Book a Call

https://zpr.io/czXpQcCXKQLX

Evergreen Capital

info@evergreencap.com

Connect with Brad Johnson

https://www.linkedin.com/in/bradleyjohnson/

Key topics:

• Why real estate is often far more operationally intensive than investors expect

• The hidden risks that can turn “passive income” into active problem-solving

• How natural disasters can create unexpected repair costs and insurance battles

• Tenant-related risks, from property damage to eviction challenges

• Legal exposure and how small issues can turn into lawsuits

• Infrastructure failures and environmental risks in real estate investing

• The financial impact of rare but severe events like flooding and system failures

• How employee issues and fraud can affect property performance

• Why unpredictable expenses can erode returns over time

• Why many investors eventually shift toward more passive income strategies

Timestamps:

00:00 - Introduction

00:20 - Tornado Damage

01:10 - Unauthorized Dog Breeding

01:34 - Hoarding and Hazmat Cleanup

01:50 - Hurricane Scare

02:06 - The “Professional Tenant”

02:47 - Lawsuit Over a One-Inch Curb

03:14 - Lift Station Failure

03:48 - Ice Dam and Flood

05:03 - Employee Theft

05:43 - Massive Water Leak

06:29 - Why I Moved to More Passive Investments

Hosted on Acast. See acast.com/privacy for more information.

Book a Call

https://zpr.io/W6JaycaP8EeT

Evergreen Capital

info@evergreencap.com

Connect with Brad Johnson

https://www.linkedin.com/in/bradleyjohnson/

Key topics:

• Why the goal of dividend investing is lasting income, not just a high starting yield

• How yield traps can pull investors into weak businesses with unsustainable payouts

• What to look for in quality dividend growth stocks

• Why Texas Pacific Land Trust is a useful case study in dividend growth investing

• How yield on cost compounds over time

• The behavioral benefits of owning cash-flowing investments

• Why over-concentrating in REITs can create portfolio risk

• How payout ratios help reveal whether a dividend is sustainable

• The tradeoff between total return investing and dividend-focused investing

• Why high-net-worth investors often prefer income-producing portfolios

Timestamps:

00:00 - Introduction to Dividend Investing

00:21 - The Goal of Dividend Investing

00:39 - Avoiding Yield Traps

01:40 - Finding Quality Dividend Growth Stocks

02:34 - Case Study: Texas Pacific Land Trust (TPL)

03:51 - The Power of Yield on Cost

04:31 - Behavioral Benefits of Dividends

05:20 - Risks of Over-Concentrating in REITs

06:08 - Understanding Payout Ratios

07:13 - Total Return vs Dividend Strategy

08:04 - Achieving Market Returns with Quality Growers

09:03 - Strategy for High-Net-Worth Investors

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Book a Call

https://zpr.io/xiRBGeUg5g6q

Evergreen Capital

info@evergreencap.com

Connect with Brad Johnson

https://www.linkedin.com/in/bradleyjohnson/

Key topics:

• Why most financial advisors rely on the traditional 60/40 stock and bond portfolio

• The biggest problem with the standard assets under management (AUM) fee model

• How uncapped advisory fees can grow dramatically over time

• Where hidden fees and commissions still exist in the financial advice industry

• The difference between fiduciary advisors and broker-dealers

• Why many advisors avoid private market investments and alternatives

• How incentives shape the advice clients receive

• The risks of relying on the 4% withdrawal rule in retirement

• Why income-producing portfolios may be a better fit for many entrepreneurs and business owners

• How AI is beginning to disrupt the traditional financial planning model

Timestamps:

00:10 - How do you differentiate between financial advisors?

01:08 - What’s wrong with the financial advisor business model today?

02:40 - How is your company different from other financial advisors?

03:37 - How do financial advisors get paid? Which payment models do you like and which do you find problematic?

06:11 - Where are financial advisors hiding fees in their contracts?

07:04 - How can clients go about identifying fees their current advisor is hiding?

07:58 - Fiduciaries are typically safer, but is knowing they’re a fiduciary enough?

08:49 - In your opinion, many advisors operate in outdated ways. How so?

11:32 - What is the root of the problem? Why do advisors use outdated strategies?

14:01 - What other conflicts of interest do you see in the most common advisor models?

15:40 - How can clients differentiate between recommendations that are strategy based versus incentive based (favor the advisor)?

17:19 - What questions should clients ask their current financial advisors in their next meeting after having watched this interview?

19:55 - How does your investment philosophy effect the strategies you employ for your clients?

20:58 - What are the most common poor fitting recommendations you see wealthy families pushed into? Why do those pitches work?

23:02 - When should wealthy families consider switching from their traditional advisor, to one with a more customized approach?

24:01 - Do you believe traditional financial advisors are an enemy to wealth generation?

30:08 - What patterns should clients learn to identify in financial advice, that will help them safeguard their wealth?

32:20 - Closing thoughts

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GP Stakes Research:

https://www.evergreencap.com/gp-stakes-investing

Evergreen Capital:

info@evergreencap.com

Connect with Brad Johnson

https://www.linkedin.com/in/bradleyjohnson/

• Key topics - 5-10 bullets:Why Bill Ackman sold 10% of Pershing Square for about $1 billion, valuing the fund at $10 billion
• Ackman's growth plans with a potential $25 billion fund aimed at retail investors
• The significance of valuation multiples: private equity vs hedge funds
• The importance of a fund's longevity, team stability, and strategy diversity in private equity
• Risks associated with minority stakes in hedge funds due to key man risk and firm dependence
• Comparison of private equity and hedge fund structures for minority investments
• How Ackman's move exemplifies strategic growth and capital deployment in alternative investments
• Why private equity firms tend to be more stable and less vulnerable than hedge funds
• What this case reveals about the evolving GP stakes market and investor considerations
• Brad’s perspective on Ackman’s future success with this strategic sale

Timestamps:

00:00 - Bill Ackman’s $1 billion stake sale explained

00:23 - Why hedge fund minority stakes can signal growth, not decline

00:44 - Ackman’s ambitious plans with new funds and growth strategy

01:03 - Valuation implications: what a 10% stake says about Pershing Square

01:56 - How private equity valuations compare with hedge fund multiples

02:21 - The significance of fund longevity and team stability in private equity

02:46 - Risks of investing in hedge fund minority interests

03:23 - Differences between hedge fund and private equity structures

03:46 - The stability and resilience of private equity firms

04:05 - The vulnerabilities of hedge funds in minority stakes

04:57 - Why private equity is a more reliable investment space

06:27 - Final thoughts: Ackman’s future and what this means for GP stakes investing

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• The Wake-Up Call: Why a surgeon’s salary wasn't enough to solve financial burnout.
• The Hybrid Approach: How to balance index funds with high-yield real estate.
• The First Deal: A breakdown of Jordan’s first duplex and his 10% cash-on-cash target.
• Tax Alpha: How his wife’s "Real Estate Professional Status" (REPS) supercharged their wealth.
• Scaling Secrets: Moving from one property to a portfolio that produces $11k/month in cash flow.
• Avoid the "Doctor Trap": The 3 biggest mistakes physicians make when investing in alternatives.

Resources Mentioned:

• The Prudent Plastic Surgeon: prudentplasticsurgeon.com
• Strategy Call with Evergreen: Book Here
• The Alternative Investor Newsletter: Join Here
• Email Jordan: jordan@prudentplasticsurgeon.com

Connect with Brad Johnson:

• Website: evergreencapital.com

Chapters:

• 00:00 – Why financial freedom matters for doctors
• 03:09 – Index funds vs. Real Estate: The hybrid strategy
• 04:10 – Breaking down the first duplex deal
• 06:51 – Systems, automation, and team building
• 10:26 – Replacing clinical income with passive cash flow
• 23:25 – Common mistakes doctors make in alternative assets
• 30:49 – The emotional impact of recurring investment income

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To speak with our team: info@evergreencap.com

This episode challenges the common belief that family offices are only for billionaires, explaining how wealth management should evolve as income and complexity increase. It emphasizes the importance of treating personal finances like an operating system, focusing on after-tax cash flow, and integrating alternative investments for better tax efficiency and cash flow management. The discussion highlights the limitations of traditional financial advice and the benefits of a family office approach, which includes private equity, real estate, and private credit to solve problems that public markets and retirement accounts do not address effectively.

Keywords

family offices, wealth management, alternative investments, tax efficiency, cash flow, private equity, real estate, financial advice, operating system, personal balance sheet

Takeaways

• Family offices aren't just for billionaires.
• Traditional advice often stops working as wealth grows.
• Focus on after-tax cash flow, not just retirement accounts.
• Integrate private investments for better tax efficiency.
• Treat personal finances like an operating system.
• Ask how capital should be deployed for maximum returns.
• Consider alternative investments for predictable income.
• Avoid unnecessary ordinary income tax.
• Coordinate investments, taxes, and liquidity.
• Build a system, not just a portfolio.

Title Options

• Rethinking Wealth: Beyond Billionaire Family Offices
• Transforming Personal Finance into an Operating System
• The Hidden Costs of Traditional Financial Advice
• Unlocking the Power of Alternative Investments
• Family Office Strategies for Everyday Investors
• Maximizing Returns with Tax Efficiency
• Beyond ETFs: A New Approach to Wealth
• The Family Office Mindset: Not Just for the Ultra-Rich
• Building Wealth with Private Investments
• From Retail Advice to Family Office Thinking

Sound bites

Family offices aren't just for billionaires. Traditional advice stops working as wealth grows. Focus on after-tax cash flow. Integrate private investments for efficiency. Treat finances like an operating system. Maximize returns with strategic capital deployment. Predictable income through alternative investments. Avoid unnecessary ordinary income tax. Coordinate investments, taxes, and liquidity. Build a system, not just a portfolio.

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The discussion delves into how the ultra-wealthy leverage real estate investments to generate significant paper losses, which in turn compound their wealth and reduce taxes. The conversation highlights the impact of the new tax bill, allowing accelerated depreciation, and emphasizes the strategic importance of choosing the right property types to maximize tax advantages. The long-term strategy of using real estate as a major asset class for tax benefits is explored, showcasing how the tax code rewards ownership of productive assets.

Keywords

real estate, tax strategy, ultra-wealthy, depreciation, tax bill, property investment, paper losses, wealth compounding, tax advantages, productive assets

Takeaways

• The ultra wealthy buy real estate for the tax losses.
• Large paper losses compound wealth and reduce taxes.
• The new tax bill allows accelerated depreciation.
• Federal and state taxes can be significantly reduced.
• Depreciation is a key concern for the wealthy.
• Think of depreciation as a consistent tax strategy.
• Real estate is a long-term strategy for the wealthy.
• Choosing the right property types is crucial.
• Real estate is the only major asset class for tax benefits.
• The tax code rewards owning productive assets.

Sound bites

The ultra wealthy buy real estate for tax losses.

Large paper losses compound wealth.

Accelerate everything 15 years or less.

A $500,000 paper loss can translate.

Depreciation is a consistent tax strategy.

The wealthy use real estate for tax benefits.

Maximize tax advantages with the right property.

Real estate shows a loss, reduces taxes.

The tax code rewards owning productive assets.

Real estate is the only major asset class.

Chapters

• 00:00:08 Introduction to Real Estate and Taxes
• 00:01:09 Impact of the New Tax Bill
• 00:03:22 Federal and State Tax Reduction
• 00:04:23 Depreciation as a Strategy
• 00:05:40 Long-Term Real Estate Strategy
• 00:07:06 Choosing the Right Property Types
• 00:08:31 Real Estate as a Major Asset Class
• 00:08:48 Tax Code and Productive Assets

Hosted on Acast. See acast.com/privacy for more information.

What You’ll Learn

• Why most first-time funds fail before they ever scale
• How GP seeding works and why institutions are increasingly focused on it
• The difference between institutional GP stakes and micro-fund seeding
• How FundLaunch filters 1,200 managers down to roughly 10 investments
• Why niche strategies outperform at smaller fund sizes
• How tranche-based capital and option-like structures reduce downside risk
• Why no-fee, no-carry GP economics matter for long-term compounding
• What institutional investors actually look for in Fund II and Fund III
• How FundLaunch AI aims to replace expensive early-stage legal and structuring work
• Why ownership and private markets matter in today’s economic cycle

Key Topics Discussed

• GP seeding and GP stakes
• Emerging and first-time fund managers
• Micro funds vs institutional funds
• Private equity, private credit, real estate, and niche strategies
• Fund formation, compliance, and back-office infrastructure
• AI and software in private fund creation
• Long-term compounding through GP economics

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We dive deep into the "Billionaire" playbook for deal structuring—explaining why the wealthiest investors care less about fees and more about custom terms like warrants and gross revenue royalties. Richard also reveals how family offices are leveraging Artificial Intelligence to automate due diligence, acting as a "second brain" to process deals faster and more deeply.

Whether you are an investor looking to start your own family office, or a sponsor seeking to raise capital from them, this episode provides a rare look into the operational and investment tactics of the super-rich.

Evergreen Capital:

www.evergreencap.com

info@evergreencap.com

Family Office Club: FamilyOffices.com

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info@evergreencap.com

In this episode of "The CIO Brief," Brad Johnson, Managing Director and CIO of Evergreen Capital, delves into the complexities of the current economic landscape. From the lessons learned from legendary figures like Jamie Dimon to the evolving attitudes towards cryptocurrency, Brad offers insights into market trends and investment strategies. Join us as we explore the intricacies of family office investments, the impact of geopolitical concerns, and the future of digital currencies. Whether you're an investor or simply curious about the financial world, this episode provides valuable perspectives on navigating today's economic challenges.

Hosted on Acast. See acast.com/privacy for more information.

www.evergreencap.com

info@evergreencap.com

0:00 Introduction to Tax Loss Harvesting

5:00 Basic Tax Loss Harvesting Explained

15:00 Direct Indexing and Its Benefits

25:00 Advanced Strategies with Leverage

35:00 Common Mistakes and How to Avoid Them

45:00 The Future of Passive Investing

55:00 Conclusion and Final Thoughts

Disclaimer:

This podcast is for informational and educational purposes only. It should not be construed as investment, tax, or legal advice. Opinions expressed are those of the host and guests and do not necessarily reflect the views of Evergreen Capital or its affiliates. All investments involve risk, including the possible loss of principal. Past performance is not indicative of future results. Listeners should consult their own financial, tax, and legal professionals before making any investment decisions. Advisory services are offered through Evergreen Capital, a registered investment adviser.

Hosted on Acast. See acast.com/privacy for more information.

https://www.evergreencap.com/

Keywords

investing, quality assets, investment philosophy, market efficiency, long-term returns

Takeaways

• Quality over high returns is key in investing.
• Market efficiency has increased over the years.
• ETFs are recommended for most client portfolios.
• Prime assets retain value even in downturns.
• Quality investments compound advantages over time.
• Real estate can offer long-term returns.
• Distressed assets are risky but can be opportunities.
• Holding quality assets leads to compounding capital.
• Investing in quality can feel uncomfortable but pays off.
• Focus on quality is the major lesson in investing.

Hosted on Acast. See acast.com/privacy for more information.

Evergreen Capital

www.evergreencap.com

Takeaways

• Robinhood's entry into the S&P 500 marks a significant shift in the investment landscape.
• The app has 15 million customers and generates substantial revenue from brokerage fees.
• Robinhood educates young investors but also encourages risky trading behaviors.
• The experience of losing money can be a valuable lesson for young investors.
• Robinhood's fast-paced trading style has both pros and cons.
• The app's user-friendly interface appeals to younger generations.
• There's a growing trend towards cryptocurrency and modern technology in investing.
• Traditional investment platforms lack the sleek user experience of Robinhood.
• The shift from old to new guard in the S&P 500 reflects changing market dynamics.
• Future investors will likely prioritize modern technology in their investment choices.

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In this episode, Brad Johnson from Alternative Investor and Evergreen Capital interviews Jillian Murrish of Pier Asset Management. They delve into the world of alternative credit, focusing on niche areas like specialty finance, music royalties, and litigation finance. Jillian shares insights on how Pier Asset Management navigates these unique investment opportunities, emphasizing their strategy of targeting smaller, overlooked deals to generate returns. The conversation also touches on the challenges and rewards of investing in niche credit markets.

Evergreen Capital

https://www.evergreencap.com/

Pier Asset Management

https://www.pieram.com/

Takeaways

• Alternative credit offers unique investment opportunities.
• Peer Asset Management focuses on niche, overlooked deals.
• Music royalties can be a lucrative investment.
• Litigation finance supports small tech companies.
• Niche credit markets require specialized knowledge.
• Cashflow investing is a core strategy for Peer Asset Management.
• Smaller deals often yield higher returns.
• Peer Asset Management avoids mainstream asset gathering.
• Investing in niche markets can diversify portfolios.
• Understanding market dynamics is crucial for success.

Keywords

alternative credit, specialty finance, music royalties, litigation finance, niche investment, Pier Asset Management, Brad Johnson, Jillian Murrish, cashflow investing, private credit

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This episode focuses on the new regulations brought about by the Tax Act of July, specifically the enhancements in Opportunity Zones, termed Opportunity Zone 2.0. The speaker explains the original Opportunity Zones program, its benefits of tax deferrals and exemptions for investments in designated areas, primarily housing and development projects. The updated program continues to offer a rolling five-year deferral starting in 2027 and extends tax benefits for investments held over ten years without capital gains taxes. Additionally, the new Opportunity Zone 2.0 includes bonus depreciation advantages. Emphasis is placed on combining tax benefits with sound investment choices to avoid tax-driven pitfalls. Ideal candidates for this program include individuals with significant capital gains seeking real estate or high-quality development investments.

00:00 Introduction to Investment Strategy Spotlight

00:15 Opportunity Zones 1.0: A Recap

01:44 Opportunity Zones 2.0: New Regulations and Benefits

02:29 Maximizing Tax Benefits with Opportunity Zones

03:49 Combining Tax Strategies with Great Investments

05:27 Ideal Candidates for Opportunity Zone 2.0

06:38 Considerations and Risks in Opportunity Zone Investments

08:31 Future Opportunities and Conclusion

www.evergreencap.com

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www.evergreencap.com

In this episode, Tony David from Franklin Templeton delves into the complexities and opportunities in private markets for wealth advisors. As Franklin Templeton's expert on private asset education, Tony discusses his journey from consulting to leading educational initiatives within the firm. The conversation covers essential topics like the importance of education in private markets, the evolving landscape of private credit, secondary markets, the growth of model portfolios, and the potential inclusion of private assets in 401(k) plans. Tony also emphasizes the significance of maintaining a balance between illiquidity and accessibility for investors. A must-listen for advisors looking to enhance their offerings and navigate the complexities of alternative investments.

00:00 Introduction to Tony David and His Role

00:16 The Importance of Education in Private Markets

01:43 Challenges and Opportunities in Private Markets

07:19 Franklin Templeton's Private Market Focus

09:25 Understanding Private Credit and Secondaries

16:39 The Future of Private Markets and Model Portfolios

25:01 The Role of Private Assets in 401(k)s

26:41 Overcoming Skepticism and Embracing Alternatives

36:45 Conclusion and Final Thoughts

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Email for Commercial Real Estate Debt Investing Research:

info@evergreencap.com

The video discusses the current investment opportunities in commercial real estate debt, highlighting that investing is always challenging due to the unpredictability of the future and market factors. The speaker explains why now is a particularly opportune time for commercial real estate debt investment, given the recent substantial market correction, decreased property values, and higher interest rates. The video also covers the benefits of investing in multi-family and high-quality assets, the impact of increased capital reserve requirements on banks, and the resulting opportunities for private lenders. Key points include the growing role of private lenders, the protective structure of commercial real estate debt investments, diversification strategies, and projected returns that could rival equity investments. The script concludes with an invitation to contact evergreen cap.com for further information.

00:00 Introduction: The Challenge of Investing

00:39 Current Real Estate Market Context

01:13 Understanding Commercial Real Estate Debt

02:01 The New Lending Landscape

03:28 Opportunities in Private Lending

07:06 Future Outlook and Conclusion

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In this episode, we delve into Apollo's recent acquisition of Bridge Investment Group for $1.5 billion, a strategic move involving the purchase of a real estate specialist known for its asset management capabilities. The discussion covers why this transaction occurred and its implications for the private equity and GP stakes investing worlds. The acquisition, which includes 50 billion in assets under management, highlights how Apollo can leverage Bridge's expertise in real estate and fundraising, driving future growth and diversifying their revenue streams. Additionally, it explores the contrasting challenges faced by public versus private equity firms and the advantages Apollo gains from this deal.

00:00 Big News in Private Equity: Apollo's Acquisition of Bridge Investment Group

00:38 Transaction Details and Financial Implications

01:24 Strategic Benefits for Apollo and Bridge

04:41 Challenges and Opportunities in Real Estate

06:58 GP Stakes Investing Insights

09:35 Conclusion and Key Takeaways

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info@evergreencap.com

www.evergreencap.com

The Impact of the Trump Administration on Alternative Investments

This episode discusses how the Trump administration's policies are expected to impact alternative investments, particularly private equity and real estate. We examine potential benefits such as lower corporate taxes, the carried interest tax loophole, reduced regulations, and the excitement within the investment community post-election.

We also consider possible challenges, including tariffs and their effect on consumer pricing and interest rates. The episode concludes with a focus on growth-oriented American policies and the outlook for increased MNA activity and IPOs in the coming years.

00:00 Introduction: The Trump Administration's Impact on Alternative Investments

00:21 Post-Election Optimism in the Investment World

01:29 Private Equity: Benefits Under the Trump Administration

04:51 Private Equity: Potential Drawbacks and Tariffs

06:16 Real Estate: Trump's Influence and Interest Rates

07:05 Real Estate: Tax Policies and Opportunity Zones

08:59 Real Estate: Regulatory Changes and Market Impact

10:45 Conclusion: Growth-Focused Policies and Future Outlook

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www.evergreencap.com

Mastering Alternative Investments with Evergreen Capital's Brad Johnson

In this episode of Roger Becker of Street Smart Success, interviews Brad. They delve into a range of alternative investment topics, emphasizing Brad's core investing principles. Brad briefly shares his background, including his journey from a career in real estate and private equity to establishing Evergreen Capital. He explains how his company focuses on durable investments with significant cash flow elements. The conversation covers various alternative asset classes, including real estate, private credit, and private equity strategies like GP stakes. Johnson provides insights into the allocation strategies for individuals looking for capital preservation and growth. He stresses the importance of avoiding over-leveraging and focusing on downside protection. The episode offers valuable lessons for investors interested in diversifying their portfolios with alternative assets.

00:00 Introduction to the Episode

00:48 Meet Brad Johnson: Real Estate and Alternative Investments

01:45 Brad's Journey: From Real Estate to Mobile Home Parks

03:55 The Challenges and Rewards of Mobile Home Park Investments

06:46 Transition to Evergreen Capital and Investment Philosophy

09:04 The Role of Alternative Investments in Portfolios

15:58 Understanding Private Credit and Debt

20:36 Client Strategies and Asset Allocation

23:37 Investor-Friendly Alternatives

23:58 Investment Minimums and Retail Investors

24:47 Future of Alternative Assets

25:48 Fee Structures and Fund Preferences

28:13 GP Stakes and Private Equity

36:03 Real Estate and Inflation Concerns

40:23 Key Lessons in Investing

41:46 Personal Insights and Conclusion

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Durable Alternative Investments

www.evergreencap.com

Private Equity and the NFL: A New Frontier in Pro Sports Investment

This video discusses the recent development of the NFL allowing private equity firms to buy minority interests in its teams, marking the entry of professional sports into the alternative investment space. Historically limited to billionaires, pro sports investments are now accessible to high net worth investors, with the NFL's sizable media rights and diverse revenue streams making it an attractive asset class. The speaker shares excitement about the potential for direct NFL deals and the expansion of pro sports investments in investor portfolios.

00:00 Introduction to Pro Sports as an Investment

00:32 NFL's New Private Equity Investment Opportunity

01:14 The Appeal of Pro Sports Investments

01:28 The Financial Dynamics of Pro Sports

04:46 The Future of Pro Sports Investments

05:23 Personal Insights and Conclusion

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What works in mobile home park investing today.

In this episode, Brad Johnson, managing partner of Evergreen, delves into the intricacies of mobile home park investments. Drawing from his extensive experience, Brad discusses the evolution of the market over the past decade, highlighting both the challenges and opportunities in today's landscape. He emphasizes sustainable rent increases, strategic operational approaches, and the need for proper capital allocation. Brad provides insights on techniques that work, such as incremental property improvements, creative transactions, and thoughtful management, comparing successful operations to precision military tactics. He also covers the importance of market conviction, unique deal flow strategies, and the complexities of total overhauls and infill strategies. Whether you're an emerging investor or a seasoned operator, Brad's advice offers valuable lessons on navigating this increasingly institutional asset class.

00:00 Introduction to Evergreen and Mobile Home Park Investments

01:18 Challenges in the Mobile Home Park Space

03:30 Common Mistakes in Mobile Home Park Investments

07:16 Effective Strategies for Mobile Home Park Operations

10:28 Advanced Tactics for Driving Alpha

17:41 Creative Deal Structures and Market Insights

26:45 Why Now?

Mobile Home Park Investing

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Mastering Fundraising: Tips and Strategies from a Decade of Experience

In this episode, the speaker shares insights and strategies for successful fundraising, gleaned from over a decade of experience. The session covers four main steps to secure funding, understand what high-net-worth investors seek, maintain legal and compliance standards, and build trust with prospective investors. Key points include the importance of focusing on a niche for easier market entry, dedicating efforts to one marketing channel, sharing your journey with investors, and providing transparent and professional documentation. The speaker also discusses the distinctions between accredited and ultra-wealthy investors, common mistakes to avoid, and how to use friends and family funding smartly. The episode concludes with thoughts on the broader benefits of mastering fundraising, such as financial security and new career opportunities.

00:00 Introduction to Fundraising Insights

00:11 Four Steps to Successful Fundraising

00:16 Understanding Investor Expectations

00:48 Choosing Your Investment Niche

03:00 Focusing Your Fundraising Approach

04:28 Sharing Your Investment Journey

06:16 Building Trust with Investors

08:24 Engaging High Net Worth Individuals

11:20 Common Fundraising Mistakes

13:20 Q&A Session

20:38 Final Thoughts and Advice

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Private credit has existed since the early 2000s but is relatively new to many investors. The concept involves making large-scale loans to companies that can't obtain credit from traditional banks. This need emerged post-financial crisis when banks faced stricter regulations. Private credit offers benefits like high monthly returns with lower risk compared to bonds or stocks. The script explains vital terms such as capital structure, preferred equity, mezzanine debt, senior secured debt, call protection, and covenants, illustrating their roles in making private credit a safer investment.

00:00 Introduction to Private Credit

00:18 The Rise of Private Credit Post-Financial Crisis

01:41 Understanding Capital Structure

03:24 Key Terms in Private Credit

06:01 Conclusion and Final Thoughts

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https://evergreencapital.ck.page/a03f9580fe

GP Stakes investing is Brad's favorite alternative investment asset class - learn why in this episode. 

Evergreen Capital

www.evergreencap.com

info@evergreencap.com

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www.evergreencap.com

info@evergreencap.com

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So today’s episode is going to provide as a recap for what Grayson has been up to for the last couple of years. Hopefully it will serve as both inspiration — but also as a cautionary tale for those of you who want to get out there and buy your own deal! Today we’re going to be sharing the good, the bad, and the ugly. So tune in to learn some of the ins and outs of buying your first deal!

Key Takeaways:

[:11] All about today’s episode!

[3:18] So what is Grayson buying?!

[6:33] How Grayson and his partner found this deal.

[7:58] What does the transition look like after purchasing this deal?

[10:34] What Grayson learned from being an investor!

[15:30] The importance of balancing investing and operations.

[19:03] What’s next for the podcast? Topics we’ll be focusing on in future episodes.

[20:58] Opening it up to you! What would you like to hear from us next? Email us!

Mentioned in this Episode:

Performio.co

Brad@EvergreenCap.com

Grayson@StablesPartners.com 

For More on The Alternative Investor, Check Out:

TheAlternativeInvestorShow.com

The Alternative Investor on iTunes — Leave us a review!

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Today we’re answering both of these questions and filling you in on all of the juicy details of hiring a broker! 

Key Takeaways:

[:11] About today’s episode.

[:48] Should you hire a banker or a broker? And what is the difference between the two?

[6:02] Why don’t people hire a banker or a broker?

[8:49] How much does a decent banker or broker cost?

[11:51] How to find and identify a good broker!

Mentioned in this Episode:

Broker

Lehman formula

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So because this is all so timely for us, today we’re going to be talking all about purchase agreements! In fact, we’ll be going through the actual 57-page document I received for this software business to explain each section to give you all an idea of what to expect when it comes to negotiating your first purchase and sale agreement!

Key Takeaways:

[:11] About today’s episode on purchase agreements!

[2:22] We begin looking at the 57-page purchase agreement word doc, starting with an overview of the table of contents and section 1, the glossary.

[5:09] Reviewing section 2: the purchase and sale of parent shares.

[9:40] Reviewing the following three sections that cover representations and warranties — first up, those concerning the company.

[16:30] Next up, we take a look at the sections covering representations and warranties of the sellers.

[17:55] Taking a look at the representations and warranties concerning the buyer.

[18:58] Reviewing the section that covers the additional agreements.

[19:52] Checking out section 7: identification and related matters.

[23:03] Wrapping up the podcast with some final points about purchase and sale agreements!

[24:54] What should you be focusing on when negotiating these documents?

[28:14] Thanks for tuning in!

Mentioned in this Episode:

Purchase and Sale Agreement

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We discuss how they relate to interest rates, what they indicate, what they’re useful for, what they’re used for on a day-to-day basis in real estate investing, and how you should be thinking about cap rates if you’re thinking about getting into the real estate investing world. We also give several examples of how to find the cap rate!

Key Takeaways:

[:11] About today’s episode.

[1:01] What is a cap rate?

[2:59] A quick example of how to find the cap rate and what it indicates.

[4:51] How cap rates relate to interest rates.

[7:52] What cap rates come down to and what’s important to remember.

[10:51] The useful thing about cap rates!

[11:29] How those in real estate use cap rates on a day-to-day basis.

[14:24] A range of where cap rates fall now.

[16:27] How you should be thinking about cap rates if you’re thinking about getting into the real estate investing world.

Mentioned in this Episode:

Cap Rate

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Investors are people too, y’know! Just like your friends or spouse, they want to be kept in the loop and know what’s going on. They’ve given you money to go out and do a job… But they don’t want to just give you the money and be left in the dark; they want to know what’s going on!

Tune in to learn more about what goes into a typical investor update, how often you should send one out, and the many benefits that come with it!

Key Takeaways:

[:20] What is investor relations?

[1:10] The hard part about investor relations.

[3:32] What is in a typical investor update? And how often should you send them out? How long are they?

[12:50] Should you reach out to your investors outside of the formal updates?

[15:22] Summarizing our key points about investor relations!

Mentioned in this Episode:

Investor Relations

Howard Marks

Warren Buffett

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If you’re ever going to be making investments in alternative assets, most likely you’re going to be getting a K-1. Be sure to tune in to get all the basis on what exactly a K-1 is, how they work, the key pieces of information within them, their benefits, and our tips!

Key Takeaways:

[:12] About today’s episode!

[:48] What is a K-1?

[3:54] The key pieces of information in the K-1; covering box 1 and 2 of the K-1. 

[10:21] Discussing box 19 of the K-1: the distribution (the actual cash flow you receive that year from your investment.)

[13:07] Discussing box L: the partner’s capital account analysis (which keeps track of your basis in the investment.)

[14:53] Working through an example to illustrate how a K-1 works.

[15:26] When do you get a K-1? How should investors investing in alternative assets be thinking about K-1s? And are they a huge headache or are they pretty straight forward? 

[16:44] Our tip for if you’re receiving many K-1s.

[18:41] The bottom line of K-1s!

[19:12] How to go about doing your K-1s.

Mentioned in this Episode:

K-1

Pass-Through Entity

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Tune in to learn more about how to prioritize the right tasks, manage your calendar and emails, maximize your productivity, and how to accomplish all your goals during your work day.

Key Takeaways:

[:12] About today’s discussion.

[1:47] Mind, body, and wellness — how to get your mind and body in check to maximise your productivity.

[5:55] How we prioritize throughout the day.

[10:16] Getting stuff done — our tips, tricks, and tools for accomplishing your goals during the day.

[18:00] How to manage your calendar and emails.

[24:15] Where we think we can most improve productivity-wise during our work days.

[26:30] Email us your favorite productivity tips and we’ll read them out on a future episode!

Mentioned in this Episode:

Getting Things Done (David Allen)

Grayson@StablesPartners.com

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So today, we’re going to outline how to get debt from the more conventional (or traditional) sources. We’ll be covering: seller financing, regional banks, agencies that are representing Fannie and Freddie, and large commercial mortgage-backed security loans.

Pull up a chair and join us for this real estate-centered conversation on raising debt!

Key Takeaways:

[:12] Reading our favorite funny review from the last couple of weeks!

[1:45] About today’s episode.

[2:25] The first step to raising debt for a real estate project: obtaining a loan.

[8:11] If you’re just looking to borrow money for a deal, how much should you care about the structure of the loan?

[10:16] What information is a balance sheet lender or regional lender going to need to know in order to make a decision about whether or not they’re going to lend you money?

[14:24] So which loan should you take — an agency loan or a CMBS?

[18:18] How do you know if you’re getting a CMBS loan? And what do these types of lenders look like?

[19:32] How big does a deal have to be to qualify for a CMBS loan?

[20:05] Where do the big costs come in with a CMBS loan?

[21:31] Summarizing the four sources of debt mentioned in this week’s episode and giving some final, additional pieces of information.

[23:04] In conclusion: our take on what the best options are.

Mentioned in this Episode:

Balance Sheet Lender

Fannie Mae and Freddie Mac

Bellwether

CMBS

CDO

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We’re going to be diving into the topic of the three most important investment metric:; NPV (Net Present Value), IRR (Internal Rate of Return), and MOIC (Multiple on Invested Capital.) These metrics are incredibly valuable because, at the end of the day, these are the measures that help investors know how much money they’re going to get back in their pockets after investing in your deal. We hope you’ll join us today to learn about these three important metrics!

Key Takeaways:

[:12] About today’s topic!

[:41] What do NPV, IRR, and MOIC stand for?

[1:54] What is NPV? What does it indicate?

[5:48] What is IRR? How does NPV and IRR compare?

[9:08] What is MOIC? What does it indicate? 

[10:11] Key takeaways of IRR, NPV, and MOIC — and what investors are looking for.

Mentioned in this Episode:

NPV

IRR

MOIC

Excel

XIRR

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So today we’re going to talk about when you’re going to go out and buy a business, what should be in your deal deck. Brad also plays the role of a potential investor, and gives his take on each section in terms of what he would want to see to feel confident in investing. 

Key Takeaways:

[:12] About today’s topic.

[:50] Where to start with creating your pitch deck.

[1:33] The first pieces of information you should include in your pitch deck.

[4:22] How to provide an effective overview of your business in the pitch deck. And what investors are looking for.

[8:26] The next section you should include in your pitch deck: an industry overview and a look at the market.

[10:07] The meat of your deck: the financial analysis section. And the key metrics investors look at. And the key scenarios you should include in your deck.

[15:00] The next section: a summary of key opportunities and risks.

[18:08] The last section: the post-acquisition plan.

[22:09] Summarizing our key points.

Mentioned in this Episode:

Word

Powerpoint

Keynote

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Adaptive Realty has a unique strategy with apartment buildings; instead of simply buying buildings and repainting and upgrading appliances, they do huge, wholesale renovations. They vacate all the tenants and completely redesign the properties. This enables them to double the rent whereas most apartment value ad folks incrementally increase the rent 20-30% after renovations. 

It’s a very unique strategy, and in this episode, we’re going to get into all of the juicy details on how Moses has pulled this strategy off. We talk about how he originally fell into the industry 10 years ago, how he survived the early lean years of being a real estate entrepreneur, the mistakes he’s made along the way (including selling way too early for his first few deals), and finally, his graduation from short-term funds to more long-term permanent equity vehicles (where he can renovate the properties and hold them indefinitely).

Today’s episode was incredibly insightful and we hope you have as much fun listening to it as we had recording it!

Key Takeaways:

[:11] About this week’s episode with Moses Kagan.

[1:10] Welcoming Moses to the podcast!

[1:41] Moses explains what they do at his company, Adaptive Realty.

[4:55] Moses tells the story of how he got started (before starting Adaptive Realty) and some of his early experiences in buying real estate.

[22:02] How Moses originally got funding, and how they got people to leave the apartment so they could renovate.

[23:52] How they renovated the buildings to beat out the competition.

[25:25] Moses talks about the possible percentage increase for rent in these renovated apartments.

[26:52] Moses explains their second apartment deal, whether or not they were making money at this point in time, and how they made that second deal.

[29:05] Their strategy over the next couple of years for buying buildings

[29:19] Moses talks about what they did after having to liquidate all their buildings, starting back at “square one.”

[34:19] The steps Moses took when trying to rebuild: starting a blog, discovering that the best deals were the fixer-uppers, and ultimately, the creation of Adaptive Realty.

[44:09] After raising their first fund, Moses explains his next steps.

[48:37] What Moses recommends to anyone who is starting out in this business.

[49:24] How Moses and his partner continued to build Adaptive Realty.

[55:15] Moses discusses some of the challenges with their business model and the way their business has grown.

[1:00:22] Moses speaks about their progress towards more permanent equity.

[1:02:20] Moses’ advice to those new in this business.

[1:06:15] Where to find Moses online.

Mentioned in this Episode:

Adaptive Realty

Moses Kagan (LinkedIn)

Moses Kagan’s Blog

The Alternative Investor EP.38 — “We Talk to a Guy Who Bought a Business with an SBA Loan”

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It’s really no exaggeration to say that a lot of stuff happens after closing — so today, we’re going to get into everything you need to know about what happens after you buy a real estate property! We talk property managers, important steps to take before closing, what you should do immediately after closing, how to go about improving or changing up things in the property, how quickly you should roll out these changes, and more. We hope you’ll join us!

Key Takeaways:

[:12] About today’s episode!

[1:04] What should you do immediately after buying real estate?

[6:50] Do you have a property manager set up before you close? And what is the property manager’s role? And what kind of revenue do you need to be taking in per year to be able to support a property manager or property management company? And what percentage of the total rent do they take?

[10:10] Should you use the building’s existing property manager?

[10:47] Other things you need to make sure you’re doing once you’ve acquired a real estate property.

[14:00] More important details to remember after acquiring a real estate property.

[14:57] How to go about improving or changing things up in the property.

[15:41] How quickly should you roll out changes? Should you give people time to settle in to the new ownership?

[18:50] How to make renters excited about change.

[20:44] If you had to raise capital to purchase this building and have investors, what should you do immediately after closing?

[21:55] Wrapping up this week’s topic.

[23:55] We’d really appreciate if you could leave us a nice review on iTunes!

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Neither Brad or I have used an SBA 7(a) loan to purchase a business so we thought it would be a great idea to invite on someone who has! And, if you haven’t already, be sure to check out our other episode on SBA loans — episode 35: “How to Buy a $2 Million Business for $200K.”

Key Takeaways:

[:12] About today’s interview with Nick Haschka.

[1:23] Welcoming Nick to the show!

[2:30] How Nick landed in the business of buying other businesses.

[6:17] Why did Nick decide to go with the SBA 7(a) loan rather than using a search fund model.

[7:54] How Nick found out about SBA loans.

[9:44] Why Nick moved on from McKinsey and wanted to switch up his career.

[10:49] Nick speaks about his (and his partners) process of buying a small business.

[16:13] About The Wright Gardner, previous owner, and employees; and how Nick found it.

[19:03] How long it took for Nick to lock down the deal with The Wright Gardner.

[19:35] Nick shares some details and metrics of the deal.

[23:30] The process of getting an SBA loan for The Wright Gardner.

[25:45] Nick talks about the personal guarantees he signed for the business.

[29:15] Did this one business get Nick to his $90k/year goal?

[30:49] How Nick and his business partners split up the ownership and responsibilities.

[31:24] Add-ons Nick was looking for to support the objectives of the business.

[32:43] Have they done any tuck-in or bolt-on add-ons?

[34:32] Nick talks about his business growth in the two years since he bought The Wright Gardner.

[35:45] Are Nick and his partners actively looking for outside deals, or is this going to be a platform for them (where they’re going to continue to bolt-on plantscaping businesses)?

[37:15] Did Nick (and his partners) fund his businesses (following The Wright Gardner) out of the cash flow of The Wright Gardner?

[38:03] Is Nick at the scale where he can be less involved in the business day-to-day or is it still his full-time job?

[39:04] Looking back on everything, is Nick glad he did everything the way he did?

[41:55] Where to find Nick online.

[42:09] Nick’s parting words of wisdom.

Mentioned in this Episode:

The Alternative Investor on iTunes

The Wright Gardner

Nick Haschka (LinkedIn)

Nick’s email: nick@cubinvestments.com

McKinsey & Company

BizBuySell

(California) Contractors State License Board

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Both Brad and I have our MBAs (which serve us well) — but there are definitely pros and cons to getting an MBA. So we thought it’d be a good idea to address this question and get into all the juicy details of why you should (or should not) get it, some of the pros and cons to both of the options, and the other possible pathways you can take. We also share our own experiences in earning our MBAs and how they have benefited us in our own careers.

Key Takeaways:

[:12] Reading a review that made us laugh from our iTunes page.

[1:28] If you give us a 5-stars and leave a funny review on iTunes we’ll read it next episode and send you a prize!

[2:22] About today’s show.

[4:09] Do we have our MBAs?

[4:56] Some of the pros and cons of why, or why not, you should get an MBA.

[9:11] How we benefited from getting our MBAs.

[16:52] Some of the cons of earning our MBAs and potential cons that could arise.

[19:06] When you should take the opportunity or time to get your MBA and when you shouldn’t.

[20:24] How getting an MBA aided in our confidence and expectations.

[21:58] A few more points on maybe why you shouldn’t get an MBA.

[22:44] Should you get an MBA if you want to break into private equity or venture capital? What are the other pathways?

[28:15] Summarizing our main points on whether or not you should your MBA!

Mentioned in this Episode:

The Alternative Investor on iTunes

Master of Business Administration (MBA)

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If you think you need $1 million to get started in buying a company then this episode is for you. You don’t always need to have the capital or the rich uncle — there’s another way.

In this episode we’re outlining everything you need to know about SBA loans — specifically the SBA 7(a) loan — and how you can go from dreaming about owning a business to owning one worth millions, yourself.

Key Takeaways:

[:13] If you’ve been enjoying the show we’d really appreciate you leaving a review on our iTunes page!

[1:00] About today’s show!

[2:33] What an SBA loan is.

[7:50] Do these loans have fixed or variable interest rates?

[9:07] A few of the caveats to getting an SBA loan.

[13:21] Why you may not want to go to 90% loan to value.

[14:36] Another important caveat if your business depends on the location that it’s at.

[16:54] Giving an example of a real business scenario using an SBA loan.

[19:07] Who SBA loans are good for and who they’re not good for.

Mentioned in this Episode:

The Alternative Investor on iTunes

SBA Loan

SBA 7(a) Loan

Wells Fargo

Grayson@StablesPartners.com 

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Key Takeaways:

[:13] You’ve been running a great piece of real estate for the last two years and then suddenly you get a fantastic unsolicited offer… so, what do you do?

[1:06] Brad walks us through how he thinks about a hold vs. sell analysis.

[4:23] Brad outlines some more variables to think about in the hold vs. sell analysis.

[5:59] What happens if you think you can grow the asset and sell it for 3x your investment, but it takes another 3 years?

[8:08] After factoring in all the risks, and still feeling 100% confident you will achieve a positive outcome, should you take the deal? What else should you take a look at?

[9:47] The third piece of information that is important to factor into a hold vs. sell analysis: what can you do with the money you’ll be making? And what happens if you’ve brought in investors?

[12:16] So, what do you do? Is there a right answer?

[13:25] Another important thing to think about beyond the numbers.

[15:48] Recapping the main points of this episode.

Mentioned in this Episode:

Internal Rate of Return (IRR)

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A Covered Land Play is when you buy a property based on the existing use of that asset… but, what you’re really buying for is the land (in the hopes that someday it’s going to be redeveloped by you, or, perhaps the next buyer.) It has limited downside, because of the current cash flow, with big upside — so it makes for a very interesting investment strategy.

In this episode, we’ll cover everything you need to do about Covered Land Plays; what they are, why you might want to use it as one of your next investment strategies, who they’re perfect for, some examples, and how to go about pursuing one. 

Key Takeaways:

[:14] Some background on today’s episode.

[:57] About today’s topic.

[1:21] An overview of what a Covered Land Play is.

[1:50] An example of a Covered Land Play.

[2:58] Who a Covered Land Play would be particularly useful for.

[4:16] If the strategy doesn’t pan out, are you at least still making a good investment?

[5:23] Can you mess up this strategy?

[6:18] Some of Brad’s projects that are considered Covered Land Plays.

[7:02] Why all investments that involve land and a business are not considered a Covered Land Play.

[9:09] An example of what a fantastic Covered Land Play investment could be.

[10:49] Some more examples of potential fantastic Covered Land Play investments and some of the potential risks.

[15:00] How to go about pursuing a Covered Land Play deal, and some final thoughts on the downsides and upsides!

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It’s so tempting when you’re looking at a lot of these small businesses to buy and you see this metric called EBITDA and you think, “Hey, this is how much cash I’m going to have distributed at the end of the year to my investors.” But looks can be deceiving. 

So in this episode, we want to explain to you why this is so crucial when evaluating businesses, red flags to look out for, and how to resolve this potential conflict. We also give some examples on why exactly it is so important not to mistakes EBITDA with Cash Flow and how depreciation and amortization can get you into trouble.

Key Takeaways:

[:46] About today’s topic.

[1:36] What EBITDA is.

[2:21] An example of how EBITDA comes into play when buying a small business.

[4:47] Another example of why it is crucial to not mistake EBITDA with Cash Flow.

[6:49] Another way depreciation and amortization can get you into trouble.

[9:11] How to resolve this potential conflict: look at the Cash Flow statement!

[11:18] Bottom line: be very careful when you’re evaluating a small business and you’re just looking at the EBITDA.

[11:38] Particular businesses you want to be especially careful of.

[12:06] What are some red flags?

Mentioned in this Episode:

EBITDA

Cash Flow

CPA

PNL

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We hope you join us for today’s episode! 

Key Takeaways:

[:11] About our topic today: search funds!

[:30] What is a search fund? And who is funding them?

[2:58] The four steps to a search fund: fundraise, search, find, and sell.

[8:30] How did search funds originally start?

[9:34] Who a search fund is great for.

[12:53] How my partner and I founded our firm, Stables Partners.

[14:16] Why, or why not, you should have a partner.

[15:55] The community around search funds.

[18:15] The process of acquiring companies through search funds.

[22:23] How many of my deals were off-market?

[23:55] Why use a search fund?

Mentioned in this Episode:

Search Fund

Pacific Lake Partners

Trilogy Search Partners

Search Fund Partners

Stanford - Center for Entrepreneurial Studies - Search Funds

Stables Partners

Grayson@StablesPartners.com 

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Using the example of discovering a $10 million deal and looking at it from both the private equity side and real estate side, we take you through the steps on how to secure it, raise the necessary funds, as well as some additional tips to ensure you’re as prepared as possible!

Key Takeaways:

[:11] About today’s topic.

[1:35] The first step you should take after finding that $10 million deal: get all your materials in order (a teaser, financial model, and a deck)!

[6:15] What should be in your deck.

[8:09] Documents you definitely will want to have (especially when going to people you don’t know): a PPM and subscription agreement.

[12:14] How to initially raise funds to afford your deal — and the pros and cons of going to your friends and family first.

[16:58] How to raise funds outside of your personal network.

[28:38] Some more additional tips for securing deals.

[30:48] What to expect and be prepared to answer when asking for money.

Mentioned in this Episode:

Upwork

Private Placement Memorandum (PPM)

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At the end of the day, we hope you don’t have to have these types of conversations too often — but when you do, we want to make sure you’re well equipped going into them and have a successful outcome!

Key Takeaways:

[:11] If you like the podcast, be sure to leave us a 5-star itunes review!

[1:01] About today’s episode.

[1:20] What is a retrade?

[2:10] Brad gives an example of a retrade conversation he has had recently.

[6:06] I give an example of a retrade in the private equity world.

[9:58] Brad gives us his general strategy, and how he typically handles a retrade.

[14:55] My strategy for handling a retrade, and some of our other tips and tricks.

[17:05] Some of the differences between retradring in private equity, and real estate.

[18:04] Some more retrade strategies.

[18:45] Reflecting back on old retrade deals, and our final pieces of advice.

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So in today’s episode, Brad and I are talking about some of the surprising and counterintuitive aspects of being in private equity and real estate private equity. There’s some misconceptions out there about how “unsexy” it can really be. 

First Brad kicks it off by telling us about some of the surprising things he has learned (having run his own real estate private equity fund), and then we take a look into the surprising aspects I've discovered working in private equity. We also discuss how much art tends to go into making deals versus science and how learning how to make these deals is kind of like building up a muscle!

Key Takeaways:

[:11] About today’s episode: surprising aspects of private equity.

[:52] Brad talks about some of the surprising (or counterintuitive) sides of private equity in real estate for him.

[7:37] Brad’s advice on if you’re looking to get into private equity, and how long it took for him to get his first deal in the industry.

[8:45] Brad gives some more surprising aspects of private equity.

[11:38] One of the surprising aspects I’ve discovered while working in private equity: how much art goes into it versus science.

[12:40] Brad explains how, similarly, “art” plays into real estate.

[14:05] How looking at deals is like building a muscle.

[18:33] Our last surprising aspect of private equity: taxes and regulatory aspects.

[23:49] How the private principal applies to real estate private equity.

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A lot of these tools can be used in many different industries and we hope we can help streamline some of what you do everyday by sharing a few of our most-used tools and giving you the inside deets on how much they cost per month, our favorite attributes and features about each one, and how we utilize them within our business.

Key Takeaways:

[:11] About today’s episode: our favorite everyday tools.

[:33] A quick refresher on what it is that we do day-to-day.

[1:33] Brad kicks it off with the most important software he uses in his day job.

[3:00] Brad’s favorite software, tools, tips, and tricks that uses in real estate.

[18:54] My favorite software and tools that I use in private equity.

Mentioned in this Episode:

Rent Manager

Juniper Square

Dropbox

Google Earth

Microsoft Excel

Squarespace

Upwork

Fiverr

Mailchimp

Bond

Magic

Grasshopper

Burner

Unbounce

Salesforce

Reply.io

LinkedIn Sales Navigator

Clearbit

G Suite

Google Sheets

Crunchbase

Axios Newsletter

Stratechery Newsletter

For More on The Alternative Investor, Check Out:

TheAlternativeInvestorShow.com

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In this episode, Brad and I go over what we’re seeing right now in terms of pricing in both the real estate and private equity side of things, how sometimes a deal may look really expensive when it is actually an incredible deal, and some of the “tricks” to figuring out what makes a worthwhile asset vs. one that is not worth your time.

Key Takeaways:

[1:01] About today’s show!

[1:17] What Brad is seeing right now in terms of pricing in real estate.

[4:46] Remember when Facebook bought Instagram? Seems like they overpaid, until you look back on the deal.

[6:03] Why the Instagram/Facebook deal worked out and how to do the same for yourself.

[7:13] Taking a quick look at the private equity side.

[7:42] The “tricks” to figuring out the worthwhile assets vs. the not worthwhile.

For More on The Alternative Investor, Check Out:

TheAlternativeInvestorShow.com

What Exactly is Adjusted EBITDA? - EP. 21

EBITDA

Fred Wilson

Eddie Lampert’s Plan to Save Sears

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First, we take you through the history of qualified opportunity zones (which has a pretty interesting history in itself!) — then we get to the really exciting part: the incredible tax breaks to be had by investing in these zones and how to go about it. And then, to wrap it all up with a bow, we take you through a real world example to illustrate how it’s done.

Key Takeaways:

[:12] All about today’s episode!

[:55] The history of qualified opportunity zones and how they came about.

[3:31] What an opportunity fund is.

[5:42] What a qualified opportunity zone is.

[7:35] The exciting stuff: the tax benefits from investing in a qualified opportunity zone via an opportunity fund.

[11:51] A quick recap on all the amazing tax benefits.

[12:24] Brad takes us through a real world example.

[16:48] Our final warnings on qualified opportunity zones: make sure it is still a good deal — a bad investment with a good tax treatment is still a bad investment.

[18:57] One last thing you need to remember: you do have to do this through a qualified opportunity fund.

[19:56] Does this all make sense in the private equity world?

[20:41] A final note about qualified opportunity zones on the real estate side.

For More on The Alternative Investor, Check Out:

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From multi-family real estate investing and affordable housing to office buildings, industrial, retail, and hotels — Brad gives us the insider scoop and breaks down what we all need to know about investing in these different types of real estate.

Key Takeaways:

[:30] If you want to get in touch with us or have any suggestions for the show, you can always email us at Brad@Evergreencap.com and Grayson@stablespartners.com.

[1:13] About today’s topic: the different types of real estate asset classes.

[1:57] Brad explains the basics of multi-family real estate investing.

[4:54] Do student housing and affordable housing fall under multi-family?

[6:21] Pros and cons of affordable housing.

[8:36] The difference types of niches in office buildings.

[9:31] The pros and cons with office buildings.

[13:29] Brad explains the industrial asset class.

[16:09] Risk vs. reward for warehouses compared to office and multi-family.

[17:10] Brad breaks down the different types of retail facilities.

[19:22] The pros and cons of retail real estate.

[21:46] Is retail similar to office as in their risks vs. reward?

[22:05] About investing in hotels and the risks involved.

[24:34] Brad reviews some niche asset classes: manufacturing housing, data centers, cell towers, casinos, single family rentals, and medical.

Mentioned in this Episode:

Brad@Evergreencap.com

Grayson@stablespartners.com

For More on The Alternative Investor, Check Out:

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It’s easy enough to go on LoopNet or MLS Deal Finder but anybody can get those deals, so we want to share some solid trade secrets with you all today and help you find those sweet, sweet off-market deals.

In a prior episode, we’ve gone into the differences between off-market and on-market deals, but today we want you to join us to get right into the nitty-gritty of how you can actually find these off-market deals.

Key Takeaways:

[:12] Our topic today: how to source off-market deals.

[:26] What we mean by how to source an off-market deal.

[1:06] What is an off-market deal?

[2:39] Brad talks about how to find off-market deals in a real estate firm.

[14:10] How to find off-market deals on the private equity side.

[21:10] Concluding this week’s episode and where to find more resources!

Mentioned in this Episode:

LoopNet

MLS Deal Finder

First American Title

LinkedIn

Broker Deals VS. Off-Market Deals - EP. 11

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There’s a lot of aspects that go into shaping an excellent alternative investor — from qualitative to quantitative skills. You need to be an expert generalist, while also having strong project management skills, lots of optimism, and most importantly: be able to make STUFF happen. In this episode we cover the three major buckets of the skills you need to have, as well as the three specific parts of what goes into making a deal, such as sourcing, diligence, and the closing process. Tune in!

Key Takeaways:

[:11] About our topic today: 

[:55] The first of the three big buckets that fill the skills of what an alternative investor needs to be: an ‘expert generalist.’

[2:46] The second: being a ‘professional cat herder.’

[4:38] Our third bucket: make ‘stuff’ happen.

[5:54] The three specific parts of what goes into doing a deal: sourcing (find the deal), diligence (analysis and doing the work), and the closing process (getting the deal over the finish line).

[6:24] Firstly: the skills, behaviours, and attitudes that go into sourcing a deal.

[8:38] Secondly: the diligence side and its related skills, behaviours, and attitudes.

[13:06] Thirdly: the skills involved in getting the deal closed!

For More on The Alternative Investor, Check Out:

TheAlternativeInvestorShow.com

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It’s a super critical number and important to get right — so tune in for today’s short and sweet episode all about Adjusted EBITDA!

Key Takeaways:

[:13] About our topic today: Adjusted EBITDA!

[:22] What is Adjusted EBITDA?

[2:42] A simple example of Adjusted EBITDA.

[3:32] Non-valid Adjustments in the real estate world to Net Operating Income (NOI).

[5:23] Valid Adjustments Brad has seen in the real estate world.

[9:35] A couple examples of valid Adjustments we see in the private equity world.

[13:00] Wrapping up today’s episode!

For More on The Alternative Investor, Check Out:

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“Boring businesses endure because they consistently solve a meaningful problem and were patiently built over decades,” “Truth be told, our responsibility is not just to seek and sustain boring businesses, but to be boring ourselves. Boring is reliable, faithful, and predictable. Boring is sustainable. We are committed to doing what we say we would, when we said we’d do it.”

This episode, Brent, Brad, and I discuss the workings of Brent’s firm, how they go about securing deals, their due diligence process, what deals they look for, and how he deals with a variety of situations within the firm. He also gives his views on growth, what industries he won’t touch, and what he thinks about current asset pricing.

Adventur.es has some pretty contrary views and approaches to traditional private equity firms so it was an extremely interesting interview that we recommend you all tune in to this week!

Key Takeaways:

[:10] Our guest, Brent Beshore, introduces himself and tells us a little about his background and how he got to where he is today.

[2:28] How Brent started up his private equity firm, Adventur.es, and what they’re all about.

[8:09] About the makeup of Aventur.es’ portfolio: what kind of companies they currently have, what they like, and what they’re looking for.

[11:05] How did Adventur.es get comfortable with some of the more cyclical deals (especially with the pool companies).

[14:14] Does Brent believe that volatility does not equate to risk?

[17:11] How do they have the liberty with their fund where they can hold a deal indefinitely?

[18:58] Are they reinvesting dividends each year?

[19:55] Do they have discretion?

[20:16] Does Brent find that the sellers they buy deals from generally involve competitive bidding?

[24:40] How Brent keeps a sense of urgency in their operation (without the pressure of the 3-5 year time frame a traditional private equity firm generally has with businesses).

[27:37] In most cases, is Brent dealing with the CEO who’s selling the business with a management team stepping up or is he hiring other operators to come in?

[29:21] When the owner is not staying around, and a new management team is stepping up how does Brent keep those people incentivized?

[31:05] Brent’s process of finding deals.

[34:30] If a broker sent Brent a deal he would normally want to buy, but it’s part of a bigger process with multiple firms bidding on it, does he step out?

[37:52] Brent gives us a back-of-the-envelope approach to how he thinks about what is an attractive business for Adventur.es.

[42:31] How Brent thinks about due diligence and the major things that kill a deal.

[46:53] In their due diligence process, how much time is spent within the company internally and how much is spent thinking about the market and external factors?

[50:31] About Brent’s meeting with Warren Buffett.

[52:04] What kind of multiples is Brent seeing in business right now? And how does he think about what’s the best multiple to pick?

[55:11] How much is too much customer concentration?

[57:05] How much does Brent care about growth? 

[58:24] Are there any industries Brent wouldn’t touch?

[59:48] How does Brent think about current asset pricing?

[1:03:22] Where to find more of Brent’s content and Adventur.es online.

Mentioned in this Episode:

Adventur.es

Brent Beshore’s LinkedIn

The Oracle of Omaha

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Business quality is a little bit of an amorphous term, but today we focus on thoroughly explaining what it is and why you should care about it as investor. We also put together a framework of categories for high quality businesses, such as: the organic grower, the mergers and acquisition machine, and the ATM machine (yes, we know that the M in ATM is machine.) And of course, since we talk about the businesses that are the most high quality, we also had to talk about what we call “the valley of death” — the category of businesses that we would never touch.

At the end of the day, any investment you make in a business, you want to get that investment back in the form of cold, hard cash. But to do that, you have to think not just about the price, but about the quality of the business.

Key Takeaways:

[:27] About today’s topic: business quality.

[:41] Why, as an investor, should we care about business quality?

[1:59] Our first category of a high quality business: an organic grower.

[4:52] An example of an organic grower.

[6:48] The second category: a mergers and acquisition machine (“an inorganic grower.”)

[8:57] Some examples of a M&A machine.

[11:01] Our third category: an ATM machine.

[12:38] Examples of an ATM machine.

[14:18] The category of businesses that are (usually) not high quality: “the valley of death”.

[17:49] Wrapping up today’s show with our key point: “quality, quality, quality!”

For More on The Alternative Investor, Check Out:

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We answer all the questions you may have about debt, such as: what is debt? When do you get debt? How much debt do you put on an investment? We also address the various restrictions that come with debt, why you should get debt (and some of the great — and not so great — reasons that can come with it), how much debt to put on your deals, and some examples of how debt can change the return on a deal.

Debt can reduce the amount of cash you have to come up with to buy a deal — but it comes with some promises you have to make to the bank (and other people) that might end up coming after you one day. But, done thoughtfully, it has its place in alternative investments — so tune in to hear more of our take!

Key Takeaways:

[:11] About today’s topic: debt!

[:35] What is debt?

[1:42] Restrictions that come with debt.

[3:10] Some great reasons to get debt.

[4:58] How Brad thinks about how much debt to put on his deals.

[9:42] Brad gives an example of how debt can change the return on a deal.

[13:10] An example in real estate, with the same numbers.

[15:22] Summarizing our key points about debt.

Mentioned in this Episode:

Paul Getty Quote

For More on The Alternative Investor, Check Out:

TheAlternativeInvestorShow.com

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Not only does a theme help narrow down your own list of investment opportunities — it helps differentiate you in the minds of brokers and bankers when they see deals. A theme can be an asset class, a business model, a trend, or macro trend that’s occurring in the economy.

Today we go through just some of those ways you can pick a theme to help you stand out in a sea of investors.

Key Takeaways:

[:11] Today we answer a listener question from someone who asks, “How do I identify an investment theme?”

[:52] How we think of an investment theme and why they can be so beneficial.

[5:29] Why you won’t be taken seriously if you don’t narrow your criteria.

[7:31] How to pick a theme that resonates with you.

[11:33] When you think about a theme, think about the macro trends in the world.

[13:00] How to do multiple deals within real estate while having an overarching theme to your investments.

[18:19] Summarizing our key points.

Mentioned in this Episode:

For More on The Alternative Investor, Check Out:

TheAlternativeInvestorShow.com

Hosted on Acast. See acast.com/privacy for more information.

However, risk is going to be a part of every single investment decision that is ever made and there’s no such thing as a risk-free investment. So hopefully, in this episode, we can provide some tools and a framework to help you think about risk and overcome any hesitance you may have. Brad and I discuss risk from the academics’ perspective, real estate, and private equity side; as well as risk deal killers, and general risks that factor into any investment.

Key Takeaways:

[:10] About our topic of discussion today.

[1:51] How the academics think about and talk about risk.

[9:43] How we think about risk (in real estate and private equity.)

[12:26] How Brad looks at to evaluate real estate risk.

[14:42] More factors that go into risk analysis in real estate.

[17:28] Are there any risk deal killers? What risks would kill the deal?

[20:51] How I think about risk in private equity.

Mentioned in this Episode:

The University of Chicago

Modern Portfolio Theory (by Harry Markowitz)

University of California San Diego

Standard Deviation 

Volatility

Due Diligence

Base Case

Downside Risk

Market Risk

For More on The Alternative Investor, Check Out:

TheAlternativeInvestorShow.com

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Arguably, you should be spending 90% of your time answering the question: what is this asset worth? So today Brad and I cover — from real estate to private equity — how to know how much to pay and which factors you should consider.

Listen in to learn how to appropriately price assets!

Key Takeaways:

[:13] Our topic of discussion today: how much to pay for an asset.

[1:52] Brad walks us through how much to pay for an asset in the real estate world.

[4:58] A real estate example for figuring out how much to pay for an office property.

[9:03] How the exit price factors in to how much you’ll pay.

[11:17] How much to pay for an asset in the private equity world.

[15:04] Summarizing our key takeaways.

Mentioned in this Episode:

IRR

Cap rate

Unlevered vs levered

Warren Buffett

For More on The Alternative Investor, Check Out:

TheAlternativeInvestorShow.com

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So why would you want to become an accredited investor? Or how? And if you became an accredited investor, what opportunities open up to you? How do you verify that you’re accredited? Brad and I answer all these questions this episode — as well as giving you an update on the latest changes the government has made in regards to accredited investors!

Key Takeaways:

[:12] About our topic today: accredited investors.

[:26] Brad’s experience dealing with accredited investors.

[4:02] What is an accredited investor?

[8:15] Why does it matter that you’re an accredited investor? What opens up to you?

[10:42] How to become an accredited investor.

[12:20] All the ways to verify that you’re accredited.

[14:57] The latest update on what the government thinks about accredited investors.

Mentioned in this Episode:

Blackstone

The Carlyle Group

SCC

Jor Law at Verify Investor (Linkedin)

Verify Investor

Financial Industry Regulatory Authority (FINRA)

For More on The Alternative Investor, Check Out:

TheAlternativeInvestorShow.com

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Firstly, we talk about what equity is and how preferred equity differs from it — then, we get into common reasons for using preferred equity in a real estate or private equity deal. We also give some examples of the differences between it and common equity and explain why, more and more, we’re seeing preferred equity in deals.

Preferred equity may not be sexy — but it can be sexy when the payments are coming to you.

Key Takeaways:

[:13] About our topic today: preferred equity.

[:55] What is equity?

[1:40] The two types of capital: debt and equity.

[2:29] An example of common equity in a real estate project.

[3:49] What is preferred equity?

[4:30] An example of preferred equity in a real estate project.

[6:42] Why do we typically see preferred equity in deals?

[8:00] Another reason for preferred equity.

[9:16] Expect to see preferred equity in your future deals and do more research on the topic!

Mentioned in this Episode:

Capital Stack

Preferred Equity

For More on The Alternative Investor, Check Out:

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So don’t worry if you don’t understand what the blockchain is — we’re here to give you a basic understanding so you can go forth and use the technology!

Key Takeaways:

[:13] About our topic for today: blockchain!

[2:27] What is the blockchain?

[5:20] An example of the practicality of blockchain in real estate.

[7:27] What is a security token? 

[11:30] What is a utility token?

[12:16] Definition of a token.

[13:18] How tokens relate to alternative investment.

[14:48] What are the advantages of using the blockchain and tokens to represent ownership in an asset? Why is the world going in this direction?

[16:10] The difficulties of liquidating assets and how the blockchain helps.

[18:37] A huge advantage of the blockchain: increased transparency.

[19:25] All the great advantages to blockchain.

[21:35] Recapping all of our info on the blockchain.

Mentioned in this Episode:

Blockchain

ICO

For More on The Alternative Investor, Check Out:

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Hosted on Acast. See acast.com/privacy for more information.

Key Takeaways:

[:14] The difference between broker deals and off-market deals.

[1:02] What is a broker deal?

[1:44] What is an off-market deal?

[2:24] The difference between the processes on a broker deal vs. an off-market deal.

[5:05] The difference between a broker and banker.

[6:00] How many sellers go to brokers? And why?

[7:40] The process of narrowing down the buyers.

[9:18] Are buyer interviews held?

[9:47] The process for an off-market deal.

[10:50] Likelihood of closing between an off-market deal and broker deal.

[12:34] The quality of the deals on an off-market deal vs. a broker deal.

[13:40] How long it takes to close an off-market deal vs. a broker deal.

[15:42] The valuable role of a broker.

[20:48] The range of prices in an off-market deal vs. a broker deal.

[25:44] Wrapping up our thoughts on off-market deals and broker deals.

Mentioned in this Episode:

Freakonomics Podcast

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Diligence is that 30-60 day period after you sign the purchase agreement and before you get into the official closing documents. In this episode, we highlight everything that happens during that period, such as; the title, zoning analysis, building permits, surveying the property, environmental analysis, the appraisal, deeper market research, property condition report, financial due diligence, and the lease review.

This is real estate due diligence 101!

Key Takeaways:

[:13] About today’s episode.

[:48] How long it takes to go through the entire diligence process.

[1:34] Issues that can arise, starting with the title and title insurance.

[5:50] What is zoning analysis? Why is it important?

[6:50] Where are you completing the title, title insurance, zoning analysis, and building permits?

[9:18] About the survey portion of the property and its purpose.

[12:00] What information does the surveyor give you on the property?

[13:53] What is involved in the environmental analysis?

[19:22] All about the appraisal; how much it is, who requires it, and how it can kill deals.

[22:40] Some of the deeper market research that is done to make sure that you’re getting a reasonable value for the property.

[23:45] Can this deeper market research also lead to killing deals?

[24:34] What happens during the property condition report.

[28:04] The process of financial due diligence.

[32:25] All about the lease review.

For More on The Alternative Investor, Check Out:

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We discuss how private equity can help grow businesses, get debt to help your returns, the high risk/high return nature of private equity, precise strategies, what to look for when you’re investing, how to know how much to invest, and more! 

Key Takeaways:

[:13] About today’s episode.

[:44] An overview about private equity, how Grayson defines it, and what sort of businesses he goes after.

[2:29] How do you grow the company with private equity?

[4:04] Are there any precise strategies that focus on particular markets in private equity firms?

[4:48] Who are the big private equity firms?

[5:30] Do smaller private equity firms do one-off deals in addition to funds (similarly to real estate)?

[6:28] Why does private equity have higher return (and in turn, a higher risk)?

[7:59] Can you get debt in private equity?

[9:12] High leverage, big buyout vs. the smaller deals.

[10:40] Multiple expansion and why it’s so great.

[12:41] What to look for when you’re investing in private equity.

[17:44] How do you know how much to invest?

[19:09] How do you pay a multiple on revenue?

[23:40] In an auction process on a deal, what would the variability between lowest bid and top bid be?

[24:50] A real world example of a private equity deal.

[29:06] What about exits? How do you make the most money in these deals?

Mentioned in this Episode:

KKR

Blackstone

Apollo

The Carlyle Group

Fortress

EBITDA 

For More on The Alternative Investor, Check Out:

TheAlternativeInvestorShow.com

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We go over the different types of teams within the firm, the importance of each of their roles, as well as their hierarchy; the two types of private equity funds; how these firms make money through the different types of fees they charge; and the general atmosphere and physical environment of the firms.

Tune in as we pull back the curtain on real estate private equity firms!

Key Takeaways:

[:13] About our topic for today: behind-the-scenes of the goings-on of a real estate private equity firm.

[1:09] The general atmosphere and physical environment of a real estate private equity firm.

[3:30] The teams that work inside the office and their roles. Firstly, the acquisition team and the hierarchy of the roles (the managing directors, directors, vice presidents, associates, and analysts.)

[11:59] The asset managing team’s role.

[12:58] The other teams in the office and the roles within them: the accounting team and the investor relations team.

[16:00] The difference between the two types of private equity funds.

[20:00] How these firms make money (through the acquisition fee, asset management fee, the disposition fee, and more).

[24:27] The biggest, most important fee of them all: ‘the promote.’

For More on The Alternate Investor, Check Out:

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Everybody should have some real estate exposure outside of their current residency. You don’t want to think of your home as a real estate investment so you should get out there and look at some real estate deals! 

This episode we discuss the three main reasons why real estate is a worthwhile asset class to be looking at, what cap rate is and why it’s an important determining factor when looking to invest, how to measure the risk of return, and when you should ultimately decide to “pull the trigger” in a deal.

Key Takeaways:

[:27] Why we’re talking real estate today and the three reasons why it’s a worthwhile asset class.

[7:17] As a sponsor, how do you know you’ve found a good real estate deal? What do you look for?

[8:25] Clarifying what ‘cap rate’ is and what it indicates. 

[10:50] What other metrics does a sponsor look at when trying to find a good deal?

[14:13] The different real estate strategies and the opportunities you’ll see as a passive investor.

[15:42] How do you know how much you want to pay for something? And the right way to consider cap rate in a deal.

[19:03] How to decide when to ‘pull the trigger’?

[21:05] The most important but toughest aspect about looking at an investment: Figuring out what your annualized return on a deal will be and how certain you are that you’ll get that.

[22:20] Considering cap rate and measuring the risk of the return.

[23:40] Ultimately, it comes down what your annualized return is going to be and how risky it is.

[24:52] How to think about growth in real estate.

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This episode we discuss everything we know — and think you should know — about letters of intent! From the major points of the deal you should include in the LOI, the bullet points we make on our LOIs, and some of our real world examples using LOIs.

Key Takeaways:

[:28] What is an LOI? Information on the non-binding, legal document.

[2:27] The key part to an LOI for us, as buyers. And what’s the next step after a LOI? 

[4:14] About the inclusivity of a LOI (from the both the real estate and private equity side), and when exclusivity is reached.

[7:19] So why should you care about a LOI as an investor?

[10:26] The major points of the deal you can include in the LOI.

[11:23] Key terms in the LOI; the price you’re going to pay, how and when you’re going to pay it, how much is going to be seller financing, debt, or equity.

[12:02] About the recent deal we got under LOI.

[13:55] The bullet points we make on our LOIs.

[14:38] Exclusivity in a LOI? The binding element we could put in an LOI.

[15:55] One of our first deals that we put under LOI, signed up the purchase contract — and the seller still backed out, proving that contracts are a step towards closing the deal — but they’re not set in stone.

[18:27] Summarizing LOIs: When you want to see them and when you’ll use them.

Mentioned in this Episode:

The Alternative Investors EP.05: Don’t Get Bernie Madoff’ed: Avoid Ponzi Schemes and Fraud

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This episode, we discuss a few things you can do to to minimize your chances of getting involved in a fraudulent scenario. We share our general tips and tricks to making well-informed decisions, what you should be looking for when initially investigating a sponsor on an alternative asset, and the actionable steps to take pre-close and post-close on a deal.

We hope you get access to many great deals — but don’t be a sucker. Before you put your money into a deal listen to this week’s episode. 

Key Takeaways:

[1:15] A few things you can do to minimize the chances that you’ll be getting into a fraudulent scenario, and the two ways of accessing alternative investments.

[1:54] Some things you should be looking for when you’re investigating a sponsor on an alternative asset.

[4:58] Pre-Close: What do on the deal before it closes (and before you wire that money over!) to help avoid fraud.

[11:03] Post-Close: Steps you should take after you’ve closed the deal to make sure you’re not being subjected to fraud.

[15:34] General tips and tricks to be smart while making these kinds of deals.

Mentioned in this Episode:

Bernie Madoff

For More on The Alternate Investor, Check Out:

TheAlternativeInvestorShow.com

Hosted on Acast. See acast.com/privacy for more information.

Hosted on Acast. See acast.com/privacy for more information.

Hosted on Acast. See acast.com/privacy for more information.

Hosted on Acast. See acast.com/privacy for more information.

Hosted on Acast. See acast.com/privacy for more information.