1 00:00:05,760 --> 00:00:08,600 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm Sean Alam. 2 00:00:08,680 --> 00:00:12,039 Speaker 1: One of our regular guests here is Stefan von Imoff, 3 00:00:12,080 --> 00:00:16,560 Speaker 1: the co founder of alternative investing community fund halts dot com. 4 00:00:16,880 --> 00:00:18,799 Speaker 1: Over the last couple of years, he's talked to us 5 00:00:18,800 --> 00:00:21,880 Speaker 1: about investing in all kinds of unusual assets, sporting teams, 6 00:00:21,920 --> 00:00:26,000 Speaker 1: final records, art tequila, domain names, watches. We even talked 7 00:00:26,040 --> 00:00:29,120 Speaker 1: about investing in water today. Another one that you don't 8 00:00:29,160 --> 00:00:33,599 Speaker 1: hear about every day, investing in film financing. Obviously, this 9 00:00:33,640 --> 00:00:36,680 Speaker 1: is general information only. You should always seek professional advice 10 00:00:36,760 --> 00:00:39,720 Speaker 1: before making any investment decisions. Stefan, Welcome back to Fear 11 00:00:39,720 --> 00:00:40,120 Speaker 1: and Greed. 12 00:00:40,560 --> 00:00:41,920 Speaker 2: Great to be here, as ilis. 13 00:00:42,640 --> 00:00:45,360 Speaker 1: Let's start at the very beginning for the dummies like 14 00:00:45,640 --> 00:00:47,720 Speaker 1: me on this one. Take me through how the film 15 00:00:47,760 --> 00:00:50,559 Speaker 1: industry works. There are two ends of the industries. That right, 16 00:00:50,640 --> 00:00:52,360 Speaker 1: the big budget guys in the indie films. 17 00:00:52,640 --> 00:00:55,400 Speaker 2: That's it now, totally separate worlds. You got the big 18 00:00:55,400 --> 00:00:58,680 Speaker 2: budget guys the big studios, and then you've got the 19 00:00:59,160 --> 00:01:01,880 Speaker 2: the indie films. And you know, when it comes to 20 00:01:01,920 --> 00:01:05,679 Speaker 2: the big studios, it's no surprise that they're all making 21 00:01:05,760 --> 00:01:09,440 Speaker 2: really safe bets. Right now. Right, This has led to 22 00:01:09,640 --> 00:01:14,679 Speaker 2: a slew of boring, predictable movies that do pretty well financially, 23 00:01:14,800 --> 00:01:19,800 Speaker 2: especially internationally. I'm talking about the superhero movies, right, you know, 24 00:01:19,840 --> 00:01:23,040 Speaker 2: the Avengers and a lot of the comic book characters 25 00:01:23,080 --> 00:01:25,560 Speaker 2: and all those movies. Those do really really well, but 26 00:01:25,600 --> 00:01:28,280 Speaker 2: they're not that exciting, and they're not really moves the 27 00:01:29,000 --> 00:01:32,640 Speaker 2: film industry forward. For that, you got to go into 28 00:01:32,959 --> 00:01:36,880 Speaker 2: indie filmmaking. So indie filmmaking is a lot more exciting. 29 00:01:36,920 --> 00:01:40,200 Speaker 2: This is where really esoteric films are made. And some 30 00:01:40,240 --> 00:01:42,440 Speaker 2: of these film studios you might even recognize some of them, 31 00:01:42,480 --> 00:01:45,600 Speaker 2: are getting really pretty big. A twenty four is still 32 00:01:45,640 --> 00:01:49,240 Speaker 2: technically an indie film studio, but they're I mean, they'rebo 33 00:01:49,320 --> 00:01:51,600 Speaker 2: as mainstream as you can get at this point. They've 34 00:01:52,160 --> 00:01:56,200 Speaker 2: you know, created all sorts of great movies, hereditary, everything everywhere, 35 00:01:56,240 --> 00:01:59,400 Speaker 2: all at once, which one best picture. But then you 36 00:01:59,440 --> 00:02:02,600 Speaker 2: have a whole slew of other, you know, indie filmmakers, 37 00:02:02,680 --> 00:02:06,960 Speaker 2: and they all need financing, and these films basically, when 38 00:02:07,000 --> 00:02:10,440 Speaker 2: it's out of the big studios, it goes into a 39 00:02:10,520 --> 00:02:13,200 Speaker 2: whole other world of financing, which is what we call 40 00:02:13,240 --> 00:02:16,400 Speaker 2: indie film financing, and that's that's a great interesting world, 41 00:02:16,919 --> 00:02:17,360 Speaker 2: hi kind. 42 00:02:17,400 --> 00:02:20,000 Speaker 1: So that's what we're talking about. Indie film financing. How 43 00:02:20,000 --> 00:02:21,679 Speaker 1: does it work well? 44 00:02:21,680 --> 00:02:25,240 Speaker 2: Indie film financing is pretty risky, I have to say. 45 00:02:25,360 --> 00:02:27,840 Speaker 2: And there's a couple of different ways you can you 46 00:02:27,840 --> 00:02:30,000 Speaker 2: can do it. I mean you can basically, straight up, 47 00:02:30,120 --> 00:02:33,160 Speaker 2: you know, just finance and own the distribution rights and 48 00:02:33,200 --> 00:02:36,280 Speaker 2: the IP for a film. That's the most common way. 49 00:02:36,880 --> 00:02:39,120 Speaker 2: I mean, this is how a lot of movies get made, 50 00:02:39,240 --> 00:02:41,520 Speaker 2: especially when they're low budget movies. You know, you look 51 00:02:41,560 --> 00:02:44,400 Speaker 2: at movies you know, over the years that have just 52 00:02:44,440 --> 00:02:47,320 Speaker 2: been basically self funded for you know, five, ten, fifteen 53 00:02:47,360 --> 00:02:49,920 Speaker 2: thousand dollars. Some of them have gone on to do really, 54 00:02:49,960 --> 00:02:52,600 Speaker 2: really well. There is a famous one, El Mariachi, was 55 00:02:52,639 --> 00:02:54,920 Speaker 2: the first movie by Robert Rodriguez, who went on to 56 00:02:54,919 --> 00:02:58,080 Speaker 2: have an awesome career. There's been all sorts of indie 57 00:02:58,120 --> 00:03:00,679 Speaker 2: films that have that have definitely done well. The problem 58 00:03:00,760 --> 00:03:04,280 Speaker 2: is they're very risky, right. There's a whole bunch of 59 00:03:04,280 --> 00:03:06,880 Speaker 2: stuff that can go wrong. The first thing can go 60 00:03:06,880 --> 00:03:09,480 Speaker 2: wrong is the film doesn't get completed. I don't have 61 00:03:09,520 --> 00:03:11,040 Speaker 2: the exact stat in front of me, but a shocking 62 00:03:11,120 --> 00:03:13,880 Speaker 2: number of films start and then never finish, and it's 63 00:03:13,960 --> 00:03:17,240 Speaker 2: because the funding runs dry, the financing runs out, and 64 00:03:17,280 --> 00:03:19,120 Speaker 2: you can't keep the party going, and the whole thing 65 00:03:19,240 --> 00:03:23,520 Speaker 2: just dies and everyone kind of loses money. Not a 66 00:03:23,520 --> 00:03:27,200 Speaker 2: great situation. So to counteract that, what a lot of 67 00:03:27,240 --> 00:03:31,639 Speaker 2: film indie filmmakers have done is venture into crowdfunding, and 68 00:03:32,280 --> 00:03:35,320 Speaker 2: this is using platforms that are either purpose built platforms 69 00:03:35,320 --> 00:03:39,320 Speaker 2: for movie financing or stuff like Kickstarter. A great example 70 00:03:39,400 --> 00:03:42,560 Speaker 2: of this model was Veronica Mars, which is the biggest 71 00:03:42,560 --> 00:03:45,720 Speaker 2: crowdfunding story to date. This is a TV show and 72 00:03:45,840 --> 00:03:48,560 Speaker 2: it had a cult following, but it got canceled and 73 00:03:48,600 --> 00:03:50,800 Speaker 2: so there were a bunch of angry fans and unresolved 74 00:03:50,800 --> 00:03:53,240 Speaker 2: plot lines and stuff like that. So they went to 75 00:03:53,320 --> 00:03:56,560 Speaker 2: Kickstarter and they raised like five point seven million dollars 76 00:03:56,600 --> 00:04:00,240 Speaker 2: from almost one hundred thousand investors in just like like 77 00:04:00,280 --> 00:04:03,800 Speaker 2: something like twelve hours or something like that, like absurd, Yeah, 78 00:04:03,840 --> 00:04:06,880 Speaker 2: and they ended up, you know, basically making a cultural 79 00:04:06,960 --> 00:04:10,640 Speaker 2: hit film and it didn't actually even that one didn't 80 00:04:10,720 --> 00:04:12,840 Speaker 2: make a lot of money, but the fans that funded 81 00:04:12,880 --> 00:04:15,240 Speaker 2: it at least got to see the film, and that's 82 00:04:15,320 --> 00:04:18,839 Speaker 2: part of what you're investing in with this crowdfunding world. 83 00:04:18,640 --> 00:04:21,560 Speaker 2: But yeah, I mean bottom line is, it's a tricky 84 00:04:21,600 --> 00:04:24,760 Speaker 2: world to make money in and it's not for the 85 00:04:24,760 --> 00:04:25,839 Speaker 2: faint of hearts. 86 00:04:26,240 --> 00:04:29,520 Speaker 1: Okay, So had do you make money in it? Are 87 00:04:29,520 --> 00:04:32,520 Speaker 1: you looking for certain genres? Are you looking for certain 88 00:04:33,120 --> 00:04:35,160 Speaker 1: attributes of an indie film? 89 00:04:35,480 --> 00:04:38,960 Speaker 2: Yeah? Well there's no you know, sure thing in this world. 90 00:04:39,000 --> 00:04:41,840 Speaker 2: But if you are going to look at what's more 91 00:04:41,960 --> 00:04:44,760 Speaker 2: likely to do well, it tends to be there are 92 00:04:44,800 --> 00:04:47,720 Speaker 2: specific genres that do very well, and one of them 93 00:04:48,000 --> 00:04:51,600 Speaker 2: is horror movies. So horror films are scary, lucrative, like 94 00:04:51,680 --> 00:04:54,719 Speaker 2: no joke, they're the most profitable movies out there. They 95 00:04:54,800 --> 00:04:57,880 Speaker 2: usually don't take that much to make, they don't require 96 00:04:58,000 --> 00:05:04,360 Speaker 2: huge stars, they don't require complicated logistics. They're inexpensive to produce, 97 00:05:04,880 --> 00:05:07,920 Speaker 2: and they can earn quite a bit. I mean paranormal activity. 98 00:05:08,000 --> 00:05:11,440 Speaker 2: The Blair Witch Project, which was the original kind of 99 00:05:11,520 --> 00:05:15,279 Speaker 2: you know, like archetype of like a horror film success. 100 00:05:15,560 --> 00:05:17,880 Speaker 2: I think it costs like half a million dollars, made 101 00:05:17,960 --> 00:05:22,800 Speaker 2: two hundred million dollars worldwide. What else The Gallows has 102 00:05:22,800 --> 00:05:25,479 Speaker 2: done well? That cleared forty million dollars on one hundred 103 00:05:25,480 --> 00:05:28,760 Speaker 2: thousand dollars budget. So there are a lot of horror 104 00:05:28,800 --> 00:05:32,120 Speaker 2: movies that have done well on shoe string budgets, and 105 00:05:32,160 --> 00:05:34,640 Speaker 2: so there's that's some that is one genre that is 106 00:05:34,680 --> 00:05:37,920 Speaker 2: one way. I wouldn't say it's a guarantee, but your 107 00:05:38,120 --> 00:05:40,000 Speaker 2: odds are a lot better making money in that area. 108 00:05:40,880 --> 00:05:46,520 Speaker 1: Stay with me. Stefan will be back in a minute. 109 00:05:49,680 --> 00:05:53,280 Speaker 1: I'm speaking to Stefan von Imoff, co founder of alternative 110 00:05:53,320 --> 00:05:57,960 Speaker 1: investing community fund alts dot co. And you're making money 111 00:05:58,000 --> 00:06:01,720 Speaker 1: from ticket sales at the cinema. Is it a streaming service? Head? 112 00:06:01,720 --> 00:06:02,680 Speaker 1: Does that all playing to it? 113 00:06:03,000 --> 00:06:06,479 Speaker 2: Well, it gets complicated. This is a very rapidly changing world. 114 00:06:06,520 --> 00:06:09,200 Speaker 2: I mean, basically, the biggest thing that's happened lately is 115 00:06:09,240 --> 00:06:12,400 Speaker 2: that the big streaming platforms are basically buying up movie 116 00:06:12,440 --> 00:06:14,360 Speaker 2: rights now. So it used to be you would own 117 00:06:14,360 --> 00:06:17,760 Speaker 2: the movie rights as an indie film producer, and you 118 00:06:17,800 --> 00:06:20,720 Speaker 2: would own them forever, right, and you would basically, you know, 119 00:06:20,880 --> 00:06:23,560 Speaker 2: you'd take some risk with that, but you would have 120 00:06:23,640 --> 00:06:26,919 Speaker 2: the royalties forever from that film. That doesn't really happen 121 00:06:26,960 --> 00:06:30,159 Speaker 2: when like Netflix, Amazon come knocking to buy your movie, 122 00:06:30,480 --> 00:06:34,200 Speaker 2: they basically just buy the whole thing like outright, and 123 00:06:34,600 --> 00:06:37,160 Speaker 2: that's great. For you and the short term, but in 124 00:06:37,200 --> 00:06:39,640 Speaker 2: the long term it can hurt movie producers because they 125 00:06:39,640 --> 00:06:42,760 Speaker 2: don't get the recurring royalties from that. You know, Amazon 126 00:06:42,800 --> 00:06:45,320 Speaker 2: and Netflix does. So it's six to one, half a 127 00:06:45,360 --> 00:06:47,200 Speaker 2: dozen of the other. I mean, more stuff is getting 128 00:06:47,200 --> 00:06:49,560 Speaker 2: funded now than ever before thanks to the rapid growth 129 00:06:49,600 --> 00:06:52,600 Speaker 2: and streaming, but most of it's kind of one off stuff. 130 00:06:52,600 --> 00:06:54,719 Speaker 2: It doesn't get renewed. It doesn't really make a whole lot. 131 00:06:54,800 --> 00:06:57,360 Speaker 2: So the filmmaker got their advance and they got their 132 00:06:57,400 --> 00:07:01,599 Speaker 2: their payment, which is good, but it's not really just 133 00:07:01,640 --> 00:07:03,840 Speaker 2: because you're you have a movie on Amazon coming out 134 00:07:03,920 --> 00:07:06,839 Speaker 2: or a movie on Netflix. Is not exactly like you 135 00:07:06,839 --> 00:07:09,400 Speaker 2: can sit back and retire. It doesn't quite work like that. 136 00:07:10,520 --> 00:07:13,960 Speaker 1: So I'm just saying, so when you're going stiffant to 137 00:07:14,080 --> 00:07:16,760 Speaker 1: look at an indie film project and let's say we're 138 00:07:16,760 --> 00:07:20,560 Speaker 1: thinking let's go for the horror genre, what what's my 139 00:07:20,640 --> 00:07:23,080 Speaker 1: next step? Where am I going to invest? 140 00:07:23,680 --> 00:07:28,720 Speaker 2: Well, I don't. We don't invest in specific film production. 141 00:07:29,040 --> 00:07:31,400 Speaker 2: What we do is something a little bit different, and 142 00:07:31,640 --> 00:07:34,040 Speaker 2: it's we found a niche within this industry that is 143 00:07:34,120 --> 00:07:37,920 Speaker 2: it's almost alternative within the realm of alternative investing. And 144 00:07:37,960 --> 00:07:41,640 Speaker 2: so what we've landed on is something called film bridge 145 00:07:41,680 --> 00:07:45,920 Speaker 2: loan financing, and the way this works is really really fascinating. 146 00:07:46,040 --> 00:07:49,320 Speaker 2: So the film industry, and now I'm talking about even 147 00:07:49,360 --> 00:07:54,720 Speaker 2: big budget films, right, they often face timing mismatches between 148 00:07:54,800 --> 00:07:59,000 Speaker 2: when funds are needed and when the long term financing 149 00:07:59,040 --> 00:08:04,120 Speaker 2: becomes available. So basically, the film start shooting and they 150 00:08:04,160 --> 00:08:08,000 Speaker 2: need to start shooting in order to show everyone all 151 00:08:08,040 --> 00:08:11,360 Speaker 2: the big investors that the film has kicked off, but 152 00:08:11,440 --> 00:08:15,040 Speaker 2: they still have short term financing needs that need to 153 00:08:15,080 --> 00:08:20,160 Speaker 2: be met, and there's basically this persistent demand for what 154 00:08:20,200 --> 00:08:23,160 Speaker 2: are essentially short term bridge loans. These are about eight 155 00:08:23,200 --> 00:08:27,960 Speaker 2: to fourteen weeks where these companies basically need bridge financing. 156 00:08:28,880 --> 00:08:34,760 Speaker 2: So we don't actually fund individual deals. The reason is 157 00:08:34,800 --> 00:08:37,480 Speaker 2: because each deal needs to move so so quick. Each 158 00:08:37,480 --> 00:08:40,320 Speaker 2: deal is a little fiddly and it requires investors to 159 00:08:40,360 --> 00:08:44,280 Speaker 2: move very very quickly. So one of our community members 160 00:08:44,320 --> 00:08:47,880 Speaker 2: has kind of solved this problem, a gentleman named Chris. 161 00:08:47,920 --> 00:08:52,000 Speaker 2: He's solved this problem by putting together a five year 162 00:08:52,080 --> 00:08:58,000 Speaker 2: investment vehicle that it's basically a bridge loan fund, right, 163 00:08:58,120 --> 00:09:01,400 Speaker 2: and it reinvests capital across dozens of projects so that 164 00:09:01,480 --> 00:09:03,800 Speaker 2: when these studios are ready to go and they need 165 00:09:03,840 --> 00:09:07,680 Speaker 2: that film financing, that that bridge loan financing. This fund 166 00:09:07,800 --> 00:09:10,320 Speaker 2: is ready to kick into high gear and deploy the 167 00:09:10,360 --> 00:09:12,960 Speaker 2: capitol and get it back in about eight to fourteen weeks. 168 00:09:13,600 --> 00:09:16,360 Speaker 2: So we have recently offered this to our community and 169 00:09:16,520 --> 00:09:19,360 Speaker 2: we are about to close on our first investment into 170 00:09:19,400 --> 00:09:20,600 Speaker 2: this bridge loan fund. 171 00:09:21,440 --> 00:09:23,440 Speaker 1: And this is more the big budget end rather than 172 00:09:23,440 --> 00:09:24,960 Speaker 1: in the end it is. 173 00:09:24,960 --> 00:09:27,600 Speaker 2: This is so I mean a recent example. Unfortunately in 174 00:09:27,640 --> 00:09:30,480 Speaker 2: this world it's very you're not allowed to talk about 175 00:09:30,559 --> 00:09:34,199 Speaker 2: upcoming films, especially haven't been announced yet and stuff, but 176 00:09:34,240 --> 00:09:35,720 Speaker 2: we can talk about what happened in the past. And 177 00:09:35,760 --> 00:09:38,080 Speaker 2: so a great example of a film that the famously 178 00:09:38,160 --> 00:09:41,960 Speaker 2: needed bridge loan funding and this fund actually financed is 179 00:09:42,000 --> 00:09:45,000 Speaker 2: the movie about Enzo Ferrari, just the called Ferrari with 180 00:09:45,040 --> 00:09:48,320 Speaker 2: Adam Driver came out last year. They needed bridging money 181 00:09:48,360 --> 00:09:51,040 Speaker 2: to keep going before they can get the real financing, 182 00:09:51,800 --> 00:09:54,600 Speaker 2: and this is exactly what this fund was built for, 183 00:09:54,679 --> 00:09:58,320 Speaker 2: so they helped all in. About thirty percent of the 184 00:09:58,400 --> 00:10:01,720 Speaker 2: total film financing came f from financiers like this, and 185 00:10:01,800 --> 00:10:04,400 Speaker 2: seventy percent came from the big studios, So it's a 186 00:10:04,440 --> 00:10:06,920 Speaker 2: significant portion of the industry. 187 00:10:07,040 --> 00:10:09,240 Speaker 1: And presumably the returns are pretty good because it's hard 188 00:10:09,320 --> 00:10:12,680 Speaker 1: race guys. You've said, although what you're talking about mitigites 189 00:10:12,720 --> 00:10:17,000 Speaker 1: that risk some up because you are spreading it across projects. 190 00:10:17,320 --> 00:10:20,160 Speaker 1: But the return is presumably a pretty good they are. 191 00:10:20,240 --> 00:10:22,560 Speaker 2: Let's talk about the risks before we talk about the returns, 192 00:10:22,760 --> 00:10:24,800 Speaker 2: because we need to be clear on the risks here. So, 193 00:10:25,120 --> 00:10:27,800 Speaker 2: I mean, the traditional risks with this world is that 194 00:10:28,000 --> 00:10:30,960 Speaker 2: the megafunding, the large funding, the studio funding never gets 195 00:10:31,000 --> 00:10:34,400 Speaker 2: secured and everyone can lose a lot of money in 196 00:10:34,400 --> 00:10:36,600 Speaker 2: that case, and it happens. I mean, there's all sorts 197 00:10:36,640 --> 00:10:38,920 Speaker 2: of reasons that can happen. COVID ruined a lot of movies. 198 00:10:39,240 --> 00:10:41,880 Speaker 2: There's all sorts of reasons that that films don't complete, 199 00:10:41,920 --> 00:10:44,840 Speaker 2: and there's really not a lot of recourse most of 200 00:10:44,880 --> 00:10:48,520 Speaker 2: the time. There's also just single film risk, like you mentioned, right, 201 00:10:48,559 --> 00:10:51,280 Speaker 2: which is the idea of like, look, you could make 202 00:10:51,320 --> 00:10:53,120 Speaker 2: a lot of money on a single film. You could 203 00:10:53,120 --> 00:10:57,960 Speaker 2: also the movie could flop, right, and there's no great 204 00:10:57,960 --> 00:11:01,920 Speaker 2: way of knowing. I mean, you know, again, this actuarial 205 00:11:02,280 --> 00:11:04,000 Speaker 2: math you can do to kind of figure out what's 206 00:11:04,000 --> 00:11:05,440 Speaker 2: a good bet, what's a bad bet. But just like 207 00:11:05,440 --> 00:11:09,080 Speaker 2: in venture capital, some companies fail completely, most companies fail, 208 00:11:09,160 --> 00:11:11,120 Speaker 2: and some go to the moon. So it's tricky. So 209 00:11:11,800 --> 00:11:14,760 Speaker 2: what this fund is done is interesting. So the fund 210 00:11:14,880 --> 00:11:18,920 Speaker 2: only gives bridge loans to films that already have primary funding, right, 211 00:11:18,960 --> 00:11:21,240 Speaker 2: so that's already been lined up, So there's a major 212 00:11:21,320 --> 00:11:23,360 Speaker 2: backer behind every single one of these. So these are 213 00:11:23,360 --> 00:11:26,320 Speaker 2: not like mom and pop flicks that like could totally 214 00:11:26,840 --> 00:11:29,839 Speaker 2: you know, fail because they have no major funding. But 215 00:11:29,880 --> 00:11:33,040 Speaker 2: even within that major funding, it's still risky. So this 216 00:11:33,120 --> 00:11:36,520 Speaker 2: fund requires that each film gets ensured. Basically, each project 217 00:11:36,559 --> 00:11:40,800 Speaker 2: has to obtain a bond, an insurance bond that either 218 00:11:40,920 --> 00:11:44,280 Speaker 2: ensures the film's completion or immediate loan repayment in the 219 00:11:44,720 --> 00:11:47,720 Speaker 2: event that the film cannot be completed. And of course 220 00:11:47,760 --> 00:11:51,160 Speaker 2: this capital Laspina least gets deployed across a basket of films, 221 00:11:51,520 --> 00:11:53,680 Speaker 2: you know, maybe a dozen over the next five years, 222 00:11:54,000 --> 00:11:56,959 Speaker 2: is kind of the idea. So between those three kind 223 00:11:56,960 --> 00:11:59,959 Speaker 2: of mitigation strategies, it's just a perfect kind of situation. 224 00:12:00,080 --> 00:12:02,560 Speaker 2: And you know, it's funny you see this sort of 225 00:12:02,559 --> 00:12:05,880 Speaker 2: specialized financing and other industries, like going back to VC 226 00:12:06,040 --> 00:12:08,080 Speaker 2: for a second, you see it in venture with like 227 00:12:08,160 --> 00:12:11,960 Speaker 2: ventured debt within the startup ecosystem, and so like this 228 00:12:12,040 --> 00:12:15,400 Speaker 2: bridge financing fills a specific capital need that banks are 229 00:12:15,480 --> 00:12:19,640 Speaker 2: unwilling to address. Traditional lenders shy away because it's confusing, 230 00:12:19,840 --> 00:12:22,320 Speaker 2: they don't really get it. There's a lot of perceived risks. 231 00:12:22,600 --> 00:12:26,320 Speaker 2: But it's perfect for us in our community. Basically any 232 00:12:26,320 --> 00:12:29,120 Speaker 2: specialty lender like us, because you know, if you have 233 00:12:29,160 --> 00:12:33,480 Speaker 2: that specific expertise within your lending community and if you 234 00:12:33,520 --> 00:12:36,760 Speaker 2: have backgrounds in film finance and production, I mean, yeah, 235 00:12:36,800 --> 00:12:39,439 Speaker 2: you can make a lot of money. So this this 236 00:12:39,600 --> 00:12:43,560 Speaker 2: fund targets sixteen percent returns per film. That's sixty percent 237 00:12:43,640 --> 00:12:47,480 Speaker 2: returns over eight to fourteen weeks. So I mean that's 238 00:12:47,679 --> 00:12:51,560 Speaker 2: from an IRR standpoint, that's very very good. Again, there's 239 00:12:51,559 --> 00:12:54,800 Speaker 2: no guarantees in this world, but the risks have been 240 00:12:54,800 --> 00:12:55,720 Speaker 2: mitigated very well. 241 00:12:56,200 --> 00:12:58,120 Speaker 1: Steffan, As always, you have told me about something I 242 00:12:58,240 --> 00:13:01,400 Speaker 1: knew nothing about whatsoever. A better person as a result. 243 00:13:01,440 --> 00:13:03,240 Speaker 1: Thank you for coming on to Fear and Greed today. 244 00:13:03,640 --> 00:13:05,120 Speaker 2: Thank you guys now. 245 00:13:05,160 --> 00:13:09,360 Speaker 1: Stefan von Imov, co founder of Alternative Investing Community fund 246 00:13:09,600 --> 00:13:13,240 Speaker 1: ALS dot co a l t S dot co. This 247 00:13:13,320 --> 00:13:15,559 Speaker 1: is the fear and Greed business Interview. Remember this is 248 00:13:15,640 --> 00:13:18,880 Speaker 1: general information only. You should seek professional advice before making 249 00:13:18,960 --> 00:13:21,679 Speaker 1: any investment decision. Join us every morning for the full 250 00:13:21,720 --> 00:13:23,960 Speaker 1: episode of Fear and Greed. Daily business years for people 251 00:13:23,960 --> 00:13:26,800 Speaker 1: who make their own decisions. I'm Sean elma Enjoy your day.