1
00:00:00,040 --> 00:00:03,400
Speaker 1: What's up, everybody. Welcome to financial Heresy, where we talk

2
00:00:03,560 --> 00:00:05,760
Speaker 1: about how money works so that you can make more,

3
00:00:06,080 --> 00:00:09,280
Speaker 1: keep more, and give more. I've got a very exciting

4
00:00:09,320 --> 00:00:10,880
Speaker 1: guest on with Us today, a little bit of a

5
00:00:11,200 --> 00:00:14,720
Speaker 1: different episode than you guys may be used to. Got

6
00:00:14,720 --> 00:00:19,040
Speaker 1: my new friend Bridger Pennington on the podcast with Us today.

7
00:00:19,239 --> 00:00:23,720
Speaker 1: He runs a company called fund Launch and has years

8
00:00:23,720 --> 00:00:28,400
Speaker 1: of experience starting funds like hedge funds successfully and now

9
00:00:28,440 --> 00:00:31,880
Speaker 1: has tens of thousands of students that he teaches how

10
00:00:32,120 --> 00:00:35,200
Speaker 1: to do the exact same thing. And so really exciting

11
00:00:35,280 --> 00:00:39,159
Speaker 1: episode because many people just don't know that this is

12
00:00:39,200 --> 00:00:43,320
Speaker 1: an option. We're gonna listen to some stories about just entrepreneurs,

13
00:00:43,360 --> 00:00:48,880
Speaker 1: small business owners wanting to scale and through Bridgers help realizing, hey,

14
00:00:49,360 --> 00:00:52,040
Speaker 1: starting a fund may actually be the best way to

15
00:00:52,120 --> 00:00:56,040
Speaker 1: help your business scale and to capture more of that

16
00:00:56,200 --> 00:00:59,960
Speaker 1: upside yourself instead of doing things like you know, SBA

17
00:01:00,240 --> 00:01:02,760
Speaker 1: loans to buy out competitors or things like that. So

18
00:01:03,160 --> 00:01:07,000
Speaker 1: really excited to have this really unique conversation here and

19
00:01:07,360 --> 00:01:10,360
Speaker 1: bring another perspective to the table for anybody out there

20
00:01:10,440 --> 00:01:13,720
Speaker 1: running a small business, any professional investors, whether it's in

21
00:01:13,760 --> 00:01:17,720
Speaker 1: real estate or other specialties, like commodities or trading four

22
00:01:17,920 --> 00:01:20,920
Speaker 1: x things like that and kind of present a new

23
00:01:20,959 --> 00:01:23,400
Speaker 1: opportunity that may be able to make you, guys and

24
00:01:23,600 --> 00:01:26,280
Speaker 1: your clients a ton of money. Bridger, thank you so

25
00:01:26,360 --> 00:01:28,960
Speaker 1: much for joining us today. Bridge, thank you so much

26
00:01:29,000 --> 00:01:33,480
Speaker 1: for joining me today. I'm really excited to have this conversation, Joe.

27
00:01:33,600 --> 00:01:35,720
Speaker 2: This is gonna be fun, dude. I'm excited to talk. Yeah,

28
00:01:35,880 --> 00:01:36,200
Speaker 2: dive in.

29
00:01:36,840 --> 00:01:40,320
Speaker 1: Yes, all right, So let me let me hear a

30
00:01:40,600 --> 00:01:44,959
Speaker 1: brief intro to your before we get into your story.

31
00:01:45,160 --> 00:01:47,480
Speaker 1: What is it exactly that you do? Because you run

32
00:01:47,560 --> 00:01:51,960
Speaker 1: fund launch, you make a bunch of content about you know,

33
00:01:52,080 --> 00:01:55,000
Speaker 1: something that maybe you know people are in a little

34
00:01:55,040 --> 00:01:56,440
Speaker 1: bit of a different world. So what is it that

35
00:01:56,520 --> 00:01:56,720
Speaker 1: you do?

36
00:01:58,000 --> 00:02:00,640
Speaker 2: Yeah, just kind of high level. So we I run

37
00:02:00,680 --> 00:02:03,000
Speaker 2: two companies called are In a fund Launch. We help

38
00:02:03,080 --> 00:02:04,960
Speaker 2: train people how to do funds. So we have fifty

39
00:02:04,960 --> 00:02:07,960
Speaker 2: five thousand students around the world. We have eleven student

40
00:02:07,960 --> 00:02:10,040
Speaker 2: funds now over ten million dollars, one hundred million dollars,

41
00:02:10,120 --> 00:02:12,959
Speaker 2: fifty student funds over ten million. We'd help people launch funds.

42
00:02:12,960 --> 00:02:15,560
Speaker 2: We're called fun Launch for reason. So we have courses, coach,

43
00:02:15,600 --> 00:02:17,239
Speaker 2: we have live events. We just had two thousand people

44
00:02:17,280 --> 00:02:18,920
Speaker 2: in Miami had a live event sold out. We had

45
00:02:19,000 --> 00:02:21,080
Speaker 2: ed ma, let come speak all this crazy stuff. So

46
00:02:21,400 --> 00:02:23,639
Speaker 2: we have lots of launch funds there and we bring in.

47
00:02:23,720 --> 00:02:26,919
Speaker 2: Our whole mission is to help people like decentralized Wall

48
00:02:26,960 --> 00:02:31,240
Speaker 2: Street decentralize this. Like the oligarchs of Wall Street that

49
00:02:31,240 --> 00:02:33,600
Speaker 2: have ran huge funds that control all the organizations that

50
00:02:33,639 --> 00:02:37,000
Speaker 2: buy up everything. They use this business model and in

51
00:02:37,040 --> 00:02:38,840
Speaker 2: the past, no one's known about it. It's been you know,

52
00:02:38,919 --> 00:02:40,320
Speaker 2: you got to go to an Ivy League school, or

53
00:02:40,320 --> 00:02:42,120
Speaker 2: you got to go to you know, be work on

54
00:02:42,200 --> 00:02:43,960
Speaker 2: washtrot for twenty five years to figure this out. And

55
00:02:43,960 --> 00:02:47,359
Speaker 2: we're we're letting regular people like me and you figure

56
00:02:47,440 --> 00:02:49,639
Speaker 2: this game out and be able to scale funds, which

57
00:02:49,680 --> 00:02:52,080
Speaker 2: is pretty cool. So Hedge Fund's private equventure capital. So

58
00:02:52,280 --> 00:02:53,959
Speaker 2: I also run a hedge fund as well. So I

59
00:02:54,000 --> 00:02:56,560
Speaker 2: currently run a hedge fund. It's my third fund. I

60
00:02:56,600 --> 00:02:59,680
Speaker 2: previously ran two funds that were debt funds. It's kind

61
00:02:59,680 --> 00:03:01,360
Speaker 2: of got in this space, and my dad runs a

62
00:03:01,360 --> 00:03:03,480
Speaker 2: big fund, my brothers and investment funds attorney. We've brought

63
00:03:03,480 --> 00:03:06,079
Speaker 2: in I don't know, dozens of different mentors that run

64
00:03:06,120 --> 00:03:08,519
Speaker 2: funds to help coach and teach and stuff. So that's

65
00:03:08,560 --> 00:03:10,200
Speaker 2: the high level. It's pretty fun. Yeah, we have a

66
00:03:10,200 --> 00:03:13,040
Speaker 2: good time. That's the high level.

67
00:03:14,160 --> 00:03:15,240
Speaker 3: That's awesome. Okay.

68
00:03:15,320 --> 00:03:20,680
Speaker 1: And what we'll get into I suspect is that most

69
00:03:20,720 --> 00:03:24,880
Speaker 1: people don't know that this is number one attainable and

70
00:03:24,960 --> 00:03:29,920
Speaker 1: number two, you know, beneficial for them. And I'm excited

71
00:03:29,919 --> 00:03:32,440
Speaker 1: to explore how this is. This is going to be

72
00:03:32,480 --> 00:03:35,680
Speaker 1: something that is, you know, gonna kind of flip on

73
00:03:35,720 --> 00:03:38,240
Speaker 1: some light switches for people basically that they didn't realize

74
00:03:38,240 --> 00:03:41,040
Speaker 1: they could do this. How did you get started with this?

75
00:03:41,640 --> 00:03:43,000
Speaker 1: How did you get into this world?

76
00:03:45,960 --> 00:03:47,400
Speaker 2: Yeah, so I'll thank you back a little bit. So

77
00:03:47,480 --> 00:03:50,600
Speaker 2: I grew up in a pretty normal house and I'm

78
00:03:50,640 --> 00:03:53,640
Speaker 2: from Salt Lake City, Utah. Nothing bad, but nothing great either.

79
00:03:53,680 --> 00:03:55,640
Speaker 2: My dad drove a crappy car and just he was

80
00:03:55,640 --> 00:03:57,720
Speaker 2: an entrepreneur. And so I grew up. I went to college.

81
00:03:57,720 --> 00:03:59,920
Speaker 2: I actually served a two year lbs mission for the

82
00:04:00,080 --> 00:04:02,200
Speaker 2: Church of Jedis Christ Saturday Saints. I went to Taiwan,

83
00:04:02,720 --> 00:04:04,640
Speaker 2: I speak manager of Chinese, and I came home. I

84
00:04:04,680 --> 00:04:06,760
Speaker 2: came home very ambitious. So I got home and I

85
00:04:06,760 --> 00:04:08,480
Speaker 2: was like, okay, I got to get to work. And

86
00:04:08,520 --> 00:04:11,400
Speaker 2: so I started six businesses my first two years of college.

87
00:04:11,440 --> 00:04:14,320
Speaker 2: I started at Chinese shooting business, I wholesale two houses.

88
00:04:14,400 --> 00:04:16,920
Speaker 2: I did a website building company. Actually made actually pretty

89
00:04:16,960 --> 00:04:20,640
Speaker 2: decent money in college. And then finally my my dad

90
00:04:20,680 --> 00:04:22,080
Speaker 2: grabs me and goes bridge, you're kind of like a

91
00:04:22,200 --> 00:04:23,800
Speaker 2: chicken with your head cut off. I want you to

92
00:04:23,839 --> 00:04:25,800
Speaker 2: go meet with my business partner. This guy can really

93
00:04:25,880 --> 00:04:28,320
Speaker 2: help you out. I said, okay, I'll go meet with whoever.

94
00:04:28,400 --> 00:04:30,520
Speaker 2: So I went and mount this guy and I pulled

95
00:04:30,600 --> 00:04:33,520
Speaker 2: to his house and he lives in this beautiful gated community.

96
00:04:33,520 --> 00:04:36,640
Speaker 2: It says, gorgeous home. I knock on the door. I'm

97
00:04:36,640 --> 00:04:38,680
Speaker 2: a little nervous, like I get brought in. It's got.

98
00:04:38,680 --> 00:04:40,960
Speaker 2: He's got the basketball court in the basement, the cars,

99
00:04:41,040 --> 00:04:43,839
Speaker 2: the wine cell like everything, and I'm like, holy crap,

100
00:04:43,920 --> 00:04:46,200
Speaker 2: this guy's, you know, uber wealthy. We sit down, we

101
00:04:46,200 --> 00:04:49,040
Speaker 2: started chat and I finally asked him, like, you know,

102
00:04:49,120 --> 00:04:51,719
Speaker 2: how'd you do this? And he goes Bridger. I was

103
00:04:51,760 --> 00:04:54,200
Speaker 2: a lot like you in my twenties. I started a

104
00:04:54,240 --> 00:04:56,440
Speaker 2: bunch of businesses and actually I had moderate success. But

105
00:04:56,480 --> 00:04:58,800
Speaker 2: then he goes Then I figured out the secrets of

106
00:04:58,839 --> 00:05:02,920
Speaker 2: the ultra wealthy. The ultra wealthy families of the world.

107
00:05:03,080 --> 00:05:05,960
Speaker 2: They send their kids to the best university. Sometimes they

108
00:05:06,040 --> 00:05:08,360
Speaker 2: cheat to get them in. We've seen that. And then

109
00:05:08,400 --> 00:05:09,960
Speaker 2: they want them to go work in the fun space,

110
00:05:10,000 --> 00:05:13,240
Speaker 2: hedge funds, private equity, real estate funds, or come back

111
00:05:13,240 --> 00:05:16,359
Speaker 2: home and run the family office. And he goes, I

112
00:05:16,400 --> 00:05:17,880
Speaker 2: wanted to learn. And I met a guy who ran

113
00:05:17,920 --> 00:05:19,440
Speaker 2: a private equity fund that was one of the wealthiest

114
00:05:19,440 --> 00:05:20,760
Speaker 2: people I've ever met. He said, I didn't He goes,

115
00:05:20,760 --> 00:05:21,920
Speaker 2: I didn't care how long it took me. I don't

116
00:05:21,920 --> 00:05:23,560
Speaker 2: care if it took me one year, five years, or

117
00:05:23,560 --> 00:05:25,960
Speaker 2: twenty years. I was going to figure out what a

118
00:05:26,000 --> 00:05:28,040
Speaker 2: fund was and how to launch one. And he goes,

119
00:05:28,080 --> 00:05:29,560
Speaker 2: that's what we did. And he goes. Right at the time,

120
00:05:29,600 --> 00:05:34,120
Speaker 2: they were managing eight billion dollars of real estate, which,

121
00:05:34,160 --> 00:05:36,640
Speaker 2: to put that into perspective, that's twice as big as

122
00:05:36,720 --> 00:05:39,520
Speaker 2: Grant Cardon and Cardon Capital is today. And that was

123
00:05:39,640 --> 00:05:42,400
Speaker 2: I don't know, sez seven years ago, eight years ago. Today,

124
00:05:42,440 --> 00:05:46,240
Speaker 2: they're now over forty billion dollars AUM they're a top

125
00:05:46,240 --> 00:05:47,680
Speaker 2: five real estate fund in the world. My dad is

126
00:05:47,960 --> 00:05:50,479
Speaker 2: one of the co founders now since retired. And anyways,

127
00:05:50,520 --> 00:05:52,599
Speaker 2: I'm I'm sitting this guy's house and I'm like shocked.

128
00:05:52,640 --> 00:05:55,920
Speaker 2: I'm like, whoa, this is amazing. How can I learn more?

129
00:05:55,920 --> 00:05:57,719
Speaker 2: I said, can you be my mentor? Can you coach me?

130
00:05:57,800 --> 00:05:59,680
Speaker 2: Like can you help me out with this? And the

131
00:05:59,720 --> 00:06:02,160
Speaker 2: guy I kind of laughed. He goes, Bridger, go talk

132
00:06:02,160 --> 00:06:04,720
Speaker 2: to your dad. Your dad knows way more about than

133
00:06:04,760 --> 00:06:06,559
Speaker 2: I do. And I said, no, my dad's kind of broke.

134
00:06:06,640 --> 00:06:09,480
Speaker 2: We're poor, you're obviously super rich, like I want to

135
00:06:09,520 --> 00:06:11,880
Speaker 2: learn from you, and he goes Bridger, sorry to break

136
00:06:11,920 --> 00:06:14,000
Speaker 2: it to you, but me and your dad make about

137
00:06:14,040 --> 00:06:17,120
Speaker 2: the same amount of money, and my chin dropped to

138
00:06:17,200 --> 00:06:20,080
Speaker 2: the floor. I was like, huh, come again. He's like, yeah,

139
00:06:20,200 --> 00:06:22,080
Speaker 2: you know, me and your dad are pretty much equal

140
00:06:22,120 --> 00:06:24,320
Speaker 2: business partners on this, and I dude, I left the

141
00:06:24,360 --> 00:06:26,800
Speaker 2: dude's house. I went straight to my dad's house and

142
00:06:26,800 --> 00:06:29,839
Speaker 2: I was like, Dad, what the heck? Like what is

143
00:06:29,880 --> 00:06:32,080
Speaker 2: going on? Like why haven't I been able to order

144
00:06:32,120 --> 00:06:35,120
Speaker 2: a soda at Chipotle for the past ten years because

145
00:06:35,160 --> 00:06:38,760
Speaker 2: it's too expensive, and yet you're managing billions of dollars

146
00:06:38,800 --> 00:06:42,080
Speaker 2: in real estate and anyways, long story short, my dad

147
00:06:42,080 --> 00:06:44,200
Speaker 2: starts to teach me about funds and every Sunday night,

148
00:06:44,200 --> 00:06:46,520
Speaker 2: I'd go to his house. We'd whiteboard out how funds work,

149
00:06:46,520 --> 00:06:49,120
Speaker 2: how they're put together, the sec compliance, all this crazy stuff,

150
00:06:49,120 --> 00:06:50,840
Speaker 2: how to raise capital, how to do an investment strategy,

151
00:06:51,000 --> 00:06:53,320
Speaker 2: like all this stuff. And so it's, you know, like

152
00:06:53,360 --> 00:06:55,360
Speaker 2: all things in life, if you start to learn something,

153
00:06:55,400 --> 00:06:57,640
Speaker 2: you recognize that thing in your life. If you ever

154
00:06:57,640 --> 00:06:59,279
Speaker 2: buy a new car, you always recognize that thing. So

155
00:06:59,320 --> 00:07:02,360
Speaker 2: I started to reconniz opportunities for funds. I was in college,

156
00:07:02,360 --> 00:07:04,200
Speaker 2: I'm working a job at the time. At that job

157
00:07:04,360 --> 00:07:06,360
Speaker 2: I had, I saw an oportunity where we could start

158
00:07:06,400 --> 00:07:09,440
Speaker 2: a fund inside of this company. They needed a financing

159
00:07:09,440 --> 00:07:11,720
Speaker 2: for their clients, and so I talked to the owners

160
00:07:11,720 --> 00:07:13,040
Speaker 2: of the business. They thought it was a cool idea.

161
00:07:13,320 --> 00:07:14,360
Speaker 2: I chok out my dad. He thought it was a

162
00:07:14,400 --> 00:07:16,040
Speaker 2: cool idea. So we started to build out this fund.

163
00:07:16,200 --> 00:07:18,160
Speaker 2: I was twenty two years old, super excited. I built

164
00:07:18,200 --> 00:07:21,280
Speaker 2: this little fund together and then I hit this this wall.

165
00:07:21,360 --> 00:07:24,240
Speaker 2: I was like, crap, how am I going to raise money?

166
00:07:24,240 --> 00:07:25,640
Speaker 2: Like who's going to invest me? And no one would.

167
00:07:25,760 --> 00:07:28,160
Speaker 2: I'm a broke, I'm a college kid, whatever, all these

168
00:07:28,200 --> 00:07:32,120
Speaker 2: all these things, and then I thought, Aha, my dad

169
00:07:32,520 --> 00:07:35,080
Speaker 2: like duh, my Dad will invest with me, right, And

170
00:07:35,160 --> 00:07:36,960
Speaker 2: so I went and I remember it was a late

171
00:07:36,960 --> 00:07:39,320
Speaker 2: Sunday night. I went and pitched my dad and I

172
00:07:39,360 --> 00:07:40,880
Speaker 2: was like, Dad, how would you like to be our

173
00:07:40,920 --> 00:07:45,000
Speaker 2: first investor in our fund? And my dad says, Bridger,

174
00:07:45,000 --> 00:07:47,320
Speaker 2: if I invest in your fund, it would ruin the

175
00:07:47,400 --> 00:07:50,680
Speaker 2: experience of you raising money on your own, and this

176
00:07:50,760 --> 00:07:53,320
Speaker 2: is a crutch that you'll never be able to recover from.

177
00:07:53,640 --> 00:07:55,720
Speaker 2: And he told me no, and he said, I'm not

178
00:07:55,840 --> 00:07:58,000
Speaker 2: investing your fund, but go out and do this. And

179
00:07:58,040 --> 00:08:00,000
Speaker 2: so I walked out with my table. Between my life

180
00:08:00,080 --> 00:08:02,760
Speaker 2: a little bit, I decided to hit the streets. I

181
00:08:02,960 --> 00:08:06,240
Speaker 2: talked to everybody I knew, former bosses, college professor's, friends,

182
00:08:06,280 --> 00:08:09,880
Speaker 2: found whoever. I raised a whopping forty nine thousand, five

183
00:08:09,920 --> 00:08:12,520
Speaker 2: hundred dollars for this first little micro fund, but it

184
00:08:12,560 --> 00:08:13,840
Speaker 2: was enough to get started. It was probably one of

185
00:08:13,840 --> 00:08:15,800
Speaker 2: the smallest funds ever launched. But I launched this fund

186
00:08:15,840 --> 00:08:17,440
Speaker 2: at twenty two years old. We were doing the short

187
00:08:17,520 --> 00:08:19,640
Speaker 2: term loans. They were like a thousand to five thousand

188
00:08:19,680 --> 00:08:21,840
Speaker 2: dollars alone, and we do these little loans and they

189
00:08:21,840 --> 00:08:24,480
Speaker 2: actually did really well. Our first group of investors got

190
00:08:24,480 --> 00:08:26,960
Speaker 2: a sixty four percent return of their money, which was

191
00:08:27,080 --> 00:08:29,720
Speaker 2: pretty awesome. We then dovetailed that into a second fund.

192
00:08:29,760 --> 00:08:31,320
Speaker 2: We kind of made it more official and established. We

193
00:08:31,360 --> 00:08:33,680
Speaker 2: launched a second fund. That second fund, we raised and

194
00:08:33,720 --> 00:08:35,839
Speaker 2: employed millions of dollars out of that fund. It did

195
00:08:35,960 --> 00:08:38,320
Speaker 2: very well. We were doing hundreds of deals a year.

196
00:08:38,400 --> 00:08:40,600
Speaker 2: I ran that for about three and a half four years,

197
00:08:41,440 --> 00:08:43,600
Speaker 2: and then I had a competitor actually come and buy

198
00:08:43,679 --> 00:08:45,679
Speaker 2: us out, so I actually sold that fund, had an

199
00:08:45,720 --> 00:08:47,520
Speaker 2: exit on it, made some decent money on it. And

200
00:08:48,720 --> 00:08:51,280
Speaker 2: then during that time period, a lot of people started

201
00:08:51,280 --> 00:08:54,320
Speaker 2: to ask me my dad and my brother's an investment

202
00:08:54,360 --> 00:08:56,439
Speaker 2: fund's attorney, and so they started to ask us three like

203
00:08:56,440 --> 00:08:58,160
Speaker 2: how do you guys do funds? We started making content

204
00:08:58,160 --> 00:09:00,480
Speaker 2: online and a YouTube channel, and then a tailed into

205
00:09:00,520 --> 00:09:02,520
Speaker 2: like can we do coaching or events or other stuff?

206
00:09:02,520 --> 00:09:05,360
Speaker 2: And it's now it's sixty thousand students and all around

207
00:09:05,360 --> 00:09:07,360
Speaker 2: the world, and it's just crazy how much it's grown into.

208
00:09:07,400 --> 00:09:09,559
Speaker 2: And I have fifty employees now that work in my

209
00:09:09,600 --> 00:09:11,800
Speaker 2: company that help do this and help coach people and

210
00:09:11,840 --> 00:09:14,559
Speaker 2: mentor just all this stuff. And it's been phenomenal. And

211
00:09:14,600 --> 00:09:16,400
Speaker 2: then recently we just launched a hedge fund, so I

212
00:09:16,400 --> 00:09:18,600
Speaker 2: just launched a crypto hedge fund. I mentioned that earlier.

213
00:09:18,840 --> 00:09:20,760
Speaker 2: We raised ten million dollars in our initial launch and

214
00:09:20,800 --> 00:09:23,079
Speaker 2: we're still raising money's opening to fund and it's been

215
00:09:23,080 --> 00:09:25,120
Speaker 2: really cool there. So it's been a phenomenal ride and

216
00:09:25,160 --> 00:09:27,920
Speaker 2: we're still still on the journey and it's been pretty fun.

217
00:09:27,920 --> 00:09:29,559
Speaker 2: So that's the that's the quick and dirty story of

218
00:09:29,640 --> 00:09:31,280
Speaker 2: kind of how where I'm at today.

219
00:09:31,840 --> 00:09:35,760
Speaker 1: That's awesome, and I just from like a family perspective,

220
00:09:35,800 --> 00:09:38,480
Speaker 1: I really that's a lot of I have a lot

221
00:09:38,480 --> 00:09:40,280
Speaker 1: of respect for and I'm sure you do too for

222
00:09:40,360 --> 00:09:43,199
Speaker 1: your dad saying no, because that's going to be that's

223
00:09:43,240 --> 00:09:44,680
Speaker 1: going to be a crush that you won't be able

224
00:09:44,679 --> 00:09:48,480
Speaker 1: to recover from. And you know, you can imagine the

225
00:09:48,520 --> 00:09:52,400
Speaker 1: online online comments. I'm sure you know as everybody gets

226
00:09:52,480 --> 00:09:56,120
Speaker 1: them already. You know, the daddy's money type of type

227
00:09:56,160 --> 00:09:58,880
Speaker 1: of haters out there. Yeah, you can be like no,

228
00:09:59,080 --> 00:10:02,000
Speaker 1: actually no, even though I wanted to.

229
00:10:03,160 --> 00:10:05,000
Speaker 2: You know what's funny is I pitched my dad all

230
00:10:05,040 --> 00:10:07,319
Speaker 2: the time on projects, like I'm like, dad, dude, there's

231
00:10:07,360 --> 00:10:10,079
Speaker 2: a sweet real estate deal. Till this day, he has

232
00:10:10,280 --> 00:10:14,199
Speaker 2: never invested in a single thing. I've brought it zero

233
00:10:15,080 --> 00:10:17,240
Speaker 2: My own thought like anything. He's a zero. I'm like

234
00:10:17,440 --> 00:10:20,079
Speaker 2: zero for twenty and it's it's actually really cool though

235
00:10:20,120 --> 00:10:21,560
Speaker 2: he and but what he has done, he's been an

236
00:10:21,600 --> 00:10:23,880
Speaker 2: incredible mentor. My dad is a phenomenal mentor. I can

237
00:10:23,880 --> 00:10:26,480
Speaker 2: pick up the phone any day, call him, get advice, coaching,

238
00:10:26,520 --> 00:10:29,360
Speaker 2: whatever I need. And kind of the premise of our

239
00:10:29,400 --> 00:10:33,240
Speaker 2: group was like, Hey, I feel very lucky to have

240
00:10:33,280 --> 00:10:34,960
Speaker 2: a dad who taught me that. My dad, by the way,

241
00:10:35,040 --> 00:10:37,520
Speaker 2: grew up in ghetto North Las Vegas. He got Season

242
00:10:37,559 --> 00:10:40,319
Speaker 2: b's in college. He wasn't like some Wall Street slick.

243
00:10:40,360 --> 00:10:42,000
Speaker 2: He never worked on Wall Street. He just figured out

244
00:10:42,000 --> 00:10:44,800
Speaker 2: this game. Was just a hustling entrepreneur, figured out what

245
00:10:44,800 --> 00:10:47,120
Speaker 2: a fund was. They built this massive company and it

246
00:10:47,160 --> 00:10:49,520
Speaker 2: grew and he's got amazing partners and team. But he's

247
00:10:49,520 --> 00:10:51,160
Speaker 2: one of the original guys that started it. And it's

248
00:10:51,200 --> 00:10:53,240
Speaker 2: just a really cool story to just see what he did.

249
00:10:53,240 --> 00:10:54,680
Speaker 2: And I what I tell people, I was like, Yo,

250
00:10:55,360 --> 00:10:57,320
Speaker 2: I want to give you guys the same access that

251
00:10:57,400 --> 00:10:59,199
Speaker 2: I had. I had access to an incredible dad. Do

252
00:10:59,240 --> 00:11:00,559
Speaker 2: you guys want the same act us as well? Do

253
00:11:00,559 --> 00:11:01,920
Speaker 2: you want to come learn from this guy and other?

254
00:11:02,000 --> 00:11:03,280
Speaker 2: And we're actually not gonna just have him. We're going

255
00:11:03,360 --> 00:11:05,520
Speaker 2: to bring in fifteen or twenty other mentors that run

256
00:11:05,559 --> 00:11:08,480
Speaker 2: funds that can do come to events, and we throw

257
00:11:08,480 --> 00:11:10,040
Speaker 2: out these big events and we do we do all

258
00:11:10,040 --> 00:11:11,920
Speaker 2: sorts of free like I have free courses and just

259
00:11:11,960 --> 00:11:14,360
Speaker 2: I just want to help. The whole goal is to

260
00:11:14,360 --> 00:11:17,360
Speaker 2: help more people understand this game. I think it's like,

261
00:11:17,559 --> 00:11:20,040
Speaker 2: I just want more people to understand what a fund is,

262
00:11:20,080 --> 00:11:22,240
Speaker 2: how to run one, how to scale one. Because it

263
00:11:22,360 --> 00:11:25,720
Speaker 2: is one of the best business vehicles ever created on

264
00:11:26,040 --> 00:11:28,520
Speaker 2: freaking planet Earth. There's a reason the Forbes one hundred

265
00:11:28,520 --> 00:11:32,000
Speaker 2: list is riddled with fund managers. It's an incredible business

266
00:11:32,120 --> 00:11:34,959
Speaker 2: vehicle that regular people should be thinking about, at least

267
00:11:34,960 --> 00:11:35,760
Speaker 2: approaching and using.

268
00:11:37,280 --> 00:11:43,280
Speaker 1: Now, I assume that the average person who comes comes

269
00:11:43,320 --> 00:11:46,200
Speaker 1: across your content, you know, maybe for the first time,

270
00:11:46,720 --> 00:11:49,400
Speaker 1: is thinking, man, this guy is telling me that, you know,

271
00:11:49,480 --> 00:11:52,079
Speaker 1: I could, I could start a fund. That's the last

272
00:11:52,120 --> 00:11:54,080
Speaker 1: thing that I would ever think about. That's not something

273
00:11:54,120 --> 00:11:58,880
Speaker 1: attainable to me. What is the biggest like the first

274
00:11:59,000 --> 00:12:02,320
Speaker 1: like mental health at all, Like the biggest misunderstanding that

275
00:12:02,360 --> 00:12:04,880
Speaker 1: people have about what you do and what you know

276
00:12:05,240 --> 00:12:06,360
Speaker 1: they are able to do.

277
00:12:08,200 --> 00:12:10,240
Speaker 2: Well, there's a lot. But I think the first one

278
00:12:10,280 --> 00:12:13,480
Speaker 2: is that and that's too complex. People think, and this

279
00:12:13,520 --> 00:12:15,640
Speaker 2: is actually true with a lot of just financial things.

280
00:12:15,720 --> 00:12:17,920
Speaker 2: They you know, you know this, they there's so many

281
00:12:17,960 --> 00:12:21,880
Speaker 2: financial terms that sound so crazy. Yeah, and then you

282
00:12:21,920 --> 00:12:24,760
Speaker 2: really explain it, it's like it's pretty simple, it's not

283
00:12:24,880 --> 00:12:27,360
Speaker 2: that crazy. Like, for example, all of fund is if

284
00:12:27,360 --> 00:12:29,880
Speaker 2: people bring up you've probably heard terms like hedge fund,

285
00:12:29,920 --> 00:12:32,320
Speaker 2: private equity, real estate, like, what's the difference between all

286
00:12:32,360 --> 00:12:34,959
Speaker 2: those funds? Guess what? They're pretty much all the exact

287
00:12:34,960 --> 00:12:38,000
Speaker 2: same all they really are. And the most basic sense

288
00:12:38,040 --> 00:12:41,080
Speaker 2: of fund is just a pool of money. Investors put

289
00:12:41,120 --> 00:12:43,559
Speaker 2: money to that pool, and then me and you as

290
00:12:43,559 --> 00:12:46,320
Speaker 2: fund managers, can draw from that pool. We go make investments,

291
00:12:46,600 --> 00:12:49,280
Speaker 2: and whenever those investments make money, we just split the returns.

292
00:12:49,640 --> 00:12:50,880
Speaker 2: So like back in the day, it was like, hey,

293
00:12:50,960 --> 00:12:53,520
Speaker 2: let's open up a blacksmith shop. Put some money in,

294
00:12:53,520 --> 00:12:55,679
Speaker 2: and whenever we make money running this shop, we'll just

295
00:12:55,679 --> 00:12:58,320
Speaker 2: split the returns. That's a set the most basic sense,

296
00:12:58,320 --> 00:12:59,600
Speaker 2: that's pretty much a fund.

297
00:13:00,040 --> 00:13:00,199
Speaker 1: Now.

298
00:13:00,200 --> 00:13:03,120
Speaker 2: The only difference between all these fund types is what

299
00:13:03,160 --> 00:13:07,080
Speaker 2: they invest into. So for example, private equity is a

300
00:13:07,080 --> 00:13:10,280
Speaker 2: pool of money and they go buy private equity. They

301
00:13:10,280 --> 00:13:13,120
Speaker 2: buy privately held businesses, so they'll go buy like a

302
00:13:13,120 --> 00:13:15,719
Speaker 2: great example, Sycamore Partners on Wall Street. You probably maybe

303
00:13:15,800 --> 00:13:18,440
Speaker 2: never heard of them, but they own air Apostol, nine

304
00:13:18,440 --> 00:13:20,520
Speaker 2: West Shoes. They were last year, two years ago, they

305
00:13:20,520 --> 00:13:22,800
Speaker 2: almost bought Victorious Secret. I believe last year they bought

306
00:13:22,840 --> 00:13:26,640
Speaker 2: Cohle's department store. They owned Staples. That's all owned by

307
00:13:26,679 --> 00:13:30,720
Speaker 2: a private equity firm. They just consult Interestry that's private

308
00:13:30,760 --> 00:13:34,920
Speaker 2: equity hedge fund. Instead of buying private companies, they buy

309
00:13:34,960 --> 00:13:39,040
Speaker 2: public securities. They buy stocks, bonds, options, four x crypto

310
00:13:39,240 --> 00:13:41,520
Speaker 2: public things. To say, it's just a pool of money.

311
00:13:41,520 --> 00:13:43,280
Speaker 2: They just buy a real estate fund. It's in the name.

312
00:13:43,320 --> 00:13:45,120
Speaker 2: They just have a pool of money. They go buy

313
00:13:45,160 --> 00:13:48,280
Speaker 2: real estate. It's really not that complex, Like when you

314
00:13:48,360 --> 00:13:50,720
Speaker 2: break it down, it's it's pretty simple. So that's one

315
00:13:50,720 --> 00:13:53,920
Speaker 2: of the first ones people are like, Oh, They're like, yeah,

316
00:13:54,080 --> 00:13:56,440
Speaker 2: it's not that crazy, you know, like this like and

317
00:13:56,440 --> 00:13:58,360
Speaker 2: then we kind of show them and I even tell

318
00:13:58,360 --> 00:14:00,679
Speaker 2: people too. Running a fund, by the way, is not

319
00:14:00,720 --> 00:14:04,240
Speaker 2: for everybody. However, you need to understand how this game

320
00:14:04,320 --> 00:14:07,439
Speaker 2: works because you're going to be you're gonna be working

321
00:14:07,480 --> 00:14:10,080
Speaker 2: at a Yeah, exactly. You're gonna be working at a

322
00:14:10,080 --> 00:14:13,720
Speaker 2: company that might sell to a private equity firm. You

323
00:14:13,800 --> 00:14:15,920
Speaker 2: might want to sell your business to a bigger firm.

324
00:14:15,960 --> 00:14:18,640
Speaker 2: You might You're gonna, in one way, shape or form,

325
00:14:18,800 --> 00:14:22,520
Speaker 2: engage with funds. One in five homes last year were

326
00:14:22,600 --> 00:14:25,840
Speaker 2: purchased by funds. One in five residential homes and states

327
00:14:25,880 --> 00:14:28,080
Speaker 2: were purchased by funds. You're like, you need to understand

328
00:14:28,080 --> 00:14:30,720
Speaker 2: this game. It is taking over every industry. So the

329
00:14:30,760 --> 00:14:32,800
Speaker 2: first step at least understand it and then you know,

330
00:14:33,160 --> 00:14:35,280
Speaker 2: potentially approach even launching your own and getting into it.

331
00:14:36,720 --> 00:14:36,960
Speaker 3: Yeah.

332
00:14:37,040 --> 00:14:41,200
Speaker 1: I agree, There's just because just because something seems complex

333
00:14:41,240 --> 00:14:44,080
Speaker 1: does mean it is, And that's even more of a

334
00:14:44,120 --> 00:14:46,120
Speaker 1: reason to try and understand it because you may be

335
00:14:46,200 --> 00:14:48,640
Speaker 1: missing out on something that that you need. This is

336
00:14:48,960 --> 00:14:51,240
Speaker 1: like an example of mine that I teach people how

337
00:14:51,320 --> 00:14:54,720
Speaker 1: to trade advanced options strategies. Is not because I think

338
00:14:54,720 --> 00:14:56,720
Speaker 1: everybody should go be a day trade or anything like that,

339
00:14:57,440 --> 00:14:59,760
Speaker 1: but you need to understand what they are and how

340
00:14:59,760 --> 00:15:01,800
Speaker 1: they work, just in case, because what if you do

341
00:15:01,920 --> 00:15:04,840
Speaker 1: need to make sure you have you know, fire insurance

342
00:15:04,840 --> 00:15:07,000
Speaker 1: on your stock portfolio. Did you know that as possible?

343
00:15:07,240 --> 00:15:08,640
Speaker 1: And if you know it's possible, do you know how

344
00:15:08,680 --> 00:15:11,520
Speaker 1: to do it? And so just because something is complex

345
00:15:11,560 --> 00:15:14,960
Speaker 1: sometimes means you should learn about it. The legal structure

346
00:15:14,960 --> 00:15:18,600
Speaker 1: of these, if I'm not mistaken, they're just limited partnerships, right.

347
00:15:20,000 --> 00:15:22,200
Speaker 2: Most is a few different ones, but the most common

348
00:15:22,280 --> 00:15:25,440
Speaker 2: is a general partner limited partnership structure. Yeah, GPLP structure.

349
00:15:26,240 --> 00:15:29,680
Speaker 1: Okay, And for anybody who's not familiar, like if you

350
00:15:29,760 --> 00:15:32,040
Speaker 1: go set up a lemonade stand on a corner with

351
00:15:32,160 --> 00:15:36,400
Speaker 1: your buddy, you're a limited partnership legally speaking, that's the default.

352
00:15:37,200 --> 00:15:40,160
Speaker 1: If you get Grandma to buy your lemonade for you,

353
00:15:40,720 --> 00:15:44,440
Speaker 1: she's the limited partner and you're the general partner. You're

354
00:15:44,480 --> 00:15:47,880
Speaker 1: running the running the business, and she invests it. It's

355
00:15:47,920 --> 00:15:50,640
Speaker 1: the same thing, right, You get the investors putting the

356
00:15:50,680 --> 00:15:52,720
Speaker 1: money in the pool, and then the people managing it

357
00:15:52,800 --> 00:15:55,040
Speaker 1: go out and find where to invest it.

358
00:15:56,040 --> 00:15:58,440
Speaker 2: Yeah, so back to my example, Yeah, the pool would

359
00:15:58,480 --> 00:16:02,840
Speaker 2: be the limited partnership pool of money. Limited partners put money.

360
00:16:03,040 --> 00:16:05,800
Speaker 2: Investors put money into the limited partnership, and then me

361
00:16:05,880 --> 00:16:09,720
Speaker 2: and you as the general partner, manage the limited partnership

362
00:16:09,800 --> 00:16:11,800
Speaker 2: if that makes any sense at all. But again, it's

363
00:16:11,840 --> 00:16:13,960
Speaker 2: just managers managing a pool of money that investors have

364
00:16:14,000 --> 00:16:16,080
Speaker 2: put money into, and then you have you know, different

365
00:16:16,120 --> 00:16:17,920
Speaker 2: legal docs and we can dive into all the structus

366
00:16:17,920 --> 00:16:20,240
Speaker 2: if you want. There's advanced feeder funds, there's international like

367
00:16:20,440 --> 00:16:22,640
Speaker 2: Luxembourg cam a Oulan funds. We can go crazy if

368
00:16:22,680 --> 00:16:25,560
Speaker 2: you want. But parallel funds you can do, which is

369
00:16:25,600 --> 00:16:28,240
Speaker 2: pretty cool. But uh, that's the most base basic structure.

370
00:16:29,600 --> 00:16:35,680
Speaker 1: Good, okay, all right, now that you mentioned two different

371
00:16:35,880 --> 00:16:37,720
Speaker 1: I can't remember if this was in our conversation before

372
00:16:37,720 --> 00:16:40,840
Speaker 1: we recorded or if you mentioned it during this podcast,

373
00:16:40,840 --> 00:16:43,520
Speaker 1: but you mentioned your first fund that you started, you raised,

374
00:16:43,560 --> 00:16:46,120
Speaker 1: you know, forty nine thousand dollars. You also mentioned you

375
00:16:46,280 --> 00:16:48,240
Speaker 1: knew somebody or had a friend who started a fund

376
00:16:48,280 --> 00:16:53,640
Speaker 1: with gun stores. These sound like very small, Like nobody

377
00:16:53,640 --> 00:16:56,040
Speaker 1: would look at that and think, oh, here's an opportunity

378
00:16:56,120 --> 00:16:59,920
Speaker 1: for a fund. They're thinking Wall Street, massive money, Ray

379
00:17:00,160 --> 00:17:04,000
Speaker 1: Dalyio Bridgewater. You know, they're thinking the elites. This is

380
00:17:04,080 --> 00:17:07,360
Speaker 1: like on the ground, little mom and pop type of stuff.

381
00:17:08,400 --> 00:17:11,480
Speaker 1: So is there a big market for starting small funds?

382
00:17:12,840 --> 00:17:15,119
Speaker 2: Yes, one hundred percent. I'll actually share a few examples.

383
00:17:16,119 --> 00:17:18,320
Speaker 2: We can dive into them. But yeah, you know again,

384
00:17:18,359 --> 00:17:20,560
Speaker 2: you can plan the big realm. There's actually a ton

385
00:17:20,560 --> 00:17:24,880
Speaker 2: of statistics out about emerging managers. Small funds under thirty

386
00:17:24,920 --> 00:17:29,679
Speaker 2: million dollars actually outperform consistently funds over a billion dollars.

387
00:17:30,440 --> 00:17:32,560
Speaker 2: Funds over a billion dollars. It's a lot harder to

388
00:17:32,600 --> 00:17:35,000
Speaker 2: deploy and get good returns on a billion dollars. It's

389
00:17:35,000 --> 00:17:36,840
Speaker 2: a lot easier to get us the same return on

390
00:17:36,920 --> 00:17:39,200
Speaker 2: a ten million dollar funder, a twenty or thirty or fifty,

391
00:17:39,280 --> 00:17:41,840
Speaker 2: or even on one million dollar fund. So a few examples.

392
00:17:42,160 --> 00:17:44,600
Speaker 2: The gun store is a pretty interesting one. So this

393
00:17:44,680 --> 00:17:47,280
Speaker 2: is actually funds for business owners. If somebody's watching this

394
00:17:47,320 --> 00:17:50,440
Speaker 2: and it owns a business, we've actually started to set

395
00:17:50,440 --> 00:17:52,320
Speaker 2: people up funds for this reason. So for this one

396
00:17:52,320 --> 00:17:53,959
Speaker 2: example of a true example, this guy calls me up.

397
00:17:53,960 --> 00:17:56,400
Speaker 2: He runs a gun store in Utah. They sell guns.

398
00:17:56,440 --> 00:17:58,400
Speaker 2: He does, let's just call it around ten million a year.

399
00:17:58,920 --> 00:18:01,720
Speaker 2: He's like, Bridger, I want to go scale. I want

400
00:18:01,720 --> 00:18:03,359
Speaker 2: to buy up my competitors. I kind of want to

401
00:18:03,359 --> 00:18:05,040
Speaker 2: own my region. I really want to scale. Like, what

402
00:18:05,080 --> 00:18:08,560
Speaker 2: are my options? And traditionally most people the options are

403
00:18:08,720 --> 00:18:11,320
Speaker 2: debt or equity. You go get a loan from the bank,

404
00:18:11,400 --> 00:18:13,639
Speaker 2: an SBA loan, whatever. You go buy up your competitors,

405
00:18:13,720 --> 00:18:15,480
Speaker 2: or you give up equity, kind of like Shark Tank.

406
00:18:15,480 --> 00:18:17,359
Speaker 2: You give up Kevin O'Leary like twenty percent of your

407
00:18:17,400 --> 00:18:20,240
Speaker 2: company and they become a financial partner. But you have

408
00:18:20,280 --> 00:18:22,439
Speaker 2: to give up your core business or put leverage on

409
00:18:22,480 --> 00:18:25,000
Speaker 2: your core business. And I told him, I said, those

410
00:18:25,000 --> 00:18:27,800
Speaker 2: are fine options. But there's also a third option. You

411
00:18:27,800 --> 00:18:30,399
Speaker 2: set up an outside fund. So think through this with me.

412
00:18:30,440 --> 00:18:32,320
Speaker 2: He's got his ten million dollar business, he leaves that

413
00:18:32,400 --> 00:18:35,920
Speaker 2: as is, he opens up a brand new fund, raises capital,

414
00:18:36,640 --> 00:18:39,040
Speaker 2: and that fund goes and buys up his six or

415
00:18:39,080 --> 00:18:42,720
Speaker 2: seven competitors in the area, and they buy them and

416
00:18:43,240 --> 00:18:45,919
Speaker 2: they now own these six or seven businesses. Well, his

417
00:18:46,040 --> 00:18:49,240
Speaker 2: original gun store. They're actually pretty good at managing gun stores.

418
00:18:49,280 --> 00:18:52,719
Speaker 2: And so the fund is going to contract his store

419
00:18:52,760 --> 00:18:54,879
Speaker 2: to help manage the Storre's forums, and they're going to

420
00:18:54,920 --> 00:18:58,000
Speaker 2: pay like a corporate fee of let's call it five percent.

421
00:18:58,400 --> 00:19:00,000
Speaker 2: And so then he can come in with his other

422
00:19:00,119 --> 00:19:02,919
Speaker 2: store and controls now all six stories. He can put

423
00:19:02,960 --> 00:19:05,639
Speaker 2: his branding on it, his logos, he has his supply chains,

424
00:19:05,640 --> 00:19:09,080
Speaker 2: his vendors, and all of a sudden, he now controls

425
00:19:09,119 --> 00:19:11,880
Speaker 2: he has a monopoly on a whole area. Now, as

426
00:19:11,920 --> 00:19:14,160
Speaker 2: revenues are generated the new stores that were purchased, those

427
00:19:14,200 --> 00:19:16,439
Speaker 2: revenues still go to the fund. They still pay like

428
00:19:16,440 --> 00:19:19,240
Speaker 2: a management fee corporate fee to him. But guess what,

429
00:19:19,400 --> 00:19:22,480
Speaker 2: he also owns the fund. So he's an owner of

430
00:19:22,480 --> 00:19:24,080
Speaker 2: the fund which gets a distribution there. And then he

431
00:19:24,160 --> 00:19:27,359
Speaker 2: also keeps as a resisting business. And today he now

432
00:19:27,359 --> 00:19:30,440
Speaker 2: has a monopoly on a whole region. This is happening

433
00:19:30,520 --> 00:19:33,800
Speaker 2: at scale right now. Dental practices are getting rolled up

434
00:19:33,840 --> 00:19:36,320
Speaker 2: like crazy. If you haven't noticed this, there's most d

435
00:19:36,640 --> 00:19:39,199
Speaker 2: dentist offices are getting offers every day. That was with

436
00:19:39,200 --> 00:19:40,520
Speaker 2: the dentists at last week. He is like, I've had

437
00:19:40,520 --> 00:19:42,480
Speaker 2: three offers and last year to sell my practice. They

438
00:19:42,480 --> 00:19:45,480
Speaker 2: are rolling these together. Car washes I don't know, and

439
00:19:45,520 --> 00:19:48,439
Speaker 2: I'm in Utah, but there's like Wiggish and quick Quack

440
00:19:48,480 --> 00:19:50,800
Speaker 2: and all these car washes are they are one or

441
00:19:50,800 --> 00:19:54,200
Speaker 2: two companies that are buying up this whole space. Restaurants

442
00:19:54,359 --> 00:19:56,360
Speaker 2: are getting consolidated right now through and these are all

443
00:19:56,359 --> 00:19:58,520
Speaker 2: done through funds. So we have another guy. He actually

444
00:19:58,560 --> 00:20:00,960
Speaker 2: he goes and finds restaurants that are you know, you

445
00:20:00,960 --> 00:20:04,320
Speaker 2: know that local town pizza joint that's just amazing. He'll

446
00:20:04,320 --> 00:20:06,800
Speaker 2: go find that one pizza joint that has the best

447
00:20:06,800 --> 00:20:09,000
Speaker 2: pizza ever, and he says, hey, you guys want to scale,

448
00:20:09,560 --> 00:20:11,280
Speaker 2: And then he builds a fund. He goes and opens

449
00:20:11,320 --> 00:20:13,960
Speaker 2: thirty locations for him, and then they do a profit

450
00:20:13,960 --> 00:20:15,879
Speaker 2: sharing split on that and he's done that with like

451
00:20:15,920 --> 00:20:18,240
Speaker 2: five or six brands at this point. So there's a

452
00:20:18,240 --> 00:20:20,840
Speaker 2: lot of this that would be called micro private equity,

453
00:20:20,880 --> 00:20:24,240
Speaker 2: this kind of play. There's also this. This happens in

454
00:20:24,520 --> 00:20:27,440
Speaker 2: a lot of different markets, small real estate markets, hedge

455
00:20:27,440 --> 00:20:29,400
Speaker 2: fund The one space that it's a little bit harder

456
00:20:29,440 --> 00:20:31,560
Speaker 2: is the hedge fund space because you are playing on

457
00:20:31,600 --> 00:20:34,239
Speaker 2: a flat sphere. There are some places where you can

458
00:20:34,280 --> 00:20:36,360
Speaker 2: do this, but you you know, you do call options

459
00:20:36,359 --> 00:20:39,120
Speaker 2: and advanced options trading a little bit harder to find

460
00:20:39,160 --> 00:20:42,200
Speaker 2: niches in there. You still can, You're you're still playing

461
00:20:42,200 --> 00:20:45,360
Speaker 2: against the big boys, but in a private equity sense

462
00:20:45,440 --> 00:20:47,800
Speaker 2: or a business sense, you can really carve out a

463
00:20:47,880 --> 00:20:50,840
Speaker 2: niche in market that's untouched from these bigger players, which

464
00:20:50,880 --> 00:20:53,840
Speaker 2: is pretty cool, now, is that out? Yeah?

465
00:20:53,920 --> 00:20:56,520
Speaker 1: Yeah, So buying out competitors that can either be a

466
00:20:56,640 --> 00:21:01,760
Speaker 1: minority stack, majority stake full buyout and any of those whatever.

467
00:21:01,840 --> 00:21:03,480
Speaker 2: Yeah, whatever you want to do, you can do any

468
00:21:03,520 --> 00:21:05,160
Speaker 2: of the above. I think in this case he wanted

469
00:21:05,200 --> 00:21:08,080
Speaker 2: to take a majority or just buy them completely because

470
00:21:08,080 --> 00:21:09,760
Speaker 2: he wanted to put his branding on it. He wanted

471
00:21:09,760 --> 00:21:13,280
Speaker 2: to like take full control of these businesses. So that

472
00:21:13,359 --> 00:21:15,639
Speaker 2: was his strategy. Other ones can take minority stakes, some

473
00:21:15,720 --> 00:21:17,760
Speaker 2: do there. You can do whatever you want. That's the

474
00:21:17,760 --> 00:21:19,480
Speaker 2: cool thing about funds too. You can kind of write

475
00:21:19,480 --> 00:21:21,439
Speaker 2: the rules of what you want to do. We had

476
00:21:21,440 --> 00:21:24,160
Speaker 2: a guy, he was a house flipper. He flipped about

477
00:21:24,160 --> 00:21:26,960
Speaker 2: four houses a year, and he'd do on every quarter

478
00:21:27,000 --> 00:21:28,720
Speaker 2: and he made good money. He made like forty to

479
00:21:28,800 --> 00:21:31,639
Speaker 2: sixty grand a house flip. We set him up a fund.

480
00:21:32,080 --> 00:21:36,800
Speaker 2: He flipped seventy two houses the next year. Wow, which

481
00:21:36,840 --> 00:21:39,240
Speaker 2: is cool. He has economies of scale. Each the average

482
00:21:39,240 --> 00:21:41,080
Speaker 2: cost to flip per house went and down because he

483
00:21:41,119 --> 00:21:43,119
Speaker 2: has crews that can go house to house. He then

484
00:21:43,160 --> 00:21:46,320
Speaker 2: gets bank relationships, so he gets a cheaper cost of capital,

485
00:21:46,359 --> 00:21:48,359
Speaker 2: cost of debt because banks are going to lend to

486
00:21:48,440 --> 00:21:50,240
Speaker 2: him at a cheaper rate, and all of a sudden,

487
00:21:50,280 --> 00:21:53,520
Speaker 2: he can outbid all of his competitor other house flippers

488
00:21:53,520 --> 00:21:55,200
Speaker 2: that are only flipping one or two houses. Oh and

489
00:21:55,240 --> 00:21:57,560
Speaker 2: by the way, he can close cash tomorrow because he

490
00:21:57,600 --> 00:21:59,960
Speaker 2: has a fund behind him to do this. So there's

491
00:22:00,000 --> 00:22:02,040
Speaker 2: it's like there's one hundred use cases, but it's just

492
00:22:02,160 --> 00:22:05,199
Speaker 2: it's phenomenal what this game can do. And that's kind

493
00:22:05,200 --> 00:22:07,720
Speaker 2: of on the small level. I mean, this is this

494
00:22:07,880 --> 00:22:11,240
Speaker 2: is why you know, most people that are good at

495
00:22:11,840 --> 00:22:15,320
Speaker 2: i'll just call it finance end up running a fund

496
00:22:15,359 --> 00:22:16,879
Speaker 2: one day. And I can go through a lot more

497
00:22:16,920 --> 00:22:19,719
Speaker 2: pros and cons, but the goal almost for everybody if

498
00:22:19,760 --> 00:22:21,440
Speaker 2: you just watch them. They do syndication in the beginning,

499
00:22:21,440 --> 00:22:23,520
Speaker 2: they kind of do small deals, but almost everybody ends

500
00:22:23,560 --> 00:22:25,960
Speaker 2: up in a fund because it's just so juicy. It's

501
00:22:26,040 --> 00:22:29,480
Speaker 2: such a good business model and good vehicle to scale.

502
00:22:29,960 --> 00:22:31,960
Speaker 2: So again, funds aren't for everybody, but if you want

503
00:22:31,960 --> 00:22:34,920
Speaker 2: to scale, it's something you bolt onto an existing business

504
00:22:35,000 --> 00:22:37,080
Speaker 2: or an existing investment strategy and it just allows you

505
00:22:37,160 --> 00:22:38,040
Speaker 2: to scale like crazy.

506
00:22:39,280 --> 00:22:42,880
Speaker 1: Now you've got venture, you've got private you've got hedge funds.

507
00:22:43,160 --> 00:22:46,399
Speaker 1: These are not legal distinctions. You said, there's distinctions in

508
00:22:46,480 --> 00:22:49,920
Speaker 1: how they invest. But you could have one fund that

509
00:22:49,960 --> 00:22:51,959
Speaker 1: does a little bit in public markets, a little bit

510
00:22:51,960 --> 00:22:54,600
Speaker 1: in private markets. They do you know, they deal kind

511
00:22:54,640 --> 00:22:56,399
Speaker 1: of across the board or no.

512
00:22:58,320 --> 00:23:00,600
Speaker 2: So yes and no, there's a few that you can

513
00:23:00,680 --> 00:23:03,960
Speaker 2: file for those distinctions and you get like extra exemptions.

514
00:23:04,320 --> 00:23:06,399
Speaker 2: So real estate funds can file under a three C

515
00:23:06,520 --> 00:23:10,600
Speaker 2: five exemption, they get extra exemption. Venture capital funds get

516
00:23:10,600 --> 00:23:12,560
Speaker 2: like a ton of exemptions. They're awesome, they get all

517
00:23:12,560 --> 00:23:15,040
Speaker 2: these cool stuff. But no, the the answer is yes,

518
00:23:15,080 --> 00:23:18,240
Speaker 2: you actually you can. They're almost all pretty much the

519
00:23:18,280 --> 00:23:20,679
Speaker 2: same though. So yeah, you could run a fund that

520
00:23:20,720 --> 00:23:23,920
Speaker 2: bought real estate and traded options and did venture like that.

521
00:23:23,920 --> 00:23:25,600
Speaker 2: That would you'd write that in your lpm PPM and

522
00:23:25,600 --> 00:23:27,679
Speaker 2: put that together and that'd be pretty much Yeah, you

523
00:23:27,720 --> 00:23:29,760
Speaker 2: just put that in there. Now, I probably wuldn't suggest

524
00:23:29,840 --> 00:23:32,159
Speaker 2: that in you know, portfolio, but you could do it

525
00:23:32,200 --> 00:23:32,879
Speaker 2: if you wanted to.

526
00:23:33,359 --> 00:23:36,719
Speaker 1: Sure, if somebody was attempting to do like you know,

527
00:23:36,760 --> 00:23:39,359
Speaker 1: like ray Dalia's All Weather Fund is you know, we

528
00:23:39,560 --> 00:23:42,719
Speaker 1: were diversified across these asset classes so that your purchasing

529
00:23:42,720 --> 00:23:43,640
Speaker 1: power stays the same.

530
00:23:43,720 --> 00:23:45,360
Speaker 3: It's you know, gonna so it's.

531
00:23:45,200 --> 00:23:48,359
Speaker 1: It's got you know, a broad number of different types

532
00:23:48,400 --> 00:23:52,439
Speaker 1: of assets that it invests in. And so what something

533
00:23:52,520 --> 00:23:55,879
Speaker 1: like that is theoretically possible even though it might not

534
00:23:55,960 --> 00:23:58,840
Speaker 1: be you know, oh yeah, it's.

535
00:23:58,680 --> 00:24:01,000
Speaker 2: Totally totally fine. I kind of use the analogy of

536
00:24:02,119 --> 00:24:04,720
Speaker 2: I use the analogy of like, uh, you know, people

537
00:24:04,720 --> 00:24:07,600
Speaker 2: are always worried about funds, Like there's so much compliance or regulation.

538
00:24:07,640 --> 00:24:09,359
Speaker 2: I just don't want to think about it. And I

539
00:24:09,440 --> 00:24:12,120
Speaker 2: use the analogy of like American football. Imagine you grew

540
00:24:12,200 --> 00:24:14,080
Speaker 2: up somewhere around the world and you came to America

541
00:24:14,119 --> 00:24:16,920
Speaker 2: and somebody walked you into like a you know, Raiders game,

542
00:24:16,960 --> 00:24:19,680
Speaker 2: and you walked in to start to just watch American football,

543
00:24:20,280 --> 00:24:23,000
Speaker 2: and you said that you'd probably be super confused, like

544
00:24:23,040 --> 00:24:26,040
Speaker 2: what's a flag, a fourth down, a punt, a field goal?

545
00:24:26,280 --> 00:24:28,359
Speaker 2: Like offside? Like what do all these terms mean? Like

546
00:24:28,400 --> 00:24:30,240
Speaker 2: I don't get the game, And you'd probably be like,

547
00:24:30,240 --> 00:24:31,760
Speaker 2: this is too complex. I don't want to learn this.

548
00:24:31,760 --> 00:24:34,240
Speaker 2: I don't want to play it. But that's take that

549
00:24:34,240 --> 00:24:36,159
Speaker 2: same example, and let's say someone came with you to

550
00:24:36,200 --> 00:24:38,360
Speaker 2: the game and like had a deep understanding of football,

551
00:24:38,440 --> 00:24:41,600
Speaker 2: and they actually taught you the rules. In probably fifteen

552
00:24:41,680 --> 00:24:44,280
Speaker 2: or twenty minutes, you'd probably understand the game decently well,

553
00:24:44,320 --> 00:24:47,760
Speaker 2: and you could even probably come up with some strategy

554
00:24:47,840 --> 00:24:49,399
Speaker 2: inside the game. A little bit.

555
00:24:49,480 --> 00:24:49,920
Speaker 3: Yeah.

556
00:24:49,960 --> 00:24:51,639
Speaker 2: I kind of think the same thing about funds. From

557
00:24:51,680 --> 00:24:53,840
Speaker 2: the outside looking in, it's like, oh, it looks so scary,

558
00:24:53,920 --> 00:24:56,600
Speaker 2: there's so many rules. But in reality, once you learn

559
00:24:56,680 --> 00:24:58,679
Speaker 2: where the lines are and where the field goal is

560
00:24:58,720 --> 00:25:01,119
Speaker 2: and what a punt is or what whatever, all of

561
00:25:01,160 --> 00:25:04,359
Speaker 2: a sudden, there's tons of plays and strategy and different

562
00:25:04,400 --> 00:25:06,879
Speaker 2: things you can do inside of the rules. And actually

563
00:25:06,920 --> 00:25:09,800
Speaker 2: it's very diverse. I mean you can. It's actually really cool.

564
00:25:09,840 --> 00:25:11,719
Speaker 2: I tell people, like you've always asked me, Bridger, can

565
00:25:11,760 --> 00:25:13,440
Speaker 2: I do a fund for this or this or like

566
00:25:13,480 --> 00:25:15,720
Speaker 2: the answer ninety nine point nine percent of the time

567
00:25:15,800 --> 00:25:16,240
Speaker 2: is yes.

568
00:25:16,520 --> 00:25:17,200
Speaker 3: Yeah.

569
00:25:17,320 --> 00:25:19,320
Speaker 2: Like, there's a few fences that you got to stay

570
00:25:19,320 --> 00:25:22,040
Speaker 2: in on how how you raise capit or how you

571
00:25:22,080 --> 00:25:24,359
Speaker 2: approach your offering. But like, as far as strategy goes

572
00:25:24,560 --> 00:25:27,480
Speaker 2: of your fund, like you can pretty much the sky

573
00:25:27,560 --> 00:25:29,120
Speaker 2: is the limit on your strategy of what you want

574
00:25:29,119 --> 00:25:31,720
Speaker 2: to do. You just write in your LPMPPM and bam

575
00:25:31,720 --> 00:25:33,040
Speaker 2: you go after it, which is pretty cool.

576
00:25:34,160 --> 00:25:40,840
Speaker 1: In terms of investors, there's there's different qualifications you've got.

577
00:25:40,920 --> 00:25:44,320
Speaker 1: You know, for the most part, non accredited investors are

578
00:25:44,359 --> 00:25:46,200
Speaker 1: not going to be able to invest in these unless

579
00:25:46,240 --> 00:25:49,760
Speaker 1: you stay small right, So the.

580
00:25:49,760 --> 00:25:53,080
Speaker 2: Last ten years, well just to point out, so, yeah,

581
00:25:53,080 --> 00:25:54,919
Speaker 2: we have non A credit investors which just don't qualify

582
00:25:54,960 --> 00:25:57,919
Speaker 2: for anything. You then have accredited investors that have a

583
00:25:58,000 --> 00:26:00,000
Speaker 2: million dollar net worth or they make two hundred thous

584
00:26:00,040 --> 00:26:02,040
Speaker 2: nars year or three hundred thousand dollars year with the spouse,

585
00:26:02,800 --> 00:26:04,240
Speaker 2: and there's a few they've added a few more things

586
00:26:04,280 --> 00:26:05,719
Speaker 2: you take a test now and other stuff that's an

587
00:26:05,720 --> 00:26:08,600
Speaker 2: a credit investor. There's actually two tiers higher than a

588
00:26:08,600 --> 00:26:11,840
Speaker 2: credit investor. You have qualified client they have a two

589
00:26:11,840 --> 00:26:14,480
Speaker 2: point two million dollar networth excluding their home, and then

590
00:26:14,480 --> 00:26:17,320
Speaker 2: you have a qualified purchaser that has a five million

591
00:26:17,359 --> 00:26:20,040
Speaker 2: dollar networth excluding their home or a twenty five million

592
00:26:20,080 --> 00:26:23,879
Speaker 2: dollar entity with their assets. So there's all these different

593
00:26:23,920 --> 00:26:26,800
Speaker 2: tiers and different funds. Well can go after different types

594
00:26:26,840 --> 00:26:29,520
Speaker 2: of investor classes, which a lot of people don't know.

595
00:26:29,560 --> 00:26:31,640
Speaker 2: Most people know non A credit and accredited. There's actually

596
00:26:31,680 --> 00:26:33,879
Speaker 2: two tiers above that You'll hear people on like CNBC

597
00:26:34,240 --> 00:26:38,480
Speaker 2: and they'll be like, hey, we only raise from qualified investors,

598
00:26:39,400 --> 00:26:42,240
Speaker 2: and you think that means oh, it's accredited investors are above.

599
00:26:42,280 --> 00:26:45,080
Speaker 2: That's not what they mean. They mean qualified clients or

600
00:26:45,119 --> 00:26:48,119
Speaker 2: qualified purchasers which most people don't know about. But anyways,

601
00:26:48,119 --> 00:26:51,200
Speaker 2: I digress. Most funds, though, just in a general sense,

602
00:26:51,200 --> 00:26:55,000
Speaker 2: are raising from accredited investors or above. That's pretty standard.

603
00:26:55,240 --> 00:26:57,360
Speaker 2: There are a few new rules that have come out

604
00:26:57,359 --> 00:27:01,240
Speaker 2: called reg A and REGCF, so that's regulation crowdfunding. The

605
00:27:01,320 --> 00:27:04,640
Speaker 2: reggae funds, you can raise from non credit investors, which

606
00:27:04,680 --> 00:27:06,920
Speaker 2: is pretty much anybody. There's a few different rules you

607
00:27:06,960 --> 00:27:09,399
Speaker 2: got to jump through to do that, but it's you

608
00:27:09,400 --> 00:27:11,680
Speaker 2: can raise from those people as well, kind of in

609
00:27:11,760 --> 00:27:13,760
Speaker 2: just a general sense. The way the SEC works, in

610
00:27:13,800 --> 00:27:16,840
Speaker 2: my opinion, the higher the net worth of the individual,

611
00:27:17,200 --> 00:27:20,400
Speaker 2: the less regulation on that individual. The lower than net worth,

612
00:27:20,480 --> 00:27:23,000
Speaker 2: the more the regulation. The SEC wants to protect the

613
00:27:23,040 --> 00:27:25,879
Speaker 2: little guy. They want to protect bram Off from losing

614
00:27:26,040 --> 00:27:28,680
Speaker 2: her last ten thousand dollars with some slick talk and

615
00:27:28,760 --> 00:27:31,080
Speaker 2: fund manager. Right, but if you know, if you take

616
00:27:31,119 --> 00:27:34,240
Speaker 2: a multimillion multimillionaire, if you take some of their money

617
00:27:34,280 --> 00:27:37,560
Speaker 2: and you lose it, well that stinks. But you know

618
00:27:37,560 --> 00:27:39,120
Speaker 2: they're gonna be okay. They're gonna be able to eat

619
00:27:39,160 --> 00:27:42,760
Speaker 2: and sleep and be just fine. So many yeah rex

620
00:27:42,760 --> 00:27:44,840
Speaker 2: A REXCF like Cardon Capital, they've done a great job.

621
00:27:44,840 --> 00:27:47,320
Speaker 2: Fund rises done a good job with reggae's rexcfs. You'll

622
00:27:47,320 --> 00:27:49,920
Speaker 2: see Instagram ads and stuff with reggae and reg cfs

623
00:27:50,200 --> 00:27:53,760
Speaker 2: that they go after the non accredit investors. We actually

624
00:27:53,800 --> 00:27:57,200
Speaker 2: saw a recent study done the average investment check size

625
00:27:57,280 --> 00:27:59,760
Speaker 2: of a REGA I think was like five hundred and

626
00:28:00,040 --> 00:28:03,760
Speaker 2: sixty dollars. The average check size of a reg CF

627
00:28:03,880 --> 00:28:08,080
Speaker 2: was like two hundred and ten dollars. So to raise

628
00:28:08,119 --> 00:28:11,760
Speaker 2: a million dollars, I mean you're raising from ten thousand people,

629
00:28:12,280 --> 00:28:15,880
Speaker 2: and imagine the phone calls, the customer service, like you've

630
00:28:15,880 --> 00:28:18,080
Speaker 2: got to issue tax documents. I mean, so I tell

631
00:28:18,080 --> 00:28:20,760
Speaker 2: people like, you can do it, but just understand it's

632
00:28:20,800 --> 00:28:24,440
Speaker 2: a lot more lift on the support and systems and

633
00:28:24,480 --> 00:28:26,920
Speaker 2: customer service and taxes and stuff. Versus if you raise

634
00:28:26,960 --> 00:28:29,280
Speaker 2: a million bucks from three people that I'll put in

635
00:28:29,359 --> 00:28:32,120
Speaker 2: you know, three to four hundred grand. You know, it's

636
00:28:32,119 --> 00:28:33,800
Speaker 2: a lot easier to just call them up and send

637
00:28:33,840 --> 00:28:35,320
Speaker 2: them their tax forms. It's pretty easy.

638
00:28:35,480 --> 00:28:40,000
Speaker 1: So just to imagine then that that raising capital is

639
00:28:40,080 --> 00:28:42,920
Speaker 1: the biggest bottleneck to starting a fund, I mean, that's

640
00:28:42,920 --> 00:28:44,200
Speaker 1: going to be the biggest hurdle.

641
00:28:44,000 --> 00:28:50,040
Speaker 2: Right, Yes and no, Okay, it's an obvious like, yes,

642
00:28:50,080 --> 00:28:52,720
Speaker 2: you need to raise capital, but there's plenty of capital.

643
00:28:53,040 --> 00:28:55,240
Speaker 2: It's kind of like, you know, the salesperson that's like, ah, no,

644
00:28:55,280 --> 00:28:58,480
Speaker 2: one's buying. Well, it's like, well, okay. There's a couple

645
00:28:58,480 --> 00:29:00,680
Speaker 2: things to dissect though. Do you have a really good

646
00:29:00,680 --> 00:29:04,760
Speaker 2: product right, and or are you communicating that product really

647
00:29:04,760 --> 00:29:07,840
Speaker 2: well to the market. And if those answers are both, no,

648
00:29:07,960 --> 00:29:09,920
Speaker 2: we have a terrible product, we can't communicate it. Well, yeah,

649
00:29:09,920 --> 00:29:11,840
Speaker 2: you're not going to sell anything on the phone. Same

650
00:29:11,840 --> 00:29:13,640
Speaker 2: thing with a fund if you have a terrible investment

651
00:29:13,680 --> 00:29:16,040
Speaker 2: strategy and team, like, yeah, you're not gonna raise money.

652
00:29:16,040 --> 00:29:18,880
Speaker 2: If you have a great investment strategy and a great team,

653
00:29:19,160 --> 00:29:22,200
Speaker 2: there's plenty of money to come your way. You know,

654
00:29:22,320 --> 00:29:25,040
Speaker 2: we talked about earlier like how much wealth is created

655
00:29:25,080 --> 00:29:28,000
Speaker 2: and how much capital is on the sidelines is enormous

656
00:29:28,440 --> 00:29:31,920
Speaker 2: waiting for good funds and good deals to come forth.

657
00:29:32,560 --> 00:29:35,239
Speaker 2: And so if you can communicate that offering well and

658
00:29:35,280 --> 00:29:37,960
Speaker 2: you have a good you know, actually fulfillment on that offering,

659
00:29:39,120 --> 00:29:41,480
Speaker 2: I mean, the sky's the limit. I mean, funds are

660
00:29:41,520 --> 00:29:45,280
Speaker 2: out raising billion, hundreds of billions of dollars every year

661
00:29:46,320 --> 00:29:48,760
Speaker 2: on that there's plenty of money, and they're printing more

662
00:29:48,760 --> 00:29:52,120
Speaker 2: money every day. You know that better than anybody. You know,

663
00:29:52,160 --> 00:29:55,480
Speaker 2: there's a massive amount of money in the system waiting

664
00:29:55,520 --> 00:29:57,920
Speaker 2: to go into good funds and good deals. So I

665
00:29:57,960 --> 00:29:59,480
Speaker 2: think it's a it's a kind of a symptom of

666
00:29:59,480 --> 00:30:01,240
Speaker 2: a bigger p if you're not raising capital.

667
00:30:02,240 --> 00:30:03,440
Speaker 3: Yeah, that makes a lot of sense.

668
00:30:04,320 --> 00:30:08,040
Speaker 1: What about what about people like, you know, without an audience?

669
00:30:08,080 --> 00:30:09,000
Speaker 3: I mean most people.

670
00:30:09,360 --> 00:30:11,920
Speaker 1: If I were to start a fund, I would you know,

671
00:30:12,120 --> 00:30:15,160
Speaker 1: I would start with, you know, looking to my audience

672
00:30:15,200 --> 00:30:18,440
Speaker 1: to see if they wanted to invest. Most people, I

673
00:30:18,480 --> 00:30:22,640
Speaker 1: assume don't have a massive audience. What's step one to

674
00:30:23,000 --> 00:30:24,080
Speaker 1: finding investors?

675
00:30:25,600 --> 00:30:27,200
Speaker 2: Yeah, so a couple things I'll share in this. So

676
00:30:27,280 --> 00:30:30,760
Speaker 2: it's funny enough. Most there's actually the most common fund

677
00:30:30,760 --> 00:30:33,520
Speaker 2: out there is a reg D five or six B fund.

678
00:30:34,040 --> 00:30:38,160
Speaker 2: That fund does not allow you to public advertise, and

679
00:30:38,240 --> 00:30:41,479
Speaker 2: that's kind of thing. Ninety percent of funds are not

680
00:30:41,520 --> 00:30:44,680
Speaker 2: allowed to public advertise. That's why you don't see ads

681
00:30:44,720 --> 00:30:49,360
Speaker 2: for Blackstone, you don't see ads for Bridgewater or van like. Now,

682
00:30:49,520 --> 00:30:51,920
Speaker 2: it depends on the fund type, but they almost like

683
00:30:51,960 --> 00:30:54,400
Speaker 2: sequoias not they don't run any ads, they don't do anything.

684
00:30:54,520 --> 00:30:56,440
Speaker 2: It has to be through word of mouth. Which is

685
00:30:56,480 --> 00:30:59,600
Speaker 2: pretty crazy. You have to have a pre existing relationship.

686
00:30:59,600 --> 00:31:03,280
Speaker 2: They do not want you to generally solicit to any audiences. Now,

687
00:31:03,680 --> 00:31:05,320
Speaker 2: there's a few different funds. You can run a five

688
00:31:05,400 --> 00:31:07,680
Speaker 2: or six C which is what I run, and you'd

689
00:31:07,680 --> 00:31:09,960
Speaker 2: probably do the same, I would think, where you actually

690
00:31:09,960 --> 00:31:12,160
Speaker 2: can pubblic advertise. There's a few more hoops to run

691
00:31:12,200 --> 00:31:15,560
Speaker 2: through with that. But so but anyways, I just want

692
00:31:15,600 --> 00:31:18,000
Speaker 2: to make that clear that most funds don't even have

693
00:31:18,040 --> 00:31:20,840
Speaker 2: it advertising dollars to spend it all because it's illegal

694
00:31:20,880 --> 00:31:23,120
Speaker 2: for them to do that. So what they do, though,

695
00:31:23,240 --> 00:31:26,000
Speaker 2: is they go to charity events, they go to dinners,

696
00:31:26,000 --> 00:31:28,160
Speaker 2: they go to you know, box seats at a game,

697
00:31:28,200 --> 00:31:30,480
Speaker 2: they meet people, and they bring people into their network

698
00:31:30,600 --> 00:31:33,080
Speaker 2: and that's how they find people to invest. My dad's

699
00:31:33,120 --> 00:31:35,240
Speaker 2: all that. I think they raised one hundred million dollars

700
00:31:35,240 --> 00:31:37,880
Speaker 2: by taking people to the Utah Jazz Box seats games

701
00:31:37,880 --> 00:31:39,280
Speaker 2: and they would just wine and dine and talk to

702
00:31:39,320 --> 00:31:41,560
Speaker 2: people about you know, and make relationships and make friends

703
00:31:41,600 --> 00:31:44,560
Speaker 2: and then they'd have them invest. So it's a lot

704
00:31:44,560 --> 00:31:46,880
Speaker 2: of that. Now I'm gonna just step back for a second.

705
00:31:48,400 --> 00:31:51,000
Speaker 2: In a fund, there are three. This will help I

706
00:31:51,040 --> 00:31:52,360
Speaker 2: think give a lot of clarity for a lot of

707
00:31:52,360 --> 00:31:55,680
Speaker 2: these questions. In my opinion, there's three distinct roles in

708
00:31:55,760 --> 00:31:59,640
Speaker 2: a fund. Number One, you have your expert investor. That's

709
00:31:59,680 --> 00:32:01,400
Speaker 2: the person that sits in their basement all day in

710
00:32:01,400 --> 00:32:03,760
Speaker 2: trades's options or just as amazing at real estate or

711
00:32:03,800 --> 00:32:05,880
Speaker 2: whatever they do. They're just the expert investor. They have

712
00:32:05,920 --> 00:32:09,520
Speaker 2: a tracker. They're amazing. The next circle or tier is

713
00:32:09,600 --> 00:32:12,440
Speaker 2: the fund manager. This person is very good at funds.

714
00:32:12,480 --> 00:32:15,040
Speaker 2: I'm good at this. I'm good at the compliance, the regulation,

715
00:32:15,120 --> 00:32:18,000
Speaker 2: how to build the fund, how to structure operations, legal accounting,

716
00:32:18,040 --> 00:32:19,600
Speaker 2: all that kind of stuff. I'm pretty good at that.

717
00:32:20,120 --> 00:32:23,960
Speaker 2: The final bubble is raising money capit raising. Okay, so

718
00:32:24,000 --> 00:32:26,000
Speaker 2: you have your expert investor, you have your fund manager,

719
00:32:26,040 --> 00:32:28,640
Speaker 2: and you have your capital raiser. Now, these are three

720
00:32:28,640 --> 00:32:31,000
Speaker 2: distinct roles. They can be done by one person, or

721
00:32:31,000 --> 00:32:33,280
Speaker 2: two people, or twenty people, it doesn't matter, but all

722
00:32:33,320 --> 00:32:36,240
Speaker 2: three roles need to be done. So in my fund,

723
00:32:36,280 --> 00:32:39,200
Speaker 2: I run a crypto hedge fund. To be honest, I

724
00:32:39,200 --> 00:32:41,600
Speaker 2: don't know that much about crypto. I'm an average I'm

725
00:32:41,600 --> 00:32:44,920
Speaker 2: actually I've gotten better, but I'm an above average crypto guy.

726
00:32:45,560 --> 00:32:49,320
Speaker 2: My two business partners, though, are absolute freaks and experts

727
00:32:49,360 --> 00:32:51,600
Speaker 2: on crypto. They're my expert investors. They've been doing this

728
00:32:51,600 --> 00:32:53,600
Speaker 2: for a decade, since the pretty much the beginning of bitcoin.

729
00:32:53,640 --> 00:32:56,400
Speaker 2: They've been doing this. And so we do that run

730
00:32:56,400 --> 00:32:58,120
Speaker 2: the I do the fund management, and I also I

731
00:32:58,160 --> 00:33:00,000
Speaker 2: help raise capital with one other partners, so we're decent

732
00:33:00,120 --> 00:33:02,920
Speaker 2: capita raisers. So back to the question of like raising

733
00:33:02,960 --> 00:33:05,920
Speaker 2: capitalor how do I build a tracker? The question typically

734
00:33:05,960 --> 00:33:08,840
Speaker 2: comes back to it's not the how, it's the who.

735
00:33:10,240 --> 00:33:12,320
Speaker 2: If you're not good at raising you know, if you're

736
00:33:12,320 --> 00:33:14,200
Speaker 2: not good at trading options, don't you can try to

737
00:33:14,200 --> 00:33:15,880
Speaker 2: build it. You can actually join your stuff Joe and

738
00:33:15,920 --> 00:33:18,040
Speaker 2: like watch Joe trade and everything. He'll teach you. But

739
00:33:18,080 --> 00:33:19,680
Speaker 2: you got to build a tracker and pay per trade

740
00:33:19,680 --> 00:33:22,120
Speaker 2: for what takes a long time to become an expert investor, right,

741
00:33:22,680 --> 00:33:25,000
Speaker 2: and so you got to build that trucker or and

742
00:33:25,040 --> 00:33:26,840
Speaker 2: what I tell people is pick the route you want

743
00:33:26,840 --> 00:33:28,680
Speaker 2: to go. I have another guy he called me last

744
00:33:28,760 --> 00:33:29,880
Speaker 2: year and he's like, we were to this is two

745
00:33:29,920 --> 00:33:33,200
Speaker 2: years ago, Bridger. I've got two billionaires that are my friends.

746
00:33:34,200 --> 00:33:37,800
Speaker 2: And this guy is a natural just born salesman, natural networker.

747
00:33:37,840 --> 00:33:40,800
Speaker 2: He's just charismatic. He just meets. He just meets. Everybody

748
00:33:40,880 --> 00:33:43,240
Speaker 2: knows him, loves him. He's got all these relationships and friends.

749
00:33:43,240 --> 00:33:45,320
Speaker 2: He's got these two billionaires that love him to death.

750
00:33:45,800 --> 00:33:47,520
Speaker 2: And he's like, yeah, these guys want to invest, but

751
00:33:47,520 --> 00:33:49,680
Speaker 2: they want to invest with like me, Like my deal.

752
00:33:50,360 --> 00:33:52,560
Speaker 2: He's like, Bridger, can I come be part of your

753
00:33:52,560 --> 00:33:54,120
Speaker 2: fund and help you raise money and stuff? And I'm like,

754
00:33:55,000 --> 00:33:58,000
Speaker 2: you're going to bring two billionaires. He's like yeah. I

755
00:33:58,080 --> 00:34:00,000
Speaker 2: was like, all right, saddle up, partner, like, let's do it,

756
00:34:00,120 --> 00:34:02,360
Speaker 2: you know. And he's not good at investing, he's not

757
00:34:02,400 --> 00:34:04,680
Speaker 2: good at running funds, but he's really really good at

758
00:34:04,680 --> 00:34:08,160
Speaker 2: making introductions. So you know, again I tell people, don't

759
00:34:08,160 --> 00:34:09,640
Speaker 2: get all stressed out of that you have to do

760
00:34:09,680 --> 00:34:12,840
Speaker 2: it all. Rarely does anyone build a fund by themselves.

761
00:34:13,440 --> 00:34:15,920
Speaker 2: They almost always bring in different people with different strengths.

762
00:34:15,920 --> 00:34:18,359
Speaker 2: And can you feel like you need the Harvard degree, Well,

763
00:34:18,400 --> 00:34:21,759
Speaker 2: guess what. Harvard is pumping out thousands of graduates every

764
00:34:21,840 --> 00:34:24,600
Speaker 2: year that are looking for jobs, especially to run a fund.

765
00:34:25,080 --> 00:34:27,239
Speaker 2: So bringing a guy with a Harvard degree great if

766
00:34:27,280 --> 00:34:29,080
Speaker 2: you need really good capgories, or bring them in if

767
00:34:29,120 --> 00:34:31,279
Speaker 2: you need someone that's really good at trading options or

768
00:34:31,280 --> 00:34:33,359
Speaker 2: buying a real estate or buying business whatever. Bring them

769
00:34:33,400 --> 00:34:35,839
Speaker 2: in and that's how you build, you know, your dream

770
00:34:35,880 --> 00:34:37,719
Speaker 2: team around of fund Does that make sense?

771
00:34:39,320 --> 00:34:40,920
Speaker 3: That makes a lot of sense, do you.

772
00:34:41,840 --> 00:34:46,680
Speaker 1: Does fund Launch help with the role of like the manager,

773
00:34:47,000 --> 00:34:50,520
Speaker 1: like the compliance or the paperwork or setting up the

774
00:34:50,560 --> 00:34:53,040
Speaker 1: fund or anything like that beyond does fund lunch do

775
00:34:53,040 --> 00:34:54,080
Speaker 1: any of that beyond education?

776
00:34:55,360 --> 00:34:58,360
Speaker 2: Yeah, So fund Launch we're really good at the fund

777
00:34:58,360 --> 00:35:01,719
Speaker 2: management circle and also the capital raising circle. I don't

778
00:35:01,760 --> 00:35:03,680
Speaker 2: teach anybody how to invest at all. I'm like, you

779
00:35:03,680 --> 00:35:05,359
Speaker 2: go talk to Joie, go talk to somebody else that's

780
00:35:05,360 --> 00:35:07,960
Speaker 2: really good investing. But yeah, fun Launch depending on you know,

781
00:35:08,000 --> 00:35:09,840
Speaker 2: we have we have free stuff. We have also a

782
00:35:09,840 --> 00:35:12,080
Speaker 2: group where people join. We actually have lawyers that come

783
00:35:12,080 --> 00:35:13,839
Speaker 2: in and like launch the fund with you, like they

784
00:35:13,840 --> 00:35:15,640
Speaker 2: build the docks. We have people that come design your

785
00:35:15,640 --> 00:35:18,359
Speaker 2: pitch deck. We like have an investor database that helps

786
00:35:18,400 --> 00:35:20,719
Speaker 2: you like go find investors. So we have a bunch

787
00:35:20,800 --> 00:35:23,160
Speaker 2: of that stuff. It's called our Black Card group that

788
00:35:23,160 --> 00:35:25,840
Speaker 2: people can join to like launch their fund. We launched

789
00:35:25,840 --> 00:35:27,880
Speaker 2: one hundred and thirty funds last year out of that group,

790
00:35:28,040 --> 00:35:30,320
Speaker 2: which is pretty cool. And we have some people that

791
00:35:30,360 --> 00:35:31,560
Speaker 2: just want to learn and just want to you know,

792
00:35:31,600 --> 00:35:33,279
Speaker 2: dip their toes. But yeah, we do, we do the

793
00:35:33,320 --> 00:35:36,399
Speaker 2: whole gam but but again we focus primarily on how

794
00:35:36,400 --> 00:35:39,680
Speaker 2: to run your fund, fund management and capital raising. I

795
00:35:39,719 --> 00:35:41,799
Speaker 2: can make introductions or help you, like figure out your

796
00:35:41,800 --> 00:35:43,799
Speaker 2: investment strategy a little bit. I'm gonna I'll think through

797
00:35:43,840 --> 00:35:45,160
Speaker 2: it with you all poke holes in it. But I'm

798
00:35:45,160 --> 00:35:47,240
Speaker 2: not going to teach you how to like flip houses.

799
00:35:47,280 --> 00:35:49,440
Speaker 2: I'm not gonna teach you how to trade. You can

800
00:35:49,440 --> 00:35:51,640
Speaker 2: go learn that from somebody else and come back when

801
00:35:51,640 --> 00:35:52,120
Speaker 2: you're ready.

802
00:35:53,000 --> 00:35:54,360
Speaker 3: Yeah, yeah, that makes sense.

803
00:35:55,440 --> 00:36:01,480
Speaker 1: Okay, last question, why fund or I should say, I

804
00:36:01,520 --> 00:36:06,919
Speaker 1: mean private instead of like like an ETF. Basically, there's

805
00:36:06,960 --> 00:36:10,680
Speaker 1: a big move over the last ten years, twenty years

806
00:36:10,719 --> 00:36:14,960
Speaker 1: towards you know, complete like even you know, even past

807
00:36:15,160 --> 00:36:18,480
Speaker 1: just the you know, like you don't need to be accredited,

808
00:36:18,600 --> 00:36:21,920
Speaker 1: you're just listing a fund on an exchange. There's no

809
00:36:22,080 --> 00:36:26,800
Speaker 1: two and twenty. It's extremely transparent, low fees. It seems

810
00:36:26,800 --> 00:36:31,080
Speaker 1: like there's a lot of money heading that direction. So

811
00:36:31,080 --> 00:36:34,440
Speaker 1: so I guess what's the difference and the advantage to

812
00:36:34,880 --> 00:36:38,600
Speaker 1: running a hedge fund private equity venture.

813
00:36:39,680 --> 00:36:41,600
Speaker 2: From the investor point of view, or from like the

814
00:36:41,600 --> 00:36:42,480
Speaker 2: manager point of view.

815
00:36:42,960 --> 00:36:45,080
Speaker 1: From the manager point of view, if you're you're somebody

816
00:36:45,120 --> 00:36:47,560
Speaker 1: at saying, hey, I've got this business, I've got you

817
00:36:47,560 --> 00:36:51,200
Speaker 1: know this audience, I've got this idea, and I'm considering

818
00:36:51,239 --> 00:36:55,839
Speaker 1: the two what's the what's the advantage to going this route?

819
00:36:56,080 --> 00:36:58,239
Speaker 2: Again? You might know more than me minunderstanding. To launch

820
00:36:58,280 --> 00:37:00,960
Speaker 2: an ETF and actually get a listed on a decent

821
00:37:01,080 --> 00:37:03,640
Speaker 2: place is extremely hard, is what I've heard. I have

822
00:37:03,640 --> 00:37:06,319
Speaker 2: a friend that just launched Multiply. They've launched two ETFs there,

823
00:37:06,360 --> 00:37:08,840
Speaker 2: like it took us a full year to launch them

824
00:37:08,880 --> 00:37:10,719
Speaker 2: and then took us another three years to get them

825
00:37:10,840 --> 00:37:14,120
Speaker 2: listed on Schwab And actually Schwab and these are a brokerages.

826
00:37:14,160 --> 00:37:18,319
Speaker 2: They take a big commission check when anybody joins on

827
00:37:18,360 --> 00:37:19,960
Speaker 2: some of these they have they have a mutual fund

828
00:37:19,960 --> 00:37:21,320
Speaker 2: PRIAM and they have a bunch of different products. But

829
00:37:21,320 --> 00:37:25,000
Speaker 2: they're like, it's a it's a journey to even get listed,

830
00:37:25,080 --> 00:37:27,719
Speaker 2: let alone get people to buy it right, get people

831
00:37:27,719 --> 00:37:29,560
Speaker 2: to actually come in and buy it and buy your

832
00:37:29,560 --> 00:37:33,520
Speaker 2: ETF and market it a fund. As from the manager

833
00:37:33,520 --> 00:37:36,000
Speaker 2: point of view, is is pretty phenomenal. Depending on what

834
00:37:36,000 --> 00:37:40,359
Speaker 2: you're doing you have a full autonomy in your fund. Yeah,

835
00:37:40,400 --> 00:37:41,839
Speaker 2: you set your rules and your guidelines of what you're

836
00:37:41,840 --> 00:37:44,400
Speaker 2: gonna invest into. But you, like you write the Bible,

837
00:37:44,440 --> 00:37:46,080
Speaker 2: you get to write the rules and regulations of what

838
00:37:46,120 --> 00:37:47,960
Speaker 2: you want to buy. So let's just say, for example,

839
00:37:48,400 --> 00:37:51,800
Speaker 2: you're doing a real estate fund. You know, in a

840
00:37:52,440 --> 00:37:54,480
Speaker 2: close in in real estate fund. We're gonna raise one

841
00:37:54,520 --> 00:37:56,160
Speaker 2: hundred million dollars. We can lever that up to three

842
00:37:56,200 --> 00:37:58,359
Speaker 2: hundred million. Maybe we go buy real estate, and we're

843
00:37:58,360 --> 00:38:00,759
Speaker 2: gonna run this fund for seven to ten years. Well,

844
00:38:00,840 --> 00:38:05,920
Speaker 2: year four. If someone needs liquidity, you're four, and they

845
00:38:05,920 --> 00:38:07,640
Speaker 2: come to you, and let's just say they've you know,

846
00:38:07,760 --> 00:38:09,719
Speaker 2: they didn't pay taxes last year, and it's one of

847
00:38:09,760 --> 00:38:12,239
Speaker 2: your biggest investors. They've given you tens of millions of dollars.

848
00:38:12,280 --> 00:38:14,480
Speaker 2: They come to a Joe, Hey, we forgot to pay

849
00:38:14,520 --> 00:38:16,440
Speaker 2: taxes last year. Can you get our money out and

850
00:38:16,440 --> 00:38:22,719
Speaker 2: give us liquidity and stuff? And in a fund, you say, sorry, no, right,

851
00:38:23,480 --> 00:38:27,440
Speaker 2: the properties are not ready to sell yet. My fiduciary

852
00:38:27,520 --> 00:38:30,480
Speaker 2: responsibility is not to individual investors. I have to do

853
00:38:30,520 --> 00:38:33,279
Speaker 2: what's ready for the fund. These properties are not ready

854
00:38:33,320 --> 00:38:35,600
Speaker 2: to sell, and we need to hold on to them,

855
00:38:36,040 --> 00:38:39,000
Speaker 2: and they might be mad and scream whatever you say sorry, hey,

856
00:38:39,040 --> 00:38:40,920
Speaker 2: and maybe our PPM it says, hey, if you want

857
00:38:40,920 --> 00:38:42,880
Speaker 2: to pull your money out, it's a fifty percent penalty.

858
00:38:42,920 --> 00:38:45,200
Speaker 2: So yeah, we can pull out fifty percent penalty, but

859
00:38:45,280 --> 00:38:49,080
Speaker 2: we keep the other half because we can't have people

860
00:38:49,360 --> 00:38:51,160
Speaker 2: just on a whim pulling in and out. Because we

861
00:38:51,200 --> 00:38:53,160
Speaker 2: have these properties, we can't just sell them instantly or

862
00:38:53,160 --> 00:38:54,960
Speaker 2: fire us sell and we have to have season them.

863
00:38:55,320 --> 00:38:57,680
Speaker 2: So it gives you and actually protects other investors from

864
00:38:57,719 --> 00:39:00,000
Speaker 2: each other. There's a great scene in The Big Short

865
00:39:00,160 --> 00:39:03,160
Speaker 2: with Michael Burry, so his investor comes in. You probably

866
00:39:03,200 --> 00:39:05,239
Speaker 2: remember the scene. As investor comes in is yelling at him.

867
00:39:05,280 --> 00:39:08,480
Speaker 2: He's like, Michael, give me back my money, right, and

868
00:39:08,480 --> 00:39:11,640
Speaker 2: they're because their fund is tanking because he's holding these

869
00:39:11,680 --> 00:39:13,719
Speaker 2: he's paying these premiums to hold their short on the

870
00:39:13,760 --> 00:39:15,680
Speaker 2: housing market. And he's like, no, the housing market's going

871
00:39:15,719 --> 00:39:17,000
Speaker 2: to drop, just give it us more time. And the

872
00:39:17,040 --> 00:39:19,840
Speaker 2: guy's like, give me back my money, and Michael just

873
00:39:19,880 --> 00:39:24,360
Speaker 2: goes sorry, no, And that that shows the power of

874
00:39:24,400 --> 00:39:28,640
Speaker 2: a fund and because he can, you know, have full

875
00:39:28,640 --> 00:39:30,560
Speaker 2: autonomy of where he wants to put that money and

876
00:39:30,600 --> 00:39:33,160
Speaker 2: make that bet even if investors forgot to pay taxes

877
00:39:33,239 --> 00:39:35,480
Speaker 2: or get scared or spooked on the market or whatever.

878
00:39:36,160 --> 00:39:37,879
Speaker 2: The money and depending and you can write your fund

879
00:39:37,880 --> 00:39:39,719
Speaker 2: however you want. You can have them have liquidity, you

880
00:39:39,719 --> 00:39:41,399
Speaker 2: can have them not have liquidity, and in his case,

881
00:39:41,440 --> 00:39:44,319
Speaker 2: they couldn't have liquidity, and so he just locks them up.

882
00:39:45,160 --> 00:39:48,359
Speaker 2: And that's what it does is typically a lot. It

883
00:39:48,440 --> 00:39:53,279
Speaker 2: helps actually investors not make bad decisions. Oftentimes investors will

884
00:39:53,280 --> 00:39:56,080
Speaker 2: pull out at the worst time and when they probably

885
00:39:56,239 --> 00:39:57,880
Speaker 2: be the worst time to sell everybod they're just scared.

886
00:39:57,880 --> 00:39:59,920
Speaker 2: They want their money back, right, and so I can

887
00:40:00,080 --> 00:40:02,080
Speaker 2: go on and on. Additionally, it helps you with protections

888
00:40:02,080 --> 00:40:05,279
Speaker 2: of legal liability. There's tons of legal protection that are amazing. Again,

889
00:40:05,320 --> 00:40:07,279
Speaker 2: that's it's this is the reason why most people that

890
00:40:07,320 --> 00:40:10,640
Speaker 2: are successful in finance end up in funds. It's because

891
00:40:10,680 --> 00:40:14,759
Speaker 2: of how much autonomy, how much protection limit limits your

892
00:40:14,800 --> 00:40:19,000
Speaker 2: liability like crazy and as and as actually very scalable

893
00:40:19,320 --> 00:40:22,239
Speaker 2: across industries and sectors. So I'll stop there. But that's

894
00:40:22,280 --> 00:40:23,080
Speaker 2: kind of a few reasons.

895
00:40:23,200 --> 00:40:26,080
Speaker 1: Yeah, yeah, that makes sense, And I like how the

896
00:40:26,360 --> 00:40:30,000
Speaker 1: the advantage, Yes, it's an advantage to uh to you

897
00:40:30,160 --> 00:40:32,920
Speaker 1: running a fund, but it's also for the investor, because

898
00:40:32,960 --> 00:40:36,160
Speaker 1: like you said, if you're investing in something like an

899
00:40:36,200 --> 00:40:41,440
Speaker 1: et F, then the the rules that the SEC sets

900
00:40:41,480 --> 00:40:44,480
Speaker 1: on what that ETF can invest in have to align

901
00:40:44,560 --> 00:40:47,359
Speaker 1: with what the investors can do, which is selid any time.

902
00:40:47,880 --> 00:40:51,480
Speaker 1: So there may be something that is a fantast it

903
00:40:51,560 --> 00:40:54,840
Speaker 1: has a fantastic return, but an ETF will never be

904
00:40:54,840 --> 00:40:57,719
Speaker 1: able to buy it because it's not as liquid as

905
00:40:57,760 --> 00:41:00,239
Speaker 1: it needs to be. And so as an investor, I

906
00:41:00,280 --> 00:41:02,960
Speaker 1: will never have access to that if I'm restricting myself

907
00:41:03,000 --> 00:41:05,640
Speaker 1: to things that I could sell at any time. So

908
00:41:06,160 --> 00:41:08,320
Speaker 1: that makes a lot of sense. I could talk to

909
00:41:08,360 --> 00:41:13,879
Speaker 1: you all day. This ben a fantastic conversation, very very

910
00:41:13,920 --> 00:41:16,399
Speaker 1: interesting because this is something that, like I said at

911
00:41:16,400 --> 00:41:19,319
Speaker 1: the beginning, people just don't run across a lot, and

912
00:41:19,360 --> 00:41:21,680
Speaker 1: there are probably opportunities that people are leaving on the

913
00:41:21,680 --> 00:41:24,160
Speaker 1: table and have never considered. This is a way for

914
00:41:24,200 --> 00:41:25,640
Speaker 1: me to be able to scale. This is a way

915
00:41:25,640 --> 00:41:28,480
Speaker 1: for me to be able to transition, you know, get

916
00:41:28,560 --> 00:41:31,279
Speaker 1: some financial freedom. I know how to do this. I

917
00:41:31,280 --> 00:41:33,960
Speaker 1: can you know, make a lot more money translating it

918
00:41:34,000 --> 00:41:36,480
Speaker 1: into this way. So for anybody who would like to

919
00:41:36,520 --> 00:41:40,160
Speaker 1: take that next step, I'm going to put the website

920
00:41:40,200 --> 00:41:41,240
Speaker 1: in the show notes.

921
00:41:41,760 --> 00:41:42,719
Speaker 3: But where should they go?

922
00:41:44,200 --> 00:41:46,920
Speaker 2: Yeah, fund launch dot com is the best spot, or

923
00:41:46,960 --> 00:41:48,839
Speaker 2: just find me online Bridger re Pennington. But fund latch

924
00:41:48,880 --> 00:41:50,279
Speaker 2: dot com if you guys want to, we actually build

925
00:41:50,280 --> 00:41:52,799
Speaker 2: a full free course, one hundred percent free course on funds.

926
00:41:52,840 --> 00:41:55,719
Speaker 2: It's like twenty videos. It's just meant again. I want

927
00:41:55,760 --> 00:41:57,960
Speaker 2: to help people understand this game, at least the basics

928
00:41:57,960 --> 00:42:00,360
Speaker 2: of this game of what a fund is, how they're build,

929
00:42:00,400 --> 00:42:02,319
Speaker 2: how to understand some of the rules around it, because

930
00:42:02,320 --> 00:42:05,319
Speaker 2: I I really I we our mission statement is to

931
00:42:05,320 --> 00:42:08,919
Speaker 2: empower people to launch scale funds that move humanity forward.

932
00:42:09,000 --> 00:42:11,120
Speaker 2: I think more people like us need to understand this

933
00:42:11,160 --> 00:42:14,279
Speaker 2: game and decentralized Wall Street. We need to have more

934
00:42:14,320 --> 00:42:18,120
Speaker 2: people playing in this realm and a more competitive marketplace.

935
00:42:18,160 --> 00:42:19,719
Speaker 2: And I truly believe that, and so I want you

936
00:42:19,760 --> 00:42:22,239
Speaker 2: guys to come. It's a total free courses like downloadable things.

937
00:42:22,239 --> 00:42:24,200
Speaker 2: There's like Excel documents in there that you can download

938
00:42:24,239 --> 00:42:27,600
Speaker 2: and use. Uh and you guys go check it out.

939
00:42:27,600 --> 00:42:29,320
Speaker 2: So fun launch dot com is the place you just

940
00:42:29,360 --> 00:42:30,879
Speaker 2: put your email in and then you're in and then

941
00:42:31,000 --> 00:42:33,759
Speaker 2: bam and my secret just just if you want to

942
00:42:33,760 --> 00:42:36,759
Speaker 2: know my sneaky marketing tactics is I'm hoping to just

943
00:42:36,800 --> 00:42:39,839
Speaker 2: give you tons of value upfront, and one day when

944
00:42:39,880 --> 00:42:41,680
Speaker 2: you want to launch a fund, you'll call us back

945
00:42:41,719 --> 00:42:43,759
Speaker 2: up and we have a full system that like you

946
00:42:43,760 --> 00:42:45,480
Speaker 2: pay money for. We have legal teams that come in

947
00:42:45,520 --> 00:42:47,440
Speaker 2: and build the fund and launch it for you. But

948
00:42:47,480 --> 00:42:49,200
Speaker 2: my whole goal is to give a ton of value upfront,

949
00:42:49,239 --> 00:42:51,000
Speaker 2: give it for free, and then one day when you're

950
00:42:51,000 --> 00:42:52,880
Speaker 2: ready to launch a fund, you'll come You'll remember our

951
00:42:52,960 --> 00:42:54,520
Speaker 2: name and come back and call us and we'll help

952
00:42:54,560 --> 00:42:54,799
Speaker 2: you out.

953
00:42:55,880 --> 00:42:59,640
Speaker 1: Fantastic. Well, thank you so much for joining me today.

954
00:43:00,160 --> 00:43:02,680
Speaker 1: Really fun. Hope to do it again sometime, and thank

955
00:43:02,719 --> 00:43:02,799
Speaker 1: you