Trey Lockerbie (00:03:25):
Looks like you founded Yieldstreet back in 2014. I’m kind of curious to hear about what the original idea was, how it’s evolved since then. You said it can change on a dime, depending on the time of day or week. Definitely give us as much detail on that as possible.

Michael Weisz (00:03:41):
Let’s zoom out, why are we building Yieldstreet? Our mission is to help millions of people getting on the road to financial independence. The reason we’re doing that is because, like I just mentioned, that access to and distribution of alts is broken. Why is that important? What’s really behind it. Let’s look at a couple of things going on in the market. One, if you follow the smart money, you look at endowments, and pensions, et cetera, they have up to 60% of their allocation in alts. You look at retail investors, we’re still at about 6%.

Michael Weisz (00:04:11):
You need to look in the mirror and allow yourself to be vulnerable and say, hold up. You got smart money, pay the most, has the biggest pocket of cash. Smart people, targeting real returns, where are they going? Wait, they’re moving this much of their portfolio into alts? Why? Wait, why am I not following them? That triggers an initial question that’s really important, when you really understand it, there are two parts to the answer, one is why are they doing it, and two, why can I?

Michael Weisz (00:04:37):
Why are they doing it? It’s because the 60-40 model is broken. Bonds, debt yields are in the ground, you’re not generating your fixed income allocation that our parents taught us to, or that our school taught us to. Equities are highly volatile, it’s a totally different experience. There are less companies public. That 60-40 model that we were used to isn’t working and so we need to modernize our portfolios.

Michael Weisz (00:04:57):
Smart money got there first and it’s time for us to really wake up and say like, “Hey, how do I get ahead? I’m living longer. I’m trying to have more of a better quality of life, where does the rubber meet the road? How am I going to generate enough income and growth to support that?”

Michael Weisz (00:05:13):
Okay, now I’m Michael, I’m ready to go in, I want to follow the alts movement. Okay, how do I get it? You couldn’t. There were structural limitations to accessing these investments. If you wanted to invest, say, in a partnership that was buying a $100 million piece of property or a company, where are you putting your $10,000? No one’s taking us out for dinner for 10 grand.

Michael Weisz (00:05:35):
The question became, how do we solve this? There’s a much bigger thing going on here. Now, looking from a different lens, we’re watching this massive shift, a generational shift of wealth from baby boomers to the next generation, and you have to question, do we behave the same way our parents do? Do I want to go out golfing with a financial advisor? Emphatically no, like, I’m not interested, I don’t want to do that.

Michael Weisz (00:06:02):
The experience that I want to have with my money and the investments that I want to be able to access are fundamentally different than what the industry has been doing for all too long. Yieldstreet’s question that we started with in 2015, and then we ultimately want to solve for is what does that experience going to look like? How do we create the billionaire digital private bank experience, and deliver that to the masses through technology?

Michael Weisz (00:06:25):
The first step is by helping you make money, is by driving value to your pockets. Is by saying, hey, the first leg we’re going to focus on is the invest leg, let’s get the right investments, let’s get the right access. Let’s get into curated and institutional quality investments and bring them to millions of people and change the trajectory of their financial future. That’s how we got to where we are in thinking through how you build that business.

Trey Lockerbie (00:06:51):
That sounds like quite an undertaking. What was the first step for you?

Michael Weisz (00:06:58):
That’s a great conversation around, hey, how do you take a dream and a vision and build a business? It’s about execution, it’s about allowing your mind on one side to think outside the system, outside your own limitations that you’ve created, to envision and imagine something huge, but then go back into your corner and say, okay, let’s start to execute.

Michael Weisz (00:07:18):
How that started for us was in two sectors. It was in real estate, and it was in legal finance. There were two areas that we knew we had expertise in, that we felt comfortable, we could generate significant origination and volume in, and we could deliver strong returns and a total experience to the investors. That’s where we started.

Michael Weisz (00:07:36):
Since then, we’ve distributed almost $2 billion of investments across asset classes like real estate, single-family rentals. We bought the largest art finance business from Carlyle, fractionalized like art lending, shipping, legal finance, consumer finance, small business financing. We took a theme on rebuilding America, coming out of COVID. How do we support those small businesses? Third-party hedge funds and private equity funds, hey, how do we access not just good investment opportunities, but how do we access most coveted managers in the world?

Michael Weisz (00:08:06):
When you look back now, you can have a portfolio that’s really healthy from a diversification perspective, return perspective, duration perspective, across a whole spectrum of alternative investments.

Trey Lockerbie (00:08:17):
Okay. You came from the finance world, though, wasn’t as easy as, hey, I have this idea. I’m going to call up my buddy, he’s going to give me 20 million bucks to get started, or what was the origination like getting the business off the ground for you?

Michael Weisz (00:08:29):
Was it as easy as that? I would say it was probably the exact converse outcome. It was definitely not easy, nothing is. But I think that’s the joy you take, and the fun you take. I think the key is you got to keep your head buried and just focus on your goal. Then one day you wake up, and you realize how hard you had to fight through it.

Michael Weisz (00:08:48):
I think that it’s about building trust and credibility, both with your partners on the origination side, and your customers on the investor side. That’s really at the essence of how you want to interact with any company. Even more so in an organization like Yieldstreet, that’s driving, how do I take dollars from your pocket to put into investments?

Michael Weisz (00:09:08):
What we needed to do was establish a level of trust with both sides of the house, and we have to be able to show that we’re going to execute and that we had a force behind us, and then we’re prepared to do it. I think that was one. Two is, on the origination side of the business, people wanted to make sure that, hey, these aren’t two pine sky founders, they actually have a deep understanding of our needs, of our business, of the finance side, of the risk side, of the investment side, and they’re building this thing for the right reasons.

Michael Weisz (00:09:35):
I think that when you look back at our partnership with Milind and I, my background is really all on the investment side, and Milind’s background is more on, hey, how do I use technology and data to solve huge problems? When you put the two of us together, became a really, really powerful duo to go to both sides and say we understand, we know we’re doing it for the right reasons, but more importantly, here’s exactly how we’re going to get there.

Trey Lockerbie (00:09:58):
You mentioned that your MVP, your minimum viable product was around real estate and legal. The legal side, I’m really curious about. I saw this on your website, these offerings, can you give us an example of what a deal like that, in that space looks like?

Michael Weisz (00:10:15):
Fun fact, I was one of the first people in the US to really institutionally invest in litigation finance, starting back in probably around 2009. I think it was maybe three or four of us institutions that were out there. I have a long and passionate history of putting out nearly a billion dollars in litigation finance.

Michael Weisz (00:10:33):
There are different types of ways to invest in the legal industry, and I’ll give you a couple of them, high level. One is, there are contingency law firms, which essentially are law firms that take on cases. The way they will get paid is based on the success that they have. They can try a case for 10 years a person got hit by a car and make no money until they get a settlement for a client. That’s number one. In those situations, these people need to find a way to manage the cash flow of their law firms, because otherwise, they’re going to run out of money if they take on too many cases, and they can’t manage that at different times.

Michael Weisz (00:11:11):
That’s number one. Number two is the individual that that lawyer is representing. If God forbid, someone you know got hit by a car, he or she is out of work, they can’t get paid, they can’t function, et cetera, they need some cash flow. It’s hard for them to go to a bank and borrow it because they don’t have any assets. Most people would say, well, hey, your lawsuit’s not like an asset, how do we value it? We’re not going to lend against you. That’s the second.

Michael Weisz (00:11:37):
The third is a company. A company says, “My partner and I have a dispute. I think this lawsuit’s worth $50 million, I need to borrow five to pay my lawyers, I need to borrow it to live, I need to borrow it to grow my business, whatever the case is. Essentially, do you want to help me bring my case forward and ultimately get to that resolution?”

Michael Weisz (00:11:57):
The fourth is, settlements, or judgments, or different types of situations like that, where you could think about Visa, MasterCard cases, were big in the news for a while. There were all these different cases all around the world where merchants wanted to get some money back from Visa and MasterCard. There’s an opportunity to buy those claims at scale.

Michael Weisz (00:12:17):
There’s many different ways that you could participate in litigation risk, that has really evolved into being an asset class in and of its own. Because in some ways, it’s new, and there’s less capital chasing it than there is maybe in real estate, the return profiles continue to be really interesting. That’s what we brought to market for the first time really to retail investors.

Trey Lockerbie (00:12:38):
Maybe give us an idea of what those returns look like. I’m curious about the product itself, are you packaging together a lot of these cases into one vehicle, or is it case by case that someone like me would be funding that?

Michael Weisz (00:12:51):
Each product that we went through poses, in many ways, a different level of risk. Let’s go with the highest risk. The one that we spoke about where there’s like an individual who got hurt and needs to borrow money, the outcome there is very binary. It’s one person, it’s one case. The way we have historically offered those is by aggregating hundreds of those examples into one fund.

Michael Weisz (00:13:14):
The average funding, and don’t quote me, because I haven’t looked at it in a while. But I think the average funding was like $4,700 $4,800 to a person in that situation. You’ll have 500, 600, 700 of those opportunities in a particular fund. Your risk of loss is really attractive, because you’re highly diversified, and historically, I think by now you probably have almost 20 years of data, since this business started that you can really understand how you’re going to perform. That’s like a portfolio.

Michael Weisz (00:13:41):
The other side of the risk is like settled case financing. A person settles their case, and the city of New York has 90 days to pay them from the settlement. At that point, you’re really simply taking New York City credit risk for 90 days. The person, it’s pre-holidays, they settled their big case for $10 million, they want to get $2 million now for whatever reasons.

Michael Weisz (00:14:02):
Yeah, you would invest in a single offering there with pretty low risk, probably make around, 8%, 9%, and you’d feel really good about it. In between is the single cases, the company cases where you want to put together a portfolio of maybe 10, 20 claims from different companies so that you have some diversification. We saw some upside, maybe you want to try to achieve high teens, low 20s type of returns on a portfolio basis. You’ll see those different types of offerings available. You’ll see a legal finance fund, you’ll see a consumer fund, you’ll see a single case settle fund.

Michael Weisz (00:14:32):
There’s different types of products that we curate, to help people access a nice, healthy portfolio across the litigation spectrum.

Trey Lockerbie (00:14:40):
Is Yieldstreet underwriting these in-house, or how are you evaluating these deals?

Michael Weisz (00:14:46):
That’s a great question. For us, across the board, the way we think about Yieldstreet is not about building a digital hedge fund, but it’s about connecting what we believe are some really great opportunities and great managers to a larger audience of people who are seeking to invest. The difference is, instead of us going out and finding Sally who got injured and trying to get 500 of them to put in a deal, we look for some of the leading consumer litigation finance companies and say, “Hey, here’s our criteria, here’s what we care about, here’s the risk profile, you’re going to have to go through a rigorous approval process. But if you could deliver this, we’re going to fund it.”

Michael Weisz (00:15:26):
Then we sit with about $300 plus million of access to cash as warehouse, we actually fund the transaction before we ever sell it, and then we go to our audience and say, “Hey, this is the criteria this is vetted, by this company, this is what we’re offering.” For me, it’s really about using technology and data on a platform to create a curated experience where you can access all different types of investments from leading managers.

Trey Lockerbie (00:15:51):
In that case, are you funding it, getting reimbursed by someone like me as a customer, and then promising me a certain yield, and you’re capturing the difference? Or are you just taking a fee on whatever the final outcome is?

Michael Weisz (00:16:07):
We’re generally taking a management fee on the assets under management. That’s generally our model. But if you go to any particular investment, you’ll see specifically exactly the fees by that investment.

Trey Lockerbie (00:16:20):
Got it. I recently read that Yieldstreet just raised something like $100 million, which is incredible, I think was your Series C. How much money has been raised to date, and is it going to what you just described as far as funding these deals off your balance sheet or operational costs? Or what does typical funding look like for you? What does the money typically go towards?

Michael Weisz (00:16:41):
Great question. Listen, it’s a huge milestone for us, and it’s super exciting. Thank you for calling that out, and recognizing that. For us, this particular raise is super specific on the use of proceeds and exactly what we want to do with it. If you couldn’t tell, we’re pretty relentless and focused.

Michael Weisz (00:16:58):
For us, over the last number of years, we’ve really focused on building out this just incredible technology and distribution engine. On the other hand, really solving for a need that this audience has in how do we find a better experience with our money?

Michael Weisz (00:17:14):
When you look at that, we’ve built the foundation for that experience by providing multiple types of investment opportunities, but we’ve never really focused on a huge scale. I think at our peak, we were spending, I don’t know, $700,000 to $800,000 a month in marketing. For an organization of our size, we should really stop that up.

Michael Weisz (00:17:31):
For us here at Yieldstreet, it’s really about increasing the user growth, so that we can actually live to our mission, which is helping millions of people really get into a better place financially. That’s one. Two is, really identifying the best talent that we can for Yieldstreet. If you have the ambitions that myself and Milind and the management team have, you need to be surrounded by some amazing people. Let’s continue to hire great people.

Michael Weisz (00:17:55):
Three is similarly focusing on the origination side. Let’s continue to develop investment products and expand our investment universe. Lastly, it’s thinking about strategic M&A, and really focusing on bringing the right components into the broader Yieldstreet family, to make sure that we could honor the promise of really building out the future of how you interact with your money, that digital private bank experience.

Trey Lockerbie (00:18:20):
Got it. One of the reasons I got so interested in alternative assets is Ray Dalio’s famous first saying that the holy grail of investing is finding basically 15 uncorrelated bets. We had someone from Bridgewater on the show fairly recently, and they said that that was pretty much impossible for the retail investor. Really, for the retail investor, currently, there’s only about four. If you talk about equities, bonds, short and long term, and something like gold, maybe, those are the most easily accessible. That’s only about four.

Trey Lockerbie (00:18:51):
I’m seeing eight asset classes on your website. You’ve mentioned art, aviation, commercial, consumer, legal, marine, multi-asset funds, and real estate. That gets you, say to 12, and we’re getting a lot closer. Maybe talk to us a little bit about those eight that you guys represent and focus on and the correlation between them, and something like the stock market.

Michael Weisz (00:19:16):
I think what you heard from Ray and your conversation with Bridgewater are not necessarily mutually exclusive. I think there are other books that talk about similar types of investing. If you think about 100 Bagger, or the Philosophy of Money, or some of the other really great books, they touch on two major themes. One is patience. Being a trader and being an investor are two very, very different functions, and you need to be cognizant of that.

Michael Weisz (00:19:44):
They’ll refer to examples like Amazon dropped half a dozen or more times more than 60% before it started really taking off. The point is that if you fundamentally believe in a company, or you fundamentally believe in a strategy. For example, we could talk about housing in the US as an investment strategy and why I fundamentally believe in that, irrespective of how home prices might go on a year over year basis, more like as a decade, what that means to us. I think that’s the theme that Ray is talking about is understanding and identifying particular themes that you want to go long on and stay disciplined on.

Michael Weisz (00:20:19):
The reason that the second person probably said, or one of the reasons the second person probably said it’s impossible, is because most of us have jobs. Where are we going to actually find the time to identify what those opportunities are, and stick to that? The question that I always think about is like, hey, on a very basic level, you go to a hotel, and there’s housekeeping service, you go to a restaurant, there’s a waiter. We’ve gotten really good, at least in America, at employing people to do things that we don’t want to do. Whether it’s as simple as babysitting, or housekeeping, or anything else.

Michael Weisz (00:20:51):
Just like I would pay someone to watch my kid, if I wanted to go out on a date, one night, I would pay someone to find those opportunities that the Rays of the world talk about. In many ways, that’s how I think about Yieldstreet. What Yieldstreet is not is eBay, it’s not a million companies just throwing their different opportunities on this platform, and it’s like, buyer beware, go figure it out, it’s on you. We just provide technology.

Michael Weisz (00:21:18):
There’s a place for that in this world, for the people that want to go pick that. That’s not what I think is important to me. What Yieldstreet is saying is like, hey, we understand how complex that world is. We think what’s a better experience is where you get to pick fanatically, or a narrative of where you want to be, and I’ll explain that in a second. But you want someone to do the curation for you and say, “Hey, here are three opportunities.”

Michael Weisz (00:21:42):
For example, if you wanted to be invested in a venture, the ideal would be like, hey, can I get access to Sequoia, Andreessen, DST, pick your next one. It’s not like, can you show me 700 new startups that might be cool? No, I don’t have time. I’m not interested. I don’t even know how to underwrite them. I know that, if you look at the last decade of wealth creation, a tremendous amount has come from startups. I know that technology is a huge disrupter. So, I believe that there’s value there. I know, I know, I know, and for those reasons, I want to be here.

Michael Weisz (00:22:13):
When you think of Yieldstreet and you look at the asset classes that we’re in, we’re saying like, hey, as a CIO, my job is to recognize that I have an audience of hundreds of 1000s of people and growing, that are looking to really invest their portfolio in a smart and diversify. Michael and Yieldstreet team, can you bring me a few options in each different part of the risk bucket?

Michael Weisz (00:22:34):
Give me a little real estate, show me some art, show me some shipping, et cetera? Can you help find the right prospects for me? Then yes, I’ll make the decision on what I want to invest it. That’s really how I think of Yieldstreet, and I think to your point about Ray and this other person, maybe that’s where we thread the needle in the middle there.

Trey Lockerbie (00:22:53):
Seems like it. Speaking of art that you just mentioned, I’m really curious about that. We had Scott Lynn on for Masterworks recently, as well, and he was introducing us to this idea of fractionalized shares in art. But it sounded almost like, it’s basically monetizing it by almost like an IPO in some cases on their platform. Does Yieldstreet work in a similar way, where they’re basically fractionalizing shares on the website? And are you pre-funding the art as well off your balance sheet?

Michael Weisz (00:23:22):
Yep. That’s exactly what we start. I think, in many ways, we’re the pioneers of that. We funded $2 billion in investments before we ever sold them. We stand behind them, in that sense, and we’re fractionalized access to, essentially every asset that we provide access to. Athena is the largest privately held art finance company in the world. What Athena’s business model is, to provide a financing solution for blue-chip fine art.

Michael Weisz (00:23:51):
If you are an individual or a dealer, or an auction house, and you had a $10 million piece of art, it hasn’t been treated like a true financial asset by anybody else. We said, why can’t you borrow 5 million against it, just like you would if it was a home or a building? Athena really pioneered that outside of Sotheby’s and Christie’s offer some financing solutions, if you promise them and agree to sell your art through them. But what about if you don’t want to sell it, you just want to buy two pieces instead of one, or you want to use $5 million to invest in your business?

Michael Weisz (00:24:27):
Really creating an asset class and liquidity out of fine art is what Athena started their business for, and we ultimately, after they grow, after a number of years, we bought it for about $170 million from Carlyle, and we grew that over at Yieldstreet. What was exciting to me was, hey, for the first time, we can help retail investors get access to this product that only Carlyle and other types of major institutions that had before.

Trey Lockerbie (00:24:54):
Another asset class on your website I’m really curious about is the aviation piece. Give us an example of how that works.

Michael Weisz (00:25:02):
That’s actually much more common than people know, it was also very much a post-COVID play on betting on America and betting on people coming back, which has actually worked out far faster than we expected. I think, the industry felt that the median comeback would be 2023. I think if you ever walk into an airport today, you probably will forget that COVID existed. That’s how packed it was.

Michael Weisz (00:25:25):
Play is very simple. Airlines, commercial airlines, people think they own all the planes, they don’t, they often have investors own the planes or private equity funds, and then they lease them back from you. Similar to taking a lease on a building, like, hey, Michael, you own 100,000 feet, I’ll ground lease the building back from you for 20 years.

Michael Weisz (00:25:43):
They’ll often do it in seven to 10 years stints, where American Airlines will say like, “Hey, I need this many planes of this type. I don’t want to clutter up my balance sheet by owning too many. You own them, and I’ll pay you a lease rate on those planes.”

Michael Weisz (00:25:56):
What became even more interesting now in COVID, was they still owned about 50% of the fleet, that’s how it breaks down, 50-50 because they want to own some of it, and they’re like, “I need some cash. COVID just hit, everything’s changing. I need to sell planes, I need to raise cash.” But the securitization market was closed. It became a really interesting opportunity to quickly invest and be a liquidity solution for the major airlines, and to provide that sale-leaseback strategy.

Michael Weisz (00:26:22):
Again, your biggest players of the world, you name $500 billion asset manager and up, they probably have an aviation strategy. Giving people access to this is super cool. Planes have multiple components that make them super valuable, which is a whole nother discussion. The engines have their own life to them. You move engines around planes all the time. It’s not like a car where you try to keep your engine. You need like, engine maintenance, they won’t take a plane out of service, take the engine out, you get another engine, you put it on that plane while the other one’s being serviced.

Michael Weisz (00:26:52):
The engines actually have tremendous, tremendous value, especially when they’re maintained the right way. It’s like component number one. Component number two is like the plane itself has a ton of value. As its age more, the value of the plane declines, which is separate from the engine cases. Then the last piece is the raw material, the aluminum has its own value.

Michael Weisz (00:27:14):
There’s never going to be a $1 value because the raw material to just literally go get money for the aluminum is always going to be something. That’s your last stop. But what’s interesting about planes, and the strategy around planes as well, in many ways, it’s like a private equity strategy. It also has cash flow, because you’re getting lease payments right away. It has a current coupon component to it with a pop over time.

Michael Weisz (00:27:38):
Then when you think about COVID, when cash was tight in the beginning, so the value of the plane goes down, because there aren’t those many people ready to pay for it. It’s a situational distress, not an asset level distress. You’re buying a $10 million plane for let’s say, seven or whatever eight. Now, the plane’s back to being worth 10 or 11.

Michael Weisz (00:27:56):
You have your cash flow coming in, but you bought it right, you’re going to get a pop one day. Because it’s not depreciating as fast as it otherwise would have when you bought it at a higher price.

Trey Lockerbie (00:28:06):
What is the yield expectation for something like that from Yieldstreet?

Michael Weisz (00:28:12):
My feeling and this is literally a personal failing. So you can’t hold me to this. I think that the yields that are projected for aviation strategies by the major players are pretty conservative. I think a lot of people are like, “Hey, we’re going to do 11, 12.” My guess is with the recovery moving this fast, they’re going to do much better than that, much better.

Trey Lockerbie (00:28:35):
I’m curious, is the consumer peace just focused on supply chain and APAR financing? Talk to us a little bit about what’s available on Yieldstreet in the consumer section?

Michael Weisz (00:28:46):
Supply chain financing, I would say is more on the commercial finance section. Like, hey, you have these different issues in a supply chain at any time, especially now. There are always interesting financing opportunities. The consumer stuff that we find ourselves in are usually specialized consumer products that are brought to us by specific consumer lenders.

Michael Weisz (00:29:03):
One that comes to mind is, we did a point of sale financing solution for motorcycle dealerships. There’s a whole historical trend that goes back decades around loyalty that people have to their bikes, and it’s like getting car financing, but it’s just less prevalent in bikes. That would be one.

Michael Weisz (00:29:23):
Another one is we did exotic car leasing. Different people have different priorities, and some people love having a nice exotic car, but they may not have the best credit for it. I guess getting approved for a Lambo or a Ferrari is harder than they think. There are solutions there. Then there’s the opposite side of the spectrum, which is more in the subprime space where people need access to emergency cash that in many ways has dried up over the years as the local bank model of providing the single mom with two jobs and extra loan just doesn’t exist.

Michael Weisz (00:29:57):
Yieldstreet steps in when it can’t find the right partner to provide those types of loans to people. We may find ourselves as a $20 million investor in a $100 million financing for a consumer lending business.

Trey Lockerbie (00:30:11):
Given your background in commercial real estate, especially, what’s your take now that we’re recovering through COVID? There was a period there at least where I think people were pretty bearish on commercial real estate, generally speaking, because no one knew when tenants were coming back when people were going back to their offices if you even need offices, et cetera. What’s the general take on commercial real estate today, in your opinion?

Michael Weisz (00:30:33):
I would say, I was never bearish on real estate, I was in purgatory, meaning you can’t make a credit decision if you don’t have the right information to make that decision. Then you’re making a bet. That I think is different than an investment decision in some cases. Depending on how you invest, but for me, I’m making decisions that are ultimately likely to impact many, many, many people as they choose to then invest in those deals.

Michael Weisz (00:31:00):
I said to the team, we’re not making a real decision for a couple of weeks here, we need to see how this thing shakes out. I think we purged our pipeline for maybe six weeks, maybe more, maybe eight, just as we got information.

Michael Weisz (00:31:11):
Listen, I think people have different reactions, especially in a moment of crisis. The new cycle always needs to keep moving, so people have to find a narrative to talk about or a bite to produce. I think where we were is a lot of unknowns, especially with the election coming in, and how things were going to shake out. Today, I think we have a much better understanding of where the market is. But the government stimulus really helped a lot. Most importantly, it kept people in balance, or in a workout with loans, as opposed to ’08 when everything froze up.

Michael Weisz (00:31:44):
As lending is continuing to be active, in many ways, even more aggressive, people are able to buy assets at the right values and to do well with them. Second is billions of dollars raised for distress and the level of distress didn’t show. It’s keeping asset values propped up.

Michael Weisz (00:32:04):
I think that broadly around the investing world. When it comes to real estate, I think maybe one trend that was shifting in the opposite direction that had reversed again, might be this huge view of moving into inner cities.

Michael Weisz (00:32:17):
I think that, in many ways, the remote work, or the WeWork type of model was really moving heavily into big cities, and providing a solution for major companies to have hubs all around major cities. I think that model’s actually going to be more successful now. But not necessarily just in big cities. I think we’re seeing people moving out to single-family homes, you’re seeing people move 30, 40 miles out of the major city, and they may want to have an office near their home.

Michael Weisz (00:32:44):
I think we all got a little over our skis at how much we want to abandon suburban lifestyle. Everyone’s like, oh, mom, dad, why the white picket fence when you could have a studio and a shared kitchen and a shared movie theater with 72 people? I’m pretty bullish on real estate, generally. I think the office model is going to be interesting, and I question a little bit only because from my experience, at least in a city like New York, you make your money on the 90% to 100% occupancy, everything below that is really where you’re covering your costs.

Michael Weisz (00:33:12):
Are we really going to get back to a place where every company is going to be there full-time for everyone? I’m not sure about that. In some ways, I believe, yes. In other ways, I think about it, I think about the decisions that we made at Yieldstreet, which is much more of a hybrid model. So, three days mandatory in office, and the other two days, you can work around and more flexibility around traveling and holidays and vacations and things like that, just taking into account like, hey, we grew 250% year over year in COVID. It can’t be that we can’t function outside. We need to recognize that.

Michael Weisz (00:33:46):
I think the office model is interesting. I think industrial’s going to keep crushing it pretty much for as long as I can see, because last-mile delivery and Amazon, and online, and all that moving. I think that single-family rental… I’m very, very long housing in the US, I think you’re not going to build enough homes over the next five to seven years to get into the demand that people are looking for. So, get your hands on investing around homes.

Michael Weisz (00:34:11):
I think that owning homes and owning real estate is your best bet to inflationary hedge. We used to do that by mortgage bonds, but then you took a great risk. Now that there’s this whole model of fractional ownership in real estate, you could actually be inflation hedge. To me, I think the biggest question might just be inner-city office, is there an oversupply over time? I think we’ll need about 12 months to really see where companies land on that policy.

Trey Lockerbie (00:34:38):
Does Yieldstreet actually offer vehicles around residential real estate and how does that work with the fractional shares?

Michael Weisz (00:34:44):
We are pretty active in something called single-family rentals, which is SFR. What we do there is, we partner with different folks around the single-family rental ecosystem. For example, we could partner with developers. Someone could have land for 1,000 lots of land, that we’re going to partner with them to build those lots and either sell off those homes or turn those homes into a rental community. Or we could partner with people who already own existing homes to generate the cash flow from the renters.

Michael Weisz (00:35:12):
We partner with people who build spec houses, luxury spec houses, too. Again, my view is when you’re reading headlines countless times, that say, there’s more real estate brokers than real estate available, you ought to be on the other side of that trade quickly. You can definitely partake in being a partner in these offerings that we have around the residential real estate.

Trey Lockerbie (00:35:35):
Going back to the problem that Yieldstreet was setting out to solve, it was the access to and distribution of alternative assets that were mostly reserved for people in something like a hedge fund. To get into a hedge fund, you have to be pretty wealthy, typically, right? The accreditation piece comes to mind. I notice this as part of the initial step on Yieldstreet, are you an accredited investor?

Trey Lockerbie (00:35:57):
First of all, how much does Yieldstreet vet the customers they’re taking on? What is your general take on accreditation, and where it might be heading? Are the regulations loosening up over time, or is it getting even harder to access these types of funds outside of Yieldstreet?

Michael Weisz (00:36:16):
We’ve built a pretty seamless process around what we call accreditation verification. If you’re an investor, and you want to come to join Yieldstreet and be part of some of those investments, you really want to try and have the most seamless experience, especially when it goes through getting approved and setting up an account, verified as accredited.

Michael Weisz (00:36:36):
I feel pretty confident that we’ve done a really good job at making that a seamless process, and I would say that our success hopefully demonstrates that people feel that, that process is easy enough to get through. How do I think about regulation? I think regulation is super important and necessary. At the end of the day, we want to find a way to protect consumers in America. I think that regulation is often reactionary. Something really bad like ’08 happens, and someone advocates for hyper-regulation, and we get over-regulated broadly.

Michael Weisz (00:37:09):
Then as the years go by, people are like, wait, that wasn’t actually as good for me as I thought it was, because I could invest in pink sheet stocks, but I can’t invest in a $100 million institutional deal. How did this help me? But when you put your mind in the mind of the regulator, you’re more about that’s okay, as long as I protected you from the 99 other things.

Michael Weisz (00:37:30):
I think regulation is important. I think regulation over time could benefit from being less reactionary and more proactive. I think businesses are always at the forefront of innovation and regulations a couple of years behind.

Michael Weisz (00:37:43):
There’s this catch-up game that the regulators find themselves playing, in many ways. That being said, I will say very comfortably that I feel that, especially as it relates to the SEC, that they have recognized a number of years ago, to me, it starts with the JOBS Act, that we could do better, and that times are different, technology allows us to regulate things the way we need to, to be comfortable, but not in the same way that we have to.

Michael Weisz (00:38:10):
For example, we could have 20,000 investors in an opportunity now and get the same level of reporting that we would if there were only 50. How do we modify the law to not cap it at 99 investors and have more, because we could solve for what we needed? I would say that regulation is trending more reasonable, I think is the right word to use and to be modernized. I think the JOBS Act was big. I think in March, the recent accreditation definition expansion is important.

Michael Weisz (00:38:38):
I think, for example, the Department of Labor, talking about allowing people to invest 15% of their IRAs into alts. We’re moving in the right direction, we’re trending in the right direction. I think if I was speaking to myself and other founders, we as a group could do better about dedicating a little more of our time to be with regulators, even though it means that we’re not focused on actually growing the business, but really a longer-term play. Because the incumbents are not going to be the ones to educate the regulators on the innovation that’s happening in the ecosystem, it’s going to be guys like us. We’re not willing to dedicate the time.

Michael Weisz (00:39:14):
It’s fine for other founders to complain and bitch and moan about regulation, but someone needs to have a dialogue and explain what we’re doing and why it’s important to modernize themes. But for the investor and the consumer, I think that the government is very much trying to look out for you. But I also think that there’s clearly a trend to loosening regulation and making things more available to you, the investor.

Trey Lockerbie (00:39:39):
Well, I noticed on the website that you do offer deals to unaccredited investors that are probably on the smaller side and that there are other investments if you’re an accredited investor. I’m curious, when I’m filling out the survey, let’s say you have a high salary, and you click that option, but you don’t have, let’s say, the $5 million family office, what are the levels of accreditation? Are you serving up different products based on that survey and the level of accreditation? Are the deals different depending on the profile of the customer?

Michael Weisz (00:40:09):
There’s going to be multiple segments that the SEC uses to define different levels. There’s non-accredited, there’s accredited, there’s, let’s say QP, qualified purchaser, there’s qualified investor, there’s a QUIP, which is a $100 million net worth. The regulators are going to limit what you can sell to whom, or maybe said differently, how you can sell something to whom.

Michael Weisz (00:40:35):
For example, there are offerings for accredited and non-accredited investors alike. That’s more around a certain regulatory construct of how investment is sold. In that particular offering, what you’ll find is, it’s a diversified fund structure, like a diversified vehicle, or the objective is, hey, if you want to be a passive investor, but you want access to the Yieldstreet ETF, almost like, here’s everything we do, then whatever we can put in, subject to the limitations, we will put in and really give you the opportunity to have an allocation in a vehicle that’s going to have exposure to our real estate, shipping, commercial consumer, all this stuff we spoke about.

Michael Weisz (00:41:16):
I would say it’s more about how you invest in a particular product than what you could have exposure to if that makes sense.

Trey Lockerbie (00:41:24):
That’s really interesting. To me, I was curious about the funds’ piece of this and what you offer, because like you said, people are busy, they don’t have a lot of time. It’s really great you’re offering this spectrum of alts. But let’s say I just want to put money and say, “Listen, Michael, I just want you to do this for me. I trust you guys. Let me just put this allocation into this fund and leave it alone for a while. What do you offer in that way?

Michael Weisz (00:41:48):
We think about it a little bit differently, but along similar lines, which is there are different types of people, and people have different desires or different goals and want to invest in different ways. Let’s break down four user journeys. One is, “Hey, I’m really interested, and I have the time, and I want to be hyperactive in my portfolio. I enjoy picking a bunch of single offerings to create my own portfolio.”

Michael Weisz (00:42:15):
Person two says, “I really like to be a thematic investor. I like single-family rentals and the growth that you’re seeing, and I believe in it long term. Or I don’t have a way to access legal finance, or art or these other things, so I like them all. But I don’t have the time or necessarily the interest or expertise to pick individual deals. What would be great is for me is if you could have a thematic fund.

Michael Weisz (00:42:43):
Yieldstreet says great, we have the art fund, the legal fund, the real estate fund. That gives you the opportunity to be more passive, but be thematic in how you invest. The third type of person is someone who says like, “Hey, this is all really interesting, but where I want to be as an investor is to be able to invest alongside some really great managers and funds and investors, like the Harbor Group or Avenue Capital or the aviation one or some of the other stuff that’s coming out. Is there a way for me to invest with Yieldstreet in potentially exposure to other big managers?

Michael Weisz (00:43:18):
Those are the ones we just mentioned, the aviation, et cetera. The fourth and final one is the person who’s like, “This is all great, I don’t want to do any of what I just said. But I want exposure to the basket of opportunities that Yieldstreet has fundamentally approved and put on the platform.” That’s going to be that last one for accredited and non-accredited investors. It’s a 40X fund, where you could make one investment and increase it over time, and just keep getting that broad exposure and diversification across the platform of Yieldstreet.

Michael Weisz (00:43:46):
To me, what’s even super interesting about that product is because of the structure of it, it actually has quarterly liquidity. You can choose how you want to go in and out of that vehicle and not be married to it, necessarily as long term, but still get the exposure that you’re looking for in a passive fashion and diversify.

Trey Lockerbie (00:44:03):
Well, that was my next question was around liquidity. Does the term-end every quarter and you’re getting paid out your principal and your interest every quarter? Then it’s up to you to reinvest in that fund on a quarterly basis? Or are the terms longer?

Michael Weisz (00:44:15):
No. The term is much longer, but you have an option to seek liquidity on a quarterly basis, subject to whatever the limitations are, which you’d have to go online, really get educated. But essentially, what it means is, is that if I made an investment for X dollars today, that I would be able theoretically to access quarterly liquidity by asking for it, by clicking a button.

Trey Lockerbie (00:44:38):
Is there any certain tax advantage with any of those products at the funds over the individual? Is it all fairly the same, just capital gains?

Michael Weisz (00:44:45):
The short answer is yes. There are different advantages for different strategies. I think that’s super technical to get into here, like which ones had depreciations, which ones don’t. K-1 versus 1099. How it’s passed through, all that. Those are much more specific. But I think the overarching point that I would say is what Yieldstreet is trying to provide is the experience of the private bank to you, which is, we know who you are because you’re our client, we care about you. We’re going to go out and try to find great opportunities that fit what you’re looking for, or that at least give you a chance, in a curated fashion, to pick what you think is best for you.

Michael Weisz (00:45:26):
We’re going to do our best to drive value to your pocket, with good risk, reward opportunities, and we’re going to keep doing that every day in a digitally native experience with transparency and ease of use. That’s the focus and all the things that you would expect to come with it should come with it. The reporting, the transparency, the tax advantages, the distributions, having a digital wallet, all that stuff that you and I haven’t really spoken about, that’s the totality of the experience that we want to create for you, and that we have.

Trey Lockerbie (00:45:54):
I’m glad you mentioned the transparency because I was really impressed with the language on the website and how transparent it seems to be. There were some nomenclature on there I was curious about with some of the investments like you would be paid at a “target” interest payment, or that the fund expects to pay you back your principal at the end. Is this just regulatory jargon, or is it just alluding to inherent risks that may be less obvious to the unsophisticated investor?

Michael Weisz (00:46:22):
I think that we live in a world that’s highly regulated with a very high bar of compliance. Different organizations take a different approach into how they feel about communicating some of these things. For example, if we invest in a loan that’s paying 12%, we should just be able to say, hey, you’ll get 12%. Reality is, you might not. There might be a default, there might be another issue and may not perform.

Michael Weisz (00:46:50):
Some platforms will say like, hey, we’re not going to get so technical. If it’s 12%, it’s 12%. You obviously know, it’s not guaranteed, so that’s on you. I would say our perspective has always been far more cautious. It’s just we’re much more… I think we behave much more institutional than I think you would see other platforms. I think some other platforms are all about the sell, and we’re all about the buy. Meaning we don’t push products on our customers, we push content, we push education, we push transparency, and we push high-value product, and then we stop.

Michael Weisz (00:47:21):
Now, it’s on you, Trey, to read it and say like, hey, do I feel that this is right for me, and can I make that decision? I think that in some ways that manifests itself in sounding like a little overly complex, or a little weird English that I don’t particularly love. But it’s trying to live within those lines. It’s like target return, the rest of the whole presentation says it’s 12%. But like, we’re hedging that risk and being super transparent.

Michael Weisz (00:47:44):
We’re like, you could expect payments quarterly, hopefully. It pays quarterly, you should be fine. I think we’re trying to solve for A, how do we use nomenclature language in a way that you say, this sounds normal, and I understand it. Versus like, how do we be really thoughtful around how we are talking about different attributes of a transaction without making it feel like we’re promising or committing to certain things.

Trey Lockerbie (00:48:11):
Where do you see the tech of Yieldstreet going? It’s obviously an amazing web platform, is there going to be an app where these deals are just as easy as something like some of these brokerage exchanges that you have on your phone?

Michael Weisz (00:48:23):
I think we’re actually one of the first platforms to have an app. We’ve had it for a couple of years now. The coolest thing is, the first investment made on the app was actually in the middle of Lake Michigan. We thought it was fraud, so we reached out to the guy, I’m like, “Hey, did you make an investment?” He’s like, “Yeah, why?”

Michael Weisz (00:48:38):
We’re like, “Well, we’re seeing it in the middle of Lake Michigan.” He’s like, “Yeah, it’s amazing. I’m out with my grandson fishing, and I was like, this is everything I ever dreamt of.” Yes, we have an app, the app is amazing. I use the app all the time. That’s primarily how I’m investing on Yieldstreet is through the app. The app is everything that you would expect it to be and more, to your first part of the question, which is where are we going?

Michael Weisz (00:49:05):
I think the best way to give you a view into where we’re going is to say, go to Yieldstreet’s website, look at the resources, Milind and I published a founders blog, a brief letter, post-Series C about, hey, why don’t we raise this money. Where are we going? What’s this all about? In conjunction with that, we put together a video that would really show you a day in the life in Yieldstreet in two or three years.

Michael Weisz (00:49:29):
We had a video created with all the functionality that we got excited about; real liquidity, secondary market, international. Technology transcends borders and currency. Advice, goal setting, like hey, I want to invest for my kid’s college. How do I do that? Really changing the way you think about money. I think if you go click on that video, you’ll see a day in the life of a Yieldstreet user in two or three years.

Trey Lockerbie (00:49:52):
Do you ever foresee the alt offerings incorporating something like NFTs or even crypto other currencies?

Michael Weisz (00:50:00):
Yeah, absolutely. Crypto’s on the pipeline. I think you’re going to see that a lot sooner than you think. That’s certain. I think for us, we’re five years into a 15-year journey. I think it’s going to be a lifelong journey, but I would say until I have the totality of the experience, and the markets are always evolving.

Michael Weisz (00:50:19):
Stepping back to one of the things we spoke about earlier, as a CIO, my role is to say, “Hey, I have this ever-growing community who wants to build a holistic portfolio.” I need to constantly be looking at the market and understanding by them, so they could do a better job at creating the portfolio that’s best for them in a diversified fashion.

Michael Weisz (00:50:40):
We’re always going to be introducing new products over time. The Yieldstreet’s value is not a function of what we sell. Rather, it’s how we sell, to whom we sell, and our ability to sell. It’s leveraging the most efficient technology in the world, with this incredible audience and bringing those together to create that flywheel. To us, that’s the holy grail of what we’re building is creating that experience for you, the customer. In some ways, any asset that has a right risk-return profile, and that’s right for our investor base is in play.

Trey Lockerbie (00:51:14):
Five years, that is really impressive. How big is Yieldstreet now? How many employees are you now?

Michael Weisz (00:51:21):
We’re about 110 employees. I think we have 30 jobs open, looking for awesome people that are passionate about really democratizing access to these types of products. Looking for people that get passionate about, as crazy as it sounds, changing people’s lives, giving them a better financial future, that just jacks me up like crazy. I want people that are excited about that mission.

Michael Weisz (00:51:44):
Looking for people that get invigorated by a big mission, that are smart, that are excited about building, and about being impactful in a smaller company. That’s where we are.

Trey Lockerbie (00:51:56):
Where does Michael invest on Yieldstreet? They built this machine, it’s almost a scratch your own itch, endeavor. You have certain interests in commercial real estate and legal, what products pop up for you that you’re like, I’m in on this.

Michael Weisz (00:52:11):
Let’s see. The first answer of all my investments are coming up is I’m looking for a diversified portfolio. I’m investing across the board at Yieldstreet. I have 29 active investments right now, at Yieldstreet. That’ll range from short-term notes if I’m not sure exactly where I want to put certain cash or if I’m waiting for more diversification or more product. To the different funds that we spoke.

Michael Weisz (00:52:37):
At 29 investments, I’m pretty heavily diversified. You’re seeing me in everything, from order to shipping, to structured notes, single-family rentals, to the legal supply chain. My goal is to be as diversified as possible, and to be thematic in nature, and to build a rolling portfolio.

Michael Weisz (00:52:56):
If you look at my durations, I have things that are maturing in a month or two. Let’s say the aviation fund that’s a long-duration private equity fund. Until we build a full-blown secondary market, where there’s always real-time liquidity, I want to know that across my portfolio, there’s going to be moments of liquidity over time.

Michael Weisz (00:53:16):
Hopefully, each of those moments, I’m like, okay, I’m good, I don’t need the liquidity, boom, I reinvest. I’m constantly re-engaging with Yieldstreet. As Yieldstreet continues to expand what it offers, then I keep investing more. Where we started this entire conversation about an hour ago, I told you that the reason I started Yieldstreet, in other words, is for Super selfish reasons, because I needed this, and my friends needed it.

Michael Weisz (00:53:44):
Here I am continuing to build Yieldstreet for the people I love and care about need. That universe just expanded to millions of people who share the same pain. You’re going to see me doing the same things that, I think most other people are going to do at Yieldstreet.

Trey Lockerbie (00:53:59):
How do those 29 investments relate to your overall portfolio allocation? Are you getting up into that 50% in alts range, like some of the hedge funds you mentioned earlier? Is it a smaller allocation and the rest is over in something like equities?

Michael Weisz (00:54:14):
Given my background, and given where I traffic as a career, I would say that I’ve been fortunate to have a lot more access than most, which is how I figured out that, hey… One story goes, I asked my old buddies, we’re five of us who have been close since I got not elementary, high school. I’m like, “Guys, this is amazing. What are you investing in?” “Circa 2010.

Michael Weisz (00:54:36):
They gave me typical answers. I literally looked at them, and I’m like, you guys are missing the boat. I’m crushing it on legal finance or on this. You guys should come in. They’re like, “Okay, we’ll give you five grand.” I was like, “Wait, what? I can’t do that. I forgot that in many ways, like doctors and lawyers doing their thing, and I’m working for a number of years and got super lucky and fortunate to have the experience that I had. I started to really realize where the access issue was.

Michael Weisz (00:55:01):
For me, I’ve been really heavily invested in alts for a long time, because I understand it really well. Because I feel comfortable that I impact many of my investments. What’s changed over the years for me as migration of investing with others to putting more and more on Yieldstreet. Because Yieldstreet’s offering more of those solutions.

Michael Weisz (00:55:20):
I think you’re seeing that happen across the board, where people are saying, “Hey, if it’s just real estate, and art and shipping, it’s X percent of my portfolio. Wait, now I could do other managers? Okay, that’s another 5% or 10% of my portfolio because I get diversification by them. Wait, now, it’s structured notes, so I don’t have to buy it through some intermediary?

Michael Weisz (00:55:39):
Okay, there’s another 5%. Yieldstreet’s message is very different than what most people, advisors have been telling you always, which is their message is, give me more money. Our message is, we’re giving you more products. You decide if you want to invest more. Actually, they do. They’re like, “Hey, I keep getting more diversified.”

Michael Weisz (00:55:59):
The short answer is, as we keep bringing more products to the site, you’re seeing someone like my portfolio, move higher and higher on concentration to putting it out at Yieldstreet, because it’s not Yieldstreet that I’m taking the risk in, it’s understanding that Yieldstreet’s bringing all these other platforms were bringing your product. I feel really comfortable continuing to expand the share of the wallet that I’m bringing to Yieldstreet.

Trey Lockerbie (00:56:23):
Given that you’re now a successful entrepreneur, we have a lot of entrepreneurs in our audience. I’m curious, any takeaway you can leave for them on the fundraising side, on having 100 plus employee side. What’s been your biggest learning that you think our audience could take away from?

Michael Weisz (00:56:40):
You’re putting me on the spot, so I’m going to say three things that are top of mind to me. I think that’s an awesome, awesome conversation to have. The three things I would say is you asked me essentially, two and a half questions. One was like, some tips on fundraising, and the others was about scaling to a business with this many employees and more.

Michael Weisz (00:56:59):
On fundraising, I think the best advice you can think about is, how do I shorten my story, and make it more crisp? Better the storyteller, the more capital you’ll get every day. Look at the people who you think are the best. If it’s Steve Jobs, if it’s Jeff Bezos, their art was telling the world a story and a vision and keeping it really simple.

Michael Weisz (00:57:23):
It allowed them to build businesses, losing money for very, very, very long periods of time. The value of your business should not be projected in how complex or how different it is, it should be projected in how simple it is to understand what you’re trying to build. That’s one. Two is, as you grow a business, you individually need to grow with it.

Michael Weisz (00:57:47):
As an individual, I’m constantly a growth seeker, looking to improve, I’m looking to grow, because I understand that the organization needs more from me, and needs differently from it. What I provided the organization, what I did to the organization day-to-day, in 2016, or ’17, is completely different than what I do for the organization today.

Michael Weisz (00:58:08):
Understanding that we individually are on a journey ourselves, and we need to keep up with the pace of the business. In many ways, you hear people saying like, “Oh, John was great for us from Series A to B, but not from B to C.” Yeah, well what about Michael? Are you stepping up too? You need to be really relentlessly self-aware of where you are, vis a vis what the organization needs, and get yourself a coach or read or find a way to constantly be growing.

Michael Weisz (00:58:33):
The third is, as you grow, in order to build something amazing, you need to bring in a lot of different people with different skill sets. Different people with different skill sets mean different working styles. If you seek to duplicate yourself over and over, only so far could you ever get. What that means is, and now you have this new person coming in with a whole different way of working and a whole different attitude. The goal isn’t for you or that person to change and become amenable to the other. Because I do best working the way I work and you do best working the way you.

Michael Weisz (00:59:06):
You can’t change just to bend to me because I’m the founder and I can’t change just to bend to you because I need you to manage a group. The question that we have to sit down and talk about is like, what are my core competencies and characteristics in how I work, and what are yours? Where do we butt heads and let’s understand how we work together best. What’s the mode of communication that we need to make sure we’re constantly focused on so that we as a team are most effective.

Michael Weisz (00:59:30):
I think if you keep those three things in mind, being super crisp on your vision, recognizing that you have to always be growing as an individual, and always be mindful that different people operate at peak efficiency in a different way, when we need to figure out how to work together, that to me is maybe three good takeaways for this webinar.

Trey Lockerbie (00:59:53):
I think that’s brilliant. Michael, thank you so much for your time. Before I let you go, I just want to give you an opportunity to hand off to our audience where they can learn more about Yieldstreet, where they can follow you and your other endeavors.

Michael Weisz (01:00:07):
You can follow my professional endeavors on LinkedIn, and maybe from time to time, some passionate spew of something. Twitter, I’m still trying to get the hang of. These days, it seems like competition is fierce, people have completely figured out how to be brilliant in so few words, but I’m working on my game. Definitely follow me there.

Michael Weisz (01:00:27):
Some of my more personal moments are going to be found on Instagram. But I would definitely tell you, LinkedIn and Twitter are your places to spend time with me. Yieldstreet app is amazing. It’s going to do a lot of what we spoke about, and follow Yieldstreet on social. It’s A, super fun and creative. Sometimes I can’t believe the things they post, and B, super informative.

Trey Lockerbie (01:00:49):
Michael, this is fantastic. I learned so much. I can’t wait to do this again sometime. Thank you again for coming on the show.

Michael Weisz (01:00:56):
Thanks so much for having me and have a great day. Appreciate it.

Trey Lockerbie (01:01:00):
All right, everybody. That’s all we had for you this week. If you’re loving the show, please go ahead and follow us on your favorite podcast app. Make sure you’re getting these episodes automatically downloading every week. While you’re at it, be sure to leave us a review so we know how much you love the show. You can also reach me on Twitter @TreyLockerbie, and you can always go to theinvestorspodcast.com for a lot more information for courses, for tools, and other episodes that we offer. With that, we’ll see you again next time.

Outro (01:01:27):
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