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Wealth Formula Podcast

Wealth Formula Podcast

De: Buck Joffrey
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Episodios
  • 535: Apartment Buildings Are Having a Holiday Type Sale

    535: Apartment Buildings Are Having a Holiday Type Sale
    Nov 30 2025
    It's that time of the year again—Black Friday, Cyber Monday. Everyone loves a deal. If you've been investing long enough, you know one important fact: there is always something on sale. The problem is the herd never sees it. They're too busy chasing whatever feels safe because it's setting new records. And right now? That's the stock market. That's gold. Everyone's piling into the most expensive things they can find and patting themselves on the back for being "prudent." But smart investors don't chase what's already expensive. They look for the thing sitting quietly on the clearance rack, the thing nobody wants yet. And today, that thing is real estate—particularly apartments. We've seen this movie before. Think back to the early 2000s. After the dot-com crash, everybody ran to gold and Treasuries. Meanwhile, the very companies that would define the next two decades—Amazon, Apple, Microsoft—were sitting there marked down 75%. You didn't need to be a genius to buy them. You just needed the stomach. Then there was 2009–2011. Real estate was radioactive. The media made it sound like apartment buildings were going to fall into sinkholes. But if you bought during that window? Values didn't take ten years to recover. They snapped back within three. And then they kept running for another decade. And remember 2020—oil going negative? That's the kind of insanity that only happens once in a generation. People were literally joking that Exxon would pay you to take barrels off their hands. It was absurd… and it was the greatest energy buying opportunity in modern history. But most people sat on the sidelines in fear. Different cycles, different assets, same principle: If you want outsized returns, you have to be willing to buy what everyone else is mispricing. And right now, the only major asset class not making all-time highs is real estate. In fact, our Investor Club is still finding deals discounted 30–40 percent from just a few years ago. Apartments, specifically, are in this bizarre sweet spot where pricing is still beaten up from the rate shock, yet the fundamentals underneath are quietly strengthening. Sellers who bought with floating debt are fatigued. Buyers with dry powder are getting real discounts. Construction has collapsed—meaning supply will be razor-thin in 18–24 months. And the interest-rate environment is shifting in exactly the direction apartments benefit from. This is why rates matter. This is why liquidity matters. This is why cycles matter. When financing costs come down and supply is constrained, prices don't grind higher—they launch. This Is Exactly What the Bottom Feels Like Bottoms never feel like bottoms. They feel confusing. Uneasy. Contradictory. And that is precisely why it's the opportunity. Every big wealth-building moment looks like this in real time. Everyone's distracted by what's hot while the discount sits in plain sight. Make no mistake—if the Fed keeps cutting and liquidity continues loosening, apartments aren't going to stay discounted. They'll do what they did after 2009. They'll do what oil did after 2020. They'll do what tech did after the dot-com crash. They'll reprice fast. And years from now, people will look back at this exact moment and say the thing they always say after missing the obvious: "It was right there. Why didn't I buy more?" Well… it is right here. Apartments are on sale. No one has been beating the drum more on this than my guest on Wealth Formula Podcast this week.
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    49 m
  • 533: The Economics of Professional Sports

    533: The Economics of Professional Sports
    Nov 23 2025
    This week's Wealth Formula Podcast is about the economics of sports—if you are a sports fan like me, you will love it. But before we get to that, I want to give you my two cents on one of the most important elements to financial success in anything: conviction. As I write this, Bitcoin sold off from a high of $126K to under $90K. Other cryptos have lost 50-90 percent of their value in the same time. It's been called a blood bath. Some are even saying it's over for Bitcoin. I might even believe them if I hadn't seen the same story at least 5 times before over the past decade. True bitcoiners have tremendous belief in what bitcoin means to the world. Someone who bought $1,000 of Bitcoin in 2010 and simply refused to sell would now be sitting on hundreds of millions of dollars. That is the reward for true conviction. The irony of this bitcoin cycle is that many of those individuals with high conviction are finally cashing in on the fruit of their patience. Almost every day, another wallet that hasn't been active since 2011 is selling off a billion dollars into the market into the hands of Wall Street and governments. That's why prices are tumbling. But don't be fooled into thinking that these buyers are the dumb money holding the bag. The story does not end here. Nor is the Bitcoin story a one-off either. History repeats itself as the story of investments unfolds over time. In December 1999, Amazon stock traded at $106. After the dot-com crash, it fell to $5.97. Every talking head had a eulogy written for the company. But if you were crazy enough to hold through the storm, your conviction paid off spectacularly: $10,000 invested in Amazon in 2001 is worth over $20 million today. Now, moving on to the topics of sports. One of my favorite examples of conviction is from 1920, when George Halas bought the Chicago Bears franchise for $100. The Halas family could've "taken profits" countless times. They lived through multiple depressions, a world war, a dozen recessions, five or six league restructurings, labor disputes, player strikes, and decades of bad seasons. Anybody else would've bailed. But they didn't, and today, the Chicago Bears are valued at over $6.3 billion. These stories have different time periods and different industries, but they all teach the same lesson: Conviction is one of the most profitable assets you can own. That's the message I want to leave you before we move into a perhaps more entertaining topic: the economics of professional sports. Most people think of sports in terms of touchdowns, rivalries, and Super Bowl rings. But the truth is… professional sports is one of the greatest wealth-creation machines in American history. Few people understand those engines better than our guest this week. He's one of the clearest, most respected voices in sports economics today, and he's going to break it all down for us: salary caps, streaming deals, and team valuations. If you are a sports fan, you are going to love this week's episode of Wealth Formula Podcast!
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    50 m
  • 533: What's Really Going On in Real Estate Right Now with Prof Norm Miller

    533: What's Really Going On in Real Estate Right Now with Prof Norm Miller
    Nov 16 2025
    When you invest in real estate, you're not buying what it is today—you're buying what it will become a few years from now. That's especially true in multifamily, which, despite all the noise, remains one of the most compelling long-term plays out there. Unlike stocks, you don't get a live ticker reminding you every five seconds what your property is "worth." And that's a good thing. Real estate moves slowly, and that patience rewards people who can see the story before it unfolds. The national headlines are confusing right now—depending on who you read, the sky is either falling or it's never been brighter. The truth, as usual, is somewhere in between. Mortgage rates are still above six percent, affordability is strained, and national price growth has flattened. But beneath the surface, there's an entirely different story playing out—one that favors multifamily investors who understand that real estate is always, always, about location. Some markets are clearly soft. A few urban centers built too much too fast, and it's showing up in higher vacancy and flattened rents. But other regions—think the Carolinas, Texas, parts of Florida—continue to thrive because people are still moving there in droves. Jobs, climate, taxes, and lifestyle continue to pull migration south and inland, and those people need somewhere to live. When you combine growing populations with a shrinking construction pipeline—new multifamily starts are down roughly 40% from their 2023 peak—you're setting the stage for tightening supply and rent growth in the right markets over the next few years. That's the part that separates pros from spectators. Anyone can read a national report and call it a trend. But the investors who win are the ones who know their markets intimately—who's building what, where the jobs are moving, and how local policies are shaping demand. In that sense, real estate offers the only kind of "insider trading" that's perfectly legal. The better you know the ground, the better your odds. For passive investors, that means something simple but crucial: partner with operators who live and breathe their markets. You want people who are plugged in at the street level, not just reading spreadsheets. Because in multifamily, the difference between a mediocre investment and a great one can be a single zip code. Real estate, especially multifamily, rewards patience, perspective, and proximity. You can't control interest rates or the national narrative, but you can choose where—and with whom—you invest. And if history is any guide, those who make smart, localized bets while everyone else is sitting on the sidelines tend to be the ones who look like geniuses a few years down the road. This week on the Wealth Formula Podcast, I talk with a former professor and renowned real estate analyst who's been studying these patterns for decades. We break down which markets are setting up for real opportunity, where caution is warranted, and what the next chapter of multifamily investing really looks like.
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    36 m
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