George Aliferis and Mark J. Higgins discuss the evolution of the U.S. financial system over the past 230 years, from Alexander Hamilton's foundational contributions to RoaringKitty's Gamestop disruption. They explore the notion of financial progress, the cycles of regulation, what's missing from financial education and advice and how investors can profit from history.

Order Investing in US Financial History: https://www.amazon.com/Investing-U-S-Financial-History-Understanding/ TO GO FURTHER 🧑🏽‍🎓 Alternative Investments Course: https://bit.ly/Alts_Invest 📩 Newsletter on Democratization of Alternatives: https://bit.ly/3AxnyTY 🎧Listen to the podcast: https://pod.link/1511595070 AFFILIATE LINK What I use for editing DESCRIPT: https://get.descript.com/1ldhm44pyr0p TIMESTAMPS 00:00 Introduction: What's the point in studying financial history? 01:46 The Legacy of Alexander Hamilton 04:00 The Impact of Hamilton's Death and Early Central Banking 05:35 Crypto and the Importance of Central Banking 07:31 Regulation and Market Dynamics 07:31 Regulation and Market Manipulation 11:52 A quote from Eric BALCHUNAS, The Bogle Effect 12:14 Private Assets and Market Cycles 14:52 A quote from Athanasios PSAROFAGIS, Bloomberg ETF 16:39 A quote from Edward CHANCELLOR, The Price of Time 17:03 The Role of Education in Financial Literacy 17:05 A quote from Bill KELLY, CAIA 21:36 Simplifying Portfolios: Mark Higgins's Personal Journey 26:47 The Value of Historical Perspective in Financial Markets 30:45 A quote from Dan DAVIES, Lying for Money 33:38 The Importance of Long-Term Investing and Education

Exposing the Real Story Behind Blackstone's Real Estate Income Trust (BREIT) Join us as we delve deep into the complexities surrounding Blackstone's Real Estate Income Trust (BREIT), the potential financial reckonings and the broader marketing implications for the democratization of alternative assets.

I'm revisiting a previous episode with Phil Bak following recent press about the fund and a revelation: the fund doesn't make financial sense - it makes MARKETING sense! REFERENCES Business Insider: https://www.businessinsider.com/blackstone-breit-commercial-real-estate-fund-misled-investors-private-equity-2024-5 New York Times: https://www.nytimes.com/2024/05/07/business/dealbook/blackstone-breit-fund-debate.html ▶️ Full conversation with Phil Bak: https://www.youtube.com/watch?v=7oQKNcov-7I ▶️ BREIT short video: https://www.youtube.com/watch?v=OBzk9HnpH2o TO GO FURTHER 🧑🏽‍🎓 Alternative Investments Course: https://bit.ly/Alts_Invest 📩 Newsletter on Democratization of Alternatives: https://bit.ly/3AxnyTY Listen to the podcast: https://pod.link/1511595070 AFFILIATE LINK What I use for editing: https://get.descript.com/1ldhm44pyr0p ✨ **Subscribe for more in-depth analyses and industry insights!** ✨ #Blackstone #BREIT #RealEstate #PrivateEquity TIMESTAMPS 0:00 BREIT full 00:24 BREIT's significance beyond its size and profitability 02:22 Interview with Phil Bak in 2023 02:36 The issues and outlook for BREIT 04:00 BREIT and the extraordinary University of California deal 04:59 BREIT's liquidity issue 07:42 Zooming on BREIT's NAV 09:10 Tackling misconceptions about liquidity 11:15 Are public valuations stupid? 13:01 BREIT doesn't make financial sense 14:57 BREIT is about marketing and user experience 16:43 The missing reference: Netflix's House of Cards

Discover the untold truths of the private equity world in this eye-opening episode, featuring Ludovic Phalippou, a renowned professor of financial economics at Oxford University Saïd Business School. Unpack the complex realities of private equity, from misconceptions about past performance to the intricacies of fee structures. Ludovic, known as the "bete noire" of private equity, alongside host George Aliferis, delves deep into the industry's practices, educational challenges, and the urgent need for clearer regulation.

On YouTube: https://youtu.be/WKSWrjssSAM REFERENCES ▶️The Book: Private Equity Laid Bare https://www.amazon.co.uk/gp/product/B08T7D4ZQ2?ie=UTF8&psc=1&linkCode=sl1&tag=pelaidbare21-21&linkId=5a158a6c37f97026d9c4da65bfd68a8d&language=en_GB&ref_=as_li_ss_tl ▶️The Website: https://pelaidbare.com/ ▶️ Follow Ludovic on Linkedin: https://www.linkedin.com/in/ludovic-phalippou-5488b147/ ABOUT THE AUTHOR Ludovic specialises in private equity and asset management. Ludovic is the author of the bestseller 'Private Equity Laid Bare', and professor of Financial Economics at Saïd Business School, University of Oxford. He specialises in private market investments with a focus on fee tracking, interest alignment, and return benchmarking. Named as one of 'The 40 Most Outstanding Business School Profs Under 40 in the World' in 2014, and as one of the 20 most influential individuals in private equity in Europe in 2016, Ludovic has strong links with senior practitioners in the industry, routinely speaks at practitioner conferences, and appears in the media internationally. Ludovic’s research papers have been widely cited in academia, in the press, and in regulatory circles. Ludovic's paper 'How alternative are private markets?' is one of three 2018 recipients of the Jack Treynor Prize, sponsored by the Q-Group. The Treynor Prize recognises superior academic working papers with potential applications in the fields of investment management and financial markets. Ludovic achieved a degree in Economics from Toulouse School of Economics; a Master in Economics and a Master in Mathematical Finance both from the University of Southern California; and a PhD in Finance from INSEAD. TO GO FURTHER 🧑🏽‍🎓 Alternative Investments Course: https://bit.ly/Alts_Invest 📩 Join the newsletter: https://bit.ly/3AxnyTY AFFILIATE LINK What I use for editing: https://get.descript.com/1ldhm44pyr0p TIMESTAMP

00:00 Teaser 00:26 Introducing Ludovic Phalippou: The Private Equity "Bete Noire"? 01:38 Is it Barbarians at the Gate 03:45 The Complex World of Private Equity Returns 04:54 Education in Private Equity: Bridging the Gap 07:02 The Misleading Metrics of Private Equity Performance 12:49 The Challenge of Teaching Private Equity Authentically 16:11 The Importance of Critical Thinking in Private Equity Education 20:13 Advocating for a Balanced Perspective in Private Equity 22:03 Unpacking the Realities of Private Equity 22:51 The Misconceptions and Myths of Private Equity Performance 23:49 The Academic Challenge in Private Equity Education 24:38 The Impact of Practitioners in Academia on Private Equity Understanding 25:16 The Need for a Shift in Private Equity Education 26:58 Personal Anecdotes Highlighting the Importance of Education in Private Equity 30:24 Misleading Financial Representations and the Need for Regulation 34:38 The Complex World of Private Equity Fees Explained 39:54 Concluding Thoughts on the Future of Private Equity Education