commodities Trader in Tesla's Project Finance Group, where he managed one of the largest environmental commodities portfolios. He originated REC trades and co-developed a monetization and hedging strategy with senior leadership to enter the East Coast market. As Vice President at Vanguard Energy Partners, Benoy crafted project finance solutions for commercial-scale solar portfolios. His role at Ridgewood Renewable Power, a private equity fund with 125 MW of U.S. renewable assets, involved evaluating investment opportunities and maximizing returns. He also played a key role in the sale of the firm's renewable portfolio. Earlier in his career, Benoy worked in Energy Structured Finance at Deloitte & Touche and Financial Advisory Services at Ernst & Young, following an internship on the trading floor at D.E. Shaw & Co., a multi-billion-dollar hedge fund. Benoy holds an MBA in Finance from Rutgers University and a BS in Finance and Economics from NYU Stern, where he was an Alumni Scholar. Victoria Stulgis Victoria Stulgis is the President of Black Bear Energy, where she oversees the company's growth and day-to-day operations following the departure of founder Drew Torbin at the end of 2025. She has been with Black Bear for more than nine years, joining in the company's early days and working her way up through client-facing roles. Before Black Bear, Victoria built her career at two nonprofits focused on market-based solutions to climate change. She started at The Carbon War Room, Sir Richard Branson's climate NGO, where she worked on decarbonizing the maritime shipping industry. After The Carbon War Room was acquired by Rocky Mountain Institute, Victoria shifted her focus to corporate virtual PPAs, working directly with Fortune 500 companies that were early adopters of large-scale clean energy procurement. RMI was also an original seed funder of Black Bear Energy, which is how she connected with Drew Torbin and eventually joined the team. Black Bear Energy is now owned by Legence, a Blackstone portfolio company that went public through an IPO in September 2025. Stay Connected Benoy Thanjan Email: https://www.reneuenergy.com Podcast: https://www.solarmaverickpodcast.com Victoria Stulgis Website: https://www.blackbearenergy.com 2025 Real Estate Solar Leaderboards Report: https://www.blackbearenergy.com Email: https://luma.com/jl734ggi Please Leave a 5-Star Review If you got value out of this episode, please take a minute to rate, review, and share the Solar Maverick Podcast. Every review helps more people in the clean energy community find the show and stay ahead of what is happening in solar, storage, and the energy transition. About Reneu Energy Reneu Energy provides expert consulting across solar and storage project development, financing, energy strategy, and environmental commodities. Our team helps clients originate, structure, and execute opportunities in community solar, commercial and industrial solar, utility-scale solar, and renewable energy credit markets. Email us at info@reneuenergy.com to learn more.  

Liz Ann Sonders and Collin Martin discuss hotter-than-expected inflation data, with volatile energy prices playing a central role. Because the Fed can't directly influence oil prices, inflation staying above target likely keeps policy on hold, with rate cuts off the table for now and even the possibility of hikes if core inflation or labor strength accelerates. They also explore how consumers feel inflation differently than economists measure it, contributing to weak sentiment despite still-positive economic growth. Real incomes are slipping, but spending remains supported, helped in part by strong AI-driven business investment. Then, Liz Ann and Collin cover the growing dominance of AI: it's propping up GDP, earnings expectations, and capital spending, but also introducing concentration risks and shifting corporate financing toward debt. In the bond market, strong demand has kept credit spreads tight, though potential risks include oversupply and uncertain long-term returns on AI investments. Collin Martin also highlights rising Treasury yields, especially the 10-year, and the role of the “term premium” in a more uncertain, higher-inflation world. This shift is contributing to a negative correlation between stocks and bonds, which is a dynamic more reminiscent of earlier, more volatile inflation regimes. Finally, Collin and Liz Ann look ahead to next week's upcoming macroeconomic indicators and key data releases.  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. Currencies are speculative, very volatile and not suitable for all investors. 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. (0526-GWPD) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Seth Laughlin, head of real estate strategy & research at Cohen & Steers, joined the REIT Report podcast to discuss key forces shaping REIT and listed real estate performance today, including the importance of sector positioning amid an economy facing accelerated disruptions.Citing “massive” changes in corporate and consumer behavior, Laughlin noted that “as we look forward, I think AI is going to be the next disruption to how the economy takes space.” Given these vast shifts, “I do think sector allocation is going to be crucial as we seem to be accelerating these disruptions in the economy.”Laughlin also discussed how, despite geopolitical tension, REITs have managed to maintain their position, showcasing resilience compared to broader market movements. He also pointed to a wide dispersion in sector performance, with some sectors like shopping centers thriving while others are struggling.

Money Moves is back as Matty A. and Ryan Breedwell unpack a wild convergence of market signals. The S&P 500 has smashed through the 7,400 mark, locking in the best April in a decade, completely shrugging off geopolitical tensions and historically low consumer sentiment. But not everyone is buying the hype. "Big Short" legend Michael Burry has placed a massive $1 billion short against AI darlings like Palantir and Nvidia. Is a bubble about to burst, or is the AI revolution just getting started?The guys break down why institutional giants like Blackstone are doubling down on AI infrastructure, preview the incoming Fed Chair Kevin Warsh replacing Jerome Powell, and discuss whether a July rate cut is still in the cards. Plus, updates on the 10 million single-family home shortage, surging multifamily vacancies, and why Ryan believes Ethereum's volume will eventually flip Bitcoin.Episode HighlightsMichael Burry's Billion-Dollar Short: Analyzing Burry's massive bets against Nvidia and Palantir, and why Ryan argues the AI sector has real capital and utility backing it up, unlike the 2008 housing crisis.The S&P 500 Melt-Up: Unpacking the market's record-breaking run to 7,400, driven by broad participation beyond just the "Magnificent Seven."Fed Chair Shakeup: Jerome Powell is stepping down May 15th. What Kevin Warsh's Senate confirmation and hawkish history mean for the highly anticipated July rate cut.Geopolitical Chess: Trump is taking Elon Musk and Tim Cook to meet with China's Xi Jinping, while Russia signals a ceasefire in Ukraine.Real Estate Realities: Why the US is short 10 million single-family homes, the impact of 13-18% hard money rates, and Blackstone's $150 billion pivot into data center REITs.Crypto Watch: Bitcoin hovers near $81.7k, but Ethereum's trading volume is rapidly closing the gap.Episode Sponsored By:Discover Financial Millionaire Mindcast Shop: Buy the Rich Life Planner and Get the Wealth-Building Bundle for FREE! Visit: https://shop.millionairemindcast.com/CRE MASTERMIND: Visit myfirst50k.com and submit your application to join!FREE CRE Crash Course: Text “FREE” to 844-447-1555FREE Financial X-Ray: Text  "XRAY" to 844-447-1555IIMAGOS INCOME FUND: Full Investor Presentation: Text “INCOME” to 844-447-1555

There is one reason to invest in space, and we share it today! Also, freshly released UFO files dropped and are a great reminder for how investors should critically evaluate information, media distractions, and geopolitical developments rather than blindly trusting official stories or market reactions. We also talk the ongoing war and energy disruptions, rising oil prices, and the possibility that markets are underestimating inflation and recession risks. We also examined the risks of concentrated AI spending, declining cash flows among major tech companies, rising retail speculation, smart money moving toward cash and value opportunities, and potential distress in commercial real estate and non-traded REITs. Patience, caution, independent thinking, and selective investing always prevail over chasing momentum in an increasingly fragile and narrowly driven market environment.  We discuss... Why investors should question why information is released at certain times and avoid blindly trusting government or media messaging. Ongoing geopolitical conflicts and energy disruptions may be worse than markets currently believe. Rising oil and energy prices could continue pressuring consumers, corporate margins, and global economic growth. Major S&P 500 sectors breakdowns show that many areas of the market remain flat or weak despite bullish headlines. The discussion highlighted how semiconductor stocks have dramatically outperformed while software and other technology subsectors have lagged. Venture capital and speculative investment historically flow toward high-risk opportunities like AI rather than stable cash-generating businesses. Retail investors are aggressively chasing options and speculative trades while institutional investors appear more cautious. The bond market was identified as a major warning signal, with rising Treasury yields potentially creating significant economic and market stress. If inflation and interest rates continue rising, housing, borrowing, and economic activity could slow sharply. Many commercial real estate valuations may still be overstated despite large discounts in secondary markets. Liquidity problems and refinancing pressures could create further downside risks in commercial real estate assets. How "smart money" appears to be raising cash, rotating toward value opportunities, and looking internationally for better upside potential. Investors should remain selective, independent-minded, and focused on risk management in an increasingly volatile and speculative market environment.   Today's Panelists: Kirk Chisholm | Innovative Wealth Douglas Heagren | Mergent College Advisors Follow on Facebook: https://www.facebook.com/moneytreepodcast Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast Follow on Twitter/X: https://x.com/MTIPodcast For more information, visit the full show notes at https://moneytreepodcast.com/reason-to-invest-in-space-815 

Jonathan Pong joins Brandon Sedloff to discuss the evolution of Realty Income from one of the original net lease REITs into a global real estate platform spanning public and private capital markets. Jonathan shares how Realty Income scaled from a roughly $15 billion enterprise value company into a global platform with more than 15,500 properties across the U.S. and Europe, while maintaining its identity as “The Monthly Dividend Company.” The conversation explores the growing institutional appetite for net lease real estate, why private capital is increasingly allocating toward durable income-oriented strategies, and how Realty Income is positioning itself through open-end funds and large-scale joint ventures with firms like GIC, Apollo, and Blackstone. They also discuss Jonathan's personal journey from growing up in a real estate family in Honolulu to becoming CFO of one of the largest REITs in the world. Along the way, Jonathan explains how Realty Income thinks about risk management, data advantages, tenant diversification, and the role AI could eventually play inside large real estate organizations. Brandon and Jonathan unpack why “boring” cash flows are becoming increasingly attractive in today's market environment and what institutional investors still misunderstand about the net lease sector. They discuss: • How Realty Income scaled into a $90 billion enterprise value platform with over 15,500 properties globally • Why institutional investors are increasing allocations toward net lease and income-oriented strategies • The launch of Realty Income's private capital business, including open-end funds and strategic JVs with GIC and Apollo • The misconceptions investors have about tenant credit risk and portfolio diversification in net lease • How Realty Income uses proprietary data and predictive analytics to drive underwriting and asset management decisions • Why build-to-suit industrial and selective data center investments are major areas of focus going forward • Jonathan's path from Hawaii to USC, Deloitte, Cornell, equity research, and ultimately becoming CFO of Realty Income • How large-scale relationships and repeatable execution create a competitive advantage in modern real estate markets This episode is a deep dive into how one of the world's largest net lease platforms is adapting to the convergence of public markets, private capital, and long-duration real estate investing. Links: Jonathan on LinkedIn - https://www.linkedin.com/in/jonathanpong/ Realty Income Corp. - https://www.realtyincome.com/ Juniper Square - https://www.junipersquare.com/ Brandon on LinkedIn - https://www.linkedin.com/in/brandonsedloff/ Topics: (00:00:00) - Intro (00:01:35) - Jonathan's background and career (00:16:28) - The state of Realty Income today (00:22:00) - The experience of Raising Private Capital (00:24:27) - Net Leases 101 (00:32:42) - The evolution toward private capital at Realty Income (00:35:59) - Competitive advantages (00:38:35) - How teams evolve as the market evolves (00:41:15) - The Realty Income portfolio (00:44:41) - How Realty's model differs from other competitors (00:47:08) - Greatest opportunities looking forward (00:50:36) - Themes Jonathan is seeing in the market

In this special episode of the REIT Report, Bridget Bray, director of partnerships at Power TakeOff, joins Nareit's Jessica Long, senior vice president of environmental stewardship and sustainability, to discuss how the company delivers utility-funded Virtual Commissioning (VCx) programs across the United States. She shares how the firm works with commercial real estate owners to improve net operating income and increase asset value by identifying and rectifying energy waste through analysis of utility smart meter data. She explains how Virtual Commissioning is distinct from traditional retro-commissioning programs—it requires no on-site visits, no hardware installation, and no contracts with building owners. The service is free for building owners and is funded directly by utility partners.Power TakeOff partners with nearly 30 utilities across the country to deliver utility-funded Virtual Commissioning (see map for details). Bray shares details on how Power TakeOff's team of experienced energy advisors analyzes smart meter data remotely to identify abnormalities in energy usage patterns and, through virtual consultations with property managers, facilities managers, or on-site engineers, provides personalized recommendations to optimize existing building systems and controls. 

As real estate values reset and cap rates widen, net lease is back in focus—but the approach has changed. Ron Kamdem and Hank D'Alessandro explain.Read more insights from Morgan Stanley.----- Transcript -----Ron Kamdem: Welcome to Thoughts on the Market. I'm Ron Kamdem, Head of U.S. REITs and Commercial Real Estate Research. Hank D'Alessandro: And I'm Hank D'Alessandro, Managing Director on Morgan Stanley's Real Estate Investing Team and Vice Chairman of Private Credit. Ron Kamdem: Today: a part of real estate that's changing fast and drawing fresh attention from investors. Net lease investing. It's Friday, May 8th at 10am in New York. You might not think you invest in net leases. But there's a good chance you do, especially if you have money in a pension fund or another income generating vehicle. Net leases are the kinds of long-term lease assets that can help generate steady, predictable income. They are no longer a sleepy corner of the real estate market. In fact, they're changing in some really interesting ways. Ron Kamdem: So, Hank, for listeners who know the term but may not know the structure, what exactly is net lease investing? And why does it tend to come up more often when markets get more uncertain? Hank D'Alessandro: At a high level, net lease investing is typically associated with long-term leases that can offer durable income streams; typically growing streams, which is why it's often seen as a more defensive part of real estate investing. We see that when investors are thinking more carefully about geopolitical risks, market volatility or say portfolio resilience, this durable cash flow derived from mission critical assets and long lease durations with fixed annual rent bumps can become especially attractive to investors. Also, with higher inflation likely, net leases are generally insulated from increases in expenses given these are the responsibility of tenants. But what's important today is the net lease is broader than many people realize, both in terms of the property types involved and the range of investors participating in the space. Ron Kamdem: Let's stay on that idea of a broader market for a moment, because one of the biggest shifts has been the growing role of private capital in the space. What are you seeing there and why does it matter? Hank D'Alessandro: Well, listen, Ron, there's no question. The role of private capital has grown substantially, including through joint ventures and public real estate vehicles. That matters because it tells you that the sector is attracting a wider range of investors than it has in the past, such as pension funds, insurance companies, sovereign wealth funds. And retail investors are increasingly investing either through traditional locked up funds or through semi-liquid funds. But it can also change the competitive landscape and can influence how capital gets allocated across the opportunity set. Thus, one's approach going forward from an analysis perspective will need to evolve. More broadly, it's a sign that net lease is being viewed as highly relevant in today's market, not just as a legacy category within real estate. Ron Kamdem: And that's an important distinction that you make right there, because not all investors are approaching these assets the same way. So, when private capital comes into the space, what separates their underwriting approach from another? And we hear all the time about private credit. How does that play into this? Hank D'Alessandro: Well, Ron, you know, as we discussed previously, the competitive landscape is changing and therefore underwriting is absolutely critical in this part of the cycle. And so, we believe underwriting both tenant credit, of course, is very important. But we equally analyze the real estate underwriting because we believe that real estate can be a real differentiator over time – both in terms of returns and risk profile. We think that strong real estate underwriting with strong tenant credit underwriting, both enhances returns over time and reduces risks. So, therefore, that matters a lot. We also believe that by focusing equally on the real estate underwriting, you get a fuller picture of the risk and value, especially as net lease expands into newer property types. It is an easy nuance to miss, but we believe this distinction is becoming much more important differentiator in how investors assess opportunities in the sector today. And I believe that the most successful managers will do a good job underwriting both tenant credit and real estate.So, Ron, for a long time, many investors thought of net lease primarily as a retail story. How much has that changed? Ron Kamdem: Well, that's changed quite a bit. If I take you back 20 to 30 years ago when you thought of net lease, you thought of a convenience store that's, you know, 5,000 to 10,000 square feet. But today, that opportunity has expanded well beyond retail and there's much more attention now on industrial assets. And even increasing discussions around areas like data centers. I'll give you an example. Realty income made its entry into the data center vertical in November 2023 with a $200 million build to suit JV. That shift matters because it shows net lease evolving alongside where demand and capital are moving. It also means the sector is becoming more connected to larger structural trends in the economy, rather than being viewed through one traditional lens. At the same time as the mix broadened, investors have to be selective because not every new category will have the same long-term profile that we're used to.So, as investors look at some of these newer areas, where do you see the best opportunities, Hank? And where would you be more cautious? Hank D'Alessandro: So first, opportunities. The industrial segment has clearly become a major area of focus. This sector benefits from growing e-commerce penetration fueled by AI, reshoring of manufacturing, and increased defense spending. The ability to acquire mission critical distribution centers in top tier logistics markets or advanced manufacturing assets in innovation clusters is particularly appealing in today's macro backdrop. Another area that we find very compelling is medical outpatient buildings where the aging demographics can support long-term demand. So, we have great conviction on both of those. Now, turning to area where we're more cautious. There's been a lot of attention on data centers, you know, as you previously mentioned. But that's an area where investors really need to think carefully about long-term durability. Questions around obsolescence, technological change and whether certain assets fit a true buy and hold strategy are very relevant and need to be considered carefully by investors. So, maybe to sum up, the opportunity set is definitely broadening, but selectivity in terms of location, asset type and asset specifications remain essential. So, Ron, the idea of linking property types back to long-term trends feels especially important right now. How do you connect this conversation to the key secular themes Morgan Stanley research is tracking this year. AI and tech diffusion. The future of energy, the multipolar world, and societal impacts. And can you offer a few examples? Ron Kamdem: There's a couple ways that net lease connects to these broader themes. The first, which is probably the most obvious, is technology diffusion and the future of energy comes through in areas such as datacenters, and that's been a key focus for public investors. When you think about societal change – that's relevant for sectors tied to demographics like medical outpatient buildings, where you know people go get different services. And multipolar world theme matters because deglobalization and geopolitical fragmentation. Or influencing how investors think about resilience, location, and portfolio construction, which is driving incremental demand for industrial real estate linked to supply chain shifts and defense spending. So, this is no longer just a sector evolving on its own, it's becoming more closely tied to these macro issues, shaping investment decisions more broadly. And once you widen the lens to that macro backdrop, the conversation naturally becomes more global. In fact, we saw realty income now generates 19 percent of rents across nine European countries with more than $15 billion invested since 2019. Given this, Hank, how should investors think about net lease and adjacent opportunities outside of the U.S.? Hank D'Alessandro: The global angle is clearly becoming more relevant. There's growing interest in Europe and the U.K. And one area that comes to mind in this context is retail parks, where rents have reset, yields are wider, and tenant resilience has improved. Thinking more broadly, international markets can give investors a wider set of ways to think about real estate opportunities tied to the same themes that we've discussed. And add to diversification, as macro drivers continue to diverge and geopolitical risks remain elevated. Even when structures or sector exposures differ from the U.S., which undoubtedly they will, the bigger point is that investors are increasingly valuing opportunities through a global lens. Ron Kamdem: So, if we pull all this together, what looks like a simple-income oriented category is actually becoming much more nuanced. As we wrap up, Hank, what's the main message you want investors to take away about net lease today? Hank D'Alessandro: You know, I believe the main takeaway is that net lease remains relevant because of its defensive qualities, and predictable contractual cash flows derived from long-term leases. But the story is becoming more nuanced, requiring a granular focus on the credit, and importantly, the underlying real estate. With real estate values down 20 to 25 percent from peak levels, replacement cost has elevated, which is keeping supply muted and net lease cap rates wide relative to the last 10 years. This is a very attractive entry point for investors. Private capital is playing a bigger role, no question. The asset mix is shifting beyond retail, towards areas like industrial. Investors are actively debating the long-term role of newer categories such as advanced manufacturing and data centers. There are selective opportunities to think more globally, which is exciting. Ron Kamdem: Great. That's very helpful. Hank, thanks for taking the time to talk. Hank D'Alessandro: Great speaking with you, Ron. Ron Kamdem: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen. And share the podcast with a friend or colleague today.

Liz Ann Sonders and Collin Martin examine the market backdrop shaped by the Middle East conflict, noting that while oil price volatility has influenced inflation expectations and Treasury yields, its broader economic impact has been limited so far due to lag effects and structural shifts in the U.S. economy. Meanwhile, investor attention has returned to earnings season and AI-driven growth, with a narrow group of mega-cap companies responsible for a disproportionate share of earnings upgrades—highlighting ongoing concentration risks in both markets and fundamentals. Then, Collin Martin is joined by Inga Rachwald, director and senior investment portfolio strategist supporting Schwab Asset Management. Inga addresses common challenges, including the perceived breakdown of diversification during periods of market concentration or rising rates, and explains why these are often misinterpretations driven by inappropriate benchmarks. The discussion introduces goal-based investing as a more practical framework, aligning portfolios with specific time horizons and objectives rather than short-term performance comparisons. Finally, Collin and Liz Ann look ahead to next week's upcoming macroeconomic indicators and key data releases.  To learn more about behavioral biases that can cloud your judgment, check out the latest episode of the Choiceology podcast, hosted by Katy Milkman. 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, asset allocation and rebalancing 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. 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. Currency trading is speculative, very volatile and not suitable for all investors. Investing in cryptocurrencies involves risk, including the risk of total loss of principal invested. Cryptocurrencies such as bitcoin and ethereum are highly volatile, are not backed or guaranteed by the bank, any central bank or government; are not deposits; are not FDIC insured; are not SIPC protected; and lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. 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. 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 Inverse correlation refers to investments that tend to move in opposite directions: when one rises, the other falls. (0526-DH17) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode, Jason and Jeff take a much-needed break from the relentless AI hype cycle to focus on "boring" but beautiful businesses. The duo builds an "Anti-AI" portfolio of companies that are positioned to thrive regardless of whether the tech boom goes bust. They break down the pricing power and operational efficiency of retail giants Costco and TJX Companies, unpack the ongoing roll-up strategy of Brad Jacobs' QXO, and explore high-yield opportunities in REITs like CareTrust and EPR Properties. Plus, Jason makes the case for investing with the ultra-wealthy by buying shares of the Atlanta Braves, taking plenty of shots at Jeff's beloved New York Mets along the way. 01:42 Why Look Beyond AI07:27 AI Backlash and Reality Check11:00 Berkshire Weekend Teaser11:53 Picking AI Proof Stocks12:55 Costco as Safe Retailer16:40 Costco Ops and Tech Edge21:37 TJX Treasure Hunt Model25:49 Phinia Gas Engine Parts29:29 Commercial Auto Parts Angle30:10 Delphi Brand Recognition30:33 QXO Rollup Strategy32:56 Synergies And TopBuild Deal38:12 Tech Stack Efficiency Play39:05 CareTrust REIT Overview42:23 EPR Experiential REIT45:42 EPR Dividend Growth Case46:48 Braves Stock BATRA Pitch50:32 Stadium Real Estate Upside51:54 Valuation Versus Padres DealCompanies mentioned: BATRA, COST, CTRE, EPR, PHIN, QXO, TJXFind where to listen & subscribe,  portfolio contests, and contact information at https://investingunscripted.com*****************************************To get 15% off any paid plan at fiscal.ai, visit https://fiscal.ai/unscriptedListen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTube*****************************************Join our PatreonSubscribe to our portfolio on Savvy Trader

You've seen the ads. Invest like the ultra-wealthy. Get access to what the 1% does. But what does the 1% actually do -- and how much of it should a normal person try to copy? Joe, OG, comedian and finance educator Roxanne Duckels, and Jesse Cramer run every popular "rich people investing" idea through a simple filter: steal it, scale it, or skip it. The answers will surprise you -- especially the one where OG wants to delete an entire asset class from existence.What You'll Walk Away WithWhy long-term thinking is the one habit the 1% has that every Stacker should steal immediately -- and the short-term execution piece most people miss when they tryThe tax strategy obsession that the wealthy genuinely use -- and why Jesse ranks it seventh on his list of financial priorities, not firstWhat paying for advice actually means when you're smart enough to do it yourself -- and why the wealthiest people surround themselves with even smarter people anywayThe alternative investment marketing trap hiding inside every "invest like the rich" pitch -- and OG's case for why most people have no business touching any of itWhy the accredited investor designation protects almost no one -- and what the real risk is when you lock up money in illiquid investments chasing slightly better returnsThe leverage conversation that exposes a contradiction hiding in plain sight for every real estate investorWhy Roxanne's path to financial independence started with filling her gas tank all the way up -- and what that tells you about long-term thinking at any income levelThe one question that should precede any alternative investment conversation: does the expected return actually beat what publicly traded equities already offer?What the trivia competition scoreboard looks like heading into the back half of the year -- and whether OG's historic lead is as safe as it looksWhy rich habits and "what the 1% does" are two completely different things -- and which one is actually worth chasingWhy This Matters NowIn a noisy market environment, the "invest like the wealthy" pitch gets louder every time volatility spikes. Private credit, non-traded REITs, leveraged real estate, alternative assets -- the marketing machine never stops. For Stackers in their 40s who've built something real and don't want to blow it chasing a category that mostly benefits the people selling it, this episode is a useful reset. The habits worth stealing from the 1% turn out to be remarkably unglamorous.From the BasementJoe, OG, Roxanne Duckels from Finance Rox, and Jesse Cramer run the "invest like the rich" playbook through a steal-it-scale-it-skip-it framework -- and nobody agrees on everything, which is exactly what makes it useful. Doug arrives with Mayday trivia about the origin of the distress call and the year it was coined, which turns into one of the cleaner trivia finishes of the season. Whether the basement scoreboard moved in OG's favor or Jesse closed the gap is a question best answered with your earbuds in.Resources MentionedFinance Rox -- Roxanne Duckels on YouTube and Instagram @FinanceROXPersonal Finance for Long-Term Investors -- Jesse Cramer's podcast, wherever you listenStacking Benjamins Newsletter (The 201) -- recent issue: brokerage vs. UTMA/UGMA vs. Trump accounts for kids; stackingbenjamins.com/201Stacking Benjamins Vault -- stackingbenjamins.com/vaultStacking Benjamins Community -- stackingbenjamins.com/basementStacking Benjamins Meetups -- stackingbenjamins.com/badSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode of the White Coat Investor Podcast, we cover practical real estate decisions that matter for physicians and other high-income professionals. We begin by comparing REITs, REIT funds, and private real estate syndications, including how these options differ in structure, liquidity, and risk. We also discuss warning signs of private real estate scams and what investors should evaluate before committing capital. Later in the episode, we cover how doctors may be able to avoid PMI when buying a home, along with corrections from prior podcasts and a dentist's perspective on how dental insurance works. This episode focuses on evaluating opportunities carefully, avoiding preventable mistakes, and making more informed financial decisions. Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you're still in residency. And if you're already out of residency, SoFi's got you covered there too. For more information, go to https://www.whitecoatinvestor.com/Sofi SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions apply. NMLS 696891. The White Coat Investor Podcast launched in January 2017, and since then, millions have downloaded it. Join your fellow physicians and other high income professionals and subscribe today! Host, Dr. Jim Dahle, is a practicing emergency physician and founder of The White Coat Investor blog. Like the blog, The White Coat Investor Podcast is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor-or at least know enough to not get ripped off by a financial advisor. We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Although the conflict in Iran keeps dominating the news cycle, investors have an eye on the upcoming U.S. midterm elections. Our Deputy Global Head of Research Michael Zezas and Head of Public Policy Research Ariana Salvatore consider policy implications – from healthcare and consumer to AI.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Deputy Global Head of Research for Morgan Stanley.Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research.Michael Zezas: Today we're discussing the midterm elections and their implications for U.S. markets.It's Wednesday, April 22nd at 10am in New York.All right, so Ariana, midterm elections are coming up. And I feel like every cycle we hear the same question. How much do elections actually matter for markets?Ariana Salvatore: Yeah, I would say, you know, we're still six months out and obviously a lot of the market's focus has been on the U.S.-Iran conflict. But it does keep coming up in our conversations with investors.And to your question, our view is these elections probably matter a little bit less than people think, at least from a macro perspective.Michael Zezas: Okay, so that seems a bit counterintuitive, right? Because policy has felt like a huge driver of markets recently. Tariffs. Geopolitics. Really all the above.Ariana Salvatore: Exactly. But there's some nuance here. So, policy does matter, but the big takeaway is that the direction of policy doesn't really change based on the midterms. That's because some of the key policy variables that you mentioned – trade, geopolitics, also deregulation – those are all likely to keep going regardless of who wins.At the same time, it's worth noting upfront that the race itself is still pretty fluid. A lot of the indicators that investors are watching – polling prediction markets, the president's approval rating, even things like domestic gasoline prices and consumer sentiment – they're somewhat giving mixed signals right now. There's a growing narrative around a potential democratic sweep. But when you actually look in more detail at the Senate map, we think the path there is still pretty challenging.So, I think it's important to emphasize there's much more uncertainty in the outcome than the headlines right now might suggest.Michael Zezas: So, if those indicators end up being right and we do in fact see a divided government, what do you think investors should be paying attention to?Ariana Salvatore: There are some incremental shifts that will be worth watching. In particular as they pertain to fiscal policy. So, for example, things like SNAP and Medicaid, those are the real swing factors depending on the election outcome.If you recall last year, the One Big Beautiful Bill Act legislated some changes to those programs that are meant to start taking effect in 2027 and 2028. Things like shifting more of the cost burden onto states and tightening eligibility requirements to offset some of the deficit impact from tax cuts.And where elections come in is around whether or not those changes actually get implemented or delayed or softened. In our view, the most likely way you can get meaningful adjustments is in some form of divided government where there actually might be an incentive to negotiate around those fiscal cliffs.But crucially, we think that can only happen if you have what we call a robust rather than a fragile majority.Michael Zezas: Okay. Can you explain the difference between those two things?Ariana Salvatore: Yeah. So, the question is not just who controls Congress, it's how unified they are. If you get a robust majority, that means the party can agree internally on what their core policy objectives are. And then use their leverage in a cohesive way to extract political concessions from the opposing party.So, to put it in simpler terms. If Democrats have a large enough majority or are able to coalesce around some of the key policy asks – for example, delaying some of these cuts – we think they can tie those two, some must pass bills. Think appropriations bills or debt ceiling extensions, for example, that they will need to be consulted on in a split government scenario.Now conversely, if it's a fragile majority, you probably see more internal disagreement, less coordination, and a lot more political noise with less actual policy getting done.Michael Zezas: Okay, so a lot of good insights there. Can you boil it down to a few key takeaways for investors?Ariana Salvatore: Yeah, so one I would say is that fiscal policy is really where the midterm elections might matter the most. But even there, we think the impact is more micro than macro. Another is that divided government doesn't necessarily mean less policy activity. It just changes the form that it takes. And then of course there's AI, which is a topic that we've been getting a lot of questions about.Michael Zezas: Yeah, so let's dig in a bit more there because there's obviously a lot of interest in the intersection between public policy and the development of artificial intelligence.Ariana Salvatore: Yeah. This was the key focus of our policy symposium that we hosted in New York last week. AI is increasingly viewed as a strategic priority across both parties. So, unlike some of these fiscal debates, we think that AI policy is likely to take shape regardless of the election outcome. What could change is the approach.So, think about things like how quickly infrastructure gets built, how permitting is handled, how energy constraints are addressed. We're seeing growing recognition across the aisle that the bottleneck for AI isn't just on the innovation front, it's the physical infrastructure – power, data centers and supply chains.Now at the same time, there's also emerging pushback from communities and from policy makers around things like energy usage and cost of living. We've done a lot of research on this front, and it's actually a really critical factor in some of these off-cycle elections that we've seen even back to last year.So, you end up with this dynamic where AI investment probably continues both in a more constrained and increasingly regulated environment in the split government scenarios.Michael Zezas: So, direction's the same, but the pace and the friction points may vary. And that has implications in particular for a few key sectors like power and data center REITs, while consumer and healthcare sectors are more exposed to those SNAP and Medicaid changes we mentioned earlier. Obviously the more unified Democrats are, the more they're able to extend or push off those shifts. Meaning the downside impact on the consumer could be limited versus current expectations.But aside from these policies we're watching. You'll probably see noise around debt ceiling fights, government shutdowns. And those things don't usually derail growth. But they can create volatility and short-term uncertainty, especially around funding deadlines.Ariana Salvatore: Right. And that's important for the macro-outlook. So, in short, our economists think that the growth outcomes are only going to vary modestly across the scenarios while the broader business cycle should stay intact.Now, following from that, our rate strategists see episodic risk, to your point around funding fights, which could drive risk off rallies in notes and bonds. And then you have to weigh that against cooling expectations for growth and inflation in both the divided government scenarios. Similarly, our FX strategists see opposing forces between yields, fiscal policy and the broader policy uncertainty variable driving dispersion across currencies more than a clear dollar direction.Michael Zezas: Got it. So, a lot to pay attention to ahead of the midterms and we'll obviously keep people updated here about what we're seeing.Ariana Salvatore: Sounds good.Michael Zezas: Ariana, thanks for taking the time to talk.Ariana Salvatore: Great speaking with you, Mike.Michael Zezas: And as a reminder, if you enjoy Thoughts on the Market please take a moment to rate and review us wherever you listen. And share Thoughts on the Market with a friend or colleague today.