1 00:00:00,640 --> 00:00:04,320 Speaker 1: Welcome to Fear and Greed Sunday feature Michael Thompson. Today's 2 00:00:04,320 --> 00:00:07,160 Speaker 1: interview basically has it all. It's got music, it's got 3 00:00:07,320 --> 00:00:10,240 Speaker 1: huge money, one hundreds of millions of dollars. Some very 4 00:00:10,400 --> 00:00:14,320 Speaker 1: very astute business people. This is Sean Aylmer speaking with 5 00:00:14,360 --> 00:00:18,120 Speaker 1: Stefan von Imov from ALTS dot co back in October 6 00:00:18,200 --> 00:00:20,800 Speaker 1: of twenty twenty three. I hope you enjoy it. 7 00:00:25,520 --> 00:00:28,280 Speaker 2: Welcome to the Fear and Greed Business Interview. I'm Sean Aylmer. 8 00:00:28,560 --> 00:00:31,720 Speaker 2: We've spoken on a couple of occasions now to Stefan 9 00:00:31,840 --> 00:00:35,640 Speaker 2: von Imoff, your co founder of alternative investing community fund 10 00:00:35,880 --> 00:00:38,920 Speaker 2: ALS dot co. He's taken us through a few unusual 11 00:00:38,960 --> 00:00:42,519 Speaker 2: asset classes, vinyl records, domain names, even a guy to 12 00:00:42,600 --> 00:00:46,000 Speaker 2: investing in art, from emerging artists to buying a tiny 13 00:00:46,040 --> 00:00:49,199 Speaker 2: portion of a household name. Today it's all about investing 14 00:00:49,280 --> 00:00:52,280 Speaker 2: in music. Of course, it all goes without saying that 15 00:00:52,400 --> 00:00:55,520 Speaker 2: this is general information only. You should always see professional 16 00:00:55,520 --> 00:00:59,920 Speaker 2: advice before making investment decisions. Stefan von Imoff, welcome back 17 00:00:59,920 --> 00:01:00,600 Speaker 2: to Fearing. Great. 18 00:01:01,080 --> 00:01:02,440 Speaker 3: Hey, thank you, it's great to be here. 19 00:01:03,040 --> 00:01:08,280 Speaker 2: Okay, firstly, how has music streaming changed the industry in 20 00:01:08,319 --> 00:01:12,000 Speaker 2: the way artists are paid a fairly obvious question. I'd 21 00:01:12,080 --> 00:01:13,039 Speaker 2: like your take on it. 22 00:01:13,720 --> 00:01:16,919 Speaker 3: So, as we know, the vast majority of music today 23 00:01:17,000 --> 00:01:21,400 Speaker 3: is consumed through streaming services such as Spotify, which is 24 00:01:21,440 --> 00:01:23,679 Speaker 3: the biggest, and Apple Music, and then some of the 25 00:01:23,720 --> 00:01:27,479 Speaker 3: less popular platforms Google Play, band Camp and stuff like that. 26 00:01:27,600 --> 00:01:30,399 Speaker 3: Now everyone knows, or I should say, a lot of 27 00:01:30,400 --> 00:01:33,360 Speaker 3: people have heard that artists don't earn much per stream, 28 00:01:34,000 --> 00:01:37,480 Speaker 3: and that's true. The artists really don't earn a lot 29 00:01:37,520 --> 00:01:41,040 Speaker 3: on a per stream basis. It's less than one half 30 00:01:41,080 --> 00:01:45,080 Speaker 3: of one penny per stream. That's what Spotify plays. However, 31 00:01:45,280 --> 00:01:50,440 Speaker 3: what streaming has produced is a consistency, a remarkable consistency 32 00:01:50,560 --> 00:01:54,040 Speaker 3: in the number of streams that are streamed per year. 33 00:01:54,120 --> 00:01:56,760 Speaker 3: So what used to happen in the old days is 34 00:01:56,800 --> 00:01:59,120 Speaker 3: that artists would come out with an album and there 35 00:01:59,160 --> 00:02:02,680 Speaker 3: would be a huge spike when it was first released, 36 00:02:03,000 --> 00:02:05,200 Speaker 3: and then it would kind of taper off into, you know, 37 00:02:05,240 --> 00:02:08,360 Speaker 3: into nothing over the coming years. With streaming though, what 38 00:02:08,360 --> 00:02:12,240 Speaker 3: we're seeing though is it's just remarkably consistent. It's stable, 39 00:02:12,960 --> 00:02:16,560 Speaker 3: and that's what has gotten people, you know, to take 40 00:02:16,639 --> 00:02:20,080 Speaker 3: notice that stability can be securitized and turned into an 41 00:02:20,080 --> 00:02:21,080 Speaker 3: investible asset. 42 00:02:21,880 --> 00:02:24,520 Speaker 2: Okay? Are all artists on board? I seem to remember 43 00:02:24,560 --> 00:02:27,320 Speaker 2: people like Neil Young, for example, refusing to go on 44 00:02:27,360 --> 00:02:30,720 Speaker 2: Spotify at at some point. I'm thinking Taylor Swift even 45 00:02:30,919 --> 00:02:33,560 Speaker 2: might have at one point not wanted to go on Spotify. 46 00:02:33,560 --> 00:02:35,840 Speaker 2: It could one hundred percent wrong there, Stefan. But are 47 00:02:35,840 --> 00:02:37,240 Speaker 2: most artists on board with this? 48 00:02:38,200 --> 00:02:43,520 Speaker 3: Most artists have definitely succumbed to the almighty streaming lords. Yes, 49 00:02:44,080 --> 00:02:47,959 Speaker 3: there are definitely some that don't and haven't, but it's 50 00:02:48,320 --> 00:02:49,480 Speaker 3: pretty much. 51 00:02:49,800 --> 00:02:53,240 Speaker 2: The vast majority of artists that have. Yeah, okay, And 52 00:02:53,320 --> 00:02:56,080 Speaker 2: is it the owner of the rights to the music? 53 00:02:56,240 --> 00:02:58,799 Speaker 2: Is it the singer, the songwriter? Who else actually gets 54 00:02:58,880 --> 00:03:01,440 Speaker 2: some sort of income from this? Okay? 55 00:03:01,520 --> 00:03:06,560 Speaker 3: So music rights are extremely complicated, And just want to 56 00:03:06,560 --> 00:03:09,519 Speaker 3: preface with what's saying that this is a very complex world. 57 00:03:09,560 --> 00:03:13,640 Speaker 3: There's all sorts of different types of rights. The biggest 58 00:03:13,960 --> 00:03:16,919 Speaker 3: is what's known as a mechanical license or mechanical rights, 59 00:03:16,919 --> 00:03:19,840 Speaker 3: and this is the most relevant, the most lucrative. This 60 00:03:19,919 --> 00:03:23,320 Speaker 3: is any form of reproduction, whether that be CDs, vinyl 61 00:03:23,360 --> 00:03:26,520 Speaker 3: records like we talked about earlier, or digital which is 62 00:03:26,560 --> 00:03:31,119 Speaker 3: you know iTunes, but of course streamed through Spotify. Mechanical 63 00:03:31,280 --> 00:03:35,680 Speaker 3: royalties are basically where most of the streaming money is made. Now, 64 00:03:36,040 --> 00:03:39,000 Speaker 3: those royalties can be split in all sorts of different ways. 65 00:03:39,000 --> 00:03:42,000 Speaker 3: Sometimes the record label gets the lion's share, sometimes the 66 00:03:42,080 --> 00:03:45,640 Speaker 3: artist gets all of it. There's all sorts of different situations. 67 00:03:45,680 --> 00:03:48,600 Speaker 3: But mechanical rights are kind of the name of the 68 00:03:48,640 --> 00:03:49,120 Speaker 3: game here. 69 00:03:49,360 --> 00:03:52,080 Speaker 2: Okay, Now, before we get into having vestis could get involved, 70 00:03:52,480 --> 00:03:56,560 Speaker 2: we have to take a little historical listen involving David 71 00:03:56,720 --> 00:03:58,960 Speaker 2: Bowie and I kind of remember these. But what Styve 72 00:03:59,080 --> 00:03:59,960 Speaker 2: Bowie got to do with all. 73 00:04:01,120 --> 00:04:04,240 Speaker 3: David Bowie aside from being a rock god. 74 00:04:04,360 --> 00:04:07,080 Speaker 2: Was Stephen I a great David Bowie I think is 75 00:04:07,120 --> 00:04:09,920 Speaker 2: my old time favorite individual artist. 76 00:04:10,520 --> 00:04:13,760 Speaker 3: Wow, that's so bold, that's awesome. God rest his soul. 77 00:04:13,840 --> 00:04:17,039 Speaker 3: But he was also super innovative when it came to 78 00:04:17,960 --> 00:04:20,960 Speaker 3: music as an asset class. So he was the very 79 00:04:21,000 --> 00:04:25,560 Speaker 3: first artist to actually conceive of selling his catalog and 80 00:04:25,720 --> 00:04:27,480 Speaker 3: basically securitizing his catalog. 81 00:04:27,800 --> 00:04:28,680 Speaker 2: And he did this. 82 00:04:28,800 --> 00:04:32,599 Speaker 3: He teamed up with a gentleman named Pullman, and they 83 00:04:32,640 --> 00:04:35,880 Speaker 3: together they created what are known as Pullman bonds, are 84 00:04:35,880 --> 00:04:38,919 Speaker 3: more appropriately known as Bowie bonds. And so this was 85 00:04:38,960 --> 00:04:43,120 Speaker 3: basically a basically a fixed income product where you basically, 86 00:04:43,160 --> 00:04:45,040 Speaker 3: as an investor, you would get I think it was 87 00:04:45,080 --> 00:04:49,680 Speaker 3: about a twelve percent return from investing in David Bowie's catalog. 88 00:04:50,400 --> 00:04:53,360 Speaker 3: And that was the first kind of example, first big 89 00:04:53,400 --> 00:04:56,400 Speaker 3: example of music rights securitization, and it was it was 90 00:04:56,440 --> 00:04:59,760 Speaker 3: actually before streaming that this happened too. Now there's been 91 00:05:00,040 --> 00:05:02,200 Speaker 3: all sorts of activity in that space since then, but 92 00:05:02,240 --> 00:05:02,960 Speaker 3: he was the first. 93 00:05:03,240 --> 00:05:06,480 Speaker 2: Stay with me. Stephan will be back in a minute. 94 00:05:11,040 --> 00:05:13,880 Speaker 2: My guest this morning is Stefan von Imoff, co founder 95 00:05:13,960 --> 00:05:18,440 Speaker 2: of alternative investing community fund allstot Co. So I've seen 96 00:05:18,480 --> 00:05:21,040 Speaker 2: some big sunes in recent years. Justin Bieber apparently sold 97 00:05:21,040 --> 00:05:24,520 Speaker 2: his catalog for about two hundred million dollars, Bob Dylan 98 00:05:24,560 --> 00:05:27,000 Speaker 2: about three hundred million dollars in the US, of course, 99 00:05:27,279 --> 00:05:30,440 Speaker 2: I think Bruce Springsteen was about half a billion dollars. 100 00:05:30,720 --> 00:05:31,559 Speaker 2: How does that work? 101 00:05:32,400 --> 00:05:35,240 Speaker 3: So, I mean, these are huge, huge sales, and as 102 00:05:35,320 --> 00:05:38,479 Speaker 3: artists get towards the end of their life, they realize 103 00:05:38,520 --> 00:05:41,679 Speaker 3: like they have an opportunity to you know, cash out at. 104 00:05:41,640 --> 00:05:44,560 Speaker 2: You know, hold on, hold on, Bob Dylan and Bruce Springsteen. 105 00:05:44,640 --> 00:05:49,160 Speaker 2: I get Justin Bieber, come on, how Eldy. He must 106 00:05:49,200 --> 00:05:50,480 Speaker 2: be like Brendi's or something, isn't it. 107 00:05:50,640 --> 00:05:52,240 Speaker 3: So he's not towards the end of his life, but 108 00:05:52,320 --> 00:05:54,680 Speaker 3: he's towards the end of his useful musical life, right right, 109 00:05:55,800 --> 00:05:58,000 Speaker 3: So I think they realized. So Katie Perry just sold 110 00:05:58,000 --> 00:05:59,960 Speaker 3: her catalog as well, and so I think they realized, 111 00:06:00,120 --> 00:06:02,520 Speaker 3: like as they're starting to hang up the boots, you know, 112 00:06:02,800 --> 00:06:05,440 Speaker 3: like it does, it makes more financial sense for them 113 00:06:05,480 --> 00:06:08,000 Speaker 3: to cash out than to hang on. And so they're 114 00:06:08,040 --> 00:06:10,880 Speaker 3: able to sell. And you may be asking who's buying. 115 00:06:10,920 --> 00:06:13,840 Speaker 3: I mean, there's huge numbers. So there's a lot of 116 00:06:13,839 --> 00:06:16,320 Speaker 3: private equity involved in this, a couple of hedge funds, 117 00:06:16,800 --> 00:06:19,880 Speaker 3: but the biggest is a fund called Hypnosis, and Hypnosis 118 00:06:19,960 --> 00:06:24,839 Speaker 3: was co founded by Nile Rogers from chic and so 119 00:06:25,080 --> 00:06:28,760 Speaker 3: this is the biggest music rights investment fund in the world. 120 00:06:29,080 --> 00:06:32,359 Speaker 3: And so they've bought hundreds upon hundreds of artists and 121 00:06:32,400 --> 00:06:35,720 Speaker 3: thousands of tracks, and they kind of were the first 122 00:06:35,760 --> 00:06:38,359 Speaker 3: to realize what a lucrative opportunity this can be. And 123 00:06:38,360 --> 00:06:39,640 Speaker 3: they're the biggest buyer by far. 124 00:06:40,240 --> 00:06:42,640 Speaker 2: So is that a group that someone could invest in 125 00:06:42,920 --> 00:06:44,440 Speaker 2: in Hypnosis songs. 126 00:06:44,200 --> 00:06:47,520 Speaker 3: Hunt, Yeah, you can invest in Hypnosis as a regular 127 00:06:47,800 --> 00:06:50,400 Speaker 3: every day investor. Absolutely. I mean they've got a whole 128 00:06:50,400 --> 00:06:53,200 Speaker 3: bunch of they've got Hypnosis Songs Management, they've got Hypnosis 129 00:06:53,200 --> 00:06:55,560 Speaker 3: Songs Fund, so I mean there's all sorts of ways 130 00:06:55,560 --> 00:06:58,480 Speaker 3: you can invest in them. But now what's happening which 131 00:06:58,520 --> 00:07:01,000 Speaker 3: is really interesting, is that there's all these new platforms 132 00:07:01,040 --> 00:07:04,839 Speaker 3: coming up which have taken the securitization a step further. 133 00:07:05,480 --> 00:07:09,080 Speaker 3: And so these platforms are now allowing basically anybody, not 134 00:07:09,160 --> 00:07:12,480 Speaker 3: just accredited investors or not just sophisticated investors, but anybody 135 00:07:12,520 --> 00:07:15,240 Speaker 3: with you know, one hundred bucks to invest in songs 136 00:07:15,280 --> 00:07:17,800 Speaker 3: that they like, which is a really cool and fairly 137 00:07:17,800 --> 00:07:18,560 Speaker 3: recent development. 138 00:07:19,280 --> 00:07:22,960 Speaker 2: Okay, just before we leave Hypnosis, So the idea is 139 00:07:23,000 --> 00:07:26,320 Speaker 2: that they've got the rights to thousands of songs, they're 140 00:07:26,360 --> 00:07:30,160 Speaker 2: confident that people will keep using Spotify or whatever and 141 00:07:30,640 --> 00:07:33,080 Speaker 2: will there will be a stream of money there. So 142 00:07:33,120 --> 00:07:35,480 Speaker 2: I invest into ignisis now they n the song and 143 00:07:35,520 --> 00:07:38,200 Speaker 2: they'll get half a penny every time it's played, So 144 00:07:38,280 --> 00:07:40,400 Speaker 2: there's your income is So that's kind of right what 145 00:07:40,480 --> 00:07:41,280 Speaker 2: I'm saying there. 146 00:07:41,120 --> 00:07:43,280 Speaker 3: That's basically right, But then you're also betting on your 147 00:07:43,280 --> 00:07:47,960 Speaker 3: ability to resell that securitized asset in the future. So 148 00:07:48,360 --> 00:07:51,280 Speaker 3: you're basically betting on an artist, right, You're betting that 149 00:07:51,800 --> 00:07:53,480 Speaker 3: this person is not just relevant today, but they will 150 00:07:53,480 --> 00:07:55,559 Speaker 3: stand the test of time. Now, that's a lot easier 151 00:07:55,640 --> 00:07:58,520 Speaker 3: to do with bands that you know, like Springsteen for example, 152 00:07:58,600 --> 00:08:00,640 Speaker 3: or Pink Floyd's trying to sell their cat right now. 153 00:08:00,640 --> 00:08:02,480 Speaker 3: And you know, I don't want to be biased, but 154 00:08:03,000 --> 00:08:06,000 Speaker 3: I believe the Pink Floyd will continue to be relevant 155 00:08:06,000 --> 00:08:06,880 Speaker 3: twenty eight years from now. 156 00:08:06,960 --> 00:08:08,400 Speaker 2: Right, what about justin data? 157 00:08:08,600 --> 00:08:09,280 Speaker 3: Well, I don't know. 158 00:08:09,360 --> 00:08:09,680 Speaker 2: I don't know. 159 00:08:11,280 --> 00:08:13,440 Speaker 3: It's a good question. If you want to make that bet, 160 00:08:13,480 --> 00:08:14,200 Speaker 3: go for it, you know. 161 00:08:14,440 --> 00:08:16,960 Speaker 2: Right, So tell me about the one hundred dollar idea. 162 00:08:17,000 --> 00:08:19,040 Speaker 2: That the idea that I've got one hundred dollars and 163 00:08:19,080 --> 00:08:21,560 Speaker 2: so this is the next step in securitization. I don't 164 00:08:21,600 --> 00:08:24,320 Speaker 2: totally understand that. Pot. So what a lot of. 165 00:08:24,240 --> 00:08:26,000 Speaker 3: Companies have started to do, I shouldn't say a lot. 166 00:08:26,040 --> 00:08:28,840 Speaker 3: There's been a handful of companies that have started to 167 00:08:29,200 --> 00:08:33,120 Speaker 3: use something called Regulation A in the US, which was 168 00:08:33,320 --> 00:08:36,000 Speaker 3: a law passed about seven or eight years ago. It 169 00:08:36,040 --> 00:08:39,360 Speaker 3: made it easier to securitize all sorts of different assets 170 00:08:39,400 --> 00:08:42,800 Speaker 3: and let anyone invest in those assets, and so this 171 00:08:42,880 --> 00:08:46,200 Speaker 3: reggae has been used to securitize everything from collectibles to 172 00:08:46,400 --> 00:08:49,440 Speaker 3: real estate to all sorts of different things. Now music 173 00:08:49,559 --> 00:08:51,680 Speaker 3: is kind of like a perfect fit for this because 174 00:08:52,080 --> 00:08:55,320 Speaker 3: music's so emotional and personal and people really you know, 175 00:08:55,559 --> 00:08:58,000 Speaker 3: they love you know, like Beyonce, but they have literally 176 00:08:58,040 --> 00:09:00,640 Speaker 3: no ability until these platforms have come long, they have 177 00:09:00,720 --> 00:09:03,320 Speaker 3: had literally no ability to invest in on a slice 178 00:09:03,360 --> 00:09:06,760 Speaker 3: of Beyonce songs. Well now they can and all in 179 00:09:06,800 --> 00:09:09,319 Speaker 3: the past couple of years, some big names have come 180 00:09:09,360 --> 00:09:11,560 Speaker 3: together in the music industry to launch a number of 181 00:09:11,559 --> 00:09:16,480 Speaker 3: different platforms that allow basically anyone to invest in in 182 00:09:16,679 --> 00:09:18,600 Speaker 3: songs that they love. And they have some good ones 183 00:09:18,600 --> 00:09:20,080 Speaker 3: on there too, which is really really cool. 184 00:09:20,640 --> 00:09:25,040 Speaker 2: Okay, so let's bring this back to investing, particularly around 185 00:09:25,080 --> 00:09:27,480 Speaker 2: the risks here. So it's all fun and it sounds 186 00:09:27,559 --> 00:09:30,160 Speaker 2: great to do it individually or through a fund, but 187 00:09:30,280 --> 00:09:33,520 Speaker 2: of course having the right artists, selection and quality must 188 00:09:33,559 --> 00:09:34,200 Speaker 2: be a big part of this. 189 00:09:35,040 --> 00:09:37,720 Speaker 3: Selections huge, and I think that was the challenge that 190 00:09:37,760 --> 00:09:39,319 Speaker 3: a lot of these platforms faced, is how do you 191 00:09:39,360 --> 00:09:40,720 Speaker 3: get the good stuff right? How do you get the 192 00:09:41,080 --> 00:09:43,520 Speaker 3: how do you avoid getting the stuff that hypnosis didn't want? 193 00:09:43,559 --> 00:09:46,480 Speaker 3: To the big funds didn't want, right and so you know, 194 00:09:46,480 --> 00:09:48,000 Speaker 3: it just kind of took time. And so I think 195 00:09:48,440 --> 00:09:51,000 Speaker 3: the platforms have largely solved the selection problem. Now there's 196 00:09:51,040 --> 00:09:53,520 Speaker 3: some really great investable songs out there, stuff that we 197 00:09:53,520 --> 00:09:57,480 Speaker 3: would all recognize. I think the bigger risk is not 198 00:09:57,600 --> 00:10:00,439 Speaker 3: that any of this stuff is going to lose popular larity. 199 00:10:00,440 --> 00:10:03,720 Speaker 3: That's you know, streaming isn't going anywhere. It's that an 200 00:10:03,760 --> 00:10:06,920 Speaker 3: individual artists may not be as desirable in the future, 201 00:10:07,240 --> 00:10:09,679 Speaker 3: or may not be as loved in the future. That's 202 00:10:09,760 --> 00:10:11,360 Speaker 3: something that you know, I don't have a crystal ball. 203 00:10:11,400 --> 00:10:13,360 Speaker 3: I think that's you know, there's only so much research 204 00:10:13,400 --> 00:10:15,559 Speaker 3: you can do on that. Ultimately, it's kind of a belief, 205 00:10:15,640 --> 00:10:17,839 Speaker 3: right we don't We don't really know what the future 206 00:10:17,880 --> 00:10:19,720 Speaker 3: is going to hold, you know, thirty years from now. 207 00:10:19,679 --> 00:10:22,199 Speaker 2: Right, But David Bowie will always be loved stiff and 208 00:10:22,280 --> 00:10:23,000 Speaker 2: you know, I think so. 209 00:10:23,280 --> 00:10:24,880 Speaker 3: I think so that's why you want to stick to 210 00:10:24,880 --> 00:10:26,480 Speaker 3: the blue chip stuff if you can, right. So, I 211 00:10:26,480 --> 00:10:31,520 Speaker 3: think personally Beyonce, you know, I think she's pretty timeless, right, So, 212 00:10:31,559 --> 00:10:34,160 Speaker 3: I think you want to stick to the big names. 213 00:10:34,480 --> 00:10:36,959 Speaker 2: Liquidity. Can you get in and out easily. 214 00:10:37,200 --> 00:10:41,640 Speaker 3: Okay, So as of today, that's a little less easy 215 00:10:41,679 --> 00:10:43,920 Speaker 3: than it could be and should be. But I know 216 00:10:43,960 --> 00:10:48,479 Speaker 3: these platforms are working very hard to increase that liquidity 217 00:10:48,559 --> 00:10:52,480 Speaker 3: and to basically bring market makers into the scene, which 218 00:10:52,520 --> 00:10:54,920 Speaker 3: will guarantee a buyer for every seller. Now that this 219 00:10:55,040 --> 00:10:58,760 Speaker 3: isn't live yet, these haven't happened yet, but I know 220 00:10:58,840 --> 00:11:01,040 Speaker 3: for a fact that these these from working very hard 221 00:11:01,080 --> 00:11:03,520 Speaker 3: to do exactly that, and once they do, that will 222 00:11:03,559 --> 00:11:06,720 Speaker 3: give these these marketplaces, these platforms, that much needed liquidity. 223 00:11:06,760 --> 00:11:09,040 Speaker 3: So you know, you can sell it basically anytime. That 224 00:11:09,160 --> 00:11:11,680 Speaker 3: doesn't really exist today, but it certainly will and can 225 00:11:11,720 --> 00:11:12,280 Speaker 3: in the future. 226 00:11:12,640 --> 00:11:15,480 Speaker 2: What about regulation? Is there enough? Is there too much? 227 00:11:15,600 --> 00:11:18,280 Speaker 2: Is it kind of is it fit for purpose regulation 228 00:11:18,520 --> 00:11:19,199 Speaker 2: in this stuff? 229 00:11:19,559 --> 00:11:22,640 Speaker 3: So again, the regulation A the regae as it's called 230 00:11:22,640 --> 00:11:25,320 Speaker 3: a reggae plus as it's known, that basically created the 231 00:11:25,320 --> 00:11:27,800 Speaker 3: framework for all of this, and that's been in place 232 00:11:27,840 --> 00:11:29,439 Speaker 3: now for a little under a decade, so we're well 233 00:11:29,520 --> 00:11:30,120 Speaker 3: established there. 234 00:11:30,200 --> 00:11:33,400 Speaker 2: Yeah, Hikay Steffan, before we go, we've talked previously about 235 00:11:33,400 --> 00:11:36,240 Speaker 2: tequila nothing to do with music, Well maybe they go 236 00:11:36,280 --> 00:11:38,439 Speaker 2: well to get a little bit Yeah, yeah, you've recently 237 00:11:38,440 --> 00:11:40,160 Speaker 2: made some moves in the space is that. 238 00:11:40,200 --> 00:11:44,320 Speaker 3: Right, Yeah, where tequila is North America's fastest growing spirit 239 00:11:44,480 --> 00:11:46,800 Speaker 3: and it has so many of the same properties as 240 00:11:46,840 --> 00:11:49,000 Speaker 3: wine and whiskey, but you don't have to wait as 241 00:11:49,040 --> 00:11:51,280 Speaker 3: long for the maturity. You know, you're talking about three 242 00:11:51,280 --> 00:11:53,800 Speaker 3: to four years for tequila to become an aho or 243 00:11:53,800 --> 00:11:56,080 Speaker 3: extra a n ahole as opposed to wine ten years 244 00:11:56,120 --> 00:11:57,280 Speaker 3: whiskey it can be up to forty. 245 00:11:57,360 --> 00:11:57,480 Speaker 2: Right. 246 00:11:57,559 --> 00:12:00,160 Speaker 3: So we're big fans of tequila as an alternative US 247 00:12:00,679 --> 00:12:03,040 Speaker 3: and so you know, as the world continues to develop 248 00:12:03,040 --> 00:12:05,720 Speaker 3: a teaste for it and as people realize how delicious 249 00:12:05,720 --> 00:12:07,360 Speaker 3: it can be, not just you know, the really bad 250 00:12:07,440 --> 00:12:09,080 Speaker 3: quervo stuff we all had in Uni, but you know, 251 00:12:09,080 --> 00:12:11,200 Speaker 3: it can be really really nice on the high end. Again, 252 00:12:11,400 --> 00:12:15,760 Speaker 3: it still has that it can be quite endurable on 253 00:12:15,800 --> 00:12:17,480 Speaker 3: the high end. It took me a while to realize that, 254 00:12:17,559 --> 00:12:20,480 Speaker 3: but yeah, I think this. You know, the numbers don't lie. 255 00:12:20,480 --> 00:12:23,040 Speaker 3: This is a great spirit to consider investing in. And 256 00:12:23,440 --> 00:12:27,200 Speaker 3: our fund has invested in a couple of barrels in Tequila, Mexico, 257 00:12:27,280 --> 00:12:28,440 Speaker 3: the city of Tequila, Mexico. 258 00:12:29,000 --> 00:12:31,280 Speaker 2: Fantastic, Stephan, Thank you for talking to Fear and Greed. 259 00:12:31,840 --> 00:12:32,960 Speaker 3: Always great to be here. Thank you. 260 00:12:33,600 --> 00:12:37,040 Speaker 2: That was Stefan von Imoff, co founder of alternative investing 261 00:12:37,080 --> 00:12:40,000 Speaker 2: community fund ALTS dot Co. That's a l T S 262 00:12:40,160 --> 00:12:43,320 Speaker 2: dot Co CEO. This is the Fear and Greed Business Interview. 263 00:12:43,440 --> 00:12:45,839 Speaker 2: Remember this information is general in nature and you should 264 00:12:45,880 --> 00:12:49,400 Speaker 2: see professional advice before making any investment decisions. Join us 265 00:12:49,400 --> 00:12:51,640 Speaker 2: every morning for the full episode of Fearing Greed, Australia's 266 00:12:51,640 --> 00:12:54,440 Speaker 2: best business podcast. So I'm Suan Alma. Have a great day.