Sean Emory

Novogradac released a report last week highlighting how value still remains in Opportunity Zone investments, despite the approaching 2026 deferral deadline on capital gains. Looking ahead to 2025, experts predict a potential uptick in OZ activity, with Alex Flachsbart of Opportunity Alabama noting that “people who are investing now are doing it for the 10-year hold benefits.” On the topic of the Opportunity Zones Transparency, Extension and Improvement Act, Flachsbart remains hopeful that OZ reform will be included in 2025 tax legislation. 

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Just explored a fascinating article on collectibles investments, delving into the world of art, antiques, coins, stamps, sports memorabilia, and more. The data shared underscored the following key points: - Long-term returns: Collectibles have shown strong appreciation over time, outperforming traditional investments in certain periods. - Comparison with traditional investments: While some collectibles yield impressive returns, they come with higher risk and volatility levels. - Market trends and cycles: Economic, social, and cultural factors influence the value of collectibles, resulting in market trends and cycles. The detailed breakdown of types of collectibles investments, factors affecting value, risks involved, and strategies for investing highlighted the intricate nature of this alternative investment realm. It's fascinating how rarity, condition, provenance, and demand play pivotal roles in determining the value of collectibles. What are your thoughts and feelings on collectibles investments? Share your insights and experiences! https://lnkd.in/ez4PDXK7

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I'm looking forward to Opalesque's workshop next week where I will be discussing how to maximize results from cap intro and webinar events. Session 1: Thursday Aug. 22nd 11 am ET 1. Don A. Steinbrugge, CFA: Maximizing results from cap intro and webinar events 2. Chris Addy FCA CFA: How not to fail at operational due diligence 3. Matthias Knab: Getting visibility for your firm & strategy in a crowded market Session 2: Thursday Aug. 29th 11 am ET 4. Rebecca Meijlink: Succeeding in cross-border and cross-culture asset raising 5. Paul Das: Institutionalizing your firm with painless IT systems and processes 6. Linus Nilsson: Database marketing & how to pass allocator screens. Register for the free workshop here: https://lnkd.in/dPQtnsqu

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Yet another Mezz deal done, this time for Highgate & Cerberus Capital Management! Driftwood Capital plays up and down the cap stack (Equity & Mezz Debt / Pref Equity), horizontally across constructs (Acquistion, Development, & Lending), hence true vertical integration with Driftwood Hospitality Management: https://lnkd.in/gcAiuniR

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In our most recent Quarterly Letter we discuss the Florida Land Boom of the 1920s, why value managers "cheat", and the importance of an antifragile investment strategy

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There is a lot of talk about the PE industry not delivering the exits they promised. PitchBook succinctly put it with the title “Behind the J-curve” in its recent in-depth analysis of distribution activity in private market funds. Another side of that story, particularly relevant for secondary buyers like us, is that many private market funds hold their assets at seemingly inflated valuations. TVPI numbers look great for most funds, but they can’t monetize their holdings anywhere near their current NAV, indicating their estimate of “fair market value” is way too optimistic. There is always a market, the price may just not be where you wish it. To a large degree, the reluctance to exit companies results from having them marked too high. Assets were aggressively written up to look good in the short-term, impressing LPs with “paper gains” to raise the next, much bigger fund. #secondaries #privatemarkets

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Cohen & Steers Joins SUBSCRIBE Alternative Investment Platform to Expand Private Real Estate Access for Private Wealth Channel We are excited to announce that leading real assets investment manager Cohen & Steers (NYSE: CNS) has joined the SUBSCRIBE platform to offer its private real estate strategies. The implementation of a centralized operating system will streamline investment and operational processes for clients in the private wealth channel while expanding availability of Cohen & Steers’ alternative products, such as Cohen & Steers Income Opportunities REIT, Inc. (“CNSREIT”), a perpetual-life non-traded REIT, to financial advisors using SUBSCRIBE. “We believe we’re approaching a generational opportunity in the private commercial real estate market that funds with fresh capital will be well-positioned to leverage,” said Daniel Noonan Head of Wealth Management Consulting Group at Cohen & Steers. “Our partnership with SUBSCRIBE will enable Cohen & Steers to continue delivering innovative products and solutions to help financial advisors optimize their clients’ portfolios with private real estate through a seamless, end-to-end experience.” Read more:https://bit.ly/3MLm3Ip Thank you Daniel P. Charles, Daniel Noonan, Damon Karras, CAIA, Arjun Mahalingam, CFA, CPA and the Cohen & Steers team! #privatemarkets #wealthmanagement #realestate #fintech

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Out of complete necessity, I will host another CollinsCast 10/23 at 5pm ET to discuss $TSLA EPS before the mgmt call begins at 5:30pm. Video call link: https://lnkd.in/eEErpw_7 Or dial: ‪(US) +1 402-732-7305‬ PIN: ‪403 326 826‬# I have never seen a more confused bunch of "analysts." $TSLA is going to market with a 7.25 year-old (3) and 4.5 year-old (Y) product lineup. Old product requires discounting, and that pressures profit margins. Full stop. That is why $TSLA earnings have been consistently mediocre and margin pressure at what was proclaimed by nitwits--as recently as 12 months ago--as "the most profitable automaker in the world" is incessant. As shown in the chart below, $TSLA has LOST $550 BILLION in market cap in the past 2.75 years, which is an extraordinary diminution in value. And if you compare RELATIVE performance vs., for instance, $NVDA, or even $AAPL, which pays a dividend (something TSLA has never done,) $TSLA stock has been an absolute disaster since the beginning of 2022. But Wall Street hides that. Tomorrow, I will explain why. Join the CollinsCast.

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𝗕𝗿𝗶𝗱𝗴𝗲𝘄𝗮𝘁𝗲𝗿 𝗼𝗽𝗲𝗻𝘀 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝘁𝗼 𝗿𝗲𝘁𝗮𝗶𝗹 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗦𝘁𝗮𝘁𝗲 𝗦𝘁𝗿𝗲𝗲𝘁 𝗘𝗧𝗙 https://lnkd.in/dCYdE-zK   Risk parity funds for retail investors have not worked well over the past decade or so (and Bridgewater’s All-Weather strategy has also underperformed for some time): the pioneer in the industry (Wealthfront Risk Parity Fund with $1.3bn in AUMs) is going to be liquidated in January https://lnkd.in/dya2H6SZ , and other products have also failed to beat a simpler 60/40 strategy.   This despite the carnage in bond markets in 2022 and the elevated asset correlations (or, more likely, because of…).   I guess it all boils down to the specific strategy used: this product will also use leverage in an ETF, so it will be interesting to see how it plays out. 

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If you think portfolio risk management is just about diversification, think again. This article sheds light on some surprising strategies that challenge common perceptions. Here are some thought-provoking takeaways: - Did you know that reducing the number of investments in a portfolio can sometimes actually decrease risks? It's all about strategic selection. - Contrary to popular belief, actively managing risk doesn't necessarily mean more frequent trading. In fact, a hands-off approach can be a smart move. - One of the key points discussed is the importance of understanding the correlation between investments, a factor often overlooked in risk management strategies. - Asymmetric risk and the role it plays in portfolio management is explored, offering a fresh perspective on balancing risk and return. - Ever considered tail risk hedging? This article dives into this lesser-known strategy that can enhance risk management effectiveness. Share your thoughts and feelings on these unconventional risk management strategies. https://lnkd.in/ecgSpH93

New & Smaller Managers: "Sub-Institutional Manager Forum" 📅NYC: May 22 COMPLIMENTARY ATTENDANCE; LIMITED SEATING. AGENDA: https://lnkd.in/gVYb79jA Thinking about starting a fund? Launched but struggling to raise assets despite "performance" + an exceptional track record? Launching and creating a successful fund takes more than "performance" and an "exceptional" track record. 📈 FACT: There's a lot of hype and wrong information about starting a venture, private equity or hedge fund and successfully raise assets. A new or smaller manager must be fully prepared and equipped with the EXPERIENCE, ACCURATE FACTS and HIGH-INTEGRITY DATA to succeed. Most new and smaller managers are skilled in trading, investing or research but do not have a deep understanding of the requirements, complexity, time, cost and effort required to create a successful fund. As such, what it takes to succeed is often grossly misunderstood and under-estimated as well as poorly and improvisationally executed by almost every new, start-up and smaller manager.   📈 FACT: For a "sub-institutional" manager to succeed requires separating fact from fiction and myth from reality to completely understand the "real-world" issues of fund formation, launch and execution, particularly at they relate to marketing and raising assets. This unique session provides the detailed information, insight and intelligence that optimally positions new and "sub-institutional" managers to succeed. See the "Agenda": https://lnkd.in/gVYb79jA   ⏳ Forum placement closes Tuesday, May 21st at 5pm CST. Attendance is COMPLIMENTARY; Seating is LIMITED.   📧 For placement contact: [email protected]   🌟 Continued Success, Bryan Johnson - Managing Partner 🌟 #MarketingAlpha #NewManagers #AssetRaising #InvestmentSuccess

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New & Smaller Managers: "Sub-Institutional Manager Forum" 📅NYC: May 22 COMPLIMENTARY ATTENDANCE; LIMITED SEATING. AGENDA: https://lnkd.in/gVYb79jA Thinking about starting a fund? Launched but struggling to raise assets despite "performance" + an exceptional track record? Launching and creating a successful fund takes more than "performance" and an "exceptional" track record. 📈 FACT: There's a lot of hype and wrong information about starting a venture, private equity or hedge fund and successfully raise assets. A new or smaller manager must be fully prepared and equipped with the EXPERIENCE, ACCURATE FACTS and HIGH-INTEGRITY DATA to succeed. Most new and smaller managers are skilled in trading, investing or research but do not have a deep understanding of the requirements, complexity, time, cost and effort required to create a successful fund. As such, what it takes to succeed is often grossly misunderstood and under-estimated as well as poorly and improvisationally executed by almost every new, start-up and smaller manager. 📈 FACT: For a "sub-institutional" manager to succeed requires separating fact from fiction and myth from reality to completely understand the "real-world" issues of fund formation, launch and execution, particularly at they relate to marketing and raising assets. This unique session provides the detailed information, insight and intelligence that optimally positions new and "sub-institutional" managers to succeed. See the "Agenda": https://lnkd.in/gVYb79jA ⏳ Forum placement closes Tuesday, May 21st at 5pm CST. Attendance is COMPLIMENTARY; Seating is LIMITED. 📧 For placement contact: [email protected] 🌟 Continued Success, Bryan Johnson - Managing Partner 🌟 #fundraising

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On Monday morning, the VIX index approached 66, the third-highest reading this century. During times of highly correlated selloffs, it's tempting to get distracted by extreme volatility impacting the portfolio. In our latest post, we share our thoughts on what triggered the spike in volatility and how we are navigating through this environment. https://lnkd.in/gMVB2mqr

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Calamos is at it again! #CPSA just launched, enabling investors to access S&P 500® upside up to an attractive 8.74% cap with 100% downside protection from Aug ’24 through July ’25. “Demand for capital-protected solutions continues to grow, particularly in this environment where elections-related risks are influencing equity market volatility,” said John Koudounis, President and CEO of Calamos Investments. The 5th fund of the Calamos Structured Protection ETF series – this product is helping investors reimagine their equity access with greater risk controls. This is what we do at Calamos. We place clients first. Read the press release to learn more: https://ow.ly/fzzb30sFrIs

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MSO earnings season starts this week, with eight of the top ten US operators reporting. Consensus analyst expectations are for the top ten MSOs to show a Q/Q 2.62% contraction in revenue and adjusted EBITDA to decline 6.18%. (1/3) The top ten MSOs' Y/Y revenue is expected to grow by 3.20%, and AEBITDA is expected to expand by 17.30%. Analysts predict the highest Y/Y revenue growth for Ascend Wellness Holdings (CSE: AAWH.U / OTCQX:AAWH) at +22.40%, and Cresco Labs is predicted to have the best Y/Y improvement in AEBITDA at +62.00%. Finally, here are some of the companies reporting this week: May 7: Ascend Wellness Holdings (CSE: AAWH.U / OTCQX:AAWH) May 8: Green Thumb Industries (GTI), Verano, MariMed, Inc. May 9: Curaleaf, Trulieve, TerrAscend, Cannabist, Jushi Holdings Inc. Source: FactSet

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In Steve Garmhausen's recent Barron's article, I spoke about the success of the Mag 7 stocks and how long investors can expect it to last. I dove deeply into how Miramar Capital is playing the tech trade, and the companies he’s actively buying. For Max's full insight, read the full piece below: https://lnkd.in/gYJp_ZHD

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Javier Milei: A Maverick in the Global Populist Landscape Javier Milei from Argentina stands out from the typical global populist wave primarily due to his libertarian economic stance. Unlike many populists who favor state intervention, Milei advocates for minimal government and free-market reforms. His anti-establishment rhetoric targets not only political elites but also criticizes long-standing economic policies in Argentina. Milei's direct and provocative communication style and his position as a political outsider further align him with populist traits, yet his focus on economic issues over nationalism or social policies distinguishes him distinctly within the populist spectrum.

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Great speaking with Ryan Dube at the The Wall Street Journal about the potentially special moment we’re witnessing in Argentina and the investment opportunities that come with it. https://lnkd.in/eWSuegjz Global X ETFs Mirae Asset Global Investments #argentina #latinamerica #emergingmarkets

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