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Speaker 3: I want to get the backstory right, and I know

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Speaker 3: this started with you receiving shares of stocks when you

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Speaker 3: are believing in moved to Princeton I did.

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Speaker 4: So.

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Speaker 3: Can you tell a story about about your family's history

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Speaker 3: and how Ariol got started and how you you know,

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Speaker 3: became in the chairdach right now?

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Speaker 5: Well, thank you, I've got sort of you know, I've

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Speaker 5: been very, very fortunate I have. I had two extraordinary

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Speaker 5: parents and they all came from sort of entrepreneurial backgrounds.

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Speaker 5: My dad's father was a barber in Knoxville, Tennessee. My

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Speaker 5: dad was an original Tuskee gairman and flew over one

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Speaker 5: hundred missions in World War Two. He decided that when

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Speaker 5: I was age twelve, that he was going to expose

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Speaker 5: me to the stock market. He went to law school

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Speaker 5: on the GI Bill and had a small law practice.

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Speaker 5: He never got it very large, but he was out there,

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Speaker 5: you know, fighting hard to grow clients and build his business.

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Speaker 5: And I watched that. But at the same time, he

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Speaker 5: wanted me exposed to the stock market. And every Christmas

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Speaker 5: and every Birthday after I was twelve, I got stock

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Speaker 5: certificates instead of toys. At first, that wasn't a lot

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Speaker 5: of fun, but you know, it was a great idea.

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Speaker 5: And then he introduced me to his stockbroker, the first

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Speaker 5: African American stockbroker on salth Street here in Chicago, man

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Speaker 5: named Stacy Adams.

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Speaker 4: And Stacey became my mentor and my role model.

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Speaker 5: On my mom's side, you know, my mom was the

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Speaker 5: first African American woman to graduate from the University of

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Speaker 5: Chicago law School in nineteen forty six, and she said

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Speaker 5: she was inspired to become a lawyer because she watched

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Speaker 5: her father use his legal skills to stop my great

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Speaker 5: grandfather from being extra guided back to Tulsa after the

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Speaker 5: Race massacre.

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Speaker 4: My great grandfather J. B.

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Speaker 5: Strafford on the largest black owned hotel of the country

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Speaker 5: at the time.

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Speaker 2: That's a great that's a great grandfather.

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Speaker 3: Yes, yes, So when we went to Tula, we went

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Speaker 3: to Tulsa and they gave us a tour of Black

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Speaker 3: Wall Street and they actually told us about about your grandfather.

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Speaker 4: Well, yeah, I was just you know, I was tall.

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Speaker 5: I was in Tulsa several times now recently and there

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Speaker 5: during the centennial year, and he was someone who was

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Speaker 5: out fighting for economic justice for our community, fighting the

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Speaker 5: Jim Crow.

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Speaker 4: Rules and laws, and you know, he was.

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Speaker 5: A stand up pioneer, very successful and he you know,

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Speaker 5: he his his son C. F. Stradford, started the first

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Speaker 5: Black bar Associations UH in the country, helped helped to

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Speaker 5: help fight the restrictive covenants here in Chicago, and helped

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Speaker 5: Orb Differson with the case at the Supreme Court Hansbury versus.

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Speaker 4: Lee.

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Speaker 5: So, long story short, I was just lucky to have

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Speaker 5: these pioneering parents and families that cared about building black wealth.

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Speaker 5: That was really key.

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Speaker 4: And so I've inherited and inherited that mission, So.

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Speaker 1: Your giving stocks as a gift. At what point do

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Speaker 1: you start to figure out which equities.

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Speaker 2: Do you want to invest in? Because I know Burriel

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Speaker 2: starts at.

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Speaker 1: Twenty at the age of twenty four, Correct me if

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Speaker 1: I'm wrong. What did you start developing your own investment

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Speaker 1: strategy around that time or at.

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Speaker 2: What point are you are you figuring this out?

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Speaker 5: It was kind of a journey, you know, when I

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Speaker 5: was eighteen and my father turned the portfolio over to me,

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Speaker 5: and you know, I had a broker right across the

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Speaker 5: street from campus, and I would sit and talk with

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Speaker 5: him about the markets, and he showed me where to

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Speaker 5: go to Firestone Library to read the newsletters and learn

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Speaker 5: about the markets in a different way.

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Speaker 4: And then I was fortunate in corporate finance at Princeton.

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Speaker 5: We had to read a book called A Random Walk

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Speaker 5: Down Wall Street Burton Alcohol.

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Speaker 4: It's one of the classics and one of the greatest

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Speaker 4: books of all time.

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Speaker 5: And he was the head of the economics department at Princeton,

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Speaker 5: and I went to see Professor Malcolm during that time

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Speaker 5: and we stayed in touch, you know, over the last

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Speaker 5: forty five years or so. And I learned then about

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Speaker 5: the idea that crowds can get out of control and

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Speaker 5: group think can take over and everyone chases what's worked yesterday.

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Speaker 5: He talks a lot about the great bubbles that have

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Speaker 5: occurred within the world's history and get how people can

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Speaker 5: lose their minds and different types of the market. You

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Speaker 5: be overly excited about the markets are overly fearful, And

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Speaker 5: so it started me thinking about being a value oriented

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Speaker 5: contrarian investor. And again that book had a profound impact,

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Speaker 5: and of course I started to read other books on

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Speaker 5: the market, started to read about value investors like Warren Buffett,

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Speaker 5: and they helped me develop that investment strategy that I

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Speaker 5: had during the sort of two years between college and

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Speaker 5: starting starting.

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Speaker 2: Aerial as a contrarian investor.

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Speaker 3: What do you think of the global macro picture right

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Speaker 3: now and what opportunities do you see that most people

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Speaker 3: are not talking about.

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Speaker 4: Well, you know, one of the key things.

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Speaker 5: You know, we are very much believers of being long

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Speaker 5: term investors. Our tortoises, you know, the tortoise is our

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Speaker 5: logo to remind people that old Aesop's fable slow and

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Speaker 5: steady wins the race.

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Speaker 4: We want to buy companies we can own for the

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Speaker 4: long run.

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Speaker 5: And try not to get too tied up in the

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Speaker 5: local you know, the macro things. What's going to happen

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Speaker 5: with interest rates next week, what's going on with unemployment

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Speaker 5: and inflation. You know, we're aware of it, but we

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Speaker 5: often believe that the markets are going to go higher

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Speaker 5: and over time. And you know, Warren Buffett always reminds

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Speaker 5: us the last century, the Dow Jones started at sixty

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Speaker 5: six and ended it over eleven thousand. In that last century,

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Speaker 5: we had two World wars, great depression, and many recessions,

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Speaker 5: a pandemic. Our capitalist democracy somehow finds a way to

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Speaker 5: march forward, and so we try to be long term.

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Speaker 5: You know, I know, one of the things that it's

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Speaker 5: fun to talk about. You talk about a little bit

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Speaker 5: about basketball, but you know, our favorite stock right now

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Speaker 5: is Madison Square Garden Entertainment. It owns the Garden, and

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Speaker 5: you know, the Garden is rocking these days with Jalen

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Speaker 5: Brookson and the Nick's doing so extraordinarily well. And so

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Speaker 5: we owned the two publicly traded companies that are affiliated

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Speaker 5: with the Knicks, the MSGE Masiscre Garden Entertainment owns the Garden,

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Speaker 5: and then Madisonquare Garden Sports owns the Knicks and the Rangers,

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Speaker 5: the teams themselves.

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Speaker 3: So yes, the Knicks, Well, finally go to New York,

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Speaker 3: Go New York.

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Speaker 2: We have something good.

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Speaker 5: Yeah, they're They're fun to watch, they compete, they play

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Speaker 5: so hard.

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Speaker 3: So I want to ask for a audience, can you

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Speaker 3: just explain what a contrarian investor is? Because I think

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Speaker 3: I don't want to kind of skip over that. I

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Speaker 3: know that you are one, but how would you describe

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Speaker 3: a contrarian investor?

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Speaker 5: The contrarian investor is someone who's an independent thinker who

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Speaker 5: doesn't follow the crowd and tries to figure out when

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Speaker 5: the crowd has it wrong. You know that one of

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Speaker 5: there's a great investor named John Templeton who always talked

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Speaker 5: about the fact you want to buy a stock when

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Speaker 5: there's maximum pessimism, and that makes you a contrarian.

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Speaker 4: So contrarian is someone who just doesn't follow the crowds.

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Speaker 5: The examples would be, you know, you guys are all

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Speaker 5: too young to remember, but when the stock market crashed

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Speaker 5: twenty two percent in nineteen eighty seven, Yeah, the Ariel

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Speaker 5: was four years old. We were calling all our clients.

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Speaker 5: They send us more money. Our favorite stocks are on sale,

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Speaker 5: Marcus down twenty two percent. We want to invest now.

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Speaker 5: During the financial crisis in two thousand and eight and

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Speaker 5: two thousand and nine, we were contrarians.

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Speaker 4: Everyone was so fearful.

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Speaker 5: The market kept going down every day in late you know,

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Speaker 5: and during that horrible, horrible recession it didn't end till

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Speaker 5: til March of two thousand and nine. But we kept

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Speaker 5: buying our favorite stocks and he got cheaper. And then

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Speaker 5: when the economy recovered, we did really well. And then

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Speaker 5: finally the great example of this is during the pandemic,

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Speaker 5: we were buying stocks like bail resorts that were completely

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Speaker 5: shut down. We were buying Royal Caribbean when the ships

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Speaker 5: were being docked and no one could get on a

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Speaker 5: cruise ship. No one wanted to go on a cruise

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Speaker 5: ship during the during the pandemic. But the stock is

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Speaker 5: done extraordinary with the well coming out of the pandemic.

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Speaker 5: As people recovered. Now people want to be back on ship,

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Speaker 5: they want to go skiing again, and those stocks have

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Speaker 5: done extremely well. That's a real life example of contrarianism,

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Speaker 5: you know, buying those types of leisure companies when you're

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Speaker 5: in the midst of a horrific, horrific pandemic.

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Speaker 2: Yeah, I mean nineteen eighty three you start this business.

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Speaker 1: So I want to go back to this time because

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Speaker 1: I mean it's very rare that we get to have

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Speaker 1: a conversation with somebody who's.

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Speaker 2: Actually created a fund.

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Speaker 1: What was that process like, because you've seen a few

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Speaker 1: revolutions here, right, you've eighty three.

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Speaker 2: I was born. You weren't even born yet, I was.

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Speaker 2: We were both born.

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Speaker 1: Obviously, we go into the technology period of the late

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Speaker 1: nineties with the dot com boom.

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Speaker 2: Now we're in this AI revolution.

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Speaker 1: Talk about what that was like and what you've seen

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Speaker 1: over your time as of an investor.

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Speaker 5: Well, when I started in nineteen eighty three, as you

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Speaker 5: guys referenced there, we were the first African American money

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Speaker 5: management company and mutual fund company in the country's history.

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Speaker 5: And I have to say I was inspired here in

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Speaker 5: Chica because we had these legendary giants that were so active.

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Speaker 4: They were on top of their game at that time.

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Speaker 5: John Johnson had built Ebony and Jet magazine, you know,

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Speaker 5: just an extraordinary leader. I was fortunate I'd gone to

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Speaker 5: high school with his daughter, in grade school with his son,

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Speaker 5: and you know, he was someone who was always kind

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Speaker 5: about giving me advice and console his concerns about being

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Speaker 5: an entrepreneur. But he was again a role model, someone

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Speaker 5: was very very helpful. The other giant at the time

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Speaker 5: was George Johnson. You know, no relationship to john but

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Speaker 5: George Johnson created you know, Afroshine and Ultraschine hair care products.

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Speaker 5: He also started an Independence Bank, the largest black bank

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Speaker 5: in the country. He helped start start Soul Training with

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Speaker 5: Don Cornelius. He was an amazing entrepreneur and he was

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Speaker 5: also someone that I had gotten to know a little

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Speaker 5: bit growing up. And that was where I was very lucky,

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Speaker 5: you know, to be able to have those kind of

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Speaker 5: introductions and be so inspired by these these these gentlemen

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Speaker 5: who not only had built great businesses and employed lots

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Speaker 5: of people, but were very engaged in the community. You know,

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Speaker 5: George Johnson always made made a home for Reverend Jackson

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Speaker 5: when he moved here to Chicago to start Operation Push.

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Speaker 5: He was responsible for sixty tables every year at the

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Speaker 5: Urban League dinner. I could go on and on. He

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Speaker 5: was just something that was truly really remarkably specialist and entrepreneurs.

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Speaker 5: So that was something that was really lucky for me

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Speaker 5: to see that and to see that you could start

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Speaker 5: a black owned company at an early age and still

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Speaker 5: be successful.

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Speaker 4: And so that was it.

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Speaker 5: I got a friend from high school to start the.

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Speaker 4: Company with me.

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Speaker 5: I went to all the friends and family and raised

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Speaker 5: about two hundred thousand dollars to start Aeriel. First client

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Speaker 5: was Howard University. They gave us one hundred thousand dollars

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Speaker 5: out of their endowment to manage, and.

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Speaker 4: We slowly built the firm from there.

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Speaker 5: We manage about fifteen billion dollars now, so we'd come

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Speaker 5: a long way from those early days that for one

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Speaker 5: hundred thousand dollars client. But again the friends and family

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Speaker 5: that were just so kind to me to give me

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Speaker 5: an opportunity and believe in us that the early age

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Speaker 5: made all the difference, and you can't thank them enough.

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Speaker 6: An illegal alien from Guatemala charged with raping a child

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Speaker 6: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 6: accused of murdering a Texas man of Venezuelan charged with

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Speaker 6: filming and selling child pornography in Michigan. These are just

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Speaker 6: some of the heinous migrant criminals caught because of President

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Speaker 6: Donald J. Trump's leadership. I'm Christy Noman, the United States

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Speaker 6: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 6: crossings are at the lowest levels ever recorded, and over

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Speaker 6: one hundred thousand illegal aliens have been arrested. If you

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Speaker 6: are here illegally, your next you will be fine nearly

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Speaker 6: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 6: never return. But if you register using our CBP home

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Speaker 6: app and leave now, you could allowed to return legally.

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Speaker 6: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 6: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security,