Takeaways From Recent Family Office Meeting

The Wealth Elevator

To get rich you need to concentrate (business not salary job).

To stay rich you need diversification (accumulation mode).

I have a blockfi account was trying to get coinbase but I gave up because it took more than a couple hours, my time is better spend on real estate deals.

No offense but if you work 40-50 hours a week at a JOB then you likely have some time on your hands and should find a side gig.

Avoid locker room talk - common guy deals or sucker deals - "We are going to 8-12x in the next few years but you need to get in now!" - What would happen in the show SharkTank?

For 100M net-worth families - the goal is to have 8-12 non correlated asset portfolio

Cash is trash - (Inflation is a lot higher) 40 years Bull market in Bonds ended last year.

$128T globally is looking for parking 😊 (2021)

Don't chase what is running (Crypto, tech)

If bonds can't give yield where do we get it? Buy businesses (alts)

Ajay Gupta (The guy Tony Robbins dumped Peter Mallouk)

50% Real Estate (40% cashflowing MFH and Self Storage - 10% land/preserve value)

20% Equities (Global with most in USA)

20% Private Equity (Trying to shift from LP to GP - 2/20 model to adding in sweat equity for more returns)

Asymmetric 5% Insurance/Life settlements/Tailrisk/buying puts

Tailrisk (insurance) - 2-3% of any bet/investment hedges your investment so should your investment go bad that 2-3% greatly increases to offset your loss.

2-3% Crypto - If not real estate where you do get storage of wealth, gold/silver

*Re-shuffle asset allocation - do it when things are good (selling the good ones, increasing the losers)

Asymmetric risk seems get you wealth but its the same thing to get you to lose it all (See Kyle Bass)- This is the 'drink your wine if it fails'

What is the downside (if you can live with it then go)

NFTs - collectables always move in waves (buy two cases of wine and save one drink the other)

"The difference between someone with a hundred dreams and only one is Health"

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