The Biltmore View

Biltmore Family Office, LLC

In depth conversations with leading investment managers. read less
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Episodes

Episode 36: Homes, Mortgages & Opportunity - Skylar Weinand, CFA, Managing Partner at Regan Capital
17-04-2024
Episode 36: Homes, Mortgages & Opportunity - Skylar Weinand, CFA, Managing Partner at Regan Capital
Following the mortgage market meltdown of 2008, a whole new group of investment companies arose from the wreckage of investment banks. I was among the few people at the time running into the fire and actively investing with these startup mortgage investment firms. Amongst those building new mortgage investment businesses was a particularly bright, energetic guy named Skylar Weinand from Texas. Skylar had previously spent time at various investment firms managing large pools of mortgage-backed securities and he saw an opportunity to blaze his own path, trading in the open white space of a brand new mortgage market. Fast forward 15 years and Skylar’s firm, Regan Capital is still innovating, adding mutual funds and ETFs to their long standing hedge fund and private capital businesses. While Skylar is a fantastic trader, he’s a particularly insightful thinker. In today’s podcast, we discuss the impact of high interest rates on the US housing market. To know mortgages, you really need to understand housing. We talk about supply / demand dynamics for both mortgages and housing – and, ultimately, why this moment in time presents a particularly interesting opportunity. This podcast was recorded on April, 15th 2024.  The respective opinions expressed are those of Mr. Weinand and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 35: Going Nuclear - The Future of Energy with Jay Surina, Managing Director at Pelican Energy Partners
08-03-2024
Episode 35: Going Nuclear - The Future of Energy with Jay Surina, Managing Director at Pelican Energy Partners
One area that seems to be overlooked in the energy transition is nuclear energy. This is an existing zero-emission technology that currently provides over 18% of electrical capacity in the US. At the most recent COP 28 gathering of nations to address global climate change, a declaration was signed to triple nuclear capacity by 2050. This is a really big deal. We’ve invited Jay Surina, Managing Partner at Pelican Energy to educate us on the current state of nuclear energy. What Jay has to say may surprise you. New reactor designs promise to expand nuclear power tremendously. Cheaper, emission-free baseload energy could be a game changer for the global economy. This podcast was recorded on February, 27th 2024.  The respective opinions expressed are those of Mr. Surina and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 34: Is there a price for these assets? Commercial Real Estate in the Sunbelt with Darryl Dewberry, Executive Chairman at The Spectrum Companies
11-12-2023
Episode 34: Is there a price for these assets? Commercial Real Estate in the Sunbelt with Darryl Dewberry, Executive Chairman at The Spectrum Companies
My guest today is Darryl Dewberry, Executive Chariman of The Spectrum Companies. Founded in 1982, Spectrum is a Southeastern-focused commercial real estate development and management company, with responsibility for over $2b in properties. There is so much going on in commercial real estate – near Armageddon in the office sector, the rapid rise of interest rates repricing everything, disruption in the banking world – it’s been over 35 years since commercial real estate has experienced this level of disruption. I’ve known Darryl for the better part of my professional career. He’s a strategic thinker & is currently active in some of the fastest growing markets in the country. So, Darryl was really the natural choice for an in depth conversation about commercial real estate – past, present and future.This podcast was recorded on November 28,  2023.  The respective opinions expressed are those of Mr. Dewberry and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 33: Ch Ch Changes (Turn and Face the Strain): CRE REITs - Jonathan Litt, Founder & CIO at Land & Buildings Management
19-10-2023
Episode 33: Ch Ch Changes (Turn and Face the Strain): CRE REITs - Jonathan Litt, Founder & CIO at Land & Buildings Management
Our guest today is Jonathan Litt, Founder and CIO at Land & Buildings. Jon is a prominent activist investor, focused on public real estate companies. Since founding Land & Buildings in 2008, Jon has waged 36 public activist campaigns frequently resulting in corporate actions to the benefit of shareholders. This is a particularly interesting time in commercial real estate - full of changes. Many public REIT valuations have fallen to 20% discounts to their asset values. While private real estate is generally held at elevated values. The lending environment is radically changed with banks pulling back, and credit unavailable for certain sectors such as office buildings.  Jon weighs in with opinions on the rapidly changing real estate market. Where we’ve been and where we’re headed.This podcast was recorded on October  16,  2023.  The respective opinions expressed are those of Mr. Litt and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 32: An Education in Biotech, Dev Gandhi - SilverArc Capital
19-09-2023
Episode 32: An Education in Biotech, Dev Gandhi - SilverArc Capital
If you ever want to cause a debate with any of your investment friends, a good starter subject is BioTech. People either love it or hate it. Biotech stocks are particularly volatile. The day trial results are released can see a stock falling 50% or gaining 100%. In addition, it takes a high level of scientific and medical expertise to even understand the drugs. At the same time, we are living through a period of tremendous scientific discovery.   For all of these reasons, we see Biotech as an area of the stock market full of inefficiency. To make sense of it, I’ve invited Dev Gahndi, Founder and CIO of SilverArc Capital to join for an in depth conversation on Biotech investing. This podcast was recorded on September 5,  2023.  The respective opinions expressed are those of Mr. Gandhi and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 31: The Overlooked Value in Real Assets: Helicopters - Matt Rothschild, Thora Capital
25-08-2023
Episode 31: The Overlooked Value in Real Assets: Helicopters - Matt Rothschild, Thora Capital
That’s right, helicopters. At Biltmore we believe a reliable way to produce outsized returns is through purchasing assets and securities below their fundamental value. In efficient markets, that’s a very difficult thing to do. But if you look hard enough, you can find areas that markets overlook, fear or misunderstand. It is this great search that takes us to some unexpected corners of the investment world. And looked at in this context, helicopters become a lot less mundane and a lot more exciting as a place for investment. Matt Rothschild, founder and portfolio manager of Thora Capital will be our guide today as we dig deep into the fascinating world of helicopters as an investment. Matt has been an institutional investor dedicated to financial services for two decades and a practicing environmental engineer prior. Before founding Thora Capital, he was a portfolio manager at Balyasny Asset Management, where he focused on alternative asset managers and the insurance sector. Previously, Matt was head of the US Financial Services sector at AllianceBernstein and a portfolio manager at Alyeska Investment Group. Matt holds an MBA with Honors from the University of Chicago Booth School of Business, an MSE in environmental engineering from Tulane University, and graduated magna cum laude from Tufts University with concentrations in civil & environmental engineering and environmental studies.This podcast was recorded on August 22,  2023.  The respective opinions expressed are those of Mr. Rothschild and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 30: The Hidden Market of Bank Loan Sales - Nick Renwick, Cross Ocean Partners
19-07-2023
Episode 30: The Hidden Market of Bank Loan Sales - Nick Renwick, Cross Ocean Partners
Our guest, Nick Renwick, is Senior Portfolio Manager and Head of Research at Cross Ocean Partners. Cross Ocean invests globally in a broad range of credit and hard assets. They specialize in sourcing assets directly from banks. This provides the firm a distinctive sourcing advantage as well as an inside view on the health and future of global banks. Cross Ocean was formed as the European Special Situations Team spun out from Merrill Lynch in 2015. Team members have decades of experience in global credit and hard assets.In today’s conversation, Nick provides a great explanation of why there are opportunities available in the current credit market. Compared to just a year ago, today- investors willing to fill the capital void can achieve higher returns while taking less risk. Enjoy today’s podcast - a wonderful education on banks, credit, regulation changes, and how the pipes actually work.  This podcast was recorded on July 14,  2023.  The respective opinions expressed are those of Mr. Renwick and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 29: The Most Interesting Asset Class You've Never Heard Of - Precatorios - Cesar Collier, Siguler Guff
27-04-2023
Episode 29: The Most Interesting Asset Class You've Never Heard Of - Precatorios - Cesar Collier, Siguler Guff
In the Summer of 2018, I had the privilege of spending a week with Cesar Collier in Sao Paolo on a due diligence trip. In his life, Cesar has become close personal friends with every one of the city’s 12 million residents. Through that networking as well as a great deal of investment acumen, he has built Siguler Guff into the dominant player in a unique asset class - Brazilian legal claims against the government. These claims are written into the Brazilian constitution and known as precatorios. This all may sound esoteric, but the precatorio market has over a $1 trillion face value with over $200b expected in awards. After all, Brazil has the highest ratio of lawyers per inhabitant in the world.  This all makes for a fascinating investment. Today, Cesar joins me to dig in with an explanation of precatorios, of one of my favorite investment markets in the world.This podcast was recorded on April 14,  2023.  The respective opinions expressed are those of Mr. Collier and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 28: After SVB, Is My Money Safe at Charles Schwab? - Warren Fisher, Manole Capital Management
29-03-2023
Episode 28: After SVB, Is My Money Safe at Charles Schwab? - Warren Fisher, Manole Capital Management
The failure of Silicon Valley Bank, left many wondering about the safety of their savings. As we record this, the government’s actions appear to have won a reprieve in the banking panic. Is the government fix a finger in the dam holding back a flood of public mistrust of banks or will events spread across the financial industry to include other regional banks and even traditional custodians such as Charles Schwab? What caused this crisis to begin with? Will we see other bank failures? Is my money safe? To answer these questions and more, we’re joined by Warren Fisher, Founder and Portfolio Manager at Manole Capital. Warren has over 20 years of portfolio management and analyst experience at Goldman Sachs Asset Management and Fortress Investments focused on public financial and technology companies. In 2015, he founded Manole Capital to focus exclusively on the FinTech industry. Given Warren’s deep understanding at the intersection of banks and technology, he has the perfect background for a profound conversation on bank runs, technology, interest rates, and regulation.Silicon Valley Bank Failure - 4:30Charles Schwab's Business - 15:15Money Market Funds - 30:00Ramifications of SVB - 35:00This podcast was recorded on March 23,  2023.  The respective opinions expressed are those of Mr. Fisher and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 27: Private Equity is Keeping Your Home Pest Free - Jay Abramson & Mark McKenna of Halle Capital
06-02-2023
Episode 27: Private Equity is Keeping Your Home Pest Free - Jay Abramson & Mark McKenna of Halle Capital
The words “private equity” bring forward images of Wall Street Titans drunk on power and leverage, sucking out profits from middle market businesses and leaving behind empty shells in their wake. While that makes a great narrative, it’s not always true. Standing firmly on the other side of that narrative is Halle Capital. In today’s conversation, I speak with both Jay Abramson, Senior Partner, and Mark McKenna, Principal, of Halle Capital. This episode is a real treat. Jay & Mark really dive in to the nuts and bolts of how Halle can build value in areas of the economy most investors pass right by. If you thought that pest control and environmental services were boring – think again! Jay and Mark demonstrate how a properly executed private equity strategy can drive profits for investors, enrich founders and develop great American businesses.This podcast was recorded on December 7,  2022.  The respective opinions expressed are those of Mr. Abramson, Mr. McKenna and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 26: Boris Jordan, Founder Measure 8 Venture Partners and Chairman Curaleaf - Cannabis Reform in the Lame Duck?
07-12-2022
Episode 26: Boris Jordan, Founder Measure 8 Venture Partners and Chairman Curaleaf - Cannabis Reform in the Lame Duck?
The slow rolling legalization of cannabis in the United States is providing an interesting investment opportunity. Since Covid, cannabis sales are up tremendously. The legal industry is growing as more states legalize medicinal and/or recreational use. As large, licensed multiple state cannabis operations grow, they are increasingly cashflow positive. All of this despite having no access to the US banking system and paying a particularly high effective tax rate – frequently north of 70%.  In the beginning of 2021, banks, wary of unclear Federal law, began to prevent their brokerage clients from investment in public cannabis companies. Since that time, we’ve seen these stocks fall over 80% in valuation. At the same time, fundamentally, the businesses continue to grow and thrive.  As we speak, the lame duck Congress is considering legislation that would open up the banking system to state-licensed cannabis companies. My guest today addressing the state of the industry is Boris Jordan. Boris is the Founding Partner of cannabis-dedicated asset manager Measure 8 Venture Partners, as well as Chairman of Curaleaf, which he founded and built into the world’s largest cannabis company. Prior to his current focus in cannabis, Boris had a legendary career as a banker and private equity manager in emerging markets starting in the 1990’s.. This podcast was recorded on December 6,  2022.  The respective opinions expressed are those of Mr. Jordan and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 25: That's Real. Commercial Real Estate Lending in a Rapidly Changing World - Chris Tokarski, Acore Capital
19-09-2022
Episode 25: That's Real. Commercial Real Estate Lending in a Rapidly Changing World - Chris Tokarski, Acore Capital
Like many of our favorite investment managers, Chris Tokarski was originally introduced to us by a client who built his fortune in the same industry – in this case real estate.  Chris was a founder of Acore Capital in 2015. Since that time it has grown to be one of the premier commercial real estate lenders with over 100 professionals and over $20b in assets under management. Chris built this business lending to the country’s top developers and sponsors. I’ve been excited to talk to him for a while now - given the massive increase in rates, I’ve been curious what this means for commercial real estate. And how that might impact the broader economy. On this episode, you’ll hear Chris’ take on the current state of commercial real estate, the future of office, opportunities going forward, big bank lending, and how this cycle could play out. I learned a ton. I think you will too.This podcast was recorded on September 12,  2022.  The respective opinions expressed are those of Mr. Tokarski and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 24: Equity Markets- Is History the Best Guide? - Scott Wallace, Founder/CIO of Shorepath Capital Management
25-08-2022
Episode 24: Equity Markets- Is History the Best Guide? - Scott Wallace, Founder/CIO of Shorepath Capital Management
Scott Wallace was the very first guest on the Biltmore View Podcast. And now he’s our first guest to be on the podcast three times. There’s good reason for that. Scott is not only a great stock picker, he’s also an insightful thinker. On this podcast, we talk about why history is not necessary an accurate measure for our current situation: while we had inflation in the 70’s, they may not be the right comparison our current inflation outbreak and the early 2000’s really weren’t the same as today’s tech collapse. While many of today’s financial pundits offer up simple narratives, Scott’s rational, nuanced views on the economy are a breath of fresh air.This podcast was recorded on August 24,  2022.  The respective opinions expressed are those of Mr. Wallace and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 23: Past is Prologue - The Coming Tempest in Private Markets - Drew Crichton, Founder of Traveller Capital Advisors
27-07-2022
Episode 23: Past is Prologue - The Coming Tempest in Private Markets - Drew Crichton, Founder of Traveller Capital Advisors
As founder of Traveller Capital Advisors, a boutique investment firm focused on purchasing LP interests of private funds in the secondary market, Drew Crichton has a great perch from which to view changes in the world of private investing. On this episode of the Biltmore View, Drew and I will speculate on the future for valuations in private assets, including leveraged buyouts, venture capital and real asset funds. We’ll also touch on the changing landscape of the secondary private fund business – buying seasoned partnership interests from sellers in need of liquidity. While public markets have fallen in value, private markets, for the most part have held their value. With similar underlying assets, why is that? The answer may surprise you.  This podcast was recorded on July 25, 2022.  The respective opinions expressed are those of Mr. Crichton and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 22: Evolving Mortgage Market and the Impact on Home Prices - Adam Rilander and Joe Allen, Galton / Mariner Investment Group
11-07-2022
Episode 22: Evolving Mortgage Market and the Impact on Home Prices - Adam Rilander and Joe Allen, Galton / Mariner Investment Group
Given the massive run up in home prices over the past two years and the ensuing spike in interest rates, the future value of our homes is a complex question. The US housing market is one of the largest asset classes in the world. In 2008, it nearly led to the fall of the global financial order. Needless to say, we need to pay close attention to home values, mortgages, and interest rates.  Our guests today dig into these questions and explore the investment opportunities to be unlocked. Adam Rilander and Joe Allen are Portfolio Managers on the Galton Team at the Mariner Investment Group, a $6 billion alternative investment management company. Both Joe and Adam each have 20 year careers on Wall Street in mortgage trading and research – Adam with a focus on agency mortgages backed by government entities and Joe in mortgage credit – mortgages backed by individual borrowers. As you’ll hear in this conversation, each brings a different perspective as we explore how mortgage markets impact the future of how much we pay for and how we afford our homes.  This podcast was recorded on June 22nd, 2022.  The respective opinions expressed are those of Mr. Rilander, Mr. Allen and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 21: Timing Distressed Credit - Jon Dorfman, Napier Park Global Capital
10-06-2022
Episode 21: Timing Distressed Credit - Jon Dorfman, Napier Park Global Capital
Today I have the pleasure of speaking with Jon Dorfman, Chief Investment Officer of Napier Park Global Capital. Jon co-founded Napier Park when the firm separated from Citigroup’s alternative investment arm in 2013. Today, Napier Park has approximately $19b assets under management with a highly institutional client base. In this interview, Jon explains how contingent capital structures can provide an investment edge in times of distress. Jon Dorfman is one of the smartest people in the business. We hear  his thoughts on the current market volatility and his insight into potential future scenarios. This podcast was recorded on May 31st, 2022.  The respective opinions expressed are those of Mr. Dorfman and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 20: The Future of Cannabis in the US - Justin Ort, Measure 8 Venture Partners
23-05-2022
Episode 20: The Future of Cannabis in the US - Justin Ort, Measure 8 Venture Partners
Despite all the stigma, cannabis was once a very trendy investment. With Canadian legalization, some public cannabis stocks traded up to nonsensical valuations. Then, inevitably, the bubble popped. Fast forward several years later, the legal cannabis market in the United States has expanded as an increasing number of states have legalized recreational and/or medical usage. While Federal legal status remains murky, revenues and earnings have rapidly increased. While at the same time cannabis stock prices have tanked. That caught our attention. Joining us to discuss the risks and opportunities of investing in cannabis equities is Justin Ort. Justin is CIO at Measure 8 Venture Partners, a leading investor in both public and private cannabis companies. Prior to joining Measure 8, Justin spent over 20 years trading at First New York Securities as a trader and partner.This podcast was recorded on May 19th, 2022.  The respective opinions expressed are those of Mr. Ort and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 19: Chris Teryazos, Aetos - The Opportunity in Carbon through CCA's
09-05-2022
Episode 19: Chris Teryazos, Aetos - The Opportunity in Carbon through CCA's
My guest today is Chris Teryazos. Chris is the President of Aetos Capital, a family office owned investment firm focused on generating outsized returns through niche ideas. Their latest great idea is California Carbon Allowances (CCA's). The Biltmore team spent the past several years researching and understanding California’s Cap-and-Trade program. Investors in CCA's are speculating that the price of carbon will increase as regulators reduce emissions. As you’ll hear in this conversation, Chris does a terrific job bringing clarity and distilling the investment opportunity in this little-known corner of the investment world.This podcast was recorded on April 11th, 2022.  The respective opinions expressed are those of Mr. Teryazos and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 18: How University Technology Transfer Fits into the Venture Landscape - Marc Singer, Osage University Partners
14-02-2022
Episode 18: How University Technology Transfer Fits into the Venture Landscape - Marc Singer, Osage University Partners
Today's guest Marc Singer has over 25 years in venture capital. He is currently a Managing Partner at Osage University Partners, where he is responsible for overseeing and approving all partnership investments.  In this conversation, Marc and I will dig in to the venture and university research world together. We’ll  try to understand the particular innovations developed out of research universities. And, most importantly, how as investors, we can profit from the companies commercializing those innovations.  This podcast was recorded on January 31st, 2022.  The respective opinions expressed are those of Mr. Singer and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
Episode 17: Ricardo Adrogue - Emerging Market Debt
20-09-2021
Episode 17: Ricardo Adrogue - Emerging Market Debt
If you really want to know what’s going on in the world of finance, talk to an expert in Emerging Market Debt. Emerging markets tend to represent the marginal risk capital in an allocation. It’s dependent on global liquidity and can serve as the canary in the coalmine of economic cycles. Like any debt strategy, rates and credit are really important. But here – we layer on the willingness of a country to pay. And you could always end up paid back in a depreciated currency. Bottom line, there’s a lot of risk and a lot of potential return here. And figuring it out are some of the smartest people in the investment world.  For today’s conversation, we’re fortunate to be joined by Dr. Ricardo Adrogue, Head of Global Sovereign Debt and Currencies at Barings. Ricardo has worked in the industry since 1992 – investing for Barings, Cavezon and Wellington. He’s also spent time at the IMF conducting inflation modeling for central banks, including Brazil. He’s served as an adjunct professor for Latin American economics at NYU. Ricardo holds a BA in Economics from Universidad Catolica Argentina and a MA & PhD from UCLA.  This podcast was recorded on September 17, 2021.  The respective opinions expressed are those of Mr. Adrogue and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.   Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.