Podcasts about Sortino

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Sortino

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Best podcasts about Sortino

Latest podcast episodes about Sortino

EGOriferiti - di Giuseppe Cardinale e Vassily Sortino
73 Monia Arizzi: Non è la Rai è la mamma di TikTok? [EGOriferiti]

EGOriferiti - di Giuseppe Cardinale e Vassily Sortino

Play Episode Listen Later Apr 3, 2025 109:16


Per la 73esima settimana consecutiva EGOriferiti è lieta di offrirvi una nuova, frizzante e rocambolesca puntata!Fra Cardinale e Sortino questa settimana c'è Monia Arizzi, showgirl a tutto tondo che ci racconta - senza filtri - il suo percorso nel mondo dello spettacolo.Non ci crederete mai, ma questa settimana siamo in super orario, quindi l'intervista arriverà alle 21:00 spaccate, in esclusiva su YouTube e Spotify.#EGOriferiti #podcast #vodcast #MoniaArizzi #Conduttrice #speaker #TV #radio #NonÈLaRai #NonELaRai

EGOriferiti - di Giuseppe Cardinale e Vassily Sortino
70 Sonia Alfano: Scassaminch*a figlia di scassaminch*a [EGOriferiti]

EGOriferiti - di Giuseppe Cardinale e Vassily Sortino

Play Episode Listen Later Mar 15, 2025 164:40


Torna EGOriferiti, con Sonia Alfano fra Cardinale e Sortino.Dubbi, ombre, contraddizioni: qual è la verità sulla scomparsa del giornalista Beppe Alfano?#EGOriferiti #podcast #vodcast #Palermo #SoniaAlfano #BeppeAlfano #BarcellonaPozzoDiGotto #Barcellona #mafia #omertà #TelecameraNascosta #antimafia

The Maggy Thump Show
Magz FM Selector Series: Francesca Sortino / 2 Things of Gold [Roma / Italy]

The Maggy Thump Show

Play Episode Listen Later Nov 17, 2024 58:59


Heavy underground R&B / Soul vibes from Roma / Italy. Enjoy

The Happy Writer with Marissa Meyer
Romance, Family Dynamics, & Disability Rep with Anna Sortino - On the Bright Side

The Happy Writer with Marissa Meyer

Play Episode Play 46 sec Highlight Listen Later Jul 22, 2024 38:52 Transcription Available


Marissa chats with Anna Sortino about her latest YA romance, ON THE BRIGHT SIDE. Also discussed in this episode: who is the ‘real' audience we write for, deciding on a single vs dual POV and where the points of view intersect, leaving space in outlines for exploration, layering in character traits and details during revision, writing family dynamics, including disability representation and how to provide context for able-bodied readers, how much personal experience to include, and so much more!The Happy Writer at Bookshop.orgPurchasing your books through our webstore at Bookshop.org supports independent bookstores. Amplify MarketersOur mission is to help your message rise above the noise so it can be heard loud & clear.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Order The Happy Writer: Get More Ideas, Write More Words, and Find More Joy from First Draft to Publication and Beyond https://bookshop.org/a/11756/9781250362377 Find out more and follow The Happy Writer on social media: https://www.marissameyer.com/podcast/

Untold Money
Ep. 106 - Sortino Ratio - Indice di Sortino

Untold Money

Play Episode Listen Later Jun 10, 2024 13:43


Esistono degli indicatori che possono aiutarci a confrontare due o più investimenti?In questo episodio andrò ad analizzare il Sortino ratio, un indice di rischio finanziario sviluppato da Frank A. Sortino, simile all'Indice di Sharpe, che si propone di misurare il rendimento di un'attività finanziaria, rispetto al rendimento minimo accettabile in relazione al downside risk associato al portafoglio.Buon ascolto!--------------------------------------Inserisci i tuoi contatti per poter fare una call gratuita e senza impegno con un tutor di Piano Finanziario:Info call gratuita Piano FinanziarioEffettua ora il tuo check-up finanziario a soli 95€ (anziché 197€) utilizzando questo link:⁠⁠⁠⁠⁠https://www.pianofinanziario.it/federicosormani⁠⁠⁠⁠⁠--------------------------------------Scarica gratuitamente il foglio excel per analizzare la tua pianificazione finanziaria:https://bit.ly/corretta-pianificazione-finanziariaScarica gratuitamente il foglio excel col calcolatore dell'interesse composto: ⁠⁠⁠⁠⁠https://bit.ly/calcolatore-interesse-compsoto-PACvsPIC⁠⁠⁠⁠⁠Scarica gratuitamente il foglio excel per calcolare il tuo stato patrimoniale: ⁠⁠⁠⁠⁠https://bit.ly/calcola-il-tuo-stato-patrimoniale⁠⁠⁠⁠⁠Scarica gratuitamente la mappa concettuale sintetica su come superare la paura di investire:⁠⁠⁠⁠⁠https://bit.ly/Come-superare-la-paura-di-investire⁠⁠⁠⁠⁠--------------------------------------Se vuoi, puoi entrare a fare parte del mio progetto finanziandolo e ottenendo in cambio ulteriori servizi e vantaggi: ⁠⁠⁠⁠⁠https://bit.ly/tipeee-federicosormani⁠⁠⁠⁠⁠Un ringraziamento personale ai miei tippers: Noemi Cenni, Marina Manzoni, Gabriele Contini, Paola Sormani, Giovanni Pianigiani, Edoardo Tofi, Jacopo Fumanti Petrini, Francois Mickel.--------------------------------------Per metterti in contatto con me (feedback/consigli/critiche/interviste/collaborazioni):untoldmoney.podcast@gmail.com⁠⁠⁠⁠⁠https://bit.ly/linkedin-federicosormani

Ultim'ora
Progetto Digic@re, Sortino "Approccio completo sulle competenze”

Ultim'ora

Play Episode Listen Later May 29, 2024 1:50


PALERMO (ITALPRESS) - “Questo modello di curricolo verticale si basa su un impianto fortemente didattico e pedagogico. Il nostro tentativo è stato quello di inserire tutto il supporto al passo coi tempi della tecnologia in una cornice pedagogico-didattica forte, significativa, che possa aiutare i nostri studenti e le nostre studentesse, bambine e bambini, a raggiungere sì le competenze digitali, ma inserite nel quadro generale delle competenze degli assi culturali”. Lo afferma Daniela Sortino, componente del Comitato Tecnico Scientifico del progetto Digic@re che ha coinvolto 24 scuole siciliane e di cui il Liceo Umberto I di Palermo è capofila.xd6/sat/gtr

Ultim'ora
Progetto Digic@re, Sortino "Approccio completo sulle competenze”

Ultim'ora

Play Episode Listen Later May 29, 2024 1:50


PALERMO (ITALPRESS) - “Questo modello di curricolo verticale si basa su un impianto fortemente didattico e pedagogico. Il nostro tentativo è stato quello di inserire tutto il supporto al passo coi tempi della tecnologia in una cornice pedagogico-didattica forte, significativa, che possa aiutare i nostri studenti e le nostre studentesse, bambine e bambini, a raggiungere sì le competenze digitali, ma inserite nel quadro generale delle competenze degli assi culturali”. Lo afferma Daniela Sortino, componente del Comitato Tecnico Scientifico del progetto Digic@re che ha coinvolto 24 scuole siciliane e di cui il Liceo Umberto I di Palermo è capofila.xd6/sat/gtr

Bitcoin Unleashed
Why Volatility Is A Lame Excuse For No Bitcoin

Bitcoin Unleashed

Play Episode Listen Later May 12, 2024 45:13


This Live session took place on X (Twitter) on May 10, 2024.In the video, Oliver shares his extensive experience in promoting Bitcoin and financial freedom, highlighting his success in "orange-pilling" over 9,000 people through his global talks. He addresses common concerns about Bitcoin's volatility, explaining the difference between upside and downside volatility and emphasizing that Bitcoin's volatility is predominantly positive.Oliver introduces the Sortino ratio, a key financial metric that measures risk-adjusted returns, and explains its significance in evaluating Bitcoin's performance.He shares insights from his 37-year trading career, comparing Bitcoin to traditional assets and demonstrating its superior returns. Oliver also discusses his personal strategy of trading high-volatility stocks to accumulate Bitcoin, underscoring the importance of steady accumulation. He concludes by reflecting on Bitcoin's potential to provide financial independence and a lasting legacy, advocating for the conversion of fiat earnings into Bitcoin for long-term security.

Legendary Upside
Early Best Ball Strategy w/ Sackreligious

Legendary Upside

Play Episode Listen Later Feb 23, 2024 101:03


Pat and Sack dive into the landscape of early best ball drafts, including players that they're targeting heavily or only taking at a discount. They also discuss how to diversify when you find yourself taking too much of a player. Sack then dives into his analysis of roster combinations and Sortino ratio.FOLLOW:► Sack ➝ https://www.legendaryupside.com/author/sackreligious/► Pat ➝ https://twitter.com/PatKerraneSign up for the Legendary Upside newsletter (https://www.legendaryupside.com/)Fill out the form activating a $50 Underdog credit (for yearly LegUp subscribers). (https://www.legendaryupside.com/legup-perks/)Sign up for Underdog with promo code LEGUP for a 100% deposit match on your first deposit (up to $100).  Legendary Upside subscribers can use promo code LEGUP for 40% off a Spike Week subscription.

How to Sell Your Stuff on Etsy
Ep 113 | Niching Down Strikes Again--Over 750 sales in 2 Years-- with Linda Sortino

How to Sell Your Stuff on Etsy

Play Episode Listen Later Jan 25, 2024 54:10


Does SEO matter? Yes. Do great pictures matter? Yes. But even MORE than all the typical Etsy advice--- finding DEMAND and niching down to serve that demand will help new (and old) sellers win every time! This week I'm interviewing Linda Sortino who has made over 700 sales selling bead boards. You may have never heard of this product---  but her customers can't wait to get their hands on one. Listen in to hear how serving a very specific customer and niche can build an incredible Etsy business. **“How to Sell Your Stuff on Etsy” is not affiliated with or endorsed by Etsy.com STUFF I MENTIONED: Linda's Favorite Episodes: #70 Print on Demand Insight, Inspo, and Tips You Won't Want to Miss: https://www.howtosellyourstuff.com/blog/best-pod-for-etsy #102 Fast Success on Etsy in a “Saturated” Niche: https://www.howtosellyourstuff.com/blog/102   Where to find Linda: Blog: www.comebeadwithme.com   Product Website: https://beadboardenvy.com/ https://www.facebook.com/comebeadwithlinda/ https://www.pinterest.com/beadwithlinda/   WHAT'S HAPPENING NOW: ⭐The A.I. Print on Demand LIVE Workshop just happened on 1/17/24! Get a copy of the recording, prompts for your own mockups + POD designs, tutorials for Midjourney, Ideogram, and Dalle-3 and MORE (Use code POD50 to save $50): https://www.howtosellyourstuff.com/ai-POD-workshop-enrollment ⭐ Get my free list of 100 in Demand Micro-Niche Keywords: https://www.howtosellyourstuff.com/Micro-Niche-Demand  ⭐ Join the $4.99 monthly subscription to the In Demand Micro-Niche Keywords List: https://www.howtosellyourstuff.com/micro-niche-member  (You'll get ongoing access to the ever growing of list of hundreds--soon to be thousands-- of micro-niche opportunities on Etsy!)  ---------------------------------------------   ⭐Book a one-on-one Etsy coaching session with Lizzie: https://www.howtosellyourstuff.com/coaching ⭐Apply to be a Podcast Guest: https://bit.ly/48hFD8X Find me on Instagram and TikTok @HowtoSellYourStuff   FREE ETSY MASTERCLASS: https://www.howtosellyourstuff.com/masterclass FREE PDF DOWNLOAD: “4 Strategies I Used to Grow My Etsy Shop from $25 to $6000k/month”: https://www.howtosellyourstuff.com/site/4-strategies-opt-in   Grab my UPDATED Etsy Course for physical product sellers: “Listings that Sell 2.0” and learn how to skyrocket your Etsy business: https://www.howtosellyourstuff.com/etsy-listings-that-sell    ----- HOW TO SELL YOUR STUFF WEBSITE: https://www.howtosellyourstuff.com/ HOW TO SELL YOUR STUFF INSTAGRAM: https://www.instagram.com/howtosellyourstuff/ HOW TO SELL YOUR STUFF SHOWNOTES: https://www.howtosellyourstuff.com/blog/113 ------- THIS EPISODE IS SPONSORED BY: 100 KEYWORDS: Get the FREE list of 100 Keywords in various micro niches that all have demand without crazy competition ➡️ https://www.howtosellyourstuff.com/Micro-Niche-Demand  AND Listings that Sell 2.0 Learn all the secrets to build a 6 figure physical product shop with my flagship course Listings that Sell 2.0: https://www.howtosellyourstuff.com/etsy-listings-that-sell

Risk Parity Radio
Episode 314: Various Forays In Portfolio Visualizer, Rebalancing Timing Issues And The Holiday Road

Risk Parity Radio

Play Episode Listen Later Jan 17, 2024 27:51


In this episode we answer emails from Paul, Greg and Stuart.  We discuss various portfolio visualizer analyses, correlations, Sharpe and Sortino ratios and issues pertaining to rebalancing.Links;Paul's Truncated Analysis:  https://www.portfoliovisualizer.com/backtest-asset-class-allocation?s=y&sl=3fTid2mNzw2PPRhYmjAGGzLonger Analysis with More Data:  https://www.portfoliovisualizer.com/backtest-asset-class-allocation?s=y&sl=2PBlJj89KNGhCiNBkCDMaVLarry Swedroe's Portfolio:  Show Us of Your Portfolio II: Larry Swedroe on Alternatives and Interval Funds (youtube.com)VISVX (VSIAX) vs. VBR Comparison:  https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=2bfrlatwi8J4WhwvLR8dIoCorey Hoffstein on Rebalancing Timing #1:  Corey Hoffstein - Rebalance Timing Luck (S2E11) (youtube.com)Corey Hoffstein on Rebalancing Timing #2:  10 Reducing 'Timing Luck' and Liquidity Cascades - Corey Hoffstein, Newfound Research (youtube.com)Optimal Rebalancing Article:  Optimal Rebalancing – Time Horizons Vs Tolerance Bands (kitces.com)Smart Portfolios Book:  Smart Portfolios: A practical guide to building and maintaining intelligent investment portfolios: Carver, Robert: 9780857195319: Amazon.com: BooksSupport the show

Sound Investing
12 Small Cap Value Q & A's

Sound Investing

Play Episode Listen Later Nov 1, 2023 41:55


Paul answers 12 questions  from the AAII New York City Chapter October 2023 MeetingThe video can be watched here- https://www.youtube.com/watch?v=QjFlcDAlH1kPaul's section begins at 08:40. The following links are used in this presentation: Table B14B, ETF portfolios,  and SPIVA Report 1.  Do you recommend using index funds for international funds? 2.  Since small cap value underperforms the S&P 500 for long periods of time, should SCV be avoided by those who are nearing retirement?3. I don't have small cap value available in my 401(k).  Will a small cap blend fund have the same impact?4. How can there be such radical return differences between the small cap value indexes?5.  Are you going to show risk-adjusted returns for the index funds? Treynor ratios?  Sharpe ratios?  Sortino ratios?6.  How does one juggle the choice between investing in a higher expense ratio ETF (example AVUV) compared  to investing in a lower cost index fund?  Would the decision be as simple as going with the lower cost fund?7.  If everyone invests in small cap value funds will that reduce the premium in the future?8.  Some say the SCV premium is declining because private equity companies are taking SCV companies private.  Any truth to the comment?9.  How do I rebalance a target date fund and a small cap value fund?  What gets rebalanced?10. Please recap what the good, bad and ugly of small cap value funds and ETFs.11. How long have you been aware of the small cap value premium?  Did you know about it before they became popular?12.  Fidelity Freedom TDF 2035 has an expense ratio of .7%.  When the expenses are that high does it change your recommendation of adding a small cap value fund?

The Dream Huge Podcast
SAL SORTINO - $11M RE PORTFOLIO BY AGE 28

The Dream Huge Podcast

Play Episode Listen Later May 8, 2023 36:36


Salvatore Sortino details his rapid rise to real estate success on this amazing episode!  He has quickly amassed a real estate portfolio totalling $11 million in value!  Sal explains his process for finding off market deals and also discusses how real estate has helped him branch out to opening other businesses as well, including development, mortgage and insurance.  His Grandfather and Father are famous, Sandusky Ohio, restaruanteaurs, but Sal has truly made a name for himself!!  Sal's Mother now runs the real estate brokerage, serving Sandusky, Cleveland and  surrounding areas, while allowing Sal to focus on real estate investing and growing his Cross Country Mortgage business.  "Make a friend today, make a deal tomorrow!"   salsortinogroup.com  instagram @sal_v_sortino   SHOW PRODUCED BY MARK GRAY SHOW HOSTED BY PETE PETERSON, MARK GRAY AND JOHN PAVLANSKY

La justice et moi
Quel est le rôle d'une psy de la police (SAPV)?

La justice et moi

Play Episode Listen Later Mar 31, 2023 34:38


« Lors de l'audition, on va retracer l'histoire du couple, ainsi que l'apparition et la construction de cette violence conjugale » 7 années d'insultes, de brimades, de cris, de pressions psychologiques, … Lorsqu'elle pousse la porte du commissariat pour la première fois, Nathalie, 30 ans, est terrorisée. Elle est orientée vers le SAPV, le service d'assistance policière aux victimes. Nathalie est reçue par Véronique Sortino, psychologue à la zone de police du Brabant Wallon-Est. Elles se reverront deux fois avant que Nathalie ne se décide enfin à quitter son compagnon et à porter plainte. Dans cet épisode du podcast, Véronique Sortino nous explique son rôle d'accueil, d'écoute et de soutien psychologique aux victimes de violences conjugales, d'agressions ou encore des personnes dont un proche s'est suicidé. Véronique oriente également vers d'autres services spécialisés et prépare ou accompagne les victimes aux auditions effectuées par ses collègues policiers. Le SAPV est un maillon essentiel de la machine judiciaire qu'il est important de mettre en lumière. Bonne écoute ! Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

Brave Dynamics: Authentic Leadership Reflections
Michael Kosic: VC Diversification Free Lunch, Sortino vs. Sharpe Ratio and Open-Ended Funds

Brave Dynamics: Authentic Leadership Reflections

Play Episode Listen Later Feb 22, 2023 48:29


Michael Kosic is a Managing Partner of the Loyal VC, founded in 2018. Loyal runs a global venture fund with flexible redemptions and a proprietary gate-stage process, reducing investment bias and unlocking greater returns. Loyal draws on Michael's lifelong experience as a technology entrepreneur, professional Industrial Engineer, and Angel Investor, while heavily leveraging his INSEAD network, where he earned his MBA, and the Founder Institute accelerator. Read the transcript here at: www.bravesea.com/blog/michael-kosic WhatsApp Daily Insight: https://chat.whatsapp.com/CeL3ywi7yOWFd8HTo6yzde Spotify: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T Youtube: https://www.youtube.com/@JeremyAu/featured Apple Podcasts: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464 Tiktok: https://www.tiktok.com/@jeremyau?lang=en Instagram: https://www.instagram.com/jeremyauz/ Twitter: https://twitter.com/jeremyau Visit our community at: www.bravesea.com

Securities Industry Essentials Exam
2023 SIE Exam Lesson 12 Options pt 2 Quiz

Securities Industry Essentials Exam

Play Episode Listen Later Jan 25, 2023 9:54


SIE Exam Lesson 12 Options pt 2 SIE Exam Lesson 12 Options pt 2 This is a SIE Exam Lesson 12 Options pt 2  options pt.1which is covering options pt. 1 basic option terminology of call and put options See how you do if you need help listen to the lesson over. Questions covered include Below are questions based on the previous lesson. Choose the letter of the correct answer. To take the quiz online, click here. Quiz Options Part 2 Below are questions based on the previous lesson. Choose the letter of the correct answer. To take the quiz online, click here. 1. It is the cost of an option. A. bid price B. ask price C. premium D. strike price 2. The premium contains the option's ___. A. intrinsic value B. time value C. both intrinsic value and time value D. neither intrinsic value nor time value 3. This refers to the number of options that are open for trading in the market. A. bid B. volatility C. open interest D. volume 4. This refers to the number of options that were sold or traded for the given day. A. bid B. volatility C. open interest D. volume 5. It refers to the amount of uncertainty or risk about the size of changes in a security's value. A. open interest B. premium C. volatility D. volume 6. Parity is when the strike price and the stock are selling at exactly the same price. A. True B. False 7. An option is created by writing covered calls. A. True B. False 8. Writing a covered call ___. A. decreases open interest B. decreases volume C. increases open interest D. increases volume 9. If a person wrote an option (such as a covered call) and is now buying back the option, he is opening a position. A. True B. False 10. Person A writes a covered call option and Person B buys that option. Which of the following is true? A. Person A sells to close and Person B buys to close. B. Person A sells to close and Person B buys to open. C. Person A sells to open and Person B buys to close. D. Person A sells to open and Person B buys to open. SIE Exam Lesson 12 Options pt 2 Cont: 11. This is used in determining the theoretical value of an option. A. Black-Scholes model B. Fed model C. Sharpe ratio D. Sortino ratio 12. It serves as an insurance to your investment portfolio. A. covered call B. married put C. naked call D. put on a put 13. An option without intrinsic value always has no time value. A. True B. False 14. A naked put is written by a person who owns the stock. A. True B. False 15. A call option is offered on a stock. If the current price of the stock is $20 and the strike price is $15, what is the intrinsic value of the option? A. $2.5 B. $5 C. $10 D. There is no intrinsic value in this option. 16. A call option is offered on a stock. If the current price of the stock is $12 and the strike price is $10, what is the premium of the option? A. $1 B. $2 C. $11 D. The premium of the option cannot be computed from the given facts. 17. A call option is offered on a stock. The current price of the stock is $20 and the strike price is $15. The call option's premium is $8. What is the time value of the option? A. $2 B. $3 C. $4 D. There is no time value for this option. 18. An option is selling at $6 per share and the option is for 10 shares. If you bought the option for a bid price of $5.50 per share, how much will you pay for the option for 10 shares? A. $5.50 B. $6 C. $55 D. $60 19. If the stock is currently selling at $30 a share and you write a covered call for $40 a share, there is ___. A. $10 in the money option B. $10 out of the money option C. $30 in the money option D. $40 out of the money option 20. You bought a married put with a strike price of $15. If the current price of the stock is $20, what is the intrinsic value of the option? A. $2.5 B. $5 C. $10 D. There is no intrinsic value in this option. We hope you did well on this SIE Exam Lesson 12 Options pt 2  

Liturgy (a St. Patrick Catholic Community Podcast for readings, homilies & more)
January 8, 2023 - The Epiphany of the Lord (Fr Anthony Sortino)

Liturgy (a St. Patrick Catholic Community Podcast for readings, homilies & more)

Play Episode Listen Later Jan 8, 2023 14:47


Special Guest Fr. Anthony Sortino's homily on the Epiphany of the Lord

Ultim'ora
Intimidazioni a titolare agenzia funebre, 5 arresti nel siracusano

Ultim'ora

Play Episode Listen Later Nov 11, 2022 0:49


Cinque arresti dei carabinieri a Siracusa. L'indagine, avviata nel maggio 2020, trae origine dalla denuncia sporta dal titolare di un'agenzia di servizi funebri per minacce subite ad opera di un impresario concorrente e finalizzate ad impedire l'esercizio dell'attività economica nel comune di Sortino. pc/gsl

Ultim'ora
Intimidazioni a titolare agenzia funebre, 5 arresti nel siracusano

Ultim'ora

Play Episode Listen Later Nov 11, 2022 0:49


Cinque arresti dei carabinieri a Siracusa. L'indagine, avviata nel maggio 2020, trae origine dalla denuncia sporta dal titolare di un'agenzia di servizi funebri per minacce subite ad opera di un impresario concorrente e finalizzate ad impedire l'esercizio dell'attività economica nel comune di Sortino. pc/gsl

soul of jaret
HOW TO GET RICH & ESCAPE THE MATRIX W SAL SORTINO | ep #49

soul of jaret

Play Episode Listen Later Oct 27, 2022 133:30


Be sure to follow Sal everywhere!!!

Risk Parity Radio
Episode 201: The Limits On Risk/Reward Ratios, What To Tell Your Kids And Avoiding Trading Pitfalls

Risk Parity Radio

Play Episode Listen Later Aug 25, 2022 32:22


In this episode we answer emails from Micah, Steve and Keith.  We discuss the limit on the usefulness of Sharpe and Sortino ratios, helping out Steve's daughters with building and managing a portfolio for medium-length goals and what else Uncle Frank says to guide his adult kids with ant brains and grasshopper brains and comparing actual performances with Portfolio Visualizer models.Links:Portfolio Visualizer comparison of short term treasuries and gold:  Backtest Portfolio Asset Class Allocation (portfoliovisualizer.com)PHYS ETF particulars:   Sprott Physical Gold TrustWalk For McKenna:  Walk4McKenna - Father McKenna CenterSupport the show

Not Just A Pony Ride
35. Networking, You Can Do It! with Kalynn Sortino, Development Manager

Not Just A Pony Ride

Play Episode Listen Later Aug 5, 2022 36:33


Networking for your business can be a little bit scary... Kalynn is here to take all your stress away! Networking allows you to spread the word about your mission in efforts to help educate the community and cultivate volunteers, participants and donors. She gives us some awesome tips and tricks for successful networking within your communities and why we should all be planning and budgeting for this specific strategy! This episode is sponsored in part by Equi-Force. Find out more at www. equi-force.org This episode is also sponsored in part by Equicizer. Find out more at www.equicizer.com

Epsilon Theory Podcast
Epsilon Theory on Tape: Good Job!

Epsilon Theory Podcast

Play Episode Listen Later May 31, 2022 24:16


This is Part 11 of Ben's Notes from the Field series. I don't need to calculate a Sortino ratio to know if my dogs are doing a Good Job. Same with active investment management. Same with active citizenship. It's all about embracing Convexity, not as a mathematical cartoon, but as a philosophy.

Moments of Clarity
Episode 50 - ”A Moment of Clarity” with Matthew Sortino

Moments of Clarity

Play Episode Listen Later Apr 5, 2022 60:50


The 50th and final episode of Moments of Clarity, with me, Matthew Sortino, as the guest. Toby Kent is our host today and you will be hearing much more from him as Moments of Clarity relaunches in April 2022. Thanks to everyone that helped me reach 50 episodes. Get in touch and stay tuned for some new and exciting things at Moments of Clarity.

Securities Industry Essentials Exam
SIE Exam Lesson 12 Options pt 2 Quiz

Securities Industry Essentials Exam

Play Episode Listen Later Feb 10, 2022 9:54


SIE Exam Lesson 12 Options pt 2 SIE Exam Lesson 12 Options pt 2 This is a SIE Exam Lesson 12 Options pt 2  options pt.1which is covering options pt. 1 basic option terminology of call and put options See how you do if you need help listen to the lesson over. Questions covered include Below are questions based on the previous lesson. Choose the letter of the correct answer. To take the quiz online, click here. Quiz Options Part 2 Below are questions based on the previous lesson. Choose the letter of the correct answer. To take the quiz online, click here. 1. It is the cost of an option. A. bid price B. ask price C. premium D. strike price 2. The premium contains the option's ___. A. intrinsic value B. time value C. both intrinsic value and time value D. neither intrinsic value nor time value 3. This refers to the number of options that are open for trading in the market. A. bid B. volatility C. open interest D. volume 4. This refers to the number of options that were sold or traded for the given day. A. bid B. volatility C. open interest D. volume 5. It refers to the amount of uncertainty or risk about the size of changes in a security's value. A. open interest B. premium C. volatility D. volume 6. Parity is when the strike price and the stock are selling at exactly the same price. A. True B. False 7. An option is created by writing covered calls. A. True B. False 8. Writing a covered call ___. A. decreases open interest B. decreases volume C. increases open interest D. increases volume 9. If a person wrote an option (such as a covered call) and is now buying back the option, he is opening a position. A. True B. False 10. Person A writes a covered call option and Person B buys that option. Which of the following is true? A. Person A sells to close and Person B buys to close. B. Person A sells to close and Person B buys to open. C. Person A sells to open and Person B buys to close. D. Person A sells to open and Person B buys to open. SIE Exam Lesson 12 Options pt 2 Cont: 11. This is used in determining the theoretical value of an option. A. Black-Scholes model B. Fed model C. Sharpe ratio D. Sortino ratio 12. It serves as an insurance to your investment portfolio. A. covered call B. married put C. naked call D. put on a put 13. An option without intrinsic value always has no time value. A. True B. False 14. A naked put is written by a person who owns the stock. A. True B. False 15. A call option is offered on a stock. If the current price of the stock is $20 and the strike price is $15, what is the intrinsic value of the option? A. $2.5 B. $5 C. $10 D. There is no intrinsic value in this option. 16. A call option is offered on a stock. If the current price of the stock is $12 and the strike price is $10, what is the premium of the option? A. $1 B. $2 C. $11 D. The premium of the option cannot be computed from the given facts. 17. A call option is offered on a stock. The current price of the stock is $20 and the strike price is $15. The call option's premium is $8. What is the time value of the option? A. $2 B. $3 C. $4 D. There is no time value for this option. 18. An option is selling at $6 per share and the option is for 10 shares. If you bought the option for a bid price of $5.50 per share, how much will you pay for the option for 10 shares? A. $5.50 B. $6 C. $55 D. $60 19. If the stock is currently selling at $30 a share and you write a covered call for $40 a share, there is ___. A. $10 in the money option B. $10 out of the money option C. $30 in the money option D. $40 out of the money option 20. You bought a married put with a strike price of $15. If the current price of the stock is $20, what is the intrinsic value of the option? A. $2.5 B. $5 C. $10 D. There is no intrinsic value in this option. We hope you did well on this SIE Exam Lesson 12 Options pt 2  

Take Off with Scotty
Take Off With Scotty - Salvatore Sortino - From College Dropout to Million Dollar Real Estate Deal, Becoming a successful Real Estate Entrepreneur at 26 YO, Handling "Bad" Tenants + More EP. 9

Take Off with Scotty

Play Episode Listen Later Nov 17, 2021 86:37


Sal is very successful Real Estate Entrepreneur in Northeast Ohio. His advice is if you have any extra money laying around, "invest it in real estate." He gives you a deep dive on the real estate game and how he got started. Sal also touches on his childhood and how much his Mother means to him. Sal is a great success story, he had to overcome many obstacles to get to where he's at, especially at such an early age. Sal talks about the importance of resilience and never giving up + so much more. Hope you enjoy! "Make a Friend Today, Make a Deal Tomorrow" - Sal

CLS's The Weighing Machine
The Role of Big Data in Quantitative Investing with Harin de Silva

CLS's The Weighing Machine

Play Episode Listen Later Aug 17, 2021 34:28


In today's episode, Rusty and Robyn talk with Harin de Silva, Portfolio Manager for the Analytics Investors Group at Wells Fargo Asset Management. Harin's focus as a portfolio manager is on equities and factor-based asset allocation strategies. He is also regarded as one of the top quantitative managers in the US and has received the prestigious Graham and Dodd Award of Excellence for his research. Before joining Wells Fargo, Harin also provided economic research services to investors through the Analysis Group, Inc. Harin talks with Rusty and Robyn about factor-based investing, long/short funds, perspectives on risk analysis, and incorporating big data in investing. "Our role as quantitative investors is to take what people are doing from a fundamental standpoint and then apply that systematically across a wide range of stocks. And technology is what allows us to do that." ~ Harin de Silva Main Takeaways  In factor-based investing, investors can easily understand performance and the common themes in structuring portfolios. Quantitative investing is systematic investing. Quantitative investors don't just acquire the relevant data; they decide and assign the weight of the factors that affect the structure of the portfolio. Coming up with an idea is just the first step. Using technology to transform big data into useful information is also critical, especially in improving investment strategies. In analyzing the performance, volatilities, and drawdowns of funds, consider looking at risk adjustment metrics like the Sortino ratio and the VIX index. Lower volatility stocks tend to outperform higher volatility stocks because of two key things: human behavior and volatility drag. Links Harindra (Harin) de Silva on LinkedIn Tubular Bells by Michael Oldfield Wells Fargo Asset Management 361 Global Long/Short Equity Fund A.W. Jones Security Analysis by Benjamin Graham and David Dodd Twitter Facebook Myron Scholes Cboe VIX Index Sortino Ratio Robinhood Warren Buffett Noise: A Flaw in Human Judgment by Daniel Kahneman Think Again by Adam Grant Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 2041-OAS-7/19/2021

Risk Parity Radio
Episode 111: Fill It To The Rim With Answers To The Most Excellent Emails!

Risk Parity Radio

Play Episode Listen Later Aug 12, 2021 48:53


In this episode we answer emails from Keith, Jeffrey, Evan, Brendan, Kelly and Paul.  We address Kelly Criterion and other risk/reward considerations (Sharpe and Sortino ratios), crystal balls, the "Possibility Effect" cognitive bias and a base-rate analysis of the Golden Butterfly portfolio, issues with IVOL, trading ETFs at Vanguard, the perpetual withdrawal rate, expense ratios and bucket strategies, basic retirement considerations, issues with QYLD  and an examination of Big Ern's leveraged retirement portfolios.It's another barn burner!   Real Wrath of God type stuff!Links:Kelly Criterion article:  Leverage and The Line Between Aggressive and Crazy (rhsfinancial.com)Golden Butterfly analysis with Heat Map:  Golden Butterfly – Portfolio ChartsEpisode 89 re QYLD:  Podcast Episode 89 | Risk Parity RadioBig Ern Article Re Leveraged Portfolios:  Lower risk through leverage – Early Retirement NowBig Ern Article Re Gold In Portfolios:  Using Gold as a Hedge against Sequence Risk – SWR Series Part 34 – Early Retirement NowEpisode 40 Re Gold:  Podcast Episode 40 | Risk Parity RadioPortfolio Analysis Comparison Of Big Ern Leveraged Portfolio With And Without Gold:  Backtest Portfolio Asset Allocation (portfoliovisualizer.com)The SWAN ETF:  SWAN - BlackSwan Growth & Treasury Core ETF - Amplify ETFs

Achieve Wealth Through Value Add Real Estate Investing Podcast
Ep#15 (R) Technologizing Multifamily transactions and using artificial intelligence in Underwriting with Nikolai Ray

Achieve Wealth Through Value Add Real Estate Investing Podcast

Play Episode Listen Later Jun 22, 2021 74:37


James: Hi, audience. This is James Kandasamy. You're listening to Achieve Wealth Podcast through Value at Real Estate Investing. Today, we have an awesome guest. His name is Nikolaï Ray. He's who's the founder and CEO of MREX, which is an acronym for Multifamily Real Estate Exchange; is considered by many of his peers in North America as the leading expert in apartment investing with over $1 billion analysis, underwriting and transactions. He's also a pioneer in mid-cap, multifamily financial engineering, which is, you know, he's regarded as the teacher, advisor and also the keynote speaker. He's also a real estate tech innovator to his current work on the multifamily real estate big data, artificial intelligence and property tokenization using blockchain technology. Hey, Nikolaï, welcome to the show.   Nikolaï: Hi, James. Thanks for having me.   James: Okay, so do you want to mention anything that I missed out about your credibility?   Nikolaï: No, that sounded like a mouthful.   James: It's going to be ready technology-centric discussion today, right?   Nikolaï: Yeah, the full story is that it should probably a lot longer, but I mean, that could be for, that could be for a whole other episode of the origin story of how, how'd you get to, you know, how you get to where we get in life, and professionally and personally, but yeah, that's, that's the gist of it, you know, everything that's underwriting and, you know, acquisitions, dispositions, refinancing, obviously, portfolio management, whether it be the small market, small cap market, you know, between 500 units, all the way up to the mid-market, you know, market cycles, and obviously, have a very strong penchant for data and for technology.   So, so that's, that's pretty much what I've done over the last, I guess, over the last seven or eight years, is focused on, you know, for the most part, I focused mostly on acquisitions. So I was in charge of an investment banking firm, we worked, you know, on both sides of the transaction advisory side of things, for investors and we also work with a lot of ultra high net worth investors, that's kind of where I built my speciality. Eventually, ultra high net worth investors and private equity firms and family offices, you know, by doing all that I kept on, kept on getting annoyed with the fact that the multifamily market is so fragmented, and the data is so packed, I just kept on thinking to myself, you know, this, this market this, which is an important market, I mean, the apartment building investment market is a almost a $10 trillion market worldwide.   It's a, quite, house is a primary need of human beings, which is to have somewhere to live. And yet, you know, we're kind of in the dark ages as multifamily investors, because number one, we don't have access to any centralized marketplace. If you compare us to a stock investor who can go on the NASDAQ and trade every type of tech stock or stock market investing world, the New York Stock Exchange, and we don't have access to any data, the data is very raw, it's very, it's kind of, you know, what I call legacy data, as you look at like Costar and, and all these various data providers who provide this very raw and inert data, without any actual, you know, context around the data, and without any helps with regards to making decisions business intelligence wise, as a multifamily real estate investor. So that's kind of how that's how my career has gone so far. That's why I went from transactions and more towards data technologies because I felt like there was so much work to be done to help investors just you know, be better investors for once.   James: Okay, so let me understand MREX because I think it's important since you have a lot of passion we need right now. Right? So --   Nikolaï: Yeah.   James: Multifamily Real Estate Exchange, if I understand it correctly, so what you're saying is right now, the data is so fragmented, and a lot of times when, you know, people like me underwrite deals, we have to do so much work, I did too. I mean, I really learn to write [inaudible 04:05] for four hours because I did all the property management financial, that there are so much of mistakes in the property management financials, you have to do T-3, T-12, you had to do expense ratio, you have to do market comps, and all that. So what you're saying is, you are going to summarize all that, and make it so easy to look at so that it can be treated as a commodity, commodity, is that right?   Nikolaï: Not necessarily. So, so the idea is taking you as an example or any of your listeners, right now, who are multifamily real estate investors actually acquiring properties, let's say you have the capital ready, or your investors have the capital ready to allocate to an acquisition, you know, just actually finding that first property to buy or the next property to buy is a very time intensive and energy intensive job, right. You have to go on, you have to go on all the different MLS, you have to go on the loop that's of this world, the [inaudible 00:05:00] and the [inaudible :00:05:01] and, you know, just --   James: [inaudible00:05:02]   Nikolaï: Right, and then you have all the brokers, and then you have all the broker websites, then you have all the pocket listings and you have not even really touched the majority of the market, you're actually still missing probably, you know, anywhere between 25% and 50%, of actual transactional inventory, depending which metro area you're in. So it's a lot of work, even just looking at the stuff that's on websites. That's a lot of work because you have to go on between five and fifteen websites, each website has a different user interface, this different user experience, and actually shows different information. On one site, maybe on [inaudible 00:05:42] you might have a cap rate, maybe on the MLS, you won't have cap rate, you'll just have gross revenue.   So then you have to figure out your own cap rate off of that. It's a lot of work, you know, and for me, I just never thought it made sense, to not be able to say, hey, I want to buy a multifamily property, whether it be a five unit, whether it be a 50 unit or 500 units, I want to go on to one marketplace, we're all properties are centralized in a unified, and normalized manner. Because that's the second point of it, is you have to be able to normalize expenses, if you want to start comparing apples with apples, and oranges with oranges. So that's the second phase. So what we're doing with MREX is we're building a unified, standardized marketplace for multifamily investors, where they will be able to see every single property that exists, that is for sale, despite on the way it's being sold or listed or marketed. We're going to be working with brokers obviously, the goal is not to get rid of brokers or anything like that, that's not, that's not what our goal is. Our goal is to help brokers, help investors just make the whole transaction process much quicker and more time efficient. And that way, you know, we're making the market more, you know, just a more efficient market.   James: Okay, okay. Got it. Got it. So you are basically streaming lining the whole selling and buying process, I guess, just to make --?   Nikolaï: Absolutely. Absolutely.   James: Okay, got it.   Nikolaï: And the analysis process as you said too, right, because it's one, it's one thing finding the properties and having them all in one marketplace. Okay, let's say, let's say you have the NASDAQ, let's say I wanted Lesson TechStars rather than multifamily properties. I go the NASDAQ and I can see every single company, I could have access to inventory, now that's the first step. Now the second step is, once you have access to inventory, and the information provided on all that inventory is normalized and standardize, well, I still have to be able to start comparing and start, you know, building my own models to say, well, if I'm a cash flow investor, which stocks are generating the most cash flow relative to the other, to the rest of the inventory. So that's where you know, context and alternative data comes into play with our platform, is that we want to be able to, to offer data and tools to you as a multifamily investor, to help you streamline your underwriting of the inventory that you've seen. So that's really the two things we're focused on at the moment.   James: Okay, got it. Got it. So interesting. So that'll be, that'll make a lot of, I mean, for investors or for buyers, they would be able to see what kind of deals that they want to buy,--   Nikolaï: Right.   James: Not just what they want to get the yield out of --   Nikolaï: Exactly and instead of going on fifteen websites, well, they've only one website, instead of having to, you know, start normalizing expense ratios and sifting through, through T-12 and T-3, and doing all that, it already kind of be all chewed up and kind of built up already. So you can actually focus, focus on analyzing, focus on comparing and establish, okay, I want to buy this property using this strategy. And why would I do that versus the other property that I see over there? That's ultimately what's the most important thing.   James: Okay, okay. So could it then be a good idea to match this with a crowdfunding platform, because during the crowdfunding, they can choose what deal they want, right?   Nikolaï: Right. So crowdfunding is an interesting thing. The problem is crowdfunding, obviously, crowdfunding, crowdfunding has tried to kind of attack two things. Number one is liquidity, right? Because, as a multifamily investor, the more properties that you acquire, you increase your net value, right, you're a richer person. But the problem with that, is that you have to leave equity in every single deal, right. The banks won't finance you 100%. So you always have to leave equity. So as you get richer and richer, value wise, you are actually cash poor, because you're leaving so much equity in each property that you acquire. And there's always a part of the equity that has to stay in those properties. But the problem, the second problem is that as you get, as you become a bigger investor, and you acquire more properties, and you're more well known in the market, well, you get access to better deals, but now you have less access to more money, even though you're richer. That's kind of the liquidity conundrum of multifamily investors. So that's why crowdfunding is interesting, because it gives kind of, you know, after the JOBS Act, it helps multifamily investors, particularly syndicators, to go and raise capital from, you know, from investors either through the regulation CF, you know, and obviously, regulation D506C was quite an upgrade also to be able to start to, to market capital raises. But what we're doing is we're actually building a second platform that is shadowing the Emirates platform. And what that platform will be doing is, we're actually going to create a sort of stock market and take the crowdfunding thing a bit further, because crowdfunding, as I said, tries to attack the liquidity conundrum. But the problem is, is that when you invest in a crowdfunding deal, you as an LP, are stuck in that deal for the lifetime of the deal. So if it's a five, it's a three to five year exit, well, your money stuck in that, so you, you as a passive investor, or as an LP, do not have liquidity. That's, that's one problem. And obviously, crowdfunding also helps with accessibility, right. So obviously, regulation D506C is only for accredited investors, which doesn't really help accessibility that much. Regulation CF has helped that because now then, that kind of lowers the barrier to entry for everyday retail investors who don't have that much money, but it's still a fairly limited regulation. At the moment, I know, they're trying to pass a couple of bills to increase the opportunity for regulation CF investors. So what we're doing is we're building a second platform, that's going to be basically a stock market, in its own sense, where, you know, through a broker-dealer partner that we hope to get. And then also through eventually a, an ATS license with the SEC, we would like to be able to take it a step further, and allow a multifamily investor to pretty much offer his property through one the various regulations on that marketplace. That way people could invest as passive investors, as LPs, either through Reg D, Reg CF, or eventually maybe even Reg A plus, but then they would also be able to acquire or access a secondary trading market so that they're not stuck in an illiquid period of three to five years. They would actually eventually be able to re trade part of their shares or all of their shares, kind of like you would at the stock market.   James: Wow. So it looks like you are trying to really disrupt the industry.   Nikolaï: Yeah, definitely. [inaudible 00:12:36]. You know, multifamily real estate looks like the stock market before the arrival of NASDAQ. Right? It's like before the internet, even though we have internet and multifamily real estate, it's as if people are still trading kind of like stock market investors were trading on floors, you know, with papers and screaming and doing all that stuff. It, you know, it doesn't make sense.   James: Yeah, yeah. It's so private nowadays, right? I mean, everybody has priority, we do not know how, even multi families performing under a different private LLC.   Nikolaï: Exactly.   James: There's a lot of good news out there. But there's also bad news, but nobody talks about it. right. So I think,--   Nikolaï: Oh, right. And the data, the data out there, like look at any of the data from, you know, even from the really big organization like NCREIF so the National Council of Real Estate Investment Trusts, NCREIT sorry. Even their data, when they know these indexes based on multifamily markets is based on a very low volume of the actual number of transactions. So when say a, a company, various data company says, well, the cap rate right now of say Atlanta is 5%, for example, well, that's actually based on a very small portion of overall transactions. So it's hard for us as multifamily investors, to really be sure are about the numbers that we're inputting into our underwriting models, because we're basing it off so little data.   James: Got it. Got it. Yeah, it's, it is just so limited, right? Because everything is done on a private basis on syndication, which is not much of the data being published out there, right. So --   Nikolaï: It's like investing in the stock market, but not knowing how the stocks have performed historically.   James: Yeah. Correct. Correct. So but why do you think this would work? And because if you look at the demographics of the, I mean, because I'm looking at syndication, when we whenever we buy for multifamily.   Nikolaï: Right.   James: But for me, it's just a small part of the whole market.   Nikolaï: Right.   James: Even though we are I mean, maybe my group or my network thinks that that's the whole thing how people buy multifamily. I don't know, that's true, because I network with a lot of different type of people, right. So looking at the classes of investors who are buying multifamily, I think I know for me, my thing is maybe we are one of the, I am one the lowest level part of it, right, because we are buying Class B and C using high net worth individuals and all that, but there are a lot of higher network, higher calibre people who are playing at a different level, which we don't have, which I don't have visibility, maybe you have it right so. So are you trying to look at different classes of investors and cut through all of them? Are you looking at only some classes of people?   Nikolaï: So we're trying to help what we call the small cap to mid middle market investors.   James: Okay.   Nikolaï: So anyone who owns between five units and about, you know, I'd say around 2500 to 5000 units.   James: Okay.   Nikolaï: That's kind of where we stopped, you know, that's where we're focusing on because that, you know, the majority of transactions are actually done by, by small cap to mid-market investors.   James: Okay.   Nikolaï: You know, the multifamily market is historically a mom and pop market. Now, it's, you know, it has transition a bit, investors are getting bigger and bigger. But the reality is the majority of the market is not an institutional market, you know, at the root level, or the private equity firm level or family office level, depending obviously, which metro area you're in, right. New York City is obviously more of an institutional market. Canada, Toronto is a very institutional market, but the majority of cities and metro areas are still, you know, very small cap market. And the problem is that, you know, take you for an example as a syndicator, or even take someone who's not a syndicator, right, because a lot of investors, multifamily aren't syndicators, they just buy their own properties, you know, they end up with maybe, you know, anywhere between 50 and 500 units as time goes by. Now, the problem with with those types of investors and syndicators as yourself is that you do not have access to a team of underwriters, you don't have access to, you know, expensive data that say a real estate investment trust has more than a very big private equity firm has, you don't have access to all those analysts. So, you know, we want to try and make sure that the market stays very level and stays is a level playing field. Because, you know, ultimately, I think the multifamily real estate market is very important for a couple of reasons. Number one, you know, everyone talks about the disparity of wealth, right of the 1%, and how the disparity is getting bigger and bigger. And we could do a whole podcast on that and why it's happened and where it's kind of going. But ultimately, I think, you know, the multifamily market is probably, the market, it's probably the asset class that offers the best returns based on risk, with the best risk-adjusted returns. If you look at Sharpe ratios, and Sortino ratios and all these things. Now, it's also been proven, there's a lot of studies about this, a lot of university studies done on this, that, you know, social mobility comes from education, and access to property, right. The reason why people have been so poor for so long, and like the Brazilian favelas, or the Indian shanty towns, is because people don't have education, and they do not have access to property, they are not able to become landowners, or owners of their own homes, even less become investment property owners, right. So I think multifamily stays as a very important asset class, because, on top of filling a basic need of human beings, that means providing somewhere to live, it also is a very important mover, for the everyday investor, the mom and pop, just the normal person need you to be able to access a very good, very safe, wealth building asset class that does not have the same volatility, or the same pitfalls as say, the stock market and other types of asset classes. So I think it's very important that we provide, you know, tools and data and allow for the smaller investor, the investor that has less than 1000, or even less than 5000 units to be able to continue on performing, continue on from this, this asset class.   James: Got it. Got it. So let's go to a bit more details on some of the big data and artificial intelligence, right.   Nikolaï: Yeah.   James: So yeah, I studied artificial intelligence almost 24 years ago, every now it has become really popular, a lot of startups with artificial intelligence, right.   Nikolaï: Absolutely.   James: So the question is, how do you, I mean, first of all, let's define what, can you define artificial intelligence in your terms in terms of real estate? Because I studied engineering standpoint.   Nikolaï: Yeah, well, I'm not an engineer, by trade, so at least I'll give more of a generalist definition to the people listening which I think is probably gonna be very good. The important thing is to understand, kind of the difference between machine learning and artificial intelligence. So you know, machine learning is more of a, it's a less automated process, right. So a lot of what people are calling artificial intelligence is ultimately just machine learning. And what it is, is that let's say, let's say, you know, I'm a data scientist or an economist, and I build a predictive model using, say, Monte Carlo simulations. Well, I set a, I build a set of hypotheses, I plugged them into my Monte Carlo simulation, and then that runs. Now, with machine learning and artificial intelligence, what becomes very fun as you know, statistics are a funny thing, right? And economic modeling is a very funny thing because even though, you know, people in the economics world swear by predictive analytics, the reality is in data science, it's garbage in garbage out, right. So the outputs always depend on the inputs. So let's say you're doing an underwriting model, and you're looking at an apartment building, and and you say, well if I buy this apartment build in this way, my internal rate of return is going to be 25%. Okay. Now, internal rate of return, net present value is a, is an output or their outputs based ultimately on the strength of those outputs are only as good as the strength of the inputs.   James: Correct.   Nikolaï: And the very important inputs that affect an IRR and NPV, which ultimately led to two of the most important metrics to help you decide whether it's a buy a property or not are rent growth, expense inflation, refinancing interest rate; if your IRR and NPV is based on on refinance, because obviously IRR and NPV has to be based on an exit model. And the exit model can either be a refi or it can be a sale; disposition. And then if it's a disposition, while your IRR and NPV is based, ultimately off the reverse, the reversion cap rates, so the exit cap rate upon sale. Now what everyone's doing right now, in the multifamily market, especially small investors, and mid-market investors is they're just entering these inputs. You know, they're just playing it by ear, and they're not even playing it by ear. They're coming up with these random inputs that are based off absolutely nothing. I just had a huge discussion on LinkedIn about this, with a couple of investors where one guy was saying, well, you know, if I buy it at 5% cap rate, my underwriting model, what I do is, to establish the reversion cap rate. So the cap rate upon eventual sale, let's say five years, is I add 20 basis points to the purchase cap rate per year. So if I bought it at five today at a 5% cap rate, well, then five years from now, I predict that I'll sell it as 6% cap rate, okay. And, you know, people kind of hide behind this type of rule of thumb model, say, well, I'm being conservative, therefore, my underwriting models very good. The reality of it is your underwriting model is bullshit. Okay. It's not worth the the Excel spreadsheet that it's been written upon. The reality is, where are you pulling this, this expansion of 10% or 20%,10 or 20 basis points per year? What are you basing that off? Right? That's what anyone should be asking, What are you basing this off? While being conservative. How do you know you're being conservative?   James: Yeah.   Nikolaï: How do you know you're not being optimistic? Right? You could be being you could actually be very optimistic with that. And conservative might be and then an increase of 0.25 a year, right? The reality of it is that everyone underwriting deals, right now, they're not basing their inputs off any data, right. And they're definitely not basing it off any predictive analytics, because it's one thing to have the data, the historical data. But you know, just because you have historical data doesn't mean necessarily, that's going to repeat itself in the future. That's why we have predictive analytics. So let's say that based on historical data, your 5% acquisition cap rates will actually be a 5.5 in five years. Now, the problem with that is that the future, that history is never guaranteed of the future, right. So that's why you then have to plug in various scenarios where you're considering this. And that's where predictive analytics come very difficult because you're pretty much just kind of taking a shot in the dark and basing things off the past, but you're putting in like a margin of error. With machine learning and artificial intelligence, you're able to make your predictive models better ex post based on ex ante results. So let's say you create a model to predict the future cap rates, well, you want to predict the future cap rate of in five years, it's your goals to sell within five years. Well, if you predict that today, the probability that your five-year cap rate from now is going to be precise, is a lot lower than let's say, in four years, you predict the cap that same cap rate, right, because you'll be closer to your exit. So there'll be less room for margin of error. So what machine learning and artificial intelligence will allow you to do is to consistently kind of reset your model as time advances. So maybe your initial model based upon acquisition was off. But as you advance in time, the artificial intelligence and machine learning continues on training that same model, the same algorithm that you had, and adapts the various inputs and algorithms to make it more and more precise as you get, as you get closer. And on top of that, as you get closer, the range of distribution of property probabilities get smaller. So it's a double effect, your predictive models get even tighter and tighter as time goes by. And that's where [inaudible00:26:03] machine learning and artificial intelligence can really help out. Is that instead of just plugging in these ridiculous exit cap rates, and ridiculous growth rates and ridiculous inflation of expenses, and absolutely ridiculous refinancing interest rates, when we get closer and closer to being able to actually put in inputs that are based on something very, very solid and then, therefore, our underwriting models will become more and more precise. And what we want in underwriting when you're buying a property, whether you're a syndicator, and you're responsible for money of your LPs, or whether it's your own money, the goal of underwriting is not to be conservative. That's not what the goal of underwriting is. And anyone who says that they underwrite, and they're concerned, their underwriting is conservative, what they're really telling you is they don't know how to underwrite, okay.   James: Yeah.   Nikolaï: You don't want to be conservative, you want to be right on the dot, that's what you want to do with underwriting, you want to be as precise as possible because the reason that you buy the property today is you buy it for future cash flows. And cash flows can come in various ways, they come in an annualized cash flow so, so free cash flow, they come in the appreciation of the asset, so the value of that asset gains because of various market dynamics and because of the way you're, you're managing that property. And they also come through the capitalization of your mortgage. So there's a part of your mortgage that you're paying down, which is principal, right. So those are the three cash flows that you can receive. Now, when you're underwriting a deal, and you're looking at how much you should pay for, say, this hundred unit building you're looking at, well, if your inputs are off, you might buy that property. But it's a bad acquisition because you were too optimistic in your inputs. But it also happens that you were too conservative in your books, therefore, you didn't buy the property. Because if you input that at the exit capital, that property is 7%, but, in reality, five years from now, the exit cap rate is five and three quarters, well guess what? You missed one hell of an opportunity.   James: Correct.   Nikolaï: And in real estate investing, the most important thing is time value of money, we only have a very limited time during our lifetimes in which we can invest and create wealth. And we only have so many hours during the day. Therefore the cost of opportunity, the time value of money are the things that we should consider the most in our underwrite. And that's really where machine learning and artificial intelligence will help investors become much, much better. Obviously, you also need education, right? You have to understand these, I mean, this is advanced stuff. And I'm trying to kind of explain it in a simple way, where people who don't have master's degrees and PhDs in finance and engineering can understand it. But the reality of the matter is that multifamily investing is very, it's a very complex, it's a very sophisticated asset class, and you need a certain level of education.The problem being right now, despite the very high level of education that some investors have, we just don't have solid, predictive analytics tools and data to be able to make sure that we're actually able to transfer education into decent acquisitions.   James: Yeah. Well, that's very interesting, because exit cap rate is always being misused or mis-conservative right? So --   Nikolaï: Well, even entering cap rates, even acquisition cap rates, I see people saying, well, you know, I'm not gonna buy that property because it's a five cap rate and the markets trading at 5.5. Okay, is that a stabilized property? No, it's a value add property. Well, the cap rate doesn't, the cap rate is meaningless then. A cap rate is a metric of a stabilized asset. If the asset is not stabilized, there is no cap rate, because a cap rate is a perpetual annuity. It's a return metric, based on an unlevel perpetual annuity, which means the same cash flow every year forever.   James: Correct.   Nikolaï: Now, if you want to be able to calculate that your property has to be stabilized. So if you're not buying a property, because it's a five cap rate, and the market sharing at 5.5, but it's a value add deal, well, I'm sorry, I'm sorry to tell you, you should change, you should change fields, you should go play, you should go to Las Vegas and put it on red.   James: Not only that, I mean, not only new investors don't understand the entry cap rate doesn't matter [inaudible 00:30:46] and I don't know, I never see a reason not to do a stabilized deal. Not on commercial, right? So for me, I'm always [inaudible00:30:53] guy, that's why I --   Nikolaï: Well, unless you're a private equity firm or your family office or you're a RET or you're an ultra high net worth individual who now has, you know, net value of anywhere between ten and hundred and fifty million dollars, there's no real reason to do stabilize deals, right. The reason you wanted to stabilize deals is, because you have a very high net worth, or because you're trying to de-risk your portfolio. Right?   James: Correct.   Nikolaï: That's why you would just stabilize deals for small cap or mid cap investor.   James: Yeah, yeah. Most of the time. I mean, commercials always value at play. I mean,   Nikolaï: Of course.   James: I mean, there's a lot of people doing stabilized deal nowadays, just by getting a higher mortgage and getting slightly lower price, play on the mortgage side with the interest to get a cash flow, but --   Nikolaï: And that can work if you're a neurosurgeon, right? If you're a surgeon making a million and a half a year, and you're 35 and you say, well, you know, I want to start buying multifamily property because I like, I like real estate and I like the tangible part of the asset class. But I don't need any money right now, because I'm making a million, I'm making a million and a half a year. I don't need any cash flow. And I'm very long term and I just want to build myself a nice retirement, you know, because you know, that's what I want as objective. Well, then yes, buy stabilize property or be an LP and syndication, or purchase that stock in the [inaudible00:32:23], that's fine. But if your goal is to increase your wealth exponentially, in a short period of time, and what I mean by a short period of time is fifteen to, five to fifteen years. Well, then, yeah, you're gonna have to do some kind of value add, you can't just do financial arbitrage all the time.   James: Yeah. Yeah, there's a lot of deals out there in different asset class, which can give you that cash flow, right. I mean, you can buy a stabilized mobile home park, you know, it'll give you higher cash in cash than any multifamily deals.   Nikolaï: Right.   James: So even self-storage, or even multifamily, which has been stabilized, you get, you'll get good cash flow. But how long will that cash be guaranteed? Because you have a very tight DSER at that point of time. And let's say the market turn, you may not be, your DSER might be compromised right now, because you don't have any buffer. Right?   Nikolaï: Especially if you did not properly manage the terms of your mortgages. Right. So that's very dangerous. Like if you feel that you're, if you feel that the markets going to shift, say interest rate wise, the easiest way to kind of pull yourself out of that situation you just talk about is, you know, just take longer-term mortgages, you know, make sure that the mortgage does not end in five years, make sure it's a 10 year term, or even maybe a 30 year term. Right? That's, that's the easiest way to manage that risk.   James: Yeah, just do a hard loan.   Nikolaï: Right.   James: Which gives you like, 45 years. I mean, there's the other trick that a lot of people play is, you know, showing you need cash in cash based during IO period. And nowadays, people are getting five years, seven years, IO period and sometimes people think, oh, I will not hold, you know, that deal for long term. I mean, you are hoping on not holding, holding, right. But you do not know what's going to be happening to the economy, right?   Nikolaï: It's a dangerous game to play. And I'm not saying don't play it, but make sure you have the, make sure you have the education and the know-how to be able to manage that risk. It's all risk management. Ultimately, that's what it is.   James: Yeah, yeah.   Nikolaï: The problem, the problem is a lot of people are doing this, and they don't know what the hell they're doing.   James: Yeah, I mean, I think so there's so much of capital out there right now, looking for money to be placed in some way.   Nikolaï: Oh definitely.   James: And people don't think that are they going to putting 1% in the CD, I might as well put here and get like six, seven per cent, right? Cash Flow, right? And,--   Nikolaï: And that's, that's the retail market. Like that's, that's small investors like me and you the reality of is the real cap, the real capital flow right now is at the institutional level, there is so much higher level money and smart money searching for returns right now. I mean, we can't even fathom small investors, how much money, I mean, family offices, typically, if you take the family office market, typically always allocated maybe like, I don't know, depending on the family office in the region, but usually anywhere between, you know, maybe eight to twelve per cent of their overall asset allocation, capital allocation to what they call alternative assets, right. And real estate as part of alternative assets. Now, over the last 10, I'd say over the last 10 years, the last decade, family offices have become more and more in tune to the real estate markets. High net worth families also, especially towards like multifamily real estate, and more and more real estate is no longer considered just as, as something under the alternative asset umbrella. But now it's kind of becoming its own umbrella. And what that's doing is that instead of family offices, and we're talking about family offices that have trillions of dollars, right. These are not these are not small things, these are big moving bodies with a lot of capital, we're talking about multi-billions of dollars, not trillions, multi-billion dollar family offices, that are now instead of allocating, you know, 8% to real estate, well, now they're allocating 20% to real estate. So and that's, that's a scale like, there's a lot of them out there. And we haven't even talked about the private equity firms. We haven't even talked about the pension funds, the International pension funds, you know, people talking about globalization and international money, thinking that it's just, you know, rich Russians is going to Sunny Isles, Florida, buy $10 million condominiums. That's not what it is. The global movement of money to American and Canadian Real Estate are things like the Amsterdam teachers pension fund, or government workers pension fund, you know, allocating, allocating, you know, 100 billion dollars to the American real estate market. Now that's, that has a big, that puts a big dent on the supply and demand of real estate. And that's what ultimately drives property value is much more than interest rates. Interest rates only, only influence property values, like people were talking about, especially the last couple of years, all we know, if interest rates go up, cap rates will follow up, they'll go up. That's not true. Capital flow drives cap rates and values and properties and multifamily; interest rates only influence cap rates and values.   James: Very interesting perspective, that's you are right. There's so many, too much money, even out of United States is looking for money to place, right. Like the other dad had a call from the UK. It's a family office who want to invest in the UK and they're looking for like operators like me, and I was asking them, what's the return expectation? They say this 22% IRR credits and I said, well, I [inaudible 00:37:58] you guys, I can get better money in the United States right, so --   Nikolaï: Exactly. And all the, all the money from the quantitative easing the follow the 2008 crash, I mean, all that quantitative easing money, a lot of it still, after even 10 years, has not even found a place for it yet. Right? So there, there's a lot of money chasing deals, there's a lot of money chasing deals.   James: Correct. Correct. Right. That's true. That's true. So coming back to the exit cap rate. So I know that's one of the hardest parameters to measure. Right? So.   Nikolaï: Absolutely.   James: But can you clarify again, how did you, how would you use artificial intelligence to find that a more accurate exit cap rate? You know, T minus five, my T minus 5, five years earlier, before you hit that five years mark of selling, assuming five years of selling.   Nikolaï: So it's the computing power, right. So it's a computer, what we do is, we'll build, so we'll do we'll say, I'm sorry for anyone who hasn't studied, you know, high level university finance, but or statistics, you know, we'll build a, say, a regression model. So we'll look at past data. We'll plug all that in, in order to build a predictive model, a future model being able to come out with future cap rates, and, you know, the more data that we're able to plug into our regression model. So historically, what real estate institutions and economists have use is what they call the linear regression model, use the Monte Carlo simulations. Now, the problem with the linear regression model is that you know, past transactions or data are, are, are also affected a lot by various things like, you know, political environment, and capital markets. And there's a whole bunch of factors. So there's a new model that's being used more and more, especially with a lot of postdoctoral students in statistics, it's called a Quantile regression model. So that's where we're able to create that same kind of, I'm saying this in layman's terms as much as possible, we're able to take past historical data, build that kind of linear model, kind of, like build that line chart for people to understand, and we kind of repeat that line chart in the future. But we're also able to start to weigh that those data points with various things like a new government, with quantitative easing, with the war, with various factors that may be affected that models to make it less linear. And then we're able to start to better predict future stats and future cap rates. So that's the first step of it. The second step is, let's say, right now, we built our Quantile regression model. And now we compute it and what it says to us is well, T minus five cap rates, or five-year cap rate is going to be between, let's say, we have a couple of tracks, it's hard to explain to people who have not done statistics. But we have a couple of tracks. And ultimately, what it says is that the highest probabilities are that cap rate is going to be between 5.75 and 6.10% in five years for that specific market. Now, like I said, as we get closer to the five year period from now, the less the margin of error is, because we're closer and multifamily market moves very slowly. So predicting, the easiest way to understand is predicting 25 years out from now, it's very hard? Your 25 year prediction is going to be way more, there's more room for it to be completely off than your two-year prediction. So we build a model for the five-year prediction, and then starting tomorrow, every day, our artificial intelligence recalculates that model. So as it recalculates, the model gets more and more precise, because let's say we took statistics from today to 20 years ago, let's say we took the cap rate of that market, starting from today, and 20 years back. Well, obviously, the next 20 years are not going to be exactly the last 20 years. But that's ultimately what statistics do, we try and kind of say, well, let's take the last 20 years, there's a margin of error, that's what's going to be the next 20 years.   So what's cool with the artificial intelligence is without actually having to do anything, every day, the artificial intelligence kind of brings the model a day closer and adapts the model with more and more weight on what's going on right now, rather than what happened 20 years ago. And the artificial intelligence is also able to measure what today it predicted for yesterday, versus what actually happened. And what's the spreading difference and what caused that spread? And therefore, once it's able to determine what caused that spread, it'll add that into the equation for the future cap rate model so it becomes much more precise.   James: Yes, but don't try to run it in iteration on a daily or monthly basis to watch the whole investment process. But how do you make it on day zero? Well, today we're buying today how does it iterate then when on a day zero?   Nikolai: Well, what it is I don't understand the question.   James: So my question is, you said the data is being fed into the system to get more accurate exit cap rate. But you're making a decision to buy today? Is the iteration happening from today to all the investment cycle? Or do you do it earlier before you decide to buy a deal?   Nikolai: Okay, I understand what you mean. So like, for determining your actual purchase cap rate,   James: Yes, correct whatever price that I'm going to pay today because that's what I'm getting into the deal. That's the point of me making a decision, whether this is a good deal, and I'm going to be raising money and telling everybody it's a good deal.   Nikolai: The purchase cap rate is a whole other set of statistics and data models. That's more I'd say, determining today's cap rate is much more endeavor of collecting more historical data. Because like I said, let's say JLL Jones Lang LaSalle which is one of the biggest brokerages, they come out with reports and say, Okay, well, the cap rate, let's say in Austin is, 5.2%. Let's say the mean cap rate is 5.2%. Well, that's based on maybe what like 30 or 40%, of actual transactions that happen because they don't have data on like the off-market transactions, or the pocket listings or this and that, right. And on top of that, they haven't normalized the cap rates on whether, let's say, a building traded at a 4.6 cap rate. Well, as we said, if that property wasn't stabilized, well, then that cap rate is off. That's not a good cap rate. So that's a second thing. So for establishing what you should pay to the intrinsic, what's intrinsic value today. that's ultimately what I think the question is, and correct me if I'm wrong, but let's say you're looking at a 100 unit property, what is the actual intrinsic value of that property? What's the real capital I should be buying at? Well, that's a question of having the proper volume of data, Okay, number one. So that's what we're working on right now is making sure we keep on building our database. So instead of our market cap rates being based on the off 30 or 40%, of inventory, or transactions. Well, it'll be based off maybe 60, 70, 75%, therefore, that cap rate becomes more precise. Secondly, we actually look at every transaction and say, qualitatively because that's the first thing is a quantitative aspect, in statistics, we have quantitative, qualitative. So the quality of the data, once we have the quantity, we look at the cap rates and say, okay, that property traded for a 4.2 cap rate. Was that a stabilized property? No, it was not. Once we add the cap x, we have the new revenues. And we adjust the sales price for cap x, but we also adjust NOI. Now we can look at the stabilized cap rate. So that's the qualitative aspects of it. And now we're able to say, here are the market cap rates, here's the low end of cap rates, here's the high end of cap rates, here's the mean, or the media. And here's that range of cap rates. Because cap rates are based on the Capri calculation ultimately, even though people think it's NOI divided by sale price, I'm sure that's not what a cap rate is, that's how you find the cap rate of a soul stabilized property. The actual cap rate calculation or formula is a mathematical equation of R minus G, it's algebra, so are being returned minus g, which is growth. And R is defined as RF plus RP. So the risk-free rate plus the risk premium that you as an investor are looking for or that the market is looking for, a perceived risk premium, obviously. So what we want to do then, that would be like a third step, and we're not at that level right now. But I hope within the next couple of years, we will be, and I'm sure you as an engineer, probably understanding how valuable our ability to do that would become for the market. Is that then you're starting to be able to say, well, right now, that property is being listed at a say, let's say the range for cap rates in Austin is really five to six, obviously, six is going to be in the worst neighborhoods. Five is going to be the best neighborhoods because it's a matter of risk. Well, then you're looking at the property, let's say it's at a 5.7 cap rate. But it's kind of on the limit of a bad neighborhood, good neighborhood. And then you're able to intrinsically say, but the intrinsic cap rate of that property, the real intrinsic value of that cap rate is actually 5.3. Now, if you didn't know that, and you just said, well, the average cap rate is 5.7 well, it's not so much of a deal, I'm not gonna buy that property. But now with this new data, what you're able to see is, wait a minute, it looks more expensive than what it should be but in reality it's not, it's actually cheaper because the real intrinsic value is a 5.3 cap rate. And that would really unlock the potential of what we call value investing, what like a Warren Buffett has built his entire career off of the stock market? Well, he was able to build that value investing exists so much, in the stock market, because of the quantity and the quality of the data. The quantity of data is accessible to everyone, the quality of the data is a bit harder to get the qualitative aspects. That's why Warren Buffett was has been such a great investor, because he invested so heavily into being able to pull out the qualitative aspects of the data, well, now we would be able to do the same thing, you would be able to do the same thing as a multifamily investor. You would have access to the quantity of data needed for you, then to increase your knowledge based on the qualitative aspects of it, and then be able to properly price that acquisition. And then once you're able to do that, well, then you can go say to your investors, look, this is why I'm buying this deal. This is why it's a good deal. And if on top of that, you're able to be more precise with your exit cap rate, and the growth rates of your revenues and expenses and your refinancing rates. Well, you're going to be a much more confident investor.   James: You are making it really what you call a --   Nikolai: It's a more efficient market.   James: It's a more efficient way of actually determining your purchase because you can really just say generally, Austin is what five cap, it's not true, [inaudible00:50:46].   Nikolai: It's kind of scary to say, but we're all kind of invested in multifamily kind of half blindfold. The guys like me and you, and there's a whole bunch of other guys out there really intelligent wrestlers. We're all invested, based on intuition experience, a very strong knowledge base. But we're ultimately kind of invested with one eye closed. Now it's even worse for people who don't have our knowledge base and experience because they're all invested in completely blindfolded.   James: Interesting. So, if you can get that kind of data where you can look at the stock market, and what's the potential, especially if it's in the path of growth. And what's the risk that you're buying? There are some deals, even though you buy it at the lowest cap rate for that market, it could be still the best growth because it could be just like another big explosion, in terms of jobs, is going to be happening in that area just because of the path of growth.   Nikolai: That's so important because if you're a pro forma and you're underwriting you predicted a 2% growth rate in revenue. But in those five years, the analyze growth radio was six. Well, you probably didn't buy that property, when you should have. And the other thing is the same if you predicted a 6% growth rate, and it was two, then you bought that property you shouldn't have, But what most people will say is well, the guy who predicted 6%, he should have put in 2%, like he should have been conservative, but that's not necessarily true. That's a half-truth. That's actually a mistake in logical reasoning because the other guy who says, I'm going to plug in a 2% growth rate because that's what historically happens. What happens if you invest in a market where the growth rate is actually 6%? And that the other intelligent investors knew or predicted that it would be 6%, while they're willing to overpay, according to you for a property, and then you're not buying anything, you're not generating any returns, you're not building your wealth, and you're just kind of sitting on the sidelines there, Bah, humbugging saying, well, the markets paying way too much for the properties and these guys are stupid, stupid money, blah, blah, blah, I'm going to wait for the market to crash and blah, blah, blah, I know guys who've been saying this since 2012. And they have not bought anything since 2012. They haven't generated any returns. All under the pretext of being conservative investors. You know what, they're not conservative investors, you know why because they're not investors. They haven't bought anything, because they take themselves out of the market, and they're sitting on the sidelines, and they're just making up for lack of precision in their underwriting through, this kind of pseudo-conservatism.   James: I think it just depends on the sophistication of the investors. If you look at nowadays, multifamily has become so popular, so many people who did not have the financial education background or the way to analyze a deal. There's a lot of parameters that go into any deals. That's what you mentioned, you mentioned so many parameters, nobody will look at that. Everybody said multifamily is good. I bought it and it went 300%. And they say, Oh, I'm a really good operator. Well, actually, you should have made 500% because the market gave you at least 400%. 100%, you just did 300%, why did you do 300%?   Nikolai: That comes down to what we call the search for alpha. We want to outperform the market. And all these people and there's a whole bunch of them now there's gurus and mentors and coaches, and they're giving all these online classes or seminars or whatnot, or they're boasting about being such great real estate investors. And the reality of it is they don't even know what they did. They're like, well, I generated X percent returns, and I've created X amount of millions of dollars in profit over the last five and 10 years. But that's actually quite average. That's what the market does, as long as you are in the market. Of course, that's what you generated. Now, did you generate more than what the market did? That's the real question. And unfortunately, there are not enough people in the market asking that question. And if you're a passive investor, that's the question you should be asking your syndicator or your GP is not this is what you generated, great. That sounds awesome. You generated 22% IRR annually over the last five years. What did the market generate? The market generated 23.   James: I remember the other day I saw someone, he said, I made 60%. In one year, I bought it in the first year and I sold it in twelve months, I made 60%, I said well, you should have made that 100% because the market went up by that much.   Nikolai: And that's why I'm so bullish on education, and why I think it's so important that multifamily investors get educated and push their knowledge base, because, this is not Nintendo, this is not Xbox, we're not just playing, baseball on our PlayStation three, or Playstation four, this is serious business, and even more, so if you're syndicator. Just in the knowledge base, you know needs to continuously be expanded. And that's why data also needs to be there because knowledge without data is also quite useless.   James: Correct. So coming back to being the alpha in the market. I know you can look at different market appreciation versus how much you are making money. So coming to, let's say, for a decision where you have a deal in your hand, and you're deciding whether you want to sell or you want to refile, or you 10:31 exchange. So can you give us a good methodology to do to make that decision?   Nikolai: To make the decision on whether you beat the market or...   James: Whether you want to sell a deal, or whether you want to refinance, whether you want to hold it for long term or you want to do a 10:31 exchange? How would you approach it?   Nikolai: Well, I'd approach it on a very individual basis. Number one, I think everyone has a very different investor profile. What I mean by investor profile is, what type of returns do you want? And when? What are the strengths and weaknesses that you possess as either an owner-operator or syndicator or whatnot? What access to capital do you have? How patient is that capital? What's the cost of the capital? Now, if it's your own money, obviously, it's probably the most patient money with the cheapest cost of capital. If you're raising money from other people, well, then obviously, there's a less patient aspect to it, and the cost of capital is going to be higher. If you're taking money from bridge loans, well, that's even worse. So if you're taking money from hard money lenders, well, then obviously, your cost of capital is going to be very, very high. So these are all things that you have to consider, you also have to consider where you are in your career with regards to what it is that you want to achieve, either as annual cash flow or just overall that value and what type of risk you're willing to accept.   So ultimately, you have to be able to answer those questions initially, to be able to decide on the strategies. Because ultimately, people in multifamily investing, what they do not understand is the difference between philosophy and strategies. Now, everyone should have their own investment philosophy, based on their investor profile. Now, once you have that philosophy, what you want to do is adapt your strategies according to where you are in the market, and where you are in your career. That's something that is very misunderstood. People say, I'm a buy and hold investor. We hear that a lot in multifamily. So ultimately, what you're saying that you do not have an investment philosophy, that you think you do. You think your philosophy is to buy and hold. But buy and hold is not a philosophy, it's a strategy. So what you're saying is, ultimately, you're investing all the time throughout the whole of your career, using just one strategy. That's very dangerous because let's say the exit point of that strategy eventually, say the day that you do have to sell upon retirement because even though you're buying a whole, you might not be a legacy buy and hold investor. What I mean by that is a legacy buy and hold investor is someone who's just going to pass down the properties to their children, upon death, or upon retirement, whereas most buy and hold investors, what they really need is, I'm going to buy and hold until my retirement, then I'll start selling off. Well, what happens if, during your retirement, you're in a trough of the market cycle. What if you're in that part of the market cycle, or you're at the bottom of it, that's a really bad time to sell? Well, that's the mistake of always investing using only one strategy. So what I would say is that you have to establish your philosophy, understand that your investor profile is going to change over time. And the market cycle moves through phases, there are different phases of the market cycle and your strategies, you have to be able to use different strategies at different phases of the cycle, and at different phases of your career as your profile changes, or adapts or morphs. And that's how you then establish well, with this property, should I buy it and hold it or should I sell it? Or should I just refinance it? What should I do? And I'll give you a very concrete answer. Once I've explained all this.   I have a student here because I do teach real estate investing courses. We actually built a college we call it The College of the Emmerich's. Now you don't have to, it's not college level education. But what we're saying is that from everyday multifamily investors, if you really want to learn college level stuff without having to go to college, well, we have a couple of courses that we teach you very high-level stuff, very concrete work. You still need coaching from coaches and mentors and all that stuff. We actually teach courses. So one of my students in these courses, he's a very successful real estate investor in Montreal, Canada, Montreal is the most important multifamily market in Canada. It's a very strong multifamily market, very competitive. Now he's up to about I guess, 150 units, all on his own, no outside money, no passive money. And he started having trouble refinancing out of his properties because what he was doing, it seems a very big value add investor. So he was using two strategies value added buy and hold. But he was erroneously thinking that value-added and buy and hold was his investment philosophy, which is not, those are two strategies that are part of the philosophy. So he came to me and he said, well, look, banks have now started to tighten their DSCR ratings, and their LTV, therefore, I'm buying a property at a billion dollars, and putting in $300,000 into it. And now the market value of that property is $2 million. But I'm not able to refine it $2 million, because of the banking standards, they're only allowing me to refine out of 1.6. So now, if they're letting you refine out at 1.6, on a 75%, LTV, what they're saying is when you have to leave in 25% of 1.6 plus $400,000, that's a lot of equity, that it is unable to pull out because he was doing too much of a good job at value add. And the capital markets, the banks are not able to follow market value, banks, especially in Canada, are much more conservative than in the US, but even in the US, there is a lot of people buying properties. And they're not able to refine the whole value, because their total loan dollars are blocked by either LTV or DSCR. What I call economic value, the economic value is not as high as market transaction value. Therefore, instead of leaving 25% of equity, you're leaving 25 plus, in this case, $400,000.00. Now that's where I said to him perfect, I looked at his portfolio, I said, well, you have to adapt your strategies, you have to change the strategies, you can no longer at this moment, use the buy and hold strategy, you have to use the fix and flip strategy.   Because you're too good at fixing value add. And you're not able to pull out as much equity as you used to be through refinancing. Therefore, now you have to seriously consider selling that property. Because you can go and get $2 million for other markets right now. So that's an extra $400,000. Because he was able only to refinance 1.6 out of it. So now he's able to get the full market value, pull that cash out, and he has access to a lot of opportunities. He has a really strong bird document work. So his cost of opportunity is very high. If he's leaving all that equity, in these properties that are all stabilized, he's making way more money by doing more value-add stuff. So he made the decision and now he holds zero properties. He sold all of his 140 units because that has allowed him to get more and more cash rich, with less and less money and equity and properties and gain access to more and more opportunities. And ultimately, his annual portfolio, the total return on investment is in the 40 to 70% IRR. Whereas while he was doing buy and hold his overall portfolio was only returned to him maybe 20% if you consider the weighted average return on investment. So that's how I would attack that. I know, that's a very long-winded answer.   James: I think that's the right answer. So I mean, the return on equity, which is date right now, I mean, on this deal. There's so much of dead equity not producing cash. And if your cost of capital, which is also equal to an opportunity outside is much higher, you might as well just cash that out by selling it off.   Nikolai: Because the refinancing is living you to a liquid.   James: Recently, I mean the banks have been more stringent on refine. So the last refine they did ask me to leave 5% my cash basis, which they never did in the past, things have changed. I think that's okay. That's how the banks work now.   Nikolai: It's okay. But the problem is that on a $15 million property, you know, that's two and a half million dollars less cash you have for the next acquisition.   James: Correct. I mean, it depends on what is the cost of capital outside plus how much you can pull out and how much your equity stuck on it. So, coming back to market cycles, because I think this is one thing that I want to ask you because I think you have studied with Dr. Glenn Mueller. So right now, if I look at the latest Q1 forecast for apartments in the hyper supply market. I don't know if that's something that you are aware or not, but...   Nikolai: Nationally?   James: Nationally yes it's not a local, but lots of markets are in it for supply. It's very, very few markets are in the expansion cycle. And even though they are in the expansion cycle, they are at the last stage of the expansion cycle. And all the markets that are on expansion cycle, or the market that recovered late like Las Vegas, Phoenix and a lot of Econo markets. So can you give an overview of what do you think the market is? And what would the strategy be for investors now?   Nikolai: Well, I think number one, I would say that I try not to look at national or macro market cycles. I think that's the first thing to consider. Because multifamily real estate is so hyperlocal. So I look much more at those markets, cycles of hyper supply and expansion and contraction, I look at more of like a metro area. So like you're in Austin, Texas, I look at Austin, I wouldn't really consider the multifamily market at large, because it's kind of like looking at cap rates on an unstabilize property, it's kind of a waste of time. Now, I'd say that I haven't looked at recent data of where all the cycle, where all the markets are, the phases of the cycle. But I mean, I think it is safe to say that, most of the markets right now are in the later phases of the game, or later innings, as Howard Marks likes to say, in the stock market and capital markets. But also, as he says, we don't really know, see the thing with market cycles, and whether it be with Dr. Mueller, whether it be with Karen Trice, out of Australia, and also all the other various professors and researchers of market cycles, is

THE CUTTING EDGE
Draft Talk S01E05 - Trade e Mac Jones (con Emanuele Sortino)

THE CUTTING EDGE

Play Episode Listen Later Apr 10, 2021 53:02


La Vuelapluma
07 .- Escultores del diseño -- Maria Sortino

La Vuelapluma

Play Episode Listen Later Oct 26, 2020 60:38


El acento italiano de María te envuelve cuando la estás escuchando. Tiene el poso de esa cultura del proyecto tan presente en el diseño italiano y tan presente en sus escuelas de arquitectura. Lo bueno de hablar con ella es que escuchas problemas parecidos a los que podamos tener los diseñadores de interacción, pero planteados en otro contexto, con otros problemas que resolver, pero con bases compartidas a la hora de resolverlos. María es de las que pulen y esculpen a los estudiantes de diseño hasta ser capaces de que sus obras brillen un poco más, o estén más matizadas (y más mates), según sea la necesidad. Como de costumbre, tenéis anotado el capítulo en nuestro notion: https://bit.ly/35xEUAW

Social club - Radio Bianconera
"Social Club" con Camillo Demichelis e Simone Dinoi Ospite: Franesco Sortino (JOFC Ostia e Enrico (tifoo)

Social club - Radio Bianconera

Play Episode Listen Later Sep 28, 2020 96:10


"Social Club" con Camillo Demichelis e Simone Dinoi Ospite: Franesco Sortino (JOFC Ostia e Enrico (tifoo)

enrico ospite social club ostia sortino camillo demichelis simone dinoi
THE CUTTING EDGE
FFS 193 - Fantasy Broncos: Emanuele Sortino di The Italian Stallions

THE CUTTING EDGE

Play Episode Listen Later Jun 25, 2020 39:34


Questa settimana tocca ai Denver Broncos, analizzati da capo a piedi con il poliedrico Emanuele Sortino di Broncos Italia e The Italian Stallions. Drew Lock è pronto al grande salto? Sutton, Jeudy e Hamler: su chi puntare? Fant entra nella top 10 dei TE? Lindsey vs Melvino e tanto tanto altro. Let's go!

FANTASY FOOTBALL STUDIO
FFS 193 - Fantasy Broncos: Emanuele Sortino di The Italian Stallions

FANTASY FOOTBALL STUDIO

Play Episode Listen Later Jun 25, 2020 39:34


Questa settimana tocca ai Denver Broncos, analizzati da capo a piedi con il poliedrico Emanuele Sortino di Broncos Italia e The Italian Stallions. Drew Lock è pronto al grande salto? Sutton, Jeudy e Hamler: su chi puntare? Fant entra nella top 10 dei TE? Lindsey vs Melvino e tanto tanto altro. Let’s go!

THE CUTTING EDGE
Patriot Reign S03E02 - Emanuele Sortino e The Bootleg podcast

THE CUTTING EDGE

Play Episode Listen Later May 26, 2020 81:54


Prosegue la offseason con movimenti di mercato; Emanuele presenta il suo progetto col podcast "the Bootleg"

PATRIOT REIGN
Patriot Reign S03E02 - Emanuele Sortino e The Bootleg podcast

PATRIOT REIGN

Play Episode Listen Later May 26, 2020 81:54


Prosegue la offseason con movimenti di mercato; Emanuele presenta il suo progetto col podcast "the Bootleg"

HEROparanormal
Jeffery Sortino : Identity of God

HEROparanormal

Play Episode Listen Later May 11, 2020 60:43


Jeffery Sortino : Identity of God. Jeffery speaks of delving deep into ancient manuscripts to find astonishing truths. 

Museum - et program om norsk historie
Del 5 - Angrepet på Norge - Sverre Riisnæs snakker

Museum - et program om norsk historie

Play Episode Listen Later Apr 9, 2020 57:27


Quisling var vår Hellig Olav - NS justisminister Sverre Riisnæs snakker «Gal mann til rett tid» het boken som historiker Nils Johan Ringdal ga ut i 1989. Tittelen spiller på at den beryktede NS justisminister Sverre Riisnæs, en av de øverste navnene på motstandsbevegelsens liste over krigsforbrytere, ikke ble dømt i Landssvikoppgjøret. Riisnæs framsto som utilregnelig og ute av stand til hverken å forstå tiltalen eller forklare seg. Dermed unnslapp Riisnæs dødsstraff og ble isteden dømt til tvungen forvaring på Reitgjerdet sinnsykeasyl, uten at selve landssviksaken mot ham var tatt opp til doms. NRK-intervju klausulert Da saken mot Sverre Riisnæs ble foreldet i 1973 fikk den gamle naziministeren tilbake sitt pass og reiste sporenstreks til et lite kloster i byen Sortino på Syd-Sicilia. Deretter flyttet han til Wien, hvor han bodde fram til han til slutt kom tilbake til et sykehjem i Oslo hvor han døde i 1988, 90 år gammel. Mens han bodde i Wien og senere og senere også da Riisnæs kom tilbake til Oslo, ble han grundig intervjuet av den legendariske NRK-mannen Per Bøhn. I til sammen fire sesjoner, med totalt mer enn 10 timer opptak, fortalte Riisnæs om sitt liv til den pensjonerte sjefen for Dagsnytt og motstandsmannen Per Bøhn. Problemet var at opptakene ble klausulert, av familiære hensyn i Riisnæs-familien. Slik har båndene ligget urørt, bortsett fra ved en anledning i 1995, da muligens ved en glipp, det ble laget et program i P2 med noen utdrag fra intervjuet. Den 10.mars 2020 opphevet NRKs redaktørmøte klausuleringen, etter søknad fra programmet Museum i P2. For første gang er intervjuet med Riisnæs tilgjengelig i sin fulle bredde, og i dette programmet hører vi Sverre Riisnæs fortelle om sin ultranasjonale oppvekst i Vik i Sogn, hvordan han ville melde seg til tjeneste på tysk siden i Første verdenskrig og hvordan han reagerte da tyskerne kom i 1940. Jeg ble like overrasket som dere, og jeg var skuffet over at tyskerne slapp så lett gjennom, sier Riisnæs. Utdragene fra Per Bøhns intervju tar også opp forholdet til Quisling og Terboven, dramatikken på Skallum gård 8.mai 1945, hvordan Riisnæs hadde det da han bodde i «Ørnereiret» i Solør etter krigen og hva han gjorde på Sicilia. Med i programmet er også historiker Hans Fredrik Dahl. Programleder Øyvind Arntsen.

Quant Trading Live Report
NEW cryptocurrency futures trading bot with bid ask analysis.

Quant Trading Live Report

Play Episode Listen Later Feb 20, 2020 49:02


NEW cryptocurrency futures trading bot with bid ask analysis.   This is the first bot I have developed to work in conjunction with the open and transparent futures data from Binance. I show how to portion out weights based expected Sharpe or Sortino ratios. Get FREE trading books here https://quantlabs.net/ Learn algo trading here https://quantlabs.net/dvd/

Lost Origins
S03E04 - Jeffery Sortino // The Identity of God

Lost Origins

Play Episode Listen Later Oct 14, 2019 77:23


Certain moments in one's life can influence or drastically change the trajectory of the years to follow. Experiences have the power to shape and mold who we become, what's important to us, and the questions we ask. In the case of Jeffery Sortino, this becomes resoundingly clear. In this week's episode of Lost Origins, Jeffery joins Andrew and CK for a thought-provoking and heavy conversation regarding his life, the intense events that shaped his path, and the questions he started asking at a young age that would ultimately lead him to write The Identity of God: The Search for and Identification of God Through Ancient Texts. This book analyzes multitudes of ancient texts in an effort to answer one of humanity's most significant questions - who is god? This episode is a crazy ride and one that will leave you ready to ask meaningful questions about the nature of our existence, spirituality, and the possibility of extraterrestrial existence.

Final Surge Podcast
Mark Sortino

Final Surge Podcast

Play Episode Listen Later Oct 4, 2019 34:30


Episode 139: Today we welcome back triathlon coach Mark Sortino to the podcast. Mark joined us on Episode 39 and now he joins us again 100 episodes later. Mark runs Team MPI and we talk to him about his coaching organization, some coaching continuing education sessions that he has coming up and what to expect at Kona 2019. 1:10 Tell is who you are and what you do in 2 minutes. For a more full bio listen to episode 39. 3:07 How many coaches are Team MPI up to? 3:40 With your 15 coaches are they full time or part-time and this is something they do on the side? 5:04 How many coaches are each coach working with and how do you match the athlete to the best coach? 6:58 How individualized is each plan if you have a coach working with 20 athletes. 8:22 What is the Team MPI system look like? 10:25 How do you work on a swim stroke or run gate for someone you are working with online? 13:52 Do you have people video themselves doing strides or such? 15:09 What type of education process do your Team MPI coaches go through? 17:04 A key is communications, how do you communicate with your athletes? 19:56 Do you find yourself using the Final Surge App more and more? 21:48 Talk about the upcoming coaches retreat you have at Ironman Arizona 25:05 Kona is coming up, can anyone beat Daniela Ryf on the women's side? 28:25 Patrick Lange, can someone beat him at Kona? Does any prepare better for one race than he does? 30:50  Jan Frodeno and Sebastian Kienle will likely be his biggest competition. All three are from Germany, what has happened to the American's? 32:23 Which of the men do you think is going to win?   Resources: Upcoming Coaches Retreat at IMAZ Team MPI Training Plans Team MPI Website Team MPI on Instagram Team MPI on Facebook    

Achieve Wealth Through Value Add Real Estate Investing Podcast
Ep#15 Technologizing Multifamily transactions and using artificial intelligence in Underwriting with Nikolai Ray

Achieve Wealth Through Value Add Real Estate Investing Podcast

Play Episode Listen Later Aug 13, 2019 74:37


James: Hi, audience. This is James Kandasamy. You're listening to Achieve Wealth Podcast through Value at Real Estate Investing. Today, we have an awesome guest. His name is Nikolaï Ray. He's who's the founder and CEO of MREX, which is an acronym for Multifamily Real Estate Exchange; is considered by many of his peers in North America as the leading expert in apartment investing with over $1 billion analysis, underwriting and transactions. He's also a pioneer in mid-cap, multifamily financial engineering, which is, you know, he's regarded as the teacher, advisor and also the keynote speaker. He's also a real estate tech innovator to his current work on the multifamily real estate big data, artificial intelligence and property tokenization using blockchain technology. Hey, Nikolaï, welcome to the show.   Nikolaï: Hi, James. Thanks for having me.   James: Okay, so do you want to mention anything that I missed out about your credibility?   Nikolaï: No, that sounded like a mouthful.   James: It's going to be ready technology-centric discussion today, right?   Nikolaï: Yeah, the full story is that it should probably a lot longer, but I mean, that could be for, that could be for a whole other episode of the origin story of how, how'd you get to, you know, how you get to where we get in life, and professionally and personally, but yeah, that's, that's the gist of it, you know, everything that's underwriting and, you know, acquisitions, dispositions, refinancing, obviously, portfolio management, whether it be the small market, small cap market, you know, between 500 units, all the way up to the mid-market, you know, market cycles, and obviously, have a very strong penchant for data and for technology.   So, so that's, that's pretty much what I've done over the last, I guess, over the last seven or eight years, is focused on, you know, for the most part, I focused mostly on acquisitions. So I was in charge of an investment banking firm, we worked, you know, on both sides of the transaction advisory side of things, for investors and we also work with a lot of ultra high net worth investors, that's kind of where I built my speciality. Eventually, ultra high net worth investors and private equity firms and family offices, you know, by doing all that I kept on, kept on getting annoyed with the fact that the multifamily market is so fragmented, and the data is so packed, I just kept on thinking to myself, you know, this, this market this, which is an important market, I mean, the apartment building investment market is a almost a $10 trillion market worldwide.   It's a, quite, house is a primary need of human beings, which is to have somewhere to live. And yet, you know, we're kind of in the dark ages as multifamily investors, because number one, we don't have access to any centralized marketplace. If you compare us to a stock investor who can go on the NASDAQ and trade every type of tech stock or stock market investing world, the New York Stock Exchange, and we don't have access to any data, the data is very raw, it's very, it's kind of, you know, what I call legacy data, as you look at like Costar and, and all these various data providers who provide this very raw and inert data, without any actual, you know, context around the data, and without any helps with regards to making decisions business intelligence wise, as a multifamily real estate investor. So that's kind of how that's how my career has gone so far. That's why I went from transactions and more towards data technologies because I felt like there was so much work to be done to help investors just you know, be better investors for once.   James: Okay, so let me understand MREX because I think it's important since you have a lot of passion we need right now. Right? So --   Nikolaï: Yeah.   James: Multifamily Real Estate Exchange, if I understand it correctly, so what you're saying is right now, the data is so fragmented, and a lot of times when, you know, people like me underwrite deals, we have to do so much work, I did too. I mean, I really learn to write [inaudible 04:05] for four hours because I did all the property management financial, that there are so much of mistakes in the property management financials, you have to do T-3, T-12, you had to do expense ratio, you have to do market comps, and all that. So what you're saying is, you are going to summarize all that, and make it so easy to look at so that it can be treated as a commodity, commodity, is that right?   Nikolaï: Not necessarily. So, so the idea is taking you as an example or any of your listeners, right now, who are multifamily real estate investors actually acquiring properties, let's say you have the capital ready, or your investors have the capital ready to allocate to an acquisition, you know, just actually finding that first property to buy or the next property to buy is a very time intensive and energy intensive job, right. You have to go on, you have to go on all the different MLS, you have to go on the loop that's of this world, the [inaudible 00:05:00] and the [inaudible :00:05:01] and, you know, just --   James: [inaudible00:05:02]   Nikolaï: Right, and then you have all the brokers, and then you have all the broker websites, then you have all the pocket listings and you have not even really touched the majority of the market, you're actually still missing probably, you know, anywhere between 25% and 50%, of actual transactional inventory, depending which metro area you're in. So it's a lot of work, even just looking at the stuff that's on websites. That's a lot of work because you have to go on between five and fifteen websites, each website has a different user interface, this different user experience, and actually shows different information. On one site, maybe on [inaudible 00:05:42] you might have a cap rate, maybe on the MLS, you won't have cap rate, you'll just have gross revenue.   So then you have to figure out your own cap rate off of that. It's a lot of work, you know, and for me, I just never thought it made sense, to not be able to say, hey, I want to buy a multifamily property, whether it be a five unit, whether it be a 50 unit or 500 units, I want to go on to one marketplace, we're all properties are centralized in a unified, and normalized manner. Because that's the second point of it, is you have to be able to normalize expenses, if you want to start comparing apples with apples, and oranges with oranges. So that's the second phase. So what we're doing with MREX is we're building a unified, standardized marketplace for multifamily investors, where they will be able to see every single property that exists, that is for sale, despite on the way it's being sold or listed or marketed. We're going to be working with brokers obviously, the goal is not to get rid of brokers or anything like that, that's not, that's not what our goal is. Our goal is to help brokers, help investors just make the whole transaction process much quicker and more time efficient. And that way, you know, we're making the market more, you know, just a more efficient market.   James: Okay, okay. Got it. Got it. So you are basically streaming lining the whole selling and buying process, I guess, just to make --?   Nikolaï: Absolutely. Absolutely.   James: Okay, got it.   Nikolaï: And the analysis process as you said too, right, because it's one, it's one thing finding the properties and having them all in one marketplace. Okay, let's say, let's say you have the NASDAQ, let's say I wanted Lesson TechStars rather than multifamily properties. I go the NASDAQ and I can see every single company, I could have access to inventory, now that's the first step. Now the second step is, once you have access to inventory, and the information provided on all that inventory is normalized and standardize, well, I still have to be able to start comparing and start, you know, building my own models to say, well, if I'm a cash flow investor, which stocks are generating the most cash flow relative to the other, to the rest of the inventory. So that's where you know, context and alternative data comes into play with our platform, is that we want to be able to, to offer data and tools to you as a multifamily investor, to help you streamline your underwriting of the inventory that you've seen. So that's really the two things we're focused on at the moment.   James: Okay, got it. Got it. So interesting. So that'll be, that'll make a lot of, I mean, for investors or for buyers, they would be able to see what kind of deals that they want to buy,--   Nikolaï: Right.   James: Not just what they want to get the yield out of --   Nikolaï: Exactly and instead of going on fifteen websites, well, they've only one website, instead of having to, you know, start normalizing expense ratios and sifting through, through T-12 and T-3, and doing all that, it already kind of be all chewed up and kind of built up already. So you can actually focus, focus on analyzing, focus on comparing and establish, okay, I want to buy this property using this strategy. And why would I do that versus the other property that I see over there? That's ultimately what's the most important thing.   James: Okay, okay. So could it then be a good idea to match this with a crowdfunding platform, because during the crowdfunding, they can choose what deal they want, right?   Nikolaï: Right. So crowdfunding is an interesting thing. The problem is crowdfunding, obviously, crowdfunding, crowdfunding has tried to kind of attack two things. Number one is liquidity, right? Because, as a multifamily investor, the more properties that you acquire, you increase your net value, right, you're a richer person. But the problem with that, is that you have to leave equity in every single deal, right. The banks won't finance you 100%. So you always have to leave equity. So as you get richer and richer, value wise, you are actually cash poor, because you're leaving so much equity in each property that you acquire. And there's always a part of the equity that has to stay in those properties. But the problem, the second problem is that as you get, as you become a bigger investor, and you acquire more properties, and you're more well known in the market, well, you get access to better deals, but now you have less access to more money, even though you're richer. That's kind of the liquidity conundrum of multifamily investors. So that's why crowdfunding is interesting, because it gives kind of, you know, after the JOBS Act, it helps multifamily investors, particularly syndicators, to go and raise capital from, you know, from investors either through the regulation CF, you know, and obviously, regulation D506C was quite an upgrade also to be able to start to, to market capital raises. But what we're doing is we're actually building a second platform that is shadowing the Emirates platform. And what that platform will be doing is, we're actually going to create a sort of stock market and take the crowdfunding thing a bit further, because crowdfunding, as I said, tries to attack the liquidity conundrum. But the problem is, is that when you invest in a crowdfunding deal, you as an LP, are stuck in that deal for the lifetime of the deal. So if it's a five, it's a three to five year exit, well, your money stuck in that, so you, you as a passive investor, or as an LP, do not have liquidity. That's, that's one problem. And obviously, crowdfunding also helps with accessibility, right. So obviously, regulation D506C is only for accredited investors, which doesn't really help accessibility that much. Regulation CF has helped that because now then, that kind of lowers the barrier to entry for everyday retail investors who don't have that much money, but it's still a fairly limited regulation. At the moment, I know, they're trying to pass a couple of bills to increase the opportunity for regulation CF investors. So what we're doing is we're building a second platform, that's going to be basically a stock market, in its own sense, where, you know, through a broker-dealer partner that we hope to get. And then also through eventually a, an ATS license with the SEC, we would like to be able to take it a step further, and allow a multifamily investor to pretty much offer his property through one the various regulations on that marketplace. That way people could invest as passive investors, as LPs, either through Reg D, Reg CF, or eventually maybe even Reg A plus, but then they would also be able to acquire or access a secondary trading market so that they're not stuck in an illiquid period of three to five years. They would actually eventually be able to re trade part of their shares or all of their shares, kind of like you would at the stock market.   James: Wow. So it looks like you are trying to really disrupt the industry.   Nikolaï: Yeah, definitely. [inaudible 00:12:36]. You know, multifamily real estate looks like the stock market before the arrival of NASDAQ. Right? It's like before the internet, even though we have internet and multifamily real estate, it's as if people are still trading kind of like stock market investors were trading on floors, you know, with papers and screaming and doing all that stuff. It, you know, it doesn't make sense.   James: Yeah, yeah. It's so private nowadays, right? I mean, everybody has priority, we do not know how, even multi families performing under a different private LLC.   Nikolaï: Exactly.   James: There's a lot of good news out there. But there's also bad news, but nobody talks about it. right. So I think,--   Nikolaï: Oh, right. And the data, the data out there, like look at any of the data from, you know, even from the really big organization like NCREIF so the National Council of Real Estate Investment Trusts, NCREIT sorry. Even their data, when they know these indexes based on multifamily markets is based on a very low volume of the actual number of transactions. So when say a, a company, various data company says, well, the cap rate right now of say Atlanta is 5%, for example, well, that's actually based on a very small portion of overall transactions. So it's hard for us as multifamily investors, to really be sure are about the numbers that we're inputting into our underwriting models, because we're basing it off so little data.   James: Got it. Got it. Yeah, it's, it is just so limited, right? Because everything is done on a private basis on syndication, which is not much of the data being published out there, right. So --   Nikolaï: It's like investing in the stock market, but not knowing how the stocks have performed historically.   James: Yeah. Correct. Correct. So but why do you think this would work? And because if you look at the demographics of the, I mean, because I'm looking at syndication, when we whenever we buy for multifamily.   Nikolaï: Right.   James: But for me, it's just a small part of the whole market.   Nikolaï: Right.   James: Even though we are I mean, maybe my group or my network thinks that that's the whole thing how people buy multifamily. I don't know, that's true, because I network with a lot of different type of people, right. So looking at the classes of investors who are buying multifamily, I think I know for me, my thing is maybe we are one of the, I am one the lowest level part of it, right, because we are buying Class B and C using high net worth individuals and all that, but there are a lot of higher network, higher calibre people who are playing at a different level, which we don't have, which I don't have visibility, maybe you have it right so. So are you trying to look at different classes of investors and cut through all of them? Are you looking at only some classes of people?   Nikolaï: So we're trying to help what we call the small cap to mid middle market investors.   James: Okay.   Nikolaï: So anyone who owns between five units and about, you know, I'd say around 2500 to 5000 units.   James: Okay.   Nikolaï: That's kind of where we stopped, you know, that's where we're focusing on because that, you know, the majority of transactions are actually done by, by small cap to mid-market investors.   James: Okay.   Nikolaï: You know, the multifamily market is historically a mom and pop market. Now, it's, you know, it has transition a bit, investors are getting bigger and bigger. But the reality is the majority of the market is not an institutional market, you know, at the root level, or the private equity firm level or family office level, depending obviously, which metro area you're in, right. New York City is obviously more of an institutional market. Canada, Toronto is a very institutional market, but the majority of cities and metro areas are still, you know, very small cap market. And the problem is that, you know, take you for an example as a syndicator, or even take someone who's not a syndicator, right, because a lot of investors, multifamily aren't syndicators, they just buy their own properties, you know, they end up with maybe, you know, anywhere between 50 and 500 units as time goes by. Now, the problem with with those types of investors and syndicators as yourself is that you do not have access to a team of underwriters, you don't have access to, you know, expensive data that say a real estate investment trust has more than a very big private equity firm has, you don't have access to all those analysts. So, you know, we want to try and make sure that the market stays very level and stays is a level playing field. Because, you know, ultimately, I think the multifamily real estate market is very important for a couple of reasons. Number one, you know, everyone talks about the disparity of wealth, right of the 1%, and how the disparity is getting bigger and bigger. And we could do a whole podcast on that and why it's happened and where it's kind of going. But ultimately, I think, you know, the multifamily market is probably, the market, it's probably the asset class that offers the best returns based on risk, with the best risk-adjusted returns. If you look at Sharpe ratios, and Sortino ratios and all these things. Now, it's also been proven, there's a lot of studies about this, a lot of university studies done on this, that, you know, social mobility comes from education, and access to property, right. The reason why people have been so poor for so long, and like the Brazilian favelas, or the Indian shanty towns, is because people don't have education, and they do not have access to property, they are not able to become landowners, or owners of their own homes, even less become investment property owners, right. So I think multifamily stays as a very important asset class, because, on top of filling a basic need of human beings, that means providing somewhere to live, it also is a very important mover, for the everyday investor, the mom and pop, just the normal person need you to be able to access a very good, very safe, wealth building asset class that does not have the same volatility, or the same pitfalls as say, the stock market and other types of asset classes. So I think it's very important that we provide, you know, tools and data and allow for the smaller investor, the investor that has less than 1000, or even less than 5000 units to be able to continue on performing, continue on from this, this asset class.   James: Got it. Got it. So let's go to a bit more details on some of the big data and artificial intelligence, right.   Nikolaï: Yeah.   James: So yeah, I studied artificial intelligence almost 24 years ago, every now it has become really popular, a lot of startups with artificial intelligence, right.   Nikolaï: Absolutely.   James: So the question is, how do you, I mean, first of all, let's define what, can you define artificial intelligence in your terms in terms of real estate? Because I studied engineering standpoint.   Nikolaï: Yeah, well, I'm not an engineer, by trade, so at least I'll give more of a generalist definition to the people listening which I think is probably gonna be very good. The important thing is to understand, kind of the difference between machine learning and artificial intelligence. So you know, machine learning is more of a, it's a less automated process, right. So a lot of what people are calling artificial intelligence is ultimately just machine learning. And what it is, is that let's say, let's say, you know, I'm a data scientist or an economist, and I build a predictive model using, say, Monte Carlo simulations. Well, I set a, I build a set of hypotheses, I plugged them into my Monte Carlo simulation, and then that runs. Now, with machine learning and artificial intelligence, what becomes very fun as you know, statistics are a funny thing, right? And economic modeling is a very funny thing because even though, you know, people in the economics world swear by predictive analytics, the reality is in data science, it's garbage in garbage out, right. So the outputs always depend on the inputs. So let's say you're doing an underwriting model, and you're looking at an apartment building, and and you say, well if I buy this apartment build in this way, my internal rate of return is going to be 25%. Okay. Now, internal rate of return, net present value is a, is an output or their outputs based ultimately on the strength of those outputs are only as good as the strength of the inputs.   James: Correct.   Nikolaï: And the very important inputs that affect an IRR and NPV, which ultimately led to two of the most important metrics to help you decide whether it's a buy a property or not are rent growth, expense inflation, refinancing interest rate; if your IRR and NPV is based on on refinance, because obviously IRR and NPV has to be based on an exit model. And the exit model can either be a refi or it can be a sale; disposition. And then if it's a disposition, while your IRR and NPV is based, ultimately off the reverse, the reversion cap rates, so the exit cap rate upon sale. Now what everyone's doing right now, in the multifamily market, especially small investors, and mid-market investors is they're just entering these inputs. You know, they're just playing it by ear, and they're not even playing it by ear. They're coming up with these random inputs that are based off absolutely nothing. I just had a huge discussion on LinkedIn about this, with a couple of investors where one guy was saying, well, you know, if I buy it at 5% cap rate, my underwriting model, what I do is, to establish the reversion cap rate. So the cap rate upon eventual sale, let's say five years, is I add 20 basis points to the purchase cap rate per year. So if I bought it at five today at a 5% cap rate, well, then five years from now, I predict that I'll sell it as 6% cap rate, okay. And, you know, people kind of hide behind this type of rule of thumb model, say, well, I'm being conservative, therefore, my underwriting models very good. The reality of it is your underwriting model is bullshit. Okay. It's not worth the the Excel spreadsheet that it's been written upon. The reality is, where are you pulling this, this expansion of 10% or 20%,10 or 20 basis points per year? What are you basing that off? Right? That's what anyone should be asking, What are you basing this off? While being conservative. How do you know you're being conservative?   James: Yeah.   Nikolaï: How do you know you're not being optimistic? Right? You could be being you could actually be very optimistic with that. And conservative might be and then an increase of 0.25 a year, right? The reality of it is that everyone underwriting deals, right now, they're not basing their inputs off any data, right. And they're definitely not basing it off any predictive analytics, because it's one thing to have the data, the historical data. But you know, just because you have historical data doesn't mean necessarily, that's going to repeat itself in the future. That's why we have predictive analytics. So let's say that based on historical data, your 5% acquisition cap rates will actually be a 5.5 in five years. Now, the problem with that is that the future, that history is never guaranteed of the future, right. So that's why you then have to plug in various scenarios where you're considering this. And that's where predictive analytics come very difficult because you're pretty much just kind of taking a shot in the dark and basing things off the past, but you're putting in like a margin of error. With machine learning and artificial intelligence, you're able to make your predictive models better ex post based on ex ante results. So let's say you create a model to predict the future cap rates, well, you want to predict the future cap rate of in five years, it's your goals to sell within five years. Well, if you predict that today, the probability that your five-year cap rate from now is going to be precise, is a lot lower than let's say, in four years, you predict the cap that same cap rate, right, because you'll be closer to your exit. So there'll be less room for margin of error. So what machine learning and artificial intelligence will allow you to do is to consistently kind of reset your model as time advances. So maybe your initial model based upon acquisition was off. But as you advance in time, the artificial intelligence and machine learning continues on training that same model, the same algorithm that you had, and adapts the various inputs and algorithms to make it more and more precise as you get, as you get closer. And on top of that, as you get closer, the range of distribution of property probabilities get smaller. So it's a double effect, your predictive models get even tighter and tighter as time goes by. And that's where [inaudible00:26:03] machine learning and artificial intelligence can really help out. Is that instead of just plugging in these ridiculous exit cap rates, and ridiculous growth rates and ridiculous inflation of expenses, and absolutely ridiculous refinancing interest rates, when we get closer and closer to being able to actually put in inputs that are based on something very, very solid and then, therefore, our underwriting models will become more and more precise. And what we want in underwriting when you're buying a property, whether you're a syndicator, and you're responsible for money of your LPs, or whether it's your own money, the goal of underwriting is not to be conservative. That's not what the goal of underwriting is. And anyone who says that they underwrite, and they're concerned, their underwriting is conservative, what they're really telling you is they don't know how to underwrite, okay.   James: Yeah.   Nikolaï: You don't want to be conservative, you want to be right on the dot, that's what you want to do with underwriting, you want to be as precise as possible because the reason that you buy the property today is you buy it for future cash flows. And cash flows can come in various ways, they come in an annualized cash flow so, so free cash flow, they come in the appreciation of the asset, so the value of that asset gains because of various market dynamics and because of the way you're, you're managing that property. And they also come through the capitalization of your mortgage. So there's a part of your mortgage that you're paying down, which is principal, right. So those are the three cash flows that you can receive. Now, when you're underwriting a deal, and you're looking at how much you should pay for, say, this hundred unit building you're looking at, well, if your inputs are off, you might buy that property. But it's a bad acquisition because you were too optimistic in your inputs. But it also happens that you were too conservative in your books, therefore, you didn't buy the property. Because if you input that at the exit capital, that property is 7%, but, in reality, five years from now, the exit cap rate is five and three quarters, well guess what? You missed one hell of an opportunity.   James: Correct.   Nikolaï: And in real estate investing, the most important thing is time value of money, we only have a very limited time during our lifetimes in which we can invest and create wealth. And we only have so many hours during the day. Therefore the cost of opportunity, the time value of money are the things that we should consider the most in our underwrite. And that's really where machine learning and artificial intelligence will help investors become much, much better. Obviously, you also need education, right? You have to understand these, I mean, this is advanced stuff. And I'm trying to kind of explain it in a simple way, where people who don't have master's degrees and PhDs in finance and engineering can understand it. But the reality of the matter is that multifamily investing is very, it's a very complex, it's a very sophisticated asset class, and you need a certain level of education.The problem being right now, despite the very high level of education that some investors have, we just don't have solid, predictive analytics tools and data to be able to make sure that we're actually able to transfer education into decent acquisitions.   James: Yeah. Well, that's very interesting, because exit cap rate is always being misused or mis-conservative right? So --   Nikolaï: Well, even entering cap rates, even acquisition cap rates, I see people saying, well, you know, I'm not gonna buy that property because it's a five cap rate and the markets trading at 5.5. Okay, is that a stabilized property? No, it's a value add property. Well, the cap rate doesn't, the cap rate is meaningless then. A cap rate is a metric of a stabilized asset. If the asset is not stabilized, there is no cap rate, because a cap rate is a perpetual annuity. It's a return metric, based on an unlevel perpetual annuity, which means the same cash flow every year forever.   James: Correct.   Nikolaï: Now, if you want to be able to calculate that your property has to be stabilized. So if you're not buying a property, because it's a five cap rate, and the market sharing at 5.5, but it's a value add deal, well, I'm sorry, I'm sorry to tell you, you should change, you should change fields, you should go play, you should go to Las Vegas and put it on red.   James: Not only that, I mean, not only new investors don't understand the entry cap rate doesn't matter [inaudible 00:30:46] and I don't know, I never see a reason not to do a stabilized deal. Not on commercial, right? So for me, I'm always [inaudible00:30:53] guy, that's why I --   Nikolaï: Well, unless you're a private equity firm or your family office or you're a RET or you're an ultra high net worth individual who now has, you know, net value of anywhere between ten and hundred and fifty million dollars, there's no real reason to do stabilize deals, right. The reason you wanted to stabilize deals is, because you have a very high net worth, or because you're trying to de-risk your portfolio. Right?   James: Correct.   Nikolaï: That's why you would just stabilize deals for small cap or mid cap investor.   James: Yeah, yeah. Most of the time. I mean, commercials always value at play. I mean,   Nikolaï: Of course.   James: I mean, there's a lot of people doing stabilized deal nowadays, just by getting a higher mortgage and getting slightly lower price, play on the mortgage side with the interest to get a cash flow, but --   Nikolaï: And that can work if you're a neurosurgeon, right? If you're a surgeon making a million and a half a year, and you're 35 and you say, well, you know, I want to start buying multifamily property because I like, I like real estate and I like the tangible part of the asset class. But I don't need any money right now, because I'm making a million, I'm making a million and a half a year. I don't need any cash flow. And I'm very long term and I just want to build myself a nice retirement, you know, because you know, that's what I want as objective. Well, then yes, buy stabilize property or be an LP and syndication, or purchase that stock in the [inaudible00:32:23], that's fine. But if your goal is to increase your wealth exponentially, in a short period of time, and what I mean by a short period of time is fifteen to, five to fifteen years. Well, then, yeah, you're gonna have to do some kind of value add, you can't just do financial arbitrage all the time.   James: Yeah. Yeah, there's a lot of deals out there in different asset class, which can give you that cash flow, right. I mean, you can buy a stabilized mobile home park, you know, it'll give you higher cash in cash than any multifamily deals.   Nikolaï: Right.   James: So even self-storage, or even multifamily, which has been stabilized, you get, you'll get good cash flow. But how long will that cash be guaranteed? Because you have a very tight DSER at that point of time. And let's say the market turn, you may not be, your DSER might be compromised right now, because you don't have any buffer. Right?   Nikolaï: Especially if you did not properly manage the terms of your mortgages. Right. So that's very dangerous. Like if you feel that you're, if you feel that the markets going to shift, say interest rate wise, the easiest way to kind of pull yourself out of that situation you just talk about is, you know, just take longer-term mortgages, you know, make sure that the mortgage does not end in five years, make sure it's a 10 year term, or even maybe a 30 year term. Right? That's, that's the easiest way to manage that risk.   James: Yeah, just do a hard loan.   Nikolaï: Right.   James: Which gives you like, 45 years. I mean, there's the other trick that a lot of people play is, you know, showing you need cash in cash based during IO period. And nowadays, people are getting five years, seven years, IO period and sometimes people think, oh, I will not hold, you know, that deal for long term. I mean, you are hoping on not holding, holding, right. But you do not know what's going to be happening to the economy, right?   Nikolaï: It's a dangerous game to play. And I'm not saying don't play it, but make sure you have the, make sure you have the education and the know-how to be able to manage that risk. It's all risk management. Ultimately, that's what it is.   James: Yeah, yeah.   Nikolaï: The problem, the problem is a lot of people are doing this, and they don't know what the hell they're doing.   James: Yeah, I mean, I think so there's so much of capital out there right now, looking for money to be placed in some way.   Nikolaï: Oh definitely.   James: And people don't think that are they going to putting 1% in the CD, I might as well put here and get like six, seven per cent, right? Cash Flow, right? And,--   Nikolaï: And that's, that's the retail market. Like that's, that's small investors like me and you the reality of is the real cap, the real capital flow right now is at the institutional level, there is so much higher level money and smart money searching for returns right now. I mean, we can't even fathom small investors, how much money, I mean, family offices, typically, if you take the family office market, typically always allocated maybe like, I don't know, depending on the family office in the region, but usually anywhere between, you know, maybe eight to twelve per cent of their overall asset allocation, capital allocation to what they call alternative assets, right. And real estate as part of alternative assets. Now, over the last 10, I'd say over the last 10 years, the last decade, family offices have become more and more in tune to the real estate markets. High net worth families also, especially towards like multifamily real estate, and more and more real estate is no longer considered just as, as something under the alternative asset umbrella. But now it's kind of becoming its own umbrella. And what that's doing is that instead of family offices, and we're talking about family offices that have trillions of dollars, right. These are not these are not small things, these are big moving bodies with a lot of capital, we're talking about multi-billions of dollars, not trillions, multi-billion dollar family offices, that are now instead of allocating, you know, 8% to real estate, well, now they're allocating 20% to real estate. So and that's, that's a scale like, there's a lot of them out there. And we haven't even talked about the private equity firms. We haven't even talked about the pension funds, the International pension funds, you know, people talking about globalization and international money, thinking that it's just, you know, rich Russians is going to Sunny Isles, Florida, buy $10 million condominiums. That's not what it is. The global movement of money to American and Canadian Real Estate are things like the Amsterdam teachers pension fund, or government workers pension fund, you know, allocating, allocating, you know, 100 billion dollars to the American real estate market. Now that's, that has a big, that puts a big dent on the supply and demand of real estate. And that's what ultimately drives property value is much more than interest rates. Interest rates only, only influence property values, like people were talking about, especially the last couple of years, all we know, if interest rates go up, cap rates will follow up, they'll go up. That's not true. Capital flow drives cap rates and values and properties and multifamily; interest rates only influence cap rates and values.   James: Very interesting perspective, that's you are right. There's so many, too much money, even out of United States is looking for money to place, right. Like the other dad had a call from the UK. It's a family office who want to invest in the UK and they're looking for like operators like me, and I was asking them, what's the return expectation? They say this 22% IRR credits and I said, well, I [inaudible 00:37:58] you guys, I can get better money in the United States right, so --   Nikolaï: Exactly. And all the, all the money from the quantitative easing the follow the 2008 crash, I mean, all that quantitative easing money, a lot of it still, after even 10 years, has not even found a place for it yet. Right? So there, there's a lot of money chasing deals, there's a lot of money chasing deals.   James: Correct. Correct. Right. That's true. That's true. So coming back to the exit cap rate. So I know that's one of the hardest parameters to measure. Right? So.   Nikolaï: Absolutely.   James: But can you clarify again, how did you, how would you use artificial intelligence to find that a more accurate exit cap rate? You know, T minus five, my T minus 5, five years earlier, before you hit that five years mark of selling, assuming five years of selling.   Nikolaï: So it's the computing power, right. So it's a computer, what we do is, we'll build, so we'll do we'll say, I'm sorry for anyone who hasn't studied, you know, high level university finance, but or statistics, you know, we'll build a, say, a regression model. So we'll look at past data. We'll plug all that in, in order to build a predictive model, a future model being able to come out with future cap rates, and, you know, the more data that we're able to plug into our regression model. So historically, what real estate institutions and economists have use is what they call the linear regression model, use the Monte Carlo simulations. Now, the problem with the linear regression model is that you know, past transactions or data are, are, are also affected a lot by various things like, you know, political environment, and capital markets. And there's a whole bunch of factors. So there's a new model that's being used more and more, especially with a lot of postdoctoral students in statistics, it's called a Quantile regression model. So that's where we're able to create that same kind of, I'm saying this in layman's terms as much as possible, we're able to take past historical data, build that kind of linear model, kind of, like build that line chart for people to understand, and we kind of repeat that line chart in the future. But we're also able to start to weigh that those data points with various things like a new government, with quantitative easing, with the war, with various factors that may be affected that models to make it less linear. And then we're able to start to better predict future stats and future cap rates. So that's the first step of it. The second step is, let's say, right now, we built our Quantile regression model. And now we compute it and what it says to us is well, T minus five cap rates, or five-year cap rate is going to be between, let's say, we have a couple of tracks, it's hard to explain to people who have not done statistics. But we have a couple of tracks. And ultimately, what it says is that the highest probabilities are that cap rate is going to be between 5.75 and 6.10% in five years for that specific market. Now, like I said, as we get closer to the five year period from now, the less the margin of error is, because we're closer and multifamily market moves very slowly. So predicting, the easiest way to understand is predicting 25 years out from now, it's very hard? Your 25 year prediction is going to be way more, there's more room for it to be completely off than your two-year prediction. So we build a model for the five-year prediction, and then starting tomorrow, every day, our artificial intelligence recalculates that model. So as it recalculates, the model gets more and more precise, because let's say we took statistics from today to 20 years ago, let's say we took the cap rate of that market, starting from today, and 20 years back. Well, obviously, the next 20 years are not going to be exactly the last 20 years. But that's ultimately what statistics do, we try and kind of say, well, let's take the last 20 years, there's a margin of error, that's what's going to be the next 20 years.   So what's cool with the artificial intelligence is without actually having to do anything, every day, the artificial intelligence kind of brings the model a day closer and adapts the model with more and more weight on what's going on right now, rather than what happened 20 years ago. And the artificial intelligence is also able to measure what today it predicted for yesterday, versus what actually happened. And what's the spreading difference and what caused that spread? And therefore, once it's able to determine what caused that spread, it'll add that into the equation for the future cap rate model so it becomes much more precise.   James: Yes, but don't try to run it in iteration on a daily or monthly basis to watch the whole investment process. But how do you make it on day zero? Well, today we're buying today how does it iterate then when on a day zero?   Nikolai: Well, what it is I don't understand the question.   James: So my question is, you said the data is being fed into the system to get more accurate exit cap rate. But you're making a decision to buy today? Is the iteration happening from today to all the investment cycle? Or do you do it earlier before you decide to buy a deal?   Nikolai: Okay, I understand what you mean. So like, for determining your actual purchase cap rate,   James: Yes, correct whatever price that I'm going to pay today because that's what I'm getting into the deal. That's the point of me making a decision, whether this is a good deal, and I'm going to be raising money and telling everybody it's a good deal.   Nikolai: The purchase cap rate is a whole other set of statistics and data models. That's more I'd say, determining today's cap rate is much more endeavor of collecting more historical data. Because like I said, let's say JLL Jones Lang LaSalle which is one of the biggest brokerages, they come out with reports and say, Okay, well, the cap rate, let's say in Austin is, 5.2%. Let's say the mean cap rate is 5.2%. Well, that's based on maybe what like 30 or 40%, of actual transactions that happen because they don't have data on like the off-market transactions, or the pocket listings or this and that, right. And on top of that, they haven't normalized the cap rates on whether, let's say, a building traded at a 4.6 cap rate. Well, as we said, if that property wasn't stabilized, well, then that cap rate is off. That's not a good cap rate. So that's a second thing. So for establishing what you should pay to the intrinsic, what's intrinsic value today. that's ultimately what I think the question is, and correct me if I'm wrong, but let's say you're looking at a 100 unit property, what is the actual intrinsic value of that property? What's the real capital I should be buying at? Well, that's a question of having the proper volume of data, Okay, number one. So that's what we're working on right now is making sure we keep on building our database. So instead of our market cap rates being based on the off 30 or 40%, of inventory, or transactions. Well, it'll be based off maybe 60, 70, 75%, therefore, that cap rate becomes more precise. Secondly, we actually look at every transaction and say, qualitatively because that's the first thing is a quantitative aspect, in statistics, we have quantitative, qualitative. So the quality of the data, once we have the quantity, we look at the cap rates and say, okay, that property traded for a 4.2 cap rate. Was that a stabilized property? No, it was not. Once we add the cap x, we have the new revenues. And we adjust the sales price for cap x, but we also adjust NOI. Now we can look at the stabilized cap rate. So that's the qualitative aspects of it. And now we're able to say, here are the market cap rates, here's the low end of cap rates, here's the high end of cap rates, here's the mean, or the media. And here's that range of cap rates. Because cap rates are based on the Capri calculation ultimately, even though people think it's NOI divided by sale price, I'm sure that's not what a cap rate is, that's how you find the cap rate of a soul stabilized property. The actual cap rate calculation or formula is a mathematical equation of R minus G, it's algebra, so are being returned minus g, which is growth. And R is defined as RF plus RP. So the risk-free rate plus the risk premium that you as an investor are looking for or that the market is looking for, a perceived risk premium, obviously. So what we want to do then, that would be like a third step, and we're not at that level right now. But I hope within the next couple of years, we will be, and I'm sure you as an engineer, probably understanding how valuable our ability to do that would become for the market. Is that then you're starting to be able to say, well, right now, that property is being listed at a say, let's say the range for cap rates in Austin is really five to six, obviously, six is going to be in the worst neighborhoods. Five is going to be the best neighborhoods because it's a matter of risk. Well, then you're looking at the property, let's say it's at a 5.7 cap rate. But it's kind of on the limit of a bad neighborhood, good neighborhood. And then you're able to intrinsically say, but the intrinsic cap rate of that property, the real intrinsic value of that cap rate is actually 5.3. Now, if you didn't know that, and you just said, well, the average cap rate is 5.7 well, it's not so much of a deal, I'm not gonna buy that property. But now with this new data, what you're able to see is, wait a minute, it looks more expensive than what it should be but in reality it's not, it's actually cheaper because the real intrinsic value is a 5.3 cap rate. And that would really unlock the potential of what we call value investing, what like a Warren Buffett has built his entire career off of the stock market? Well, he was able to build that value investing exists so much, in the stock market, because of the quantity and the quality of the data. The quantity of data is accessible to everyone, the quality of the data is a bit harder to get the qualitative aspects. That's why Warren Buffett was has been such a great investor, because he invested so heavily into being able to pull out the qualitative aspects of the data, well, now we would be able to do the same thing, you would be able to do the same thing as a multifamily investor. You would have access to the quantity of data needed for you, then to increase your knowledge based on the qualitative aspects of it, and then be able to properly price that acquisition. And then once you're able to do that, well, then you can go say to your investors, look, this is why I'm buying this deal. This is why it's a good deal. And if on top of that, you're able to be more precise with your exit cap rate, and the growth rates of your revenues and expenses and your refinancing rates. Well, you're going to be a much more confident investor.   James: You are making it really what you call a --   Nikolai: It's a more efficient market.   James: It's a more efficient way of actually determining your purchase because you can really just say generally, Austin is what five cap, it's not true, [inaudible00:50:46].   Nikolai: It's kind of scary to say, but we're all kind of invested in multifamily kind of half blindfold. The guys like me and you, and there's a whole bunch of other guys out there really intelligent wrestlers. We're all invested, based on intuition experience, a very strong knowledge base. But we're ultimately kind of invested with one eye closed. Now it's even worse for people who don't have our knowledge base and experience because they're all invested in completely blindfolded.   James: Interesting. So, if you can get that kind of data where you can look at the stock market, and what's the potential, especially if it's in the path of growth. And what's the risk that you're buying? There are some deals, even though you buy it at the lowest cap rate for that market, it could be still the best growth because it could be just like another big explosion, in terms of jobs, is going to be happening in that area just because of the path of growth.   Nikolai: That's so important because if you're a pro forma and you're underwriting you predicted a 2% growth rate in revenue. But in those five years, the analyze growth radio was six. Well, you probably didn't buy that property, when you should have. And the other thing is the same if you predicted a 6% growth rate, and it was two, then you bought that property you shouldn't have, But what most people will say is well, the guy who predicted 6%, he should have put in 2%, like he should have been conservative, but that's not necessarily true. That's a half-truth. That's actually a mistake in logical reasoning because the other guy who says, I'm going to plug in a 2% growth rate because that's what historically happens. What happens if you invest in a market where the growth rate is actually 6%? And that the other intelligent investors knew or predicted that it would be 6%, while they're willing to overpay, according to you for a property, and then you're not buying anything, you're not generating any returns, you're not building your wealth, and you're just kind of sitting on the sidelines there, Bah, humbugging saying, well, the markets paying way too much for the properties and these guys are stupid, stupid money, blah, blah, blah, I'm going to wait for the market to crash and blah, blah, blah, I know guys who've been saying this since 2012. And they have not bought anything since 2012. They haven't generated any returns. All under the pretext of being conservative investors. You know what, they're not conservative investors, you know why because they're not investors. They haven't bought anything, because they take themselves out of the market, and they're sitting on the sidelines, and they're just making up for lack of precision in their underwriting through, this kind of pseudo-conservatism.   James: I think it just depends on the sophistication of the investors. If you look at nowadays, multifamily has become so popular, so many people who did not have the financial education background or the way to analyze a deal. There's a lot of parameters that go into any deals. That's what you mentioned, you mentioned so many parameters, nobody will look at that. Everybody said multifamily is good. I bought it and it went 300%. And they say, Oh, I'm a really good operator. Well, actually, you should have made 500% because the market gave you at least 400%. 100%, you just did 300%, why did you do 300%?   Nikolai: That comes down to what we call the search for alpha. We want to outperform the market. And all these people and there's a whole bunch of them now there's gurus and mentors and coaches, and they're giving all these online classes or seminars or whatnot, or they're boasting about being such great real estate investors. And the reality of it is they don't even know what they did. They're like, well, I generated X percent returns, and I've created X amount of millions of dollars in profit over the last five and 10 years. But that's actually quite average. That's what the market does, as long as you are in the market. Of course, that's what you generated. Now, did you generate more than what the market did? That's the real question. And unfortunately, there are not enough people in the market asking that question. And if you're a passive investor, that's the question you should be asking your syndicator or your GP is not this is what you generated, great. That sounds awesome. You generated 22% IRR annually over the last five years. What did the market generate? The market generated 23.   James: I remember the other day I saw someone, he said, I made 60%. In one year, I bought it in the first year and I sold it in twelve months, I made 60%, I said well, you should have made that 100% because the market went up by that much.   Nikolai: And that's why I'm so bullish on education, and why I think it's so important that multifamily investors get educated and push their knowledge base, because, this is not Nintendo, this is not Xbox, we're not just playing, baseball on our PlayStation three, or Playstation four, this is serious business, and even more, so if you're syndicator. Just in the knowledge base, you know needs to continuously be expanded. And that's why data also needs to be there because knowledge without data is also quite useless.   James: Correct. So coming back to being the alpha in the market. I know you can look at different market appreciation versus how much you are making money. So coming to, let's say, for a decision where you have a deal in your hand, and you're deciding whether you want to sell or you want to refile, or you 10:31 exchange. So can you give us a good methodology to do to make that decision?   Nikolai: To make the decision on whether you beat the market or...   James: Whether you want to sell a deal, or whether you want to refinance, whether you want to hold it for long term or you want to do a 10:31 exchange? How would you approach it?   Nikolai: Well, I'd approach it on a very individual basis. Number one, I think everyone has a very different investor profile. What I mean by investor profile is, what type of returns do you want? And when? What are the strengths and weaknesses that you possess as either an owner-operator or syndicator or whatnot? What access to capital do you have? How patient is that capital? What's the cost of the capital? Now, if it's your own money, obviously, it's probably the most patient money with the cheapest cost of capital. If you're raising money from other people, well, then obviously, there's a less patient aspect to it, and the cost of capital is going to be higher. If you're taking money from bridge loans, well, that's even worse. So if you're taking money from hard money lenders, well, then obviously, your cost of capital is going to be very, very high. So these are all things that you have to consider, you also have to consider where you are in your career with regards to what it is that you want to achieve, either as annual cash flow or just overall that value and what type of risk you're willing to accept.   So ultimately, you have to be able to answer those questions initially, to be able to decide on the strategies. Because ultimately, people in multifamily investing, what they do not understand is the difference between philosophy and strategies. Now, everyone should have their own investment philosophy, based on their investor profile. Now, once you have that philosophy, what you want to do is adapt your strategies according to where you are in the market, and where you are in your career. That's something that is very misunderstood. People say, I'm a buy and hold investor. We hear that a lot in multifamily. So ultimately, what you're saying that you do not have an investment philosophy, that you think you do. You think your philosophy is to buy and hold. But buy and hold is not a philosophy, it's a strategy. So what you're saying is, ultimately, you're investing all the time throughout the whole of your career, using just one strategy. That's very dangerous because let's say the exit point of that strategy eventually, say the day that you do have to sell upon retirement because even though you're buying a whole, you might not be a legacy buy and hold investor. What I mean by that is a legacy buy and hold investor is someone who's just going to pass down the properties to their children, upon death, or upon retirement, whereas most buy and hold investors, what they really need is, I'm going to buy and hold until my retirement, then I'll start selling off. Well, what happens if, during your retirement, you're in a trough of the market cycle. What if you're in that part of the market cycle, or you're at the bottom of it, that's a really bad time to sell? Well, that's the mistake of always investing using only one strategy. So what I would say is that you have to establish your philosophy, understand that your investor profile is going to change over time. And the market cycle moves through phases, there are different phases of the market cycle and your strategies, you have to be able to use different strategies at different phases of the cycle, and at different phases of your career as your profile changes, or adapts or morphs. And that's how you then establish well, with this property, should I buy it and hold it or should I sell it? Or should I just refinance it? What should I do? And I'll give you a very concrete answer. Once I've explained all this.   I have a student here because I do teach real estate investing courses. We actually built a college we call it The College of the Emmerich's. Now you don't have to, it's not college level education. But what we're saying is that from everyday multifamily investors, if you really want to learn college level stuff without having to go to college, well, we have a couple of courses that we teach you very high-level stuff, very concrete work. You still need coaching from coaches and mentors and all that stuff. We actually teach courses. So one of my students in these courses, he's a very successful real estate investor in Montreal, Canada, Montreal is the most important multifamily market in Canada. It's a very strong multifamily market, very competitive. Now he's up to about I guess, 150 units, all on his own, no outside money, no passive money. And he started having trouble refinancing out of his properties because what he was doing, it seems a very big value add investor. So he was using two strategies value added buy and hold. But he was erroneously thinking that value-added and buy and hold was his investment philosophy, which is not, those are two strategies that are part of the philosophy. So he came to me and he said, well, look, banks have now started to tighten their DSCR ratings, and their LTV, therefore, I'm buying a property at a billion dollars, and putting in $300,000 into it. And now the market value of that property is $2 million. But I'm not able to refine it $2 million, because of the banking standards, they're only allowing me to refine out of 1.6. So now, if they're letting you refine out at 1.6, on a 75%, LTV, what they're saying is when you have to leave in 25% of 1.6 plus $400,000, that's a lot of equity, that it is unable to pull out because he was doing too much of a good job at value add. And the capital markets, the banks are not able to follow market value, banks, especially in Canada, are much more conservative than in the US, but even in the US, there is a lot of people buying properties. And they're not able to refine the whole value, because their total loan dollars are blocked by either LTV or DSCR. What I call economic value, the economic value is not as high as market transaction value. Therefore, instead of leaving 25% of equity, you're leaving 25 plus, in this case, $400,000.00. Now that's where I said to him perfect, I looked at his portfolio, I said, well, you have to adapt your strategies, you have to change the strategies, you can no longer at this moment, use the buy and hold strategy, you have to use the fix and flip strategy.   Because you're too good at fixing value add. And you're not able to pull out as much equity as you used to be through refinancing. Therefore, now you have to seriously consider selling that property. Because you can go and get $2 million for other markets right now. So that's an extra $400,000. Because he was able only to refinance 1.6 out of it. So now he's able to get the full market value, pull that cash out, and he has access to a lot of opportunities. He has a really strong bird document work. So his cost of opportunity is very high. If he's leaving all that equity, in these properties that are all stabilized, he's making way more money by doing more value-add stuff. So he made the decision and now he holds zero properties. He sold all of his 140 units because that has allowed him to get more and more cash rich, with less and less money and equity and properties and gain access to more and more opportunities. And ultimately, his annual portfolio, the total return on investment is in the 40 to 70% IRR. Whereas while he was doing buy and hold his overall portfolio was only returned to him maybe 20% if you consider the weighted average return on investment. So that's how I would attack that. I know, that's a very long-winded answer.   James: I think that's the right answer. So I mean, the return on equity, which is date right now, I mean, on this deal. There's so much of dead equity not producing cash. And if your cost of capital, which is also equal to an opportunity outside is much higher, you might as well just cash that out by selling it off.   Nikolai: Because the refinancing is living you to a liquid.   James: Recently, I mean the banks have been more stringent on refine. So the last refine they did ask me to leave 5% my cash basis, which they never did in the past, things have changed. I think that's okay. That's how the banks work now.   Nikolai: It's okay. But the problem is that on a $15 million property, you know, that's two and a half million dollars less cash you have for the next acquisition.   James: Correct. I mean, it depends on what is the cost of capital outside plus how much you can pull out and how much your equity stuck on it. So, coming back to market cycles, because I think this is one thing that I want to ask you because I think you have studied with Dr. Glenn Mueller. So right now, if I look at the latest Q1 forecast for apartments in the hyper supply market. I don't know if that's something that you are aware or not, but...   Nikolai: Nationally?   James: Nationally yes it's not a local, but lots of markets are in it for supply. It's very, very few markets are in the expansion cycle. And even though they are in the expansion cycle, they are at the last stage of the expansion cycle. And all the markets that are on expansion cycle, or the market that recovered late like Las Vegas, Phoenix and a lot of Econo markets. So can you give an overview of what do you think the market is? And what would the strategy be for investors now?   Nikolai: Well, I think number one, I would say that I try not to look at national or macro market cycles. I think that's the first thing to consider. Because multifamily real estate is so hyperlocal. So I look much more at those markets, cycles of hyper supply and expansion and contraction, I look at more of like a metro area. So like you're in Austin, Texas, I look at Austin, I wouldn't really consider the multifamily market at large, because it's kind of like looking at cap rates on an unstabilize property, it's kind of a waste of time. Now, I'd say that I haven't looked at recent data of where all the cycle, where all the markets are, the phases of the cycle. But I mean, I think it is safe to say that, most of the markets right now are in the later phases of the game, or later innings, as Howard Marks likes to say, in the stock market and capital markets. But also, as he says, we don't really know, see the thing with market cycles, and whether it be with Dr. Mueller, whether it be with Karen Trice, out of Australia, and also all the other various professors and researchers of market cycles, is

Stay Creating
002 - Illustrator - Antonio Sortino

Stay Creating

Play Episode Listen Later Jul 8, 2019 29:36


Milan-based Illustrator Antonio Sortino takes us through his struggle early on of not having a creative network, and how he's managed to carve out his own corner in the illustration space.

C'e' di buono
C'è Di Buono, 3.10 - Pizza! Food Festival, Giuseppe Li Rosi, Fagiolo Cosaruciaru di Scicli

C'e' di buono

Play Episode Listen Later Oct 3, 2018 49:10


Una puntata tutta siciliana: si parte raccontando la prima edizione del Pizza! Food Festival, che si è svolto a Sortino lo scorso fine settimana. Ce ne parla l'ideatore, Daniele Miccione della Gazzetta dello Sport/GazzaGolosa. Tra gli ospiti del Festival, c'era uno dei maggiori esperti in Italia di grani autoctoni: Giuseppe Li Rosi, presidente dell'associazione Simenza. Ci ha spiegato la filosofia del suo lavoro e l'importanza di valorizzare i grani autoctoni e i grani evolutivi. Il Presidio Slow Food della settimana ci fa restare in Sicilia, andando a Scicli per scoprire il Fagiolo Cosaruciaru, che ci viene raccontato dal produttore Giovanni Parisi.

C'e' di buono
C'è Di Buono, 3.10 - Pizza! Food Festival, Giuseppe Li Rosi, Fagiolo Cosaruciaru di Scicli

C'e' di buono

Play Episode Listen Later Oct 2, 2018 49:10


Una puntata tutta siciliana: si parte raccontando la prima edizione del Pizza! Food Festival, che si è svolto a Sortino lo scorso fine settimana. Ce ne parla l'ideatore, Daniele Miccione della Gazzetta dello Sport/GazzaGolosa. Tra gli ospiti del Festival, c'era uno dei maggiori esperti in Italia di grani autoctoni: Giuseppe Li Rosi, presidente dell'associazione Simenza. Ci ha spiegato la filosofia del suo lavoro e l'importanza di valorizzare i grani autoctoni e i grani evolutivi. Il Presidio Slow Food della settimana ci fa restare in Sicilia, andando a Scicli per scoprire il Fagiolo Cosaruciaru, che ci viene raccontato dal produttore Giovanni Parisi.

C'e' di buono
C'è Di Buono, 3.10 - Pizza! Food Festival, Giuseppe Li Rosi, Fagiolo Cosaruciaru di Scicli

C'e' di buono

Play Episode Listen Later Oct 2, 2018 49:10


Una puntata tutta siciliana: si parte raccontando la prima edizione del Pizza! Food Festival, che si è svolto a Sortino lo scorso fine settimana. Ce ne parla l'ideatore, Daniele Miccione della Gazzetta dello Sport/GazzaGolosa. Tra gli ospiti del Festival, c'era uno dei maggiori esperti in Italia di grani autoctoni: Giuseppe Li Rosi, presidente dell'associazione Simenza. Ci ha spiegato la filosofia del suo lavoro e l'importanza di valorizzare i grani autoctoni e i grani evolutivi. Il Presidio Slow Food della settimana ci fa restare in Sicilia, andando a Scicli per scoprire il Fagiolo Cosaruciaru, che ci viene raccontato dal produttore Giovanni Parisi.

Desire To Trade Podcast | Forex Trading Tips & Interviews with Highly Successful Traders
140: How To Get Capital To Trade (the easy way) - Jack Schwager

Desire To Trade Podcast | Forex Trading Tips & Interviews with Highly Successful Traders

Play Episode Listen Later Apr 23, 2018 57:25


How To Get Capital To Trade (the easy way) In episode 140 of the Desire To Trade Podcast, I interview Jack Schwager, fund manager and well-known author of Market Wizards. He has been most recently working on a platform (FundSeeder) that links traders and investors so they can get capital and that an investor can get a talented trader to manage their money. In this podcast, Jack shares a lot of good insights in this interview and shows you exactly what you need to do if you’re aspiring to trade. He’s going to show you pretty much 75% or more of everything involved and that you almost automatically end up trading for people if you do things right. We explore the topic of how to get capital for trading and the quite simple steps that you need to take to start trading. Topics Covered In This Episode What he’s doing now and in the past, and how that transitioned to what he’s doing now [1:43] How he wrote his book ‘Market Wizards’ and the things he went through [3:04] The different steps people go through to become successful [5:16]  The role of trading and how he sees it in his life [6:36]   If it is normal for traders to have some negative years of return [10:16]   How people can get back from ‘losing’ years [11:16]   How some traders completely change strategies like Martin Schwartz [14:41]   The acceptable maximum drawdown [17:24]   What FundSeeder is about and how he came to start funding it [19:20]   The proper risk-to-reward ratio measures to use [26:29]   The Sortino ratio [31:35]   What you need to be able to trade for investors and other people [31:59]   How relations are a big deal [35:47]   What type of track record you need to be able to get capital [36:18]   How the process works once you will be able to trade for other people and linking your account to FundSeeder [37:54]   Signing up for FundSeeder if you have a small account of less than $10,000 [43:51]   If you’re able to have multiple accounts to your name [47:05]   Day trade or swing trade and how it doesn’t make any difference [47:59]   Trading accounts from a Forex trader and stock trader [49:30]   The Accelerator Program on FundSeeder [50:39] When you’ll know when a chart is broken [54:25] Resources Mentioned Book: Market Wizards   FundSeeder FundSeeder Accelerator Program DesireToTRADE Top Resources Desire To TRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) DesireToTRADE Academy (exclusive training program) How To Find Jack Schwager? FundSeeder email: jschwager@fundseeder.com What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!

Final Surge Podcast
Best Of Mark Sortino

Final Surge Podcast

Play Episode Listen Later Mar 6, 2018 51:49


This is a replay best of episode of the podcast where we go back to  Episode 39 of the Final Surge Podcast and our talk with Team MPI head coach and co-founder Mark Sortino. Mark is a USA Triathlon Level III Coach, a certified USAT Race Director, and is the head coach of Team USA Paratriathlon. In addition to coaching, Mark is a 16-time Ironman finisher. Welcome to Episode 39 of the Final Surge Podcast where we talk to head coach and co-founder of TeamMPI, Mark Sortino. Mark is a Level III Triathlon coach and has been featured in publications such as USA Triathlon Magazine and Triathlete Magazine, and was a featured coach in Endurance Films TriMinds series. Team MPI has triathlon training plans available on Final Surge from the sprint distance through the Ironman.   How did you get your start in endurance athletics? How did you make the transition into triathlons? What lead to you starting Team MPI? Can you tell us about your group? How many coaches do you currently have on staff at Team MPI? You mentioned that you are using Final Surge in your training. How are you using it? We want to start out with some basic training and triathlon questions for those who are looking to do their first multisport event. For someone who is looking to get started with triathlons, maybe they are someone who has done a lot of running or swimming, what do you see as the most common mistakes made? You have a wide variety of training plans available on Final Surge, everything from the sprint distance up to Ironman training plans. Let's look at the basic first week for a beginner Olympic distance race plan. Before we talk about specifics, what type of base should a beginner have before they start training for their first triathlon? Week #1: The first day you have 30 minutes of swimming and 30 minutes of aerobic running with strides. The 30-minute swim workout is: 200 easy choice warmup mix   3x the following: (100 easy, :30 RI, 100 moderate, :30 RI, 100 fast, 1:00 RI) 100 easy choice cooldown mix     ***No paces to hit, just go with feel and intention. For someone who is coming in without a swim background, how important is it to use perceived exertion on the swim? After the swim, you have the 30 minutes of running. Should these be done back to back, does order matter, or should they be separate so you are recovered? Day two of Week #1 is a 30-minute active recovery swim and 30 minutes of bike base spinning. One thing I noticed on the swim is that on the second day you have:   150 warmup, build each 50 4 x 50 - alternate easy/fast up, then 4 x 100 alternating and again 4 x 50 alternating hard and easy.     For someone who is coming from a run background, we don't see a coach saying go hard two days in a row. How different is it training for the swim? Then the bike workout is 30 minutes of staying in zones 1-2. Is all of your biking done in heart rate zones versus training paces? On day three there is a Fartlek run:   10 minute EASY warm-up, building to Z2 15 minutes of fartlek where you have 4 sprints at any type of distance (for 20 sec, 1 minute, stop sign to stop sign), but make sure you recover before each one.     Why and how often are you incorporating fartlek work into your workouts? In week #1 you have some days that are just running or just biking, but every day of swimming has either a bike or run. Is this a normal pattern for your triathlon training? For the new triathlete, they get to the starting line on race day and they are looking at several hundred people ahead of them waiting to get into the water. How do you prepare them for what will likely be a much rougher swim than what they practiced? Now I'd like to look at an Ironman plan. An Ironman is going to be a lot of additional time in the water and on the roads. Looking at one of the weeks for your ironman training you have a total of 3.5 hours of running, 5.5 hours of biking and just under 2.5 hours swimming. Do you try to keep each week proportional to the amount of time they will actually be spending doing the event on race day or do you focus on what they may need the most help with? On days where you are doing either both swimming and running, swimming and biking or biking and running, is it important that you do them in the order you will be doing them on race day? Is that not important at all or should you switch it up? Over the last few years, there have been a lot of technical advancements that make it easier to train, such as the availability of power meters and testing your heart rate variability. How important are these tools to your coaching? Can you tell us how you are using HRV with your athletes to monitor the overall picture of what is going on with them? We all live with our Google calendar, our day planners and our family calendar hanging on the fridge, and they all have the same thing - 7 day weeks, which is what we seem to focus on for our normal training periods. You recently had a piece on your TeamMPI.com blog about changing the cycles up some. What do you recommend people consider when putting together a training cycle? Team MPI has training plans available on Final Surge from the sprint triathlon distance up to the Ironman distance. I will leave the links in the show notes to those plans, but if someone wanted to reach out to you about coaching or other questions how could they best reach you. mark@teammpi.com or coaches@teammpi.com The Final Surge... 5 questions in under 1 minute Favorite running book? - Born to Run Current trainers you are wearing? - Newton Favorite race? - Kona Favorite meal or recovery drink? - Shakeology and Energy Lab Armor Your favorite workout - Running: a hard trail run, Bike: short interval work, Swim: long repeats You can find Team MPI in the following places: Team MPI website Facebook Twitter Instagram YouTube

Retirement Answer Man
#203 - Why the Great and Powerful Oz Won’t Save Your Retirement

Retirement Answer Man

Play Episode Listen Later Jan 10, 2018 29:30


There are many big questions that don’t get touched on in portfolio management sessions. Instead of asking the important questions, you and your advisor may be solely focused on market performance or market projections during these annual meetings. But what do these things actually have to do with your life and your retirement? On this episode of Retirement Answer Man, we discuss the important questions. We will find out what you should really be asking yourself, your advisor, and your money! Grab a pencil and listen to this episode to get the answers to the questions that you really should be asking. Don’t become distracted by the details When dealing with investments and money managers it is easy to get distracted by the details. Investment managers tend to overcomplicate money matters and rather than advising you on the things that really make sense, they focus on the small details of the markets, market performance, and market projections. Their talk can be a distraction from what you should be thinking about. This can be overly complicated and without the answers you are actually looking for. This doesn’t add any value to your situation and the conversations become too technical. Keep the main thing the main thing. The main thing is how can you live your best life now and in retirement. Listen to this episode to hear what you should be talking about with your investment manager, or the questions you should be asking yourself if you manage your own investments. What is the purpose of your investments? Often advisors want to become portfolio managers. While attempting to do so they often begin diversifying assets. But over-diversification can be a distraction. This adds no value to the situation and can be intimidating. And you should never feel intimidated when discussing your money. Investment managers often get focused on pulling all the strings, being the manager, instead of the purpose of your investments. Portfolio management will not save you and advisors can’t portfolio manage your life. Think about what the purpose of your retirement investment is. On this episode of Retirement Answer Man, we discuss the questions that you should be asking, like when can I retire? If you’d like to hear all the questions you should be focusing on with your retirement investments, listen in to hear. What kind of investment questions should you be focused on?  On the practical planning segment of this show, I answer some listener questions. One listener asks about using the Sortino ratio vs. using the Sharp ratio to measure returns. He asks what these are and which he should use to measure his returns. While this is a great question which I answer fully, my real advice is to focus on the questions that really matter to your retirement. Try not to get bogged down with overly complicated measures and investment strategies. It is easy to get distracted from the business of living your fullest life now and in retirement when you get overloaded with the heavy questions of the investment industry. Listen to the full episode to hear all the listener questions that I answer. Focus on living your best life  The purpose of your retirement investments is to create a process for having a great life now and a great life later. Don’t lose focus on the real questions which are: when can I retire, how can I live now and how can I live better in retirement? By focusing on these questions during every strategy session you can stick to what really matters rather than the minutiae of typical strategy sessions with financial advisors. This keeps both you and your advisor focused on the real goal, which is living your best life. Listen to this episode of Retirement Answer Man to find out more questions that you should be asking yourself and your financial advisor to keep you and your money both focused on living your best life. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Time for an annual review - what are the questions you should be asking in your review HOT TOPIC SEGMENT [7:49] Don’t become distracted by the details [10:05] When your investment advisor tries to become a portfolio manager PRACTICAL PLANNING SEGMENT [15:55] Geeky question time [16:32] What do Sortino ratio and Shark ratio mean, and which should you use? [21:10] What are the pros and cons of QLAC [25:53] Is eating healthy really more expensive? THE HAPPY LAB SEGMENT [26:35] Celebrate, my word for 2018 - what is your word that guides you this year? TODAY’S SMART SPRINT SEGMENT [28:18] Get a pre-release copy of my book, Rock Retirement Resources Mentioned In This Episode BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

A Tribute To NFCA Hall of Famer Elaine Sortino

"The Dirt" NFCA Podcast

Play Episode Listen Later Dec 6, 2017 45:19


Bicycling and the Law - 911Law.com
Recording Your Ride: Evidence and Liability Part 1

Bicycling and the Law - 911Law.com

Play Episode Listen Later Jun 28, 2017 15:31


                                                                                                                            Bicycling and the Law Richard L. Duquette EP55 Recording Your Ride: Evidence and Liability Part 1   Video evidence can help resolve cases. Through videos, bicyclists can present helpful information as to when, where, and what happened. But, what does the California law say about it? Tune in to this episode titled Recording Your Ride: Evidence and Liability Part 1! Recording Moments The Bank of America recently had to settle a call suit amounting to 2 million USD. They failed to properly warn the people of their service to record phone calls automatically. In the end, they agreed to pay for the civil penalties and the investigation costs.   Similarly, bicyclists can be at risk of invading privacy. Recording your rides opens up to exciting opportunities, but it can also provide helpful information regarding an accident. A Case in Point Richard was recently in a parking lot where another vehicle backed up and damaged his car. He was lucky enough to have his iPhone at hand.   Through his phone, he got some clear shots on the location and the different angles of the scene. The driver at fault apparently was inattentive. The documentation helped resolve his case with the insurance adjuster. California Invasion of Privacy The State of California differs from the other states in that it requires all parties to a conversation to provide their consent when making a recorded call. Without everyone’s consent, a person or organization can suffer both criminal and civil penalties.   Here’s a list of references for this issue: Penal Code §§630-637.5 Penal Code §632 Penal Code §637.2 Intent in the Invasion of Privacy California Constitution Case of Flanagan v. Flanagan, 27 Cal.4th 766 (2002) Case of O’Laskey v. Sortino, 224 Cal.App.3d. 241, 248 (1990) Case of Frio v. Superior Court, 203 Cal.App.3d. 1480, 1490 (1988)   To hear about how Recording Your Ride: Evidence and Liability Part 1, download and listen to the entire episode. Don’t forget to leave us a 5-star rating and review if you enjoyed the show. We would love to hear from you!   Connect with Richard L. Duquette at the following links:   Richard's Website Email Richard Call Richard: 760-730-0500 Connect with Richard on Facebook Follow Richard on Twitter   © 2016 Law Firm of Richard L. Duquette

Final Surge Podcast
Episode 39: Mark Sortino

Final Surge Podcast

Play Episode Listen Later Apr 5, 2017 51:49


Welcome to episode 39 of the Final Surge Podcast where we talk to head coach and co-founder of TeamMPI, Mark Sortino. Mark is a Level III Triathlon coach and has been published in publications such as US Triathlon Magazine, Triathlete Magazine and was a featured coach in Endurance Films TriMinds series. TeamMPI has triathlon plans available on Final Surge from all events from sprint through Ironman.  How did you get your start in endurance athletics? How did you make the transition into triathlons? That lead to you forming TeamMPI, can you tell us about your group? How many coaches do you currently have on staff at TeamMPI? You mentioned you are using Final Surge in your training, how are you using it? We want to start out with some basic training and triathlon questions for those who are looking to do their first multisport event. For someone who is looking to get started with triathlons, maybe they are someone who has done a lot of running or swimming, what do you see as the most common mistakes made? You have a wide variety of training plans available on Final Surge, everything from sprint up to Ironman training plans. Let's look at the basic first week for a beginner Olympic distance race plan. Before we talk about specifics, what type of base should a beginner have before they start training for their first triathlon? Week one: the first day you have 30 minutes of swimming builds and 30 minutes of aerobic running with strides. For the swim the 30 minutes is: 200 easy choice warmup mix 3x the following: ((100 easy, :30 RI 100 moderate, :30 RI 100 fast, 1min RI)) 100 easy choice cooldown mix ***No paces to hit, just go with feel and intention. For someone who is coming in without a swim background, how important is it to use perceived exertion on the swim? After the swim, you have the 30 minutes of running. Should these be done back to back, does order matter or should they be separate so you are recovered? Day two of week one is: 30 min swim active recovery and 30 minutes of bike base spinning One thing I noticed on the swim is on the second day you have 150 warmup, build each 50 4x 50 - alternate easy/fast up, then 4x100 alternating and again 4x50 alternating hard and easy. For someone who is coming from a run background, we don’t see a coach saying go hard two days in a row. How different is it training for the swim? Then the bike is 30 minutes of staying in zones 1-2. Is all of your biking done in heart rate zones vs training paces? Day three is a Fartlek run - 10min EASY warm-up, building to Z2 - 15min of fartlek where you have 4 sprints at any type of distance (for 20 sec, 1min, stop sign to stop sign), but make sure you recover before each one. Why and how often are you incorporating fartlek work into your workouts? In week one you have some days that are just running or just bike, but every day of swimming has either bike or run. Is this a normal pattern for your triathlon training? For the new triathlete, they get to the start line on race day and they are looking at several hundred people ahead of them waiting to get into the water. How do you prepare them for what will likely be a much rougher swim than what they practiced? Looking at an Ironman plan. An Ironman is going to be a lot more time in the water and roads. Looking at one of the weeks for your ironman training you have a total of 3.5 hours running, 5.5 hours biking and just under 2.5 hours swimming. Do you try to keep each week proportional to the amount of time they will actually be spending doing the event on race day or do you focus on what they may need the most help with? On days where you are doing either both swim run, swim bike or bike run, is it important that you do them in the order you will be doing them on race day, not important at all or should you switch it up? Over the last few years, there have been a lot of technical advancements that make it easier to train, such as the availability of power meters and testing your heart rate variability. How important are these tools to your coaching? Can you tell us how you are using HRV with your athletes to monitor the overall picture of what is going on with them? We all live with our Google calendar, our day planners and our family calendar hanging on the fridge, and they all have the same thing. 7 day weeks, which is what we seem to focus on training around to are those 7 day weeks. You recently had a piece on your blog TeamMPI.com about changing the cycles up some. What do you recommend people consider when putting together a training cycle? Team MPI has plans available on Final Surge from everything from the sprint up to the Ironman triathlons. I will leave the links in the show notes to those plans, but if someone wanted to reach out to you about coaching or other questions how could they best reach you. mark@teammpi.com or coaches@teammpi.com Final Surge 5 questions in under a minute Favorite running or endurance book? - Born to Run Current trainers you are wearing? - Newton Favorite race? - Kona Favorite recovery meal or recovery drink? - Shakology and Energy Lab Armor Your favorite workout - Running a hard trail run, Bike short interval work, Swim long repeats. Team MPI Social Media Follow us and participate in the conversations on our social media pages: Facebook: www.facebook.com/teamMPI Twitter: www.twitter.com/teamMPI Instagram: www.instagram.com/teamMPI  YouTube: www.youtube.com/TeamMPITeam MPI Website

The Bernard Lee Poker Show
The Bernard Lee Poker Show 09-06-16 with Guest Mike Sortino

The Bernard Lee Poker Show

Play Episode Listen Later Sep 6, 2016 40:38


Bernard Lee chats with the 2016 RunGood Series Council Bluffs Champion, Mike Sortino. 

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The Bernard Lee Poker Show
The Bernard Lee Poker Show 09-06-16 with Guest Mike Sortino

The Bernard Lee Poker Show

Play Episode Listen Later Sep 5, 2016 40:38


Bernard Lee chats with the 2016 RunGood Series Council Bluffs Champion, Mike Sortino. 

bernard lee sortino bernard lee poker show
Vicarious
17: Absentino

Vicarious

Play Episode Listen Later Mar 10, 2016 87:32


This episode: Sortino is absent. We still like 11.22.63. Masterchef Junior is better than Masterchef Senior. Marshall explains American Idol. Sarah breaks down Spotlight and The Big Short. Marshall goes primal for Far Cry. Bryn read some new comics but hates spiders. We had a blast discussing this stuff and hope you enjoy listening! If you do, we'd appreciate a rating on iTunes. If you'd like to chat, you can find us on Twitter at @vicarious_fm, or you can join our Slack team! Bryn Jackson is @uberbryn Joshua Sortino is @sortino Sarah Jackson is @sarahberus Marshall Bock is @marshallbock Sponsor Hired is a free, no-obligation job search service. If you or someone you know is looking for a job in the software engineering or design field, check out Hired. Use our special link to get a $2,000 bonus when you sign up and accept a job, or get $1337 for a successful referral. Many thanks to Hired for sponsoring this week's show! Show Notes 0:08 - Heart! (from Captain Planet) 3:02 - Opening to Far Cry Primal 3:38 - Neil DeGrasse Tyson, Cosmos (1980 and 2014), and Carl Sagan 3:52 - The Pale Blue Dot 4:31 - "Fhloston Paradise" from The Fifth Element 4:44 - "Multipass" 5:56 - SKIP TO 17:24 TO AVOID 11.22.63 SPOILERS 5:56 - 11.22.63 8:46 - The redhead dude's name is Bill Turcotte, played by George MacKay. 11:28 - Patton Oswalt 11:56 - Final Destination 12:42 - Deus Ex the game vs. deus ex machina 13:50 - Jack Ruby and the conspiracies 17:24 - House of Cards 17:32 - Donald Trump brags about the size of his penis 19:00 - Robin Wright is Princess Buttercup from The Princess Bride and Jenny from Forrest Gump 19:53 - Kevin Spacey's impressions 20:12 - Inside the Actor's Studio 20:30 - Masterchef Junior 20:41 - Masterchef (Senior) 21:12 - Gordon Ramsey 21:25 - Hell's Kitchen 22:36 - American Idol 22:47 - Sanjaya 22:54 - Joe Bastianich and Christina Tosi 24:01 - The Great British Baking Show 25:45 - Editor's Note: According to the IMDb page, it seems The Great British Baking Show and The Great British Bake Off are two names for the same show. 26:10 - Miss Mary (Berry) and Paul Hollywood (the other judge) 26:35 - Paula Deen 27:24 - Gordon Ramsay's Ultimate Cookery Course 27:58 - Alton Brown and Good Eats 28:29 - Bill Nye, the Science Guy 29:26 - Graham Elliot, Lidia Bastianich, and Felidia 30:08 - Patch Adams 30:28 - Getting slimed on Nickelodeon 31:57 - American Idol 32:48 - Simon Cowell, Paula Abdul, and Randy Jackson 34:27 - Jennifer Lopez, Keith Urban, and Harry Connick, Jr. 36:11 - Shelby Tweten 36:37 - Air Guitarist Magic Cyclops 36:50 - Larry Platt - "Pants on the Ground" 37:00 - William Hung - "She Bangs" 37:42 - David Archuletta - "Imagine" 39:30 - Search "primary results" 39:45 - Search "oscars 2016" 40:24 - Spotlight and The Big Short 40:57 - Zodiac 41:36 - Michael Keaton, Mark Ruffalo, and Rachel McAdams 44:29 - Sub-prime mortgage crisis 45:00 - Margot Robbie plays Harley Quinn in Suicide Squad 45:28 - Ferris Bueller's Day Off 45:47 - Gambler's fallacy 44:50 - Darrell Hammond as Donald Trump on SNL 49:09 - The Witcher 3: Blood and Wine DLC 49:19 - Just Cause 3 50:34 - Best of Stifler (NSFW) from American Pie 51:47 - Hot Coffee mod from Grand Theft Auto: San Andreas 53:18 - Far Cry Primal 58:54 - Minecraft 59:02 - Oculus Rift 1:00:42 - Don't Starve 1:01:21 - ARK: Survival Evolved, Rust, and DayZ 1:03:07 - Red Dead Redemption 1:05:29 - Editor's Note: "Skinchanger" is what the A Song of Ice and Fire series calles shapeshifters. 1:06:35 - Editor's Note: Marshall is referring to the Batman: Arkham series's detective mode and Tomb Raider's survival instincts. 1:09:35 - Metroid, Mega Man, Shadow Complex, and Assassin's Creed 1:13:50 - Tom Clancy's The Division 1:16:45 - Avengers Standoff: Assault to Pleasant Hill #1 1:17:07 - Civil War (2015) 1:17:24 - X-Men: Battle of the Atom 1:18:11 - Daredevil/Punisher: Seventh Circle Infinite Comic 1:18:26 - Black Widow (2016-) 1:19:50 - The Wicked + The Divine 1:20:41 - Spider-Woman (2015-) and Spider-Gwen (2015-) 1:20:54 - Jessica Drew 1:22:17 - Web Warriors (2015-) 1:22:47 - Spidey, The Amazing Spider-Man, Spider-Man (2016-), and Silk (2015-) 1:23:26 - Amazing Spider-Man & Silk: Spider(Fly) Effect Infinite Comic

Pay Me What I'm Worth! Talk Radio Worth Listening To!
Marsha Sortino Q&A Hangout With Shirley May and Rik Rodriguez Part 3 of 3

Pay Me What I'm Worth! Talk Radio Worth Listening To!

Play Episode Listen Later Mar 5, 2016 24:00


Welcome to a three-part questions and answers series hosted by Marsha Sortino, Captain of Team Seekers. This series captures the best bits of a two-hour conference call recorded in June of 2015.   In this third 20 minute segment join Marsha and Soul along with Shirley May and Rik Rodriguez, two dear friends from Marsha's circle to explore how we conclude our 12 month journey together by diving deep into the concept or state of gratitude.  How does gratitude shape our sense of worth?  When is gratitude NOT gratitude but actually forms of manipulation?   To learn more about Shirley, Rik and Marsha, as well as why Soul published Pay Me What I'm Worth, listen to part one of this three-part series.  To hear what kind of journey you'll take with Marsha when you join her in class, listen to part two of this three-part series. To connect with Marsha, first click to visit her webpage.  Download and read her detailed program guide.  After reading her program guide, call her directly at 617-833-9721 to explore when her next class starts.   Music:  Aitech and Open Those Bright Eyes by Kevin MacLeod Licensed under Creative Commons: By Attribution 3.0.

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SU Radio
Marsha Sortino Q&A Hangout With Shirley May and Rik Rodriguez Part 3 of 3

SU Radio

Play Episode Listen Later Mar 5, 2016 24:00


Welcome to a three-part questions and answers series hosted by Marsha Sortino, Captain of Team Seekers. This series captures the best bits of a two-hour conference call recorded in June of 2015.   In this third 20 minute segment join Marsha and Soul along with Shirley May and Rik Rodriguez, two dear friends from Marsha's circle to explore how we conclude our 12 month journey together by diving deep into the concept or state of gratitude.  How does gratitude shape our sense of worth?  When is gratitude NOT gratitude but actually forms of manipulation?   To learn more about Shirley, Rik and Marsha, as well as why Soul published Pay Me What I'm Worth, listen to part one of this three-part series.  To hear what kind of journey you'll take with Marsha when you join her in class, listen to part two of this three-part series. To connect with Marsha, first click to visit her webpage.  Download and read her detailed program guide.  After reading her program guide, call her directly at 617-833-9721 to explore when her next class starts.   Music:  Aitech and Open Those Bright Eyes by Kevin MacLeod Licensed under Creative Commons: By Attribution 3.0.

Pay Me What I'm Worth! Talk Radio Worth Listening To!
Marsha Sortino Q&A Hangout With Shirley May and Rik Rodriguez Part 2 of 3

Pay Me What I'm Worth! Talk Radio Worth Listening To!

Play Episode Listen Later Feb 27, 2016 25:00


Welcome to a three-part questions and answers series hosted by Marsha Sortino, Captain of Team Seekers. This series captures the best bits of a two-hour conference call recorded in June of 2015.   In this second 20 minute segment join Marsha and Soul along with Shirley May and Rik Rodriguez, two dear friends from Marsha's circle of friends to explore what you'll experience during your 12 month journey with us.  To learn more about Shirley, Rik and Marsha, as well as why Soul published Pay Me What I'm Worth, listen to part one of this three-part series.   This segment concludes with a discussion about ethics, integrity and morals.  How do ethics and morals shape our sense of worth?  Listen in to explore more.  Join us in the the last segment, part three of this three-part series to explore how we conclude our 12 month journey together by diving deep into the concept or state of gratitude.  How does gratitude shape our sense of worth?  When is gratitude NOT gratitude but actually forms of manipulation?  Listen in to part three the learn more.   Next?  Connect with Marsha directly at 617-833-9721 to explore when her next class starts. Music:  Aitech and Open Those Bright Eyes by Kevin MacLeod Licensed under Creative Commons: By Attribution 3.0.

music time soul wisdom career captain rodriguez kevin macleod hangout rik sortino open those bright eyes pay me what i'm worth team seekers
SU Radio
Marsha Sortino Q&A Hangout With Shirley May and Rik Rodriguez Part 2 of 3

SU Radio

Play Episode Listen Later Feb 27, 2016 25:00


Welcome to a three-part questions and answers series hosted by Marsha Sortino, Captain of Team Seekers. This series captures the best bits of a two-hour conference call recorded in June of 2015.   In this second 20 minute segment join Marsha and Soul along with Shirley May and Rik Rodriguez, two dear friends from Marsha's circle of friends to explore what you'll experience during your 12 month journey with us.  To learn more about Shirley, Rik and Marsha, as well as why Soul published Pay Me What I'm Worth, listen to part one of this three-part series.   This segment concludes with a discussion about ethics, integrity and morals.  How do ethics and morals shape our sense of worth?  Listen in to explore more.  Join us in the the last segment, part three of this three-part series to explore how we conclude our 12 month journey together by diving deep into the concept or state of gratitude.  How does gratitude shape our sense of worth?  When is gratitude NOT gratitude but actually forms of manipulation?  Listen in to part three the learn more.   Next?  Connect with Marsha directly at 617-833-9721 to explore when her next class starts. Music:  Aitech and Open Those Bright Eyes by Kevin MacLeod Licensed under Creative Commons: By Attribution 3.0.

Pay Me What I'm Worth! Talk Radio Worth Listening To!
Marsha Sortino Q&A Hangout With Shirley May and Rik Rodriguez Part 1 of 3

Pay Me What I'm Worth! Talk Radio Worth Listening To!

Play Episode Listen Later Feb 20, 2016 23:00


Welcome to a three-part questions and answers series hosted by Marsha Sortino, Captain of Team Seekers. This series captures the best bits of a two-hour conference call recorded in June of 2015.   In this first 20 minute segment we meet Shirley May and Rik Rodriguez, two dear friends from Marsha's circle of friends.  Marsha prepares us for a lively journey by asking Soul what inspired him to publish Pay Me What I'm Worth.  Part one concludes with Marsha's initial insights on how she's gaining and maintaining a powerful sense of balance - for the first time - ever!   We wrap up part one of our three-part questions with a glimpse into how Marsha's sense of balance is growing more strong with each passing class.  Join us in part two of this three part series to learn more about what you'll experience on your 12 month journey with Marsha when you join her class.   Next?  Part 2?  Part 3? Connect with Marsha directly at 617-833-9721 to explore when her next class starts. Music:  Aitech and Open Those Bright Eyes by Kevin MacLeod Licensed under Creative Commons: By Attribution 3.0.

music time soul wisdom career captain rodriguez kevin macleod hangout sortino open those bright eyes pay me what i'm worth team seekers
SU Radio
Marsha Sortino Q&A Hangout With Shirley May and Rik Rodriguez Part 1 of 3

SU Radio

Play Episode Listen Later Feb 20, 2016 23:00


Welcome to a three-part questions and answers series hosted by Marsha Sortino, Captain of Team Seekers. This series captures the best bits of a two-hour conference call recorded in June of 2015.   In this first 20 minute segment we meet Shirley May and Rik Rodriguez, two dear friends from Marsha's circle of friends.  Marsha prepares us for a lively journey by asking Soul what inspired him to publish Pay Me What I'm Worth.  Part one concludes with Marsha's initial insights on how she's gaining and maintaining a powerful sense of balance - for the first time - ever!   We wrap up part one of our three-part questions with a glimpse into how Marsha's sense of balance is growing more strong with each passing class.  Join us in part two of this three part series to learn more about what you'll experience on your 12 month journey with Marsha when you join her class.   Next?  Part 2?  Part 3? Connect with Marsha directly at 617-833-9721 to explore when her next class starts. Music:  Aitech and Open Those Bright Eyes by Kevin MacLeod Licensed under Creative Commons: By Attribution 3.0.

Design Details
97: Eleven Month Itch (feat. Marshall Bock & Joshua Sortino)

Design Details

Play Episode Listen Later Jan 20, 2016 64:35


In today's episode of Design Details we brought the Vicarious crew, Marshall Bock and Josh Sortino, over to have a round table discussion about design leadership. This is a different format from our usual shows, so ping us on Twitter @designdetailsfm with your thoughts and feedback!

SU Radio
Blunt Q&A Session With Team Captains Ervin & Sortino About Being A Teacher

SU Radio

Play Episode Listen Later Jan 2, 2016 44:00


This year, do you want to be paid what you're worth?  Would you like us to PAY YOU to learn how to be paid what you're worth?  We're hiring! What's it like being a paid teacher of a 12 month Pay Me What I'm Worth class series with Soul Dancer?  Listen into this blunt Q&A session with two Soul University Team Captains: Christina Ervin:  Team ClarityMarsha Sortino: Team Seekers After the show: click this link to access 100's of on-demand shows featuring real classes packed with all kinds of ah-ha's!click the Follow button at the top of this page to keep track of upcoming shows. Music: Autumn Day by Kevin MacLeod Licensed under Creative Commons By Attribution 3.0.

Pay Me What I'm Worth! Talk Radio Worth Listening To!
Blunt Q&A Session With Team Captains Ervin & Sortino About Being A Teacher

Pay Me What I'm Worth! Talk Radio Worth Listening To!

Play Episode Listen Later Jan 1, 2016 44:00


This year, do you want to be paid what you're worth?  Would you like us to PAY YOU to learn how to be paid what you're worth?  We're hiring! What's it like being a paid teacher of a 12 month Pay Me What I'm Worth class series with Soul Dancer?  Listen into this blunt Q&A session with two Soul University Team Captains: Christina Ervin:  Team ClarityMarsha Sortino: Team Seekers After the show: click this link to access 100's of on-demand shows featuring real classes packed with all kinds of ah-ha's!click the Follow button at the top of this page to keep track of upcoming shows. Music: Autumn Day by Kevin MacLeod Licensed under Creative Commons By Attribution 3.0.

SU Radio
How did Marsha Sortino start her class? Step 1: Host Q&A Calls

SU Radio

Play Episode Listen Later Nov 20, 2015 65:00


Marsha Sortino started her paid teaching position with Soul University by hosting a few Q&A calls. Each call invites participants to explore our unique program. In this show, learn more about Shirley May and Rik Rodriguez (two members of  Team Seekers) as they take their first steps on a life-changing journey. While you listen and before you go . . . Join Marsha in her next class.  Click this link to explore how to join us today.Click to access on all our on-demand shows.Click the Follow button above to keep up with us! Music: Montauk Point and Aretes by Kevin MacLeod Licensed under Creative Commons: By Attribution 3.0

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Pay Me What I'm Worth! Talk Radio Worth Listening To!
How did Marsha Sortino start her class? Step 1: Host Q&A Calls

Pay Me What I'm Worth! Talk Radio Worth Listening To!

Play Episode Listen Later Nov 19, 2015 65:00


Marsha Sortino started her paid teaching position with Soul University by hosting a few Q&A calls. Each call invites participants to explore our unique program. In this show, learn more about Shirley May and Rik Rodriguez (two members of  Team Seekers) as they take their first steps on a life-changing journey. While you listen and before you go . . . Join Marsha in her next class.  Click this link to explore how to join us today.Click to access on all our on-demand shows.Click the Follow button above to keep up with us! Music: Montauk Point and Aretes by Kevin MacLeod Licensed under Creative Commons: By Attribution 3.0

love health gratitude class ethics integrity sortino aretes soul university team seekers
Design Details
46: It Started With Neopets (feat. Joshua Sortino)

Design Details

Play Episode Listen Later Jul 27, 2015 71:30


Today we caught up with Josh Sortino, designer at Teespring, startup advisor and photographer. We chat about design and communication, the design world in San Francisco, photography and how designers can get a seat at the table.

The Online Learning Podcast
OLPII083 From Teddy Bears and Stinky Cakes to an Entrepreneurship Academy with John Sortino and Mychal Connolly

The Online Learning Podcast

Play Episode Listen Later Nov 12, 2014 40:18


This week's Influencer Interview is with John Sortino and Mychal Connolly, the founders of the Cambridge Entrepreneur Academy.  Both John and Mychal have founded previous businesses, John the Vermont Teddy Bear Company and Mychal a company called Stinky Cakes which he founded with his wife.  Together John and Mychal have a huge amount of Entrepreneurship experience and we discuss their stories and their experience in this stimulating interview. I have compiled 50 of the Best Online Courses from my Online Learning Podcast Interviewees and included Links and Discounts to all of them in this Free eBook - I hope you find a Course to help you!  Don't forget when the Coupons are Gone, they are Gone! Yours to Keep -> Download Your Free PDF - "Discounted: 50 of the Best Online Courses" eBook -> Click on This Link to Download Now! Influencer Interview; John Sortino and Mychal Connolly           John Sortino           Mychal Connolly In this Episode we discuss: How John founded the Vermont Teddy Bear Company and took it to a $50m IPO How Mychal founded the Stinky Cakes company with his wife Why Mychal was drawn to teaching children about Entrepreneurship as a means of helping them turn their lives around The power of Social Media and Mychal's expertise in the area The importance of getting keywords right The Four Point Triangle and what it means Where you fit in the Four Point Triangle and why its important   Find Out More You can find out more about John and Mychal and the Cambridge Entrepreneur Academy by visiting the website - http://www.cambridgeentrepreneuracademy.com You can contact them through social media at the following addresses: Twitter- https://twitter.com/4pointtriangle Instagram - http://instagram.com/fourpointtriangle Facebook - https://www.facebook.com/cambridgeentrepreneuracademy   12 Essential Principles of Great Copywriting - $9 Course available now on Udemy I recently launched this Course on Udemy as an introduction to my main Copywriting Course.  You can get 12 Essential Principles by simply clicking on this link : http://jbdcolley.com/copywriting12 This is a Udemy affiliate link so should you buy any courses from Udemy in the next 7 days I will be rewarded by their affiliate scheme. I need your help! If you haven't already, I would love if you could be amazing and take a minute to leave a quick rating and review of the podcast on iTunes by clicking on the link below. It's the most amazing way to help the show grow and reach more people! Leave a Review for the Online Learning Podcast on iTunes by clicking on this link Don't Miss An Episode!  Subscribe Below:       Using something Else?  Copy this Address:  http://jbdcolley.com/olpfeed or http://jbdcolley.com/feed/podcast/?wpmfeedkey=1;e975168c39a63e2f7befd9ba8758bf9e

Kinderwahnsinn
KW 21 - Ferien im Regen und ein Mann auf See

Kinderwahnsinn

Play Episode Listen Later Jun 3, 2013 54:48


Wir haben einen Klassiker neu entdeckt: Knete. Good old Knete. Olivers Kneterezept gibt es hier. Und Seifenblasen finden wir auch grandios. Oder. Zelt bauen bzw. Höhle - aus Decken, Stühlen, Tischen. Vertreibt auch einen Regentag. Ein günstiges Vergnügen ist auch ein Besuch auf dem Hauptbahnhof - Züge kucken mit Dach über dem Kopf. Oder mit Jahreskarte in den Zoo. Oder ins Lenbachhaus Bilder anschauen. Unser regionaler Tipp für einen kleinen Ausflug: Der Reitsberger Hof in Vaterstetten. Das ist ein offener Bauernhof inklusive Ponyreiten am Freitagnachmittag. Und mit Spielplatz und Biergarten und Gaststätte. Sehr nett dort. Unsere Entdeckung: Auch normale "Brettspiele" funktionieren schon mit Kleinkindern. Wir haben getestet und für gut befunden: “Mein erster Obstgarten” und das Aufräumspiel "Sortino". Und Memory wird auch bald funktionieren. Wir fragen uns heute - und Euch auch - wie das Aufräumen mit Kindern funktionieren soll. Oder ob es eigentlich wirklich wichtig ist. Oder nicht. Eure Meinung? Gerne in die Kommentarfunktion oder per Sprachnachricht (rechts). Oliver empfiehlt heute die App "Grollys Tierwelten". Und auch einen Musiktipp hat er parat: Die Doppel-CD Meine Lieblingslieder für alle Jahreszeiten. Zum Schluss noch ein Interview mit Johanna, deren Mann zur See fährt.

Lisa Hendey & Friends
Catholic Moments #97 - Michael Sortino and Steve Moser

Lisa Hendey & Friends

Play Episode Listen Later Apr 2, 2009 51:44


This week, Lisa features interviews with , composer of "God Doesn't Make Mistakes" and , author of the new Catholic book for kids entitled shares a final Lenten reflection entitled "Theophane the Monk: The Great Silence"  We also want to wish Deacon Tom a "happy birthday" this week and thank him for his great contribution to Catholic Moments! Please consider SQPN during this year’s and help us share the faith with new media.  Share your feedback at 206-339-9272, comment here on the blog or email lisa@catholicmom.com. Links for this Episode: , ,