private markets

Macquarie Head of China Economics Larry Hu revisits the show to discuss the current monetary easing cycle in relation to China's management of its ongoing property crisis and zero-Covid policy.  Daniel McCormack moderates. 

Relevant disclaimers and other information can be found here.

To understand investing, you must start with ownership and lending. You can use your money to either buy ownership or lend it to borrowers. Investors are either owners or lenders, anything else is a speculator.   

Ownership

Participation in profits, growth, cash flow. You own the future of the business for good or bad.

A stock, mutual fund, or ETF is your claim to the assets minus liabilities, but most importantly the stream of future profits. 

Lending

Loaning out money in exchange for fixed payments and eventually a return of your initial investment. 

Individual bonds, bond funds, or bond ETFs do not entitle you to the growth of a company. But in exchange, if the company goes out of business, you have a higher claim on the company’s assets than stockholders (ownership).

EPISODE HIGHLIGHTS:

• (1:05) The very first principle of investing. 
• (1:53) Ownership versus lending. 
• (2:25) Ownership is a claim to the company’s profits. And that means risk if the business does poorly.
• (3:30) Your equity in the business is assets minus liabilities and the future profits or cash flows from the business. 
• (4:05) Companies may not be profitable now but have the potential for large future profits which will make the company valuable.
• (4:42) Real estate equity is the same math as equity in a company. 
• (5:55) Rental real estate and the future income it provides is a great example. 
• (6:15) Discounted Cash Flow explained. This is how you value an asset.   
• (7:20) Valuation is the basic principle of financial markets. It’s the same process no matter what asset you choose to value. 
• (8:08) When it comes to being an owner or lender, you can do it in the public market or private market. The biggest differences between the two is efficiency of information and volume of transactions. 
• (9:08) Private markets have illiquidity issues and slower transaction time to complete a purchase or sale. 
• (9:45) If you own the shares in a public company and they release reports about their expected future cash flows increasing. The value of your ownership has gone up.
• (11:49) Lending is called fixed income and/or bonds in the industry. 
• (12:40) You lend your money in exchange for interest and your initial investment is returned at the time period.
• (13:00) Lenders have a higher claim than owners in the event of bankruptcy so it is less risky to be an owner. But you also are not entitled to profits if the company does extremely well. 
• (13:57) Public Debt vs Private Debt 
• (14:30) A good example is mortgage lenders and the specialization of lenders.
• (16:50) A good example of lending is Microsoft selling bonds to investors. Because Microsoft is so large and with a strong balance sheet. They are able to get a very low interest rate which the market sets. 
• (17:30) Tax treatment is a huge area where lending versus ownership is much different. Ordinary income versus capital gains respectively. 
• (18:30) What about gold, art, and crypto?
• (19:11) It’s not an investment if it doesn’t fall into either ownership of a business or lending. It is speculation.
• (19:11) Gold, art, bitcoin are all speculative because there are no future earnings or cash flow to expect. You only hope to sell at a higher price.
• (19:11) Crypto is not ownership nor lending. Your only return will come from selling at higher price (or lower).

If you own stuff, I am sorry to report that you are probably poorer today than you were on Friday, and even less wealthy than you were the Friday before. Things are selling off and we had to talk about it:

• Stocks are down, and cryptos are getting utterly hammered. It's a bad time to own equities, but worse if you are invested in digital assets. Bitcoin, ether, and Solana are taking body-blows while the stock market wilts. I guess this means that all our 401k contributions will be cheaper in February? Small wins, but still.
• Swiggy raised a huge round at a simply enormous price, which is good for the company but has us asking questions. OfficeSpace raised $150 million, which caught our eye, and the recent Spectrum Labs appears to make good sense.
• And to close out we asked is the party over? This MG Siegler piece was in our brain as we chewed over the situation. The dissonance between the public and private markets feels peak, and we aren't sure how quickly their diverging velocities can keep up the tension.

Regardless of how the selloff is impacting you, we hope that you have a lovely week and stay warm. Hugs!

Credits: Equity is hosted by TechCrunch's Alex Wilhelm and Mary Ann Azevedo. We are produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.

To get the best returns in Private Markets you need to have an advantage. Do you have more information or uncommon expertise about the company? Can you add value to the company to improve their chances of success? Do you have the time and team to evaluate 1000s or deals a year. 

The best firms keep winning for the same reason Alabama dominates College Football. The best talent, coaches & players,  want to go there. This success breeds more success. It is the same in venture capital.

EPISODE HIGHLIGHTS:

• (0:28) News: Omicron and faster Fed tapering is causing volatility in the market. 
• (1:26) Inflation has moved from being transitory to more persistent according to the Federal Reserve. .   
• (2:56) MLB Players have been locked out by MLB Team Owners. Until an agreement is reached, the MLB 2022 season is in jeopardy.. 
• (3:03) Money has been pouring in to Private Investments amid strong performance. 
• (5:31) Private markets, unlike public markets, have information asymmetry which can cost novice investors a lot of money.
• (7:37) To get the best returns in Private Markets you need an advantage. You need to have better information or the ability to add value along with Capital. 
• (9:51) About 60% of venture capital companies go belly up. 
• (11:11) The winners keep winning when it comes to Venture Capital. 
• (11:30) The best venture capital firms are like the elite College Football Teams. The best talent wants to go there and they get the best deals. It’s a self reinforcing cycle. 
• (12:41) The best venture firms are seeing 1,000 pitches a year. They only pick a few. 
• (13:37) Expected returns in the future - resetting your expectations
• (15:29) Private markets are not the most tax efficient asset class
• (17:25) Invest in the best in the private markets or just take your money and go right back to the public 

For decades, investors used the 60/40 portfolio as the default market proxy. The expectation was the 60% allocated to global equities would provide the growth, the 40% allocated to fixed income would generate sufficient income, and the relatively low correlation between the two provide diversification. Unfortunately, capital market assumptions are projecting a substantial reduction in global equity returns over the next 10 to 20 years, fixed income yields are near generationally low levels, and correlations among most traditional investments have been rising. In other words, the maths just doesn’t add up. Practitioners need to continuously upgrade their toolbox to achieve portfolio goals. We need to identify alternative sources of returns and income to help investors achieve their goals and objectives, and investments that can help buffer the inherent volatility of the global markets. Asset allocation and portfolio construction needs to consider an expanded set of solutions including hedge funds and private markets (private equity, private credit & real assets) so that portfolios are truly the ends to the means. - Tony Davidow, CIMA®, T. Davidow Consulting. Earn 1.00 CE/CPD hrs on Portfolio Construction Forum

1. Intro.
2. (1:22) - Start of interview.
3. (1:51) - Jeff's "origin story". He grew up in Dayton, Ohio. He went to Carnegie Mellon University for undergrad "to study engineering and play football." He graduated with electrical and computer engineering degrees, and took off to Silicon Valley. He first worked in the semiconductor industry with Altera. He later got into financial services, first with Gehrson Lehrman Group, then with SecondMarket (early player in the secondary markets for private shares, later acquired by Nasdaq) and Owler (crowdsourcing data on private companies). He joined Nasdaq in 2014 to help launch the Nasdaq Private Market. In 2016 he got promoted to run the listings team for Nasdaq in the west coast.
4. (4:39) - Jeff's take on Nasdaq's role and vision: "In the last 5-6 years our approach has been to create a lifecycle approach to supporting our corporate clients: 1) Nasdaq Entrepreneurial Center (early stage), 2) Nasdaq Private Market (as companies scale and need to provide liquidity to their shareholders), 3) Listings Business (for companies going public), 4) Once companies are public, we offer a number of products and services to empower their IR, corporate governance and ESG disclosure practices." Beyond this work with corporate clients, Nasdaq also operates exchanges in the US and EU, it has an investment intelligence business (indexes, sell market data) and it's a technology provider to capital markets (including market surveillance technology, AML/KYC solutions, and others).
5. (7:38) - Jeff's take on growth of IPOs during the pandemic (~250 operating companies have gone public in Nasdaq this year) and SPACs (there have been 495 IPOs in 2021 raising ~$138bn). "As a private company you've never had more options and better access to capital and liquidity." Private companies can raise: 1) Late stage venture capital rounds ("there seems to be $100m rounds everyday"), 2) IPOs, 3) SPACs and 4) Direct listings.
6. (10:13) - His take on the impact of government actions on the economy (and how they impact markets). The acceleration of digital transformation during COVID-19.
7. (12:39) - His take on the Nasdaq Private Market (facilitated ~$36 billion in transaction volume for ~500+ private companies) and why they decided to spin-off NPM as s stand-alone company, receiving investments from a group of banks including Citigroup, Goldman Sachs, Morgan Stanley, and SVB Financial Group.
8. (16:05) - The "stay private or go public" decision per Jeff: "It all boils down to the company's goals and objectives in different phases of its lifecycle." Companies go public for a variety of reasons, but some of the primary ones are: 1) to raise capital, 2) to provide liquidity, 3) brand enhancement (prestige) of being a  public company, and 4) to leverage its equity as an acquisition currency.
9. (18:53) - His take on regulatory pressures on private markets (particularly from the SEC, as explained by Commissioner Lee's speech on "Going Dark" and problematic aspects of private markets).
10. (23:24) - On the rise of retail investing and "meme stocks". Zero commissions took down the cost of trading, it made trading more accessible to people. The advent and impact of social media (from social message boards to Reddit). The dissemination of information has changed the nature of trading. The SEC report on equity and options market structure conditions (October 2021).
11. (26:08) - On growth of ESG. "It all starts with the generational shift that is going on, from Baby Boomers to Millennials." "The new generation thinks beyond the bottom line." "People and investors are focusing on non-financial metrics for public companies (more and better disclosures)."
12. (29:52) - History and nature of Nasdaq's Boardroom Diversity Rule (approved by the SEC on August 6, 2021). Standard disclosure matrix and minimum diversity standards (gender and minorities) with long phaseout periods. "We received 200+ comment letters to the rule, 80% was positive. From the 20% that was negative comments, 10% said that we shouldn't implement the rule, and the other 10% said we didn't go far enough."
13. (34:10) - His take on crypto and blockchain technology. "We were thrilled to welcome Coinbase to Nasdaq via their direct listing." "It's really an interesting and dynamic time for the crypto markets." "It's still early innings in terms of the regulatory framework (from SEC and CFTC)." 
14. (36:16) - His favorite books:
    1. How to Win Friends and Influence People by Dale Carnegie (1936)
    2. Genius Makers by Cade Metz (2021)
15. (37:05) - His mentor Bruce Aust (retired Vice Chairman of Nasdaq)
16. (38:29) - On Nasdaq's approach to technology in the boardroom: their board portal Nasdaq Boardvantage, critical for security. The Nasdaq Center for Board Excellence "offers the latest governance insights and actionable intelligence for board members and executives (board evaluations and questionnaires". The topic of ESG is very relevant for boards, and they have an advisory team that consults with boards on ESG, Nasdaq OneReport (to simplify the process of ESG data capture, engagement, oversight, and disclosure).
17. (40:05) - An unusual or absurd habit that he loves: From the book Extreme Ownership (Jocko Willing and Leif Babin): "The first thing I do in the morning is to make my bed." This way everyday you start by accomplishing something.

Jeff Thomas is a Senior Vice President of Nasdaq’s Corporate Services business unit. Based in San Francisco, Jeff oversees Nasdaq’s new Listings and Capital Markets businesses. He also oversees business development and relationship management for Nasdaq’s listed companies and Investor Relations Solutions' clients in the Western United States. Previously, he served as President of Liquidity Solutions at Nasdaq Private Market, where he worked closely with private companies to help them provide shareholder liquidity prior to an IPO. 

If you like this show, please consider subscribing, leaving a review or sharing this podcast on social media. 

__

 You can follow Evan on social media at:

Twitter @evanepstein

LinkedIn https://www.linkedin.com/in/epsteinevan/ 

Substack https://evanepstein.substack.com/

Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

You can follow Evan on social media at:

Twitter: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/ 

Substack: https://evanepstein.substack.com/

__

You can join as a Patron of the Boardroom Governance Podcast at:

Patreon: patreon.com/BoardroomGovernancePod

__

Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

1. Intro.
2. (1:11) - Start of interview.
3. (3:04) - Kendrick's "origin story". He was born in Vietnam and grew up in the Bay Area. After law school he worked at Goodwin Procter for a couple of years before taking a position in-house for a large fund-of-funds (Permal Group) in NYC. He then worked at the Stanford Rock Center with Joe Grunfdest.  After Stanford, he joined AngelList as the GC, and launched Republic in 2016.
4. (4:37) - On the origin and mission statement of Republic. In 2016, Reg CF allowed equity crowdfunding from unaccredited investors for the first time. The vision is that "there will be a seismic shift of consumers wanting to be investors." "We call this the ownership economy." "This will become the dominant driving force in changing VC and PE, and broadly speaking, the financial markets in the coming years."
5. (7:58) - The evolution of equity crowdfunding in the last 5 years. "It took the SEC 5 years to increase the cap from $1 million to $5 million in Reg CF, and $75 million in Reg A, effective since March 2021. "The first 5 years was slow, but now Republic has deployed $700 million in capital and much of it (over $600 million) came in the last 18 months."
6. (10:13) - International crowdfunding. The UK allowed equity crowdfunding before the US, it has been a very successful model, the cap is $15 million and there are tax advantages to invest via crowdfunding. "About 20% of all early fundraising in UK tech startups comes from equity crowdfunding."
7. (11:30) - Equity crowdfunding in the U.S. in 2020.
8. (12:28) - Republic's different platforms. "Republic is as much a legal tech company as it is a just a tech company."
9. (14:43) - His take on the evolution and growth of private markets: "There is no question in my mind that retail capital is coming to the private markets." "There will be many changes, mimicking changes in society." "This will give rise to a new multi-trillion market that will probably eclipse the size of VC and PE if you're just looking at tech."
10. (18:17) - How "retail capital" will impact corporate governance (where institutional investors has reigned in both public and private markets). "Private companies will soon have a lot more stakeholders, including thousands investors from the customer base."
11. (21:57) - How will venture capital change with the rise of retail capital. "The very top VCs (those with real value add) will remain important players, but the next cohort of VCs will need to be nimble to adjust to 1) the new forces of retail capital; and 2) other sources of capital that will enter the space." "The flow of capital will be more robust (from retail capital and high net worth capital) and it will challenge the VC market."
12. (26:11) - How will VC-backed companies (or retail-backed companies) change the composition of their board or their corporate governance? "One of the advantages of raising $5 million in crowdfunding from tens of thousands of investors is that it is very founder-friendly, it does not come with a board seat." "It's still very early in the evolution of retail capital to work out these details." "Retail investors (tens of thousands of customers that may only invest $10 or $20 each in the company) may care more about the social narrative, liability or image of the company than their return on investment."
13. (29:00) - Crowdfunding stories from Gumroad (raised $5 million from thousands of investors in 12 hours), Backstage Capital (raised $5m in exchange for 10% of the management fees and carried interest in the VC firm), Bucket List (raised ~$3m from ~30,000 investors), Robot Cache (a gaming company that raised ~$30m in a Reg A fundraising over 2 weeks) in the Republic platform.
14. (31:21) - Some corporate governance implications of having retail investors in the cap table in private companies.
15. (38:13) - How crypto has impacted the fundraising scene. Republic itself has raised ~$70 million since its founding, ~$50 million in equity and about $20 million in a token offering. Since 2018, Republicy Crypto has been on the forefront of the U.S. regulated securities fundraising in the blockchain space.
16. (44:44) - On the governance of Blockchains, could it disrupt corporate governance itself and thoughts on Decentralized Autonomous Organizations ("DAOs"). "[One issue] is that organizations [in my subjective experience] tend to have a group of people that have superior knowledge, dedication and drive [so the idea] of consensus decision-making is challenging. It sounds good in theory but in practice is it compatible with building a complicated organization?" "Institutional investors are still not 100% on board with crypto."
17. (53:05) - A recent book that he recommends: The 15 Commitments of Conscious Leadership (2015), by Jim Dethmer and Diana Chapman.
18. (53:25) - His mentors:
    1. Joe Grundfest, Stanford Law School.
    2. Naval Ravikant, Co-Founder of AngelList.
19. (54:15) - Quote that he thinks of often, or lives his life by: "Happiness is success."
20. (55:35) - An unusual or absurd habit that he loves: Sleeping in sofas, even when there is a comfortable bed!
21. (56:17) - The living person he most admires: there isn't one person (other than his parents). There is something to learn from everyone.

Kendrick Nguyen is the Founder and CEO of Republic, a private investing platform launched in 2016 for investors seeking high growth potential across startups, gaming, real estate, and crypto.

If you like this show, please consider subscribing, leaving a review or sharing this podcast on social media. 

__

 You can follow Evan on social media at:

Twitter @evanepstein

LinkedIn https://www.linkedin.com/in/epsteinevan/ 

Substack https://evanepstein.substack.com/

Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

You can follow Evan on social media at:

Twitter: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/ 

Substack: https://evanepstein.substack.com/

__

You can join as a Patron of the Boardroom Governance Podcast at:

Patreon: patreon.com/BoardroomGovernancePod

__

Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

Is picking individual stocks a good investment strategy? 

Yes, if you like not being compensated for a lot of risk…No, if you want to have an actual investment strategy. 

While a case could be made for individual stock selection 50 years ago, in today’s information age, any edge investors may have had decades ago has been eliminated. 

In this episode, Erik, Justin, and Brandon highlight the fallacies around having “diamond hands,” and being able to consistently pick the best performing stocks. 

EPISODE HIGHLIGHTS 

• 1:02: The news you should know: El Salvador now recognizes Bitcoin as legal tender, but Bitcoin has not performed as well as expected since then.
• 02:25: Markets have been a bit rocky as many investors get cautious around additional market highs. The surge in the Delta variant could also be priced into investor hesitation.
• 03:02: It’s not out of the ordinary for markets to see corrections – it’s actually healthy. What is abnormal is perpetual all-time highs.
• 04:28: It’s still commonplace for investors to pursue finding the best individual companies to invest in. Wall Street has made a killing off selling which company stock is “hot.”
• 05:25: While individual stock selection has cemented itself as the default investment strategy for most investors, it is a horrible strategy when looking at the risk you’re taking.
• 06:16: Individual stock selection was easier 50 years ago when investors could gain an edge by digging through financial statements that were not as easily available to all participants.
• 08:40: Everyone wants to pick a home run, and the lottery fallacy says that if I get one selection right, I’ll be compensated for the losses I incurred waiting on my “home-run pitch.”
• 12:28: If I play the individual stock selection game, what I’m really saying is I know something about this one company that no one else knows.
• 14:48: There’s no real information advantage in the public markets, but there is certainly an edge to be had in the private markets.
• 18:39: Even with private investments, we still need to stick to the fundamentals.
• 20:06: If we can’t predict the future, then having a strategy that’s not predicated on predicting the future (individual stock selection) is essential. I have to be confident in my decision-making philosophy and stick to it. 

The first in a series of discussions with Peter Durante, Head of Technology and Innovation at Macquarie Asset Management, on climate change and energy innovation, leading to the 26th UN Climate Change Conference of the Parties (COP26) which begins October 31 in Glasgow, Scotland.   

For supplementary information on the topics discussed in this episode, visit the following third-party resources: 

1. Intergovernmental Panel on Climate Change (IPCC) - Sixth Assessment Report
2. NASA’s intro to climate change
3. International Energy Agency – ‘Net Zero by 2050’
4. BloombergNEF 2021 ‘New Energy Outlook’
5. Energy efficiency – Rocky Mountain Institute
6. The Jevons Paradox 

Have a question for Peter or our podcast? E-mail MAMPodcasts@macquarie.com

Relevant disclaimers and other information can be found here.

PitchBook emerging technology analyst Robert Le shares some insights from the Q1 and Q2 Insurtech reports before Edison Partners general partner Kelly Ford joins the show to discuss how that New Jersey-based investor has successfully transitioned from venture capital investing to growth equity while specializing in the enterprise software space. Ford also shares insights into how Edison has managed to exceed benchmarks in hiring a diverse workforce.

Wilshire’s Mark Perry and Milissa Hutchinson, Senior Relationship Manager at Macquarie Asset Management, join host Denise St. Ivany for a discussion about private-market investing, with a focus on debt markets, risk management, and a peek into the world of alternative yields 

Relevant disclaimers and other information can be found here.

Hosts Adam Lewis and Alec Davis discuss how China's tech crackdown could impact Softbank before Eliot Brown, a reporter for the Wall Street Journal, joins the show to discuss "The Cult of We: WeWork and the Great Start-Up Delusion" That's the book he co-authored with Maureen Farrell detailing the rise and fall of WeWork. Hear stories uncovered during their in-depth reporting as co-host Alec Davis and Brown dig into the lessons that investors can take from this story.

Timely for today: Last week, Denise St. Ivany was joined by James Cowan, Managing Director, Macquarie Infrastructure and Real Assets.  Listen as Denise and James breakdown what financial advisors may want to consider as they examine this alternative asset class as a potential tool for the right investor's portfolio. 

Relevant disclaimers and other information can be found here.

Change means opportunity. Denise St. Ivany speaks to Peter Durante, Head of Technology and Innovation at Macquarie Asset Management, whose job is making sense of how change and innovation in our world can drive the capital markets. Listen as they discuss how the research Peter’s team performs informs both risk and opportunities, as well as how technology impacts our own direct investments. 

Relevant disclaimers and other information can be found here.

With President Joe Biden nearing his 100th day in office, his administration's economic policies have begun to take shape. The latest episode of "In Visible Capital" takes a closer look at what Biden's plans could mean for the private equity and venture capital world, including changes to tax policy, how his infrastructure plan could impact investors, the renewed push for financial regulation and a possible clampdown on the world's tech giants.

To kick off Season 3 of "In Visible Capital," private equity reporter Adam Lewis takes a closer look at the state of private equity. Topics include PitchBook analysts forecasting SPAC deal activity, discussing the possibility of government regulation for the asset class, predicting private equity fundraising in the near-term, and connecting why corporate carveouts continue to be a reliable investment strategy for investors and a needed source of cash for companies trying to shore up their balance sheets in the wake of the worst of the COVID-19 pandemic.

Listen to all of Season 3 and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

Download the presentation or report, and watch the full Private Equity Outlook webinar here.

In this episode, we take a break from the usual discussions of financial and investment news over the past week to take a deeper dive into private markets. With all the excitement over the past year around individual stock picking, the entrance of new forms of cryptocurrency and NFTs (non-fungible tokens), we thought it’d be good to spend some time on private markets because we think they are where you can capture some of the highest drivers of returns.

Justin, Erik, and Brandon discuss what private markets are and why they typically capture some of the highest returns, whether skill is a factor in private markets, and getting access to the best deals.

Episode Highlights

• (00:12) Going deeper into the private markets
• (1:38) The additional risks that come with private market investing
• (4:07) Are public markets more attributable to luck or skill?
• (4:40) Out performance in the private markets
• (5:09) “Not all venture, not all private equity, is created equal.” – Brandon Averill
• (7:17) Due diligence questions to ask
• (9:18) How do we actually get access to the top 25%?
• (9:48) The building block considerations
• (13:01) Understanding your finance goals
• (15:24) Putting it all together in a holistic integrated plan
• (15:44) What factors should be in place before you consider entering private markets?
• (19:52) Types of private markets

More resources at awmcap.co/insights53

We are days away from the 2020 Presidential Election.

There are so many economic, fundamental investment decisions that will be made for our investment future, as domino effects, depending on the winner.

So, with so much weight and emotion riding on this election, we have to put all of our political leanings aside and ask... Is my portfolio safe?

--Become a Solomon Investor Today: http://solomoninvestor.com

-- Speak to our team to learn more: https://legacy.boroncap.com/free-call

-- Make sure to subscribe so you never miss an episode!

Key Takeaways: 

What really matters?(1:03)

What is most important to a Solomon Investor? (2:26)

As the election is near, is your portfolio in a safe position? (3:15) 

How do Solomon Investors think differently? (4:28)

What is exponential wealth? (4:49)

Which mental frameworks will help your investments? (6:06)

What will happen to your investment if it isn't growing exponentially? (6:52) 

Which side are you on? Peasant or king? (7:07)

The wisdom crossroad (8:21)

Quality questions to help you step up as a King: Quality question #1 (9:05)

Quality question #2 (10:22)

Quality question #3 (11:37)

The Solomon Way (12:40)

--Become a Solomon Investor Today: http://solomoninvestor.com

-- Speak to our team to learn more: https://legacy.boroncap.com/free-call

-- Make sure to subscribe so you never miss an episode!

Connect With Us On Social Media:

📱Facebook: https://www.facebook.com/BoronCapital

📸Instagram: https://www.instagram.com/boroncapital

💬Twitter: https://twitter.com/boroncapital

-- DISCLAIMER: Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All securities involve risk and may result in significant losses. No communication by Boron Capital, LLC Inc. or any of its affiliates (collectively, “Boron Capital, LLC™”), through this website or any other medium, should be construed or is intended to be a recommendation to purchase, sell or hold any security or otherwise to be investment, tax, financial, accounting, legal, regulatory or compliance advice. Nothing on this episode is intended as an offer to extend credit, an offer to purchase or sell securities or a solicitation of any securities transaction.

Investing in Tik Tok US? 

AWM Insights
Presented by AWM Capital

For more insights, sign up for our newsletter at awminsights.com

AWM Capital: IG | LinkedIn | Facebook | AWMCap.com

Erik Averill: LinkedIn

Brandon Averill: LinkedIn

Justin Dyer: LinkedIn

Investment in Tik Tok US is starting to make headlines; Erik, Brandon and Justin give you The Average Joes vs. Pros on Tik Tok impact in public + private markets.

:40 - 1:16

Apple’s app store charges are back in the news.  Spotify, Fortnight’s Epic Games and Tinder have all partnered with the non-profit coalition called the Coalition of App Fairness to bring legal action against Apple to see if they can bring down their charges.

1:34 - 2:50

The latest legal standing for Tik Tok in the United States. President Trump being asked to defend his status on Tik Tok to a US District Court. 

3:02 - 5:30

Average Joe’s vs. Pros:

What does the Tik Tok news mean for investors? Should you go buy Oracle and Walmart stock with their investment to Tik Tok US?

5:31 - 8:28

What does the Tik Tok news mean for the private markets?

8:42

Recapping the news on Tik Tok and the impact it will have on the public and private markets.

Judge says U.S. must defend or delay TikTok app store ban by Friday

Subscribe to AWM Insights presented by AWM Capital on Apple, Spotify, Tune-In, Stitcher or at clnsmedia.com

In the inaugural episode, PitchBook venture capital analyst James Gelfer comes on the show to discuss his analyst note "Venture funds in times of crisis." Topics covered include how VCs have used lessons from the 2008 financial crisis to help mitigate the negative financial impact from COVID-19 (3:05), why investors are calling capital more quickly than ever (6:55), how dealmaking has been impacted, what the next couple of years could be like for the exit environment (8:15) and how private market valuations compare to the public side (15:51).