In this episode, Michael sits down with Bob Fraser, CFO and Chief Macro Strategist at Aspen Funds and author of Invest Like a Billionaire. Bob shares why billionaires invest very differently than most people—and why relying solely on stocks and bonds may be limiting your ability to build long-term wealth.

The conversation explores alternative investments like multifamily, private credit, industrial real estate, oil and gas, and private equity. Bob explains how to think through market cycles, why diversification across uncorrelated assets matters, and how investors can position themselves to benefit from long-term tailwinds instead of chasing the latest trend.

• Billionaires don’t rely on a traditional 60/40 portfolio—they allocate heavily to alternative investments and uncorrelated assets.
• There is always an asset class that is working, even when another is struggling, which is why diversification across market cycles matters.
• Private credit can provide equity-like returns with lower risk by acting as the lender instead of the owner.
• Investors should focus on long-term macro tailwinds like reshoring, industrial real estate, and energy demand rather than chasing short-term narratives.
• Great operators are defined by how they perform during difficult market cycles, not just during boom years.
• You don’t need to master every asset class yourself—joint ventures and partnerships can help you gain exposure to new opportunities.

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For full episode show notes visit: https://themichaelblank.com/podcasts/session518/