LIVE How to get Started Without a Track Record

We're live on Instagram. We're live on Facebook. Welcome in, you guys. Uh, we'll let people hop in for a second, get this thing warmed up. When you hop in, type a 1 in the chat. I want to make sure this audio, visual, the whole thing is working a little bit. Uh, welcome in, you guys. It's gonna be a fun call today. Today we're talking about how to raise money, essentially grow a track record without having the track record, right? It's one of the biggest questions I get. Bridger, how do I start Without this incredible track record, how do I start without 25 years of Wall Street experience? How do I start without going to Harvard and Ivy League school? How do I get going with all this kind of stuff? So welcoming you guys that have joined again. Type a one in the chat. I want to make sure you guys can see me and hear me okay. Actually, as well, type in where you're calling in from. We got a lot of people on the live today. Type in where from. Um, Facebook IG. Yeah, it'll be a better experience, I believe, on Facebook if you guys want to come over to the Facebook group. People that are on IG or if you're on YouTube, sometimes it's better. Anyways, not always. I just pinned my comment there on Instagram. You guys can join our Facebook group. We'll let you in live. I know Nikita and Josh, if people hit the member request, just let them in live so people can hop on if they need to. And same thing here for YouTube. If you guys want to come over, we have a private Facebook group. We talk all things funds in there. This is our—it's it's free to enter. You just got to do it's private though, and we keep it in there. We go live in here once a week. It's pretty fun. So North Florida, welcome in you guys. I want to see where where are you guys calling in from? Virginia, the Bahamas, man. Who's in from Bahamas? That sounds fun. I've never been to the Bahamas. I've been to the Florida Keys before, and I want to actually go to the Bahamas. So next time you're out there, give me a give me an invite. Okay, let's talk about tracker. That was the topic for today—the training—and I want you guys' questions. I want to. To field some of those as well. So first off, Bridger, I want to get in this fund game and I want to get going in it, but how do I build a track record? How do I get going? So a few things here. We're going to talk about this today about things I use. I started my first fund at 22 years old. Okay? Things that I used to build a track record, to build up momentum, to get enough trust from people to write checks, to hand me an investment amount and say, Bridger, we trust you at 22 years old that you're going to take care of our capital. How did I go from zero to that? And then from that to, we raised a very small fund for our first fund, helped build a track record again, and then scaling that to our second fund, which we raised and deployed millions of dollars out of that fund. And then now into our third fund where we're doing, you know, 10 times bigger than those other funds and we're scaling hard right now on that fund as well. So how do you, you know, go through this process of all this? Welcome in, you guys. Oregon, New Jersey, Ogden, Utah. Hey guys, what's up? Um, what— let's help people hop on here for just one more minute while before we go live again. Today we're doing a $100 live giveaway for people on the call. Uh, as you know, we're doing $100 every time the Utah Jazz win a playoff game. Jazz won, uh, is that last night or 2 nights ago? 2 weeks ago they beat the Grizzlies. A good game too, by the way, for the Grizzlies. Really good game, but We beat them. We're playing again tonight, so we're doing the giveaway today from last game. The Jazz are probably going to win tonight, so we'll do another giveaway today or tomorrow. To enter the giveaway for for for Monday's game, it's $100 to enter. You have to go comment and tag a buddy on one of my. I posted two Instagram posts ago on Monday. I I really maybe it was yesterday. No, it was yesterday. Excuse me, yesterday. It's a it's a it's a video of me. It's an ad we made a while back. Me shooting a basketball backwards. And the, and then the prompt is comment your butt or tag your buddy with the worst jump shot. So go in there, tag your buddy with the worst jump shot if you want. We're doing a $100 giveaway in about a couple minutes. I'm gonna go in there and find the person. So I'll refresh the page if you want to go on there and find it. Um, I will refresh the page to make sure your comments are added if you guys want to add that. We are doing this every game until the NBA Finals, and we've got, um, a pretty big surprise coming for you guys, uh, when the Jazz get a little bit further in the playoffs. We've already acquired— all I'm gonna say is we've acquired the asset. That's all I'm gonna say. We've acquired the asset, and here we go. For people online, this is the post for at least this one. It's right here. Boom. This post right here, okay? We've only got 61 comments. It's not a lot of people on this one. So you've got some good chances to win. You've got to tag your buddy with the worst jump shot right here. See how people are tagging their buddy? Worst jump shot. Tag your friend with the worst jump shot, and that's the person who's As well. Sound good? Doing these every game, so be on the lookout. Um, we gave away money to Will one on— I think Monday we did a live call. Will won that one. Anyways, we're giving away money. It's kind of fun. We'll do that in a few minutes. All right, let's talk for a minute though about— back to the conversation today, and we're gonna manage this live call. We're gonna do questions, we're gonna do all sorts of stuff. Okay, we're gonna do all sorts of fun stuff on this live call today. It's gonna be a good time. Let me talk for a few minutes and then we'll get into it. So Bridger, how do I build a tracker with my fund? Now, as you know, running a fund in general, when I say fund, all I mean, a fund is just a pool of money. Investors dump money into that pool, and us as fund managers can go and draw from that pool and go and make investments. So a lot of funds, you'll hear private equity, you'll hear venture capital, you'll hear hedge funds. These are all different fund types, same exact structure. They're really just a pool of money. Investors put money into that pool. And you can go buy real estate with it. You can go buy companies with it. You can go invest into AMC and GameStop if you want, okay? If that's in your thesis, all right? This is what a fund allows you to do and it allows you to scale. The most beautiful thing about funds is it allows you to scale to larger investments, to bigger plays than you could have done in the past. And so we have a number of people in our Black Card group. Black Card group is our top group. Done incredible things. We have one guy doing— I don't want to give away all the secrets, but regtech, okay? Regulation technology out of the UK. His name's Simon. He came on live to our call a few weeks ago. Incredible, incredible guy. They've raised— on the call, he said over $30 million he's raised since January of this year. Another group, Barry Sprague, he's got one of the largest— actually, I think it is the largest hydrogen-producing plant In North America. So meaning, and they take manure off of farms and they turn it into hydrogen. There's this whole green wave happening right now, especially with President Biden really pushing this green initiative of these new clean tech is what they call it. Just clean, green technologies that are going to take over the world. He's got one of the largest plants. He's using a fund to raise money to scale that plant and make bigger and bigger operations and scale as well. We've got other groups doing solar farm funds. We've got other groups doing real estate investments. We've got other groups buying dental practices. They have a fund that goes out and buys a bunch of dental practices and brings them together. You can use funds for a lot of different things. Okay? Don't— it really is, it's amazing. The coolest thing about funds is you get to write the Bible. You get to make the rules of your fund and you can pretty much invest into whatever you deem fit and inside of your investment thesis. We'll get into that in a little bit. So with all this, there's— I know a lot of people on here, you guys, the reason you follow this channel and you, you know, you want to start your own fund, you already know all that stuff. So Bridger, how do I get into it? How do I actually get the tracker, get going, get started? Okay, I'm gonna use a few different examples, um, and I've got to speak in more broad terms, but I want to get specific as well. And I want to— by the way, this is a live call. I want to answer your questions. If I'm— you know, I'm, I'm checking the chats right now. I want to answer questions as they're on the— on topic, and then we'll go to general Q&A in just a minute. So how do I build that track record? First thing I'll say is make sure, whatever it is, make sure that you have invested your own money into it already. So if you dream of running a big hedge fund, well, you've got to— if you're good at managing small things, you'll be given bigger things to manage in the future. Nice little parable from the Bible. If you're a master over a few things we've given to you, we'll give you many things in the future. Same thing's true with investments. If no one wants to invest with, and you shouldn't be taking money if you can't manage your own portfolio, how do you think you're going to manage an investor pool's portfolio? So start with yourself. It starts in here, right? It starts with how you're investing and what you're doing there in whatever sector you want to get into. Now, that's a broad sense, and for a hedge fund, that works, but there's a lot of things that that you can't get into, right? Like private equity, you know, you might personally not have enough capital to go and buy a bunch of businesses and test out with your own capital. So a few things you can do there when, if the barrier to entry is a lot of money, you know, 400+ unit apartment company, and how do I build a track record if it's that big? Okay. So number one, first thing you can start in small, you can start, real estate's a great example. You can start with house flipping, doing smaller investments, Buying business, you can just buy smaller businesses, buy pieces or shares of smaller businesses. You don't have to take on the whole gorilla. You can buy pieces of smaller business and start to develop yourself as an investor. Okay, which seems pretty obvious, right? I mean, you should be a good investor if you're going to be an investor for others. A money manager should be good at managing your own money. Now let's go to the next level though. Okay, okay, Bridger, I get that. Whatever. Now there's a few pieces of a fund. And when I say pieces, I mean players or partners or roles that need to be fulfilled in your fund. One of those roles is your expert investor, is your chief investment officer. It's one of the most crucial roles, right? And now in a fund, I usually draw it out. I don't have my iPad working today, but I usually have 3 circles. And these are the 3 circles of a fund. Circle number 1 is your expert investor, your chief investment officer. This person is an expert at residential real estate. It's an expert at trading cryptocurrency, whatever it is. They oftentimes have no clue how to raise money or how to run a fund, which are the other 2 pieces. The next piece is what I call the fund manager. It's the middle piece. And then over here on the right side is your money raiser. This person's very good at raising capital, finding investors, bringing them together. Okay? Usually, the person that raises the money usually doesn't know how to invest into cryptocurrency. And the person that knows how to invest in cryptocurrency typically doesn't know how to raise money. And so a lot of times, you need these partners together. Now, You can do all three. You're good at all three, but a lot of times I see where people will fraction out and have different partners, different things. So number one, if you are not, and this is how I am, I don't claim to be the greatest investor of all time. Even close. I'm a pretty average. I would say I'm an average investor personally. I do very on a personal level, yet I run these big funds. How do you do that, Bridger? I partner with great investors. Our current fund right now, we're going out and buying big box stores. We're buying old Kmart, Shopkos, Toys R Us. We're buying, you know, 100,000 to 200,000 square feet at a time. We're going inside, ripping them apart, restructuring the whole inside. I don't know how to do that, but I brought on a partner who's flipped over 300 homes. He's developed hundreds of properties, and he is incredible at those things. And guess what he doesn't know? He doesn't know how to run a fund. And guess what? We have another partner who's our money-raising partner, and he's well-connected with all these high-net-worth individuals. And yes, I help source deals. I help— I have connections with people that have deals. And yes, my partner that's the real estate guy, he knows how to raise money as well. But— and we all help each other, but those are our main roles we go after as well. So if you're feeling like you don't— and then back to the original topic for today about having a track record. If you don't have a track record, Partner with someone who does. I don't have a real estate track record yet. We've raised, we've soft raised, and I keep— I'll say soft raised until it's 100% committed. I'm gonna keep saying that till it's actually 100% deployed. But we've soft raised over $18 million, not off of my track record, off my partner's track record for this new, just this new offering, right? We've raised money for other stuff and done very well there. But just this new offering, this brand new offering, we've raised money relatively quick. We're leveraging his track record. And guess what? He leverages my track record. I've ran 2 previous funds and they've gone really well. Investors have been happy. He leverages my track record as a fund manager. Guess what? We leverage our other partners' track record and expertise. Okay? So when people ask, man, how do I build a track record? Number one, you can just build it over time. And over 20 years, you can build that track record as a great investor, as a great fund manager. Secondly, and even if you do that, you're still probably going to need a partner with someone who has a different skillset than you do. So the question isn't, how do I build a track record? The question should be, who do I find that can help me build the track record out? That's the bigger question you have. Who do I find? Now to answer that question is, now that brings a whole nother set of questions, right? How do I actually get partners like that? Like one of my partners is on the board of Intel. He literally is on the board of Intel, the chip company, and AMD. I think it's AMD, the other, the second largest chip company in America. He's on both boards. How did Bridger get a guy like that to join his board? How did I get a guy who's done over 300 rental flips and properties, developed hundreds of units? How did they come together and want to work with Bridger? Because I sharpened the axe enough to a point where those guys wanted to work with me and I wanted to work with them, right? People, it's like dating, right? I always go back to dating examples, but it's so true. People want to date someone or be in business with someone that they feel like is at the same level as them or above them or can provide some unique value to them as well. Now, I don't put myself at the same level of those guys, but I provide a unique value to that partnership is I know how funds run very, very well. And I've already ran 2 funds in the past. So I can bring that to the table. So think about in your area, again, it's not the how, it's the who. And how do you attract good whos? How do you attract— I always bag on the Harvard MBAs, right? That's our whole thesis, right? I'm always bagging on, you don't need a Harvard degree, except for it's actually really nice to have a Harvard guy on your team because you can just leverage that. And so if you're going to attract Harvard or Yale or Stanford people to your team, what kind of people do they want to meet with? They want to meet with people that can add to their team. And so what happens is you start looking inward and this whole self-development thing happens. And I love, well, and Jim Rohn, that's the name I was looking for. Jim Rohn talks about self-development is the biggest difference between your income It was five years ago today, and what it will be in ten years is self-development. Self-development is the biggest thing that happens. How now it goes on to your resume is building self-developing your resume, self-developing how you work as a team member, how much value you give, how much you know. And that's why for me, as a lot of you guys know, I spend I actively spend a lot of money on coaching and consulting in the last let's call it eighteen months. Just make it a little bit broader. 18 months, I spent over $100,000 on coaches, consulting, courses, mentors, just to coach me, to help me sharpen the axe, to become a better business owner, a better marketer. We've done a lot of— I bought a course on YouTube ads. We bought a course on running a Facebook group. I literally bought a course on how to run a Facebook group. It was like $10,000. I'm like, okay, if it's going to help our team, it's going to help me, it's going to help us grow and develop and make our Facebook group better, let's do it. We brought— I've joined a number of mastermind groups where we meet with investors and things like that. And to sharpen the axe because I know the investment in myself is the greatest investment I can ever make. So back to the original question, Bridger, how do I build a track record? Number 1, start investing in yourself if you want to grow that way. Number 2 though, it's not the how, it's the who. Start looking at whos around you and start bringing them together. And we have such an advantage. Us in the fund space, most people you talk to have a dream of running a fund one day. If you talk to, I'm not even kidding, any real estate broker, any person in management consulting, their dream one day is to run an investment fund. However, they have no clue how to start one, how to get it going, all that, raise capital, all that stuff. They don't know how to put it together. And when you say, Confidently, and if you guys are in our Black Card group or our MasherManger or whatever, you should be able to confidently go up to somebody and talk funds with them and talk them through the whole game. Guess what happens? They go, wow, Bridger, or you, you know something I don't. Funds, and you want to do a big fund? You're going to go buy dental practices? Or you want to go invest in a cryptocurrency? Or you want to use that fund to go trade the S&P 500? That sounds amazing. I've always had a dream of doing that. But I never knew how to get in. And so what you do is you connect with those people and guess what? They want to now be on your team because you have the secret of a fund. And a number of fund managers I've talked to, it's incredible. Like when you talk to people about funds, their eyes light up. It's just everyone has. And a lot of you guys in this group, you're here because you have a dream of running a fund or you're already running a fund. You're getting going. You've seen this in action yourself. I've seen it in action. Even my partners that I have right now, the fact that I can talk funds and talk spit game, spit game, to use a young person lingo, I can spit game on funds means that I'm a valuable asset to them and they want to partner with me. Is that making sense? You guys following along? So as far as a tracker, that's a great way to get going. Now I want to get one more step layer deeper on like the how. Yeah, Bridger, those are great, like esoteric top-level things. How do I actually do it? Let's go a little bit deeper. A great way to get started, 2 ways to get started. You guys want to write it down? If you're in the public markets, in the hedge fund markets, crypto markets, a hedge fund incubator, you can write that down. A hedge fund incubator is one of the greatest ways to get started. It allows you to get started for $2,000 or $3,000 or less legal, and I'm talking legal fees. Easy way to get started. You essentially are syndicating money into an actual, you know, general partner, limited partnership, a true fund, yet You don't have all the great legal fees and compliance, all that stuff. It's called a— it's literally called a hedge fund incubator. It's a way that you can incubate your own personal hedge fund and practice with a few investors that are also partners of yours. And it'll build you a track record. Literally, you can now start running audits on it. You can audit those accounts and have a true track record of your trading experience. It's a lot harder to go to an investor, yeah, my personal accounts, I'm up like 50% this year. You know, it's awesome. They're like, okay, whatever. And you go, hey, I actually have a business, you know, limited partnership, a fund account. We are literally up 47% this year. It's gone incredible. You can see the audited returns. They're all right here inside of the fund. Hedge fund, you can compare as the first thing. On the other side of the coin, venture capital, private equity, real estate funds, a great way to get started is syndications. Syndications are a fantastic way to get started. And essentially when I— now syndications can be run a number of different ways, but in a broad sense, a syndication is where you group money together into an LLC. You all become partners. I would say do it with less than maybe 8, 7, 8 investors max. You become partners. And these got to be people that you trust and they trust you. And you're going to literally be business partners. You're all putting money in and you're, as business partners, you're going to go buy a business. Or as business partners, you're going to go buy some real estate. So you're not technically a fund. You're not technically managing other people's money. You're just business partners putting money in. So a few more risks to you. If you guys want to learn more about syndications, hedge fund incubators, we have a video on our channel on YouTube. Called, I believe, Funds Versus Syndications. Okay? Go check that out. It's a great— I'm tooting my own horn, but I think it's a freaking awesome video that walks you through all of that. It's a great way to get started. And then what happens is you do a few syndication deals. It builds your track record as someone who's good at doing deals. You've worked well with investors in the past, and then you can transition that into a full-out fund. Is that making sense? You guys following along? When talking about building a track record, again, it's not the how, it's the who. Start looking for great partners to partner with and sharpen your own axe. When you focus on yourself and add value and invest in yourself, guess what? Partners all of a sudden want to partner with you a little bit more. They want— people want to partner with people that are shakers, that are movers, that are people that are doing things. You've got to be that type of person that you want to partner with. I love what, as a kid, I was just drilled this in my brain. Be the person you want to marry. So if you want to marry somebody that goes to the gym and works out, well, they probably want to marry somebody that goes to the gym and works out too. They don't want to marry a fat slob on the couch watching TV all day. So you got to be in shape. If you want to marry somebody that's, you know, has great mental strength and is strong and willed and is just a great partner for you, Then you've got to be that same person. It's the same thing with business relationships. If you want to partner with movers and shakers and great business partners, well, guess what? You got to be that partner first. And sometimes it's the hard truth. It's not the magic. I never preach the magic pill on this channel. It takes work. It takes dedication. It takes years. We're not in the short— this is not short-term gains. This is not, oh, come in and make money in the next 30 days and you're going to do— this is Making money and building a career over the next year, 5 years, 10 years, 20 years as a professional money manager. That's what we're talking about here. So if you're looking for a get-rich-quick, whatever crap, this is not the page or channel for you. Okay? We're in for the long game. We're in for where you set up a process now that's going to pay you for the rest of your life and pay you huge. We're in. We're not in the get rich quick. We're getting. We're in the get rich for sure and get rich big, right? That's where we're at. And who cares if it takes eight years? Heaven forbid it takes seven, eight years to get this thing really scaled where you're making millions and millions of dollars every year. Heaven forbid it takes ten years. Think about where you were ten years ago. Would you be mad if it took you ten years of work, but you were now at this point on top of the mountain making millions and millions of dollars running a fund like you see these big fund managers too? I wouldn't be mad. I don't think you'd be mad, right? A lot can happen. People overestimate what they can do in 1 year, underestimate what they can do in a decade. All right, I wanna answer some questions as well. All right, I got a bunch of questions on here. I see them on— Nate Porter, what's up? How you guys doing? Alex Garcia, how you doing? Facebook people as well. Let's scroll up a little bit here. What if you don't have any money to invest? Perfect. Yeah. Oh, that's from earlier. I was talking about, yeah, you have investors. That's why, that's what we're talking about here. You go find investors. There's so much money out right now, by the way. So much. They call it slush money. So much slush money going on. Money's flowing all over the place. People are looking for good spots to invest it, especially with a lot of inflation coming. When you put together a pitch deck, how do you describe yourself with no experience? That's a great question, actually. So if you have— now define no experience, okay? Now this is going a little bit deeper into pitching yourself without a track record, okay? If you have no experience in— let's say we're doing a crypto fund, okay? You got no experience in crypto. You never even bought crypto before. However, you got a partner who's really good at crypto. Let's just assume, okay? Great partner. You've never done anything in crypto. You've got to now if he's going to partner with you, you've got to have some things to bring to table too. Maybe you've you've currently worked at a previous job or business, or you started a business did really well. Just showing that you're a you know a successful business leader and done well in areas of finance and business is is a great way to start. Okay, there's now if you have nothing like you're like I'm just zero, then you know tough right? Might be a little bit different of a of a process there. I'll tell you a quick story though. When I was pitching my first fund, I was 22 years old. I really didn't have, I mean, any, I mean, like any experience. So what I did is I followed the Fund Launch Formula. That's what we teach on this page and we go really deep into, but the Fund Launch Formula essentially says, pitch the deal, pitch the deal. And this does not work for every type of fund. Crypto fund probably doesn't work. We were doing a lending fund. And so we would go in, I would show them the ins and outs of a deal. And I had actually, I'm like, hey, I'm putting money in. I'm, you know, I had a little bit of money. I didn't tell them how much. I just said, I'm putting a significant amount of my net worth into this deal. But we've got this great deal. Look at the deal. Do you guys want to be syndicators with me on this deal and poke holes in it? And yeah, I know I'm young, but I want to give you guys a lot of the money. Look at what we've done here. We've got great, you know, other people, other partners behind us backing us that also like it. And That's how we pitch the deal over the degree, I call it the degree or over your background. Right? I didn't have a college degree. I didn't have really much work experience. I was in college. Right? I was 22 years old. I hadn't done much. But I pitched the things that I had done. And if they asked about it, I was straightforward. I didn't lie to anybody. But I pitched the deal harder than anything. I said, guys, tell me how we're going to lose money on this deal. Yes, there's a few things, but look at our asymmetrical risk. Our risk versus reward is just crazy. Right? Yeah. That's how we went about it. Great question. Do you perform due diligence on your investors to make sure you're utilizing clean money, or is it something not to worry about? Yeah, there's a thing called KYC. KYC is called know your customer. When you're doing a syndication, and you should already know your investors, yeah, you want to make sure you're not taking drug money or— yeah, there's a few things you can do under KYC clauses where You'll run, um, you can run background checks and like that. Usually larger funds are, you know, well, sorry, not when you're running a fund, you should be doing that. Syndicators, usually you're becoming business partners with these people. And so yes, you can run background checks if you like. If you're feeling sketched out about somebody, it's great. But typically in a syndication, you should know these people already. And a fund is called KYC. You need to, yeah. Banks also will run these checks as well, um, when you set up different accounts, things like that. So they, and there's a lot of services that help you do that. Can you give us your thoughts on Michael Burry's huge bet on inflation? Would you invest in the same? TBT. Good question. I can talk for an hour about my thoughts on inflation. I'm in 2 camps, and 2 camps are kind of opposite. Camp number one, right now, metrics, Money supply's grown 30% to 40%, somewhere in there. I don't know the exact number, by the way. I don't know if they've published the exact number. I've heard anywhere from 20% to 40% of the current money supply was printed in the last 14 months. Might be higher than that. I don't know, because they don't publish it. I mean, you look at the M2 supply, they stopped. I believe the Fed stopped publishing it in January, which is crazy. They're not even going to publish it anymore. They're just doing it. It's just wild. Second thing, okay, we have a huge influx of money supply. We have shortages in a lot of things and not just because of COVID A few things like logs and things like that can't cross borders because of COVID A lot of workers still aren't working. I can't believe people aren't working. I just, it's insane to me that people— anyways, side note. I mean, it's not insane. If you're getting a check every month, then why would you go to work? I mean, I don't want to work if I'm getting a free check from the government every month. But we're having low production and we have shortages like cars, for instance. The largest chip manufacturer, one of the largest chip manufacturers in the world burnt down. They have hundreds of Ford F-150s, 2021s. They cannot drive them because they don't have a chip. Okay? So we have all these things happening. The last point for the cause of a crash happening soon is we have, and this is different markets and sectors, but we have a foreclosure moratorium going on right now, meaning landlords cannot foreclose. On properties, they can't evict tenants. People can just squat on property. They can't; they can just stay. And so that should be ending in June this month. Now we'll see if the Biden administration extends it. They extended it again from—it's supposed to be in January. They've extended it to June. We'll see if they extend it again. But I mean, these landlords literally can't evict. They are estimating. I saw a thing today. They're estimating. I believe it was. 4— I thought it was 4 million. I'm gonna get this number. Maybe somebody can comment. I thought it was 4 million evictions are supposed to happen, um, uh, for homes, single-family homes, in the next couple months. Huge supply influx of homes. Um, I mean, there's, there's— we can go on and on. Now the other, the other side of the coin is we have hyperinflation coming, right? A lot of groups are talking about hyperinflation happening Q3, Q4 of this year. It's really— you're starting to— you're gonna start feeling it. We've already seen the effects of it already. Will there be a black swan event? Will they raise rates? It's another thing. So if the government raises rates, I don't know if they can. I really don't know if the Fed— yes, they can, but if they do, it just is— I don't know. The implications are huge. If they raise rates though, that would be a huge, huge market correction we would have if rates increase. So I have 2 camps. I have a camp of, we're going We're going to have a serious crash here in the next 12 months. And then the other side is we're going to have hyperinflation. And so again, I'm not a chief economist. I've had a lot of great economists on my show, and we talk about it. I, right now, am just investing for both camps, which kind of makes me net neutral. I'm not taking one bet on hyperinflation. I'm not taking a big bet on a crash. I'm taking bets on both. So that I will end up in the middle. Hold for a long time, you should be fine on pretty much any investment. The other scenario is the US dollar, right? How far can we push the US dollar? How much can we print before it's too much, before we are not the reserve currency anymore in the world? It's an interesting conversation. I believe the US dollar is currently only backed by the power of the military. The US military is the only thing really backing the US dollar right now. And I mean, yeah. I mean, that's the truth of it, right? And it's a pretty good thing backing it. So you know what I mean? So anyways, pretty wild. I'm not going to speculate further. We have another conversation. I'm actually trying to put together an episode for that, but I just get too spunked out. I mean, we have potential changes to capital gains and tax hikes, I believe, will be detrimental to the economy. If they change capital gains to 42%, Well, no one's gonna sell, right? No one will sell anything until the next administration because they don't want to pay tax. They don't pay 40% tax on their gains. It's just insane. Um, so there you go. Thanks for the question. Um, okay. Alex, I'm in college, just started a hedge fund incubator, have been building a track record for the 2 years. What's next? Just started. So I would say work with your hedge fund incubator first. You said you just started it. So Alex, keep growing your hedge fund incubator. And what you'll do is you'll eventually, you'll transition that hedge fund incubator, the general partner limited partnership, to a full-out hedge fund. It's not hard to do. It really just comes down to your confidence in the ability to raise money. And if you want to raise money from limited partners and to write a check to some law firms for, you know, $15,000 to $30,000. Yeah. That's the next step. I have an incubator hedge fund collecting a stock option premium as the main strategy. I'm the CIO and would like the role of a fund manager. I know the money raiser. What would be the role of a fund manager? So the fund manager role, they're doing legal, accounting, audits. They're investor relations, a lot of, and that comes with the money raisers, but sending out quarterly reports, annual reports, statements, working with your third-party admin to make sure metrics are all calculated correctly, your waterfall distribution of how you're going to get paid and how everyone's going to get paid out there. It's kind of your operations of the entire fund go in that fund manager group. Yeah. Hope that makes sense. Do you suggest a small fund syndicator? Oh, here we are. Do you suggest a small fund Syndicator to work with a third-party admin, or can you do it yourself on spreadsheets? My first 2 funds, I did on spreadsheets. We had less than 10 investors, 10 investors, 20 investors, and it was pretty manageable on a spreadsheet. Yeah, it wasn't too bad. I'd say you're fine there. After 1 year of audit track record, I'll cover to a full-fledged fund. Yeah, that's a great idea. If you want to do a 1 year, get a full audit on 1 year. And then do a full fund. That's great. You can— now, all hedge funds don't just start incubator. You can go straight to a full hedge fund if you'd like. There's nothing stopping you there. If you feel like you have the capital and the partners and everything, you're ready to go, by all means, go do a hedge fund if you want to write the check. And if you work with our teams, we have a lot of lawyers that'll give you pretty discounted prices because they like working with our students. So if you want to work with us, then great. Does the tracker need to be current? Done large deals, but most 10 years ago. It'd be it would be better with current 2018 to 21 transactions, but smaller. How do you experience and tracker count if very relevant, but yet from the 90s? Yeah. So if you've got real estate experience from the 1990s, um, you know the the gaping question is why'd you get out? Like why'd you stop? And why are you trying to get back in? Investors are going to have a lot of questions there. Yeah, you could, if you want to start doing smaller deals right now to build that track record again, great. Again though, it's not the how, it's the who. I would find another partner if you want to that's done track record, that's done recent deals, and you can leverage that. Hey, I'm the old dog. I've been in real estate for 30 years. We got the young dog who's been doing it, the young buck, the young pup who's been doing it for a couple years now. So I don't see anything wrong with that. My phone's freaking out here. Okay. I want to cover a few things here. So people asking about what's this Black Card group you guys are talking about? Yeah. Let's talk about that for a second. So people are asking, yeah, I mentioned it a few times on here. We do have a, whatever you want to call it, program, coaching, whatever you want to call it, where you can work with us directly. As you guys know my story, my dad, co-founder of a $25 billion family of funds. My brother, securities attorney, formerly chief compliance officer at an $800 million fund. Right now, he actually just launched his new fund doing hard money loans and is a security attorney. And myself, I've launched my third fund right now. Anyways, between the 3 of us, we've got a very good, unique perspective on funds and how to launch them, how to get them going. We've helped over 3,000 students. Do this. And then we've had— we've got about, you know, a decent number in our top-level group called Black Card. And so, um, if you guys want to learn more and work with us directly, what we'll do in just a second, um, I've got a couple of my guys on here. They've reserved times on their calendar to answer questions about our programs or working with us directly. If you wanted me to, you know, help you directly and Mark Lincoln, one of our coaches, to work with you directly on your fund, if that's something interesting to you and you want help structuring a syndication or scaling The next level. If you want, uh, our— we have a ton of fund admins with third-party softwares you can use. We negotiate group discounts for them, um, legal templates, all that kind of stuff we have. And we have a course of over 160 videos, 20+ hours of content, of backend content. We give you the exact nuggets you need on there. Um, so if you, uh, if you're interested— oh, nobody can hear me on Instagram. What's going on? People hopping off here. So if you want to learn more, in just a second, I'm gonna have you guys drop a link. I'm gonna drop a link, excuse me, a keyword on the chat and then you guys can see it on there. Let's try this. It's just bugging out over here. Nothing on IG. All right. No sound. It's still not working. So we'll drop that in just a second. Here we go. All right, IG, I'm just killing it. See you guys. Um, IG's done. We'll just keep you guys on here. So you're interested in working with us directly, in the chat right now I'm gonna give you guys a keyword and you can just write that in the chat. Um, what we'll do is we'll come through and we'll comb through the comments and we'll send you a direct message to you Looking for a time slot for you guys can hop on a small short call with one of our team members, answer some of some of your questions. Hopefully we can poke some holes in your fund ideas and give you some quick wins. And then if you want to learn more about working with us directly, great. We can talk about that. If not, no worries. But that's kind of the plan. Does that sound fair? So in the chat and on YouTube, we'll drop a link as well on YouTube. If Josh and Nikita, if you guys want to go over to YouTube Live as well, I don't think we can DM people on there. So in the chat, if you guys want to hop a free call with our team, in the chat type in. Free call. Okay. Free call is the keyword in the chat. And what we'll do, again, free call in the chat. We'll do— our team will come through and scrub through the comments. We will send you a direct message. So look out for a message from Kalichi or Drew. And we'll say, hey, what kind of fund are you doing? We'll open up a conversation with you. And then if it seems fit, we can hop on a short, you know, short call with you, answer some of your questions about what's going on. And if you'd like to learn more about working with us directly, seeing how I can help one-on-one in your fund. Inside of there, we actually design your pitch deck for you. We have lawyers that come on and mentor you. Now we do not do the legal for you, just to be clear. But we have lawyers that come on that can give you pointers and help. And then we refer you to law firms who give our students huge discounts. These law firms actually have 2 law firms. We're actually looking to partner with a 3rd law firm right now. They typically charge $30,000 to $40,000 for a fund. When they work with our students, they charge about $15,000, $12,000 to $15,000, somewhere in there. And that cost is a reimbursable expense from the fund. So it really doesn't even come out of your pocket. Yes, you pay for it, but you'll get reimbursed once the fund is up and running. So anyways, the keyword is free call. So type free call in the chat if you'd like to learn more, see what we're doing, see what's going on. Free call in the chat is how you do it. And then we'll scrub through and talk to you guys and go from there. Does that sound fair enough? So yeah, we design your pitch deck for you though. We have a whole design team that's amazing. We give you access to PitchBook. It's a $25,000 software and license, stuff like that. Um, there's a lot of, a lot of fun stuff we go in there. We— our goal is to help you launch your fund faster and to scale it. That's our goal. That's what we're doing. And you've— we've had a number of funds. We have over a dozen funds get over the $10 million mark, 2 funds over $50 million, and 1 fund Over a billion dollars now. It's crazy what they've been able to do. So we've had very good success working with others, um, and it's been pretty actually really fun to see what people are doing, what funds they're doing, um, and to help them raise capital, to help. We have live events. You guys come out to Utah, we do, you know, in-person meetings. We have investor groups you guys get in front of, all that kind of stuff. So, um, again, I'm not gonna spend more time on here talking about it, but if you want to learn more, type free call into the chat box right here. As well, if you guys learn something on this on this on this live, please like the video. I guess that helps the algorithm. It pushes it to more people, I guess, so people can see it aftermath on a replay. But again, if you guys can like the video, it'd be awesome. And then comment free call if you want to learn more. Now, for people on on YouTube or if on Facebook as well, if you do not see us, if we if we don't you know reach out to you, don't see a message from us, message me. Send me a message on Instagram or on Facebook. Say, hey, I was on the live call. I didn't see a message. I'd love to learn more. Just send me a direct message. I'll respond to all those and I'll make sure you have the right link and right connection. Sound fair enough? All right. That's the event for there. Now we still need to do a $100 giveaway for the Jazz. They won the other night and I promised we'd do it. I almost forgot. I literally just looked up and I saw the little reminder up there to do it. So here we are. We're gonna do something right now for that. So are there any licensing requirements for starting a 506 fund? Um, you might be thinking 506— well, yeah, 506 or fund. Um, depends on the, on the state you're in for, for licenses. Uh, my funds I haven't needed a license for. Um, if you run a 506 version of that, or in some states depending on your fund type, if you're doing venture capital Sometimes private equity, you don't have to have a license. Real estate funds, you don't have to have a license. It just depends on the state laws. If you're under $150 million AUM, you fall under state level. So in our course, we have a whole section of each state outlined, and you can go see inside that state what you need to do or what you don't need to do. So typically though, if you're getting over $150 million, you're going to need a Series 65 as the license. Most hedge funds, you need a 65. So I'll say, I'll kind of say a broad, broad statement. Most hedge funds, you need a 65. Um, some of the other ones though, you have exemptions, you don't need them. Okay, let's do, uh, let's do the giveaway. And again, the keyword is free call. So if you guys want to— if you want to learn more from our team or hop on a team, it's free call. Um, let me pull up the, uh, the Instagram page here as well. I'll share my screen, you guys can even see it here. Um, We're gonna give away $100 to someone on this post. Again, if the Jazz win tonight, I'll be posting tomorrow with a new post and you guys can comment on there. So follow us on Instagram if you want to learn more. It's bridger_pennington is our page. Uh, this is the post though that we did, um, for the giveaway. Here we are. I want to make sure all the comments are here. Now they had to follow the instructions. They had to tag somebody to win. Okay, so if I— I'm going to scroll through here randomly. If they didn't tag somebody, then they don't win. Okay, let's see. I just want to make sure that this is working. Okay, here we are. You guys ready? All right, give me a little— give me a yes in the chat if you guys ready to do the giveaway on here. Here we go. You ready? Okay. All right, here we go. Here we go. I see some yeses coming in. Perfect. All right, here we go for the $100 giveaway on this post right here. Tagging your friend with the worst jump shot. I tagged the I put Cart and Jakey on here and also Mason on here. Okay, here we go. Ah, here we go. I'm gonna make sure randomize. I'm not even gonna look for a second. Here we go. 3, 2, 1. Jet Set Shawna. Shawna won $100. Shawna Wade Manning. Okay, I'm gonna send you a DM, Shawna. Um, I don't know if she's live right now, but she's gonna get a DM. Won $100. I will just Venmo you money, Shawna, if you're on here live. Um, maybe I'll even do it live and, uh, it should be pretty fun. So, um, Shawna, congrats again. We're doing it. The Jazz are going to the finals. We all know they're going to the finals, so there's gonna be a lot of giveaways till there. And we're doing a huge— we have a big giveaway we're doing, um, pretty soon here. You guys, you guys stay on the lookout. We got a big, a big asset, big asset we're gonna give away. It's gonna be pretty fun. Um, you guys can help us out, blow it up and things like that. Should be fun. We'll make it easy to enter like always. Just comment and share it to your story, something like that to enter. But it should be pretty fun. Uh, and I'm not gonna say more. If you guys have seen our late recent posts, you might be able to, you know, dissect what we're gonna do. Um, probably in 2 weeks from now, we're gonna do something cool. So, all right. Um, Shawna, yeah, we just did the giveaway right there. Bam, there it is. Um, so we'll do another when the Jazz win tonight. We'll do another post. So just stay on the lookout. Follow us on Instagram, um, for those giveaways. We're gonna do it primarily on Instagram. We'll probably post other places, but Instagram's gonna be the hub. For those giveaways, okay, looking good. Thank you guys so much. Great call today. Again, free call is the keyword. I'm gonna sign off. We'll be live next week as well on this channel, so look out for it as well. It should be good. Great questions today. Good to see y'all on here. All right, you guys. Thank you so.