The Walker Webcast

In this episode, Willy welcomes Governor Jared Polis. Before serving as the 43rd governor of Colorado since 2009, his political experience spans from being a Colorado State Board of Education member to a United States representative from Colorado’s 2nd congressional district. He is an entrepreneur at heart, founding ProFlowers in 1998 and TechStars in 2006. As an openly gay man, he advocates for LGBTQ+ and racial equality in Colorado. He has committed to ensuring all Coloradans have the opportunity to pursue their dreams by opening schools for at-risk students and new students and starting nonprofits for war veterans. The podcast begins with Governor Polis emphasizing “Colorado for All” and how people of all races and genders are the foundation of making the state“an amazing place.” His mother, Susan Polis Schutz, wrote Depression and Back, an integral influence on Governor Polis’ mental health policies. “We inherited an overly complicated and inefficient behavioral system…First days in the office, [I said] let’s fix this.” Reshaping the bureaucracy was a challenge, yet he believes that “getting things done at state-level is possible,” as he pushed for accountability and transparency. He proudly describes Colorado’s implementation of the red flag law, which allows families to temporarily confiscate guns from loved ones experiencing a mental health crisis. He supports universal background checks but points out a loophole: “You can drive an hour and a half to an open-air gun show in Wyoming and purchase a weapon without a background check.” As an entrepreneur, he enjoys how the private sector is always innovating but also finds the public sector fulfilling as it gives him a chance to improve people’s quality of life. With the previous governor, John Hickenlooper’s entrepreneurial background, Colorado has become a startup-friendly state, eliminating the costs of opening a business. Colorado's ranching and farming communities are fundamental to its economic growth, so Governor Polis prioritizes rural-urban unity. He continues to empower the agricultural technology sector with new practices and equipment as the state also depends on outdoor recreation. Governor Polis opposes buy-and-dry efforts and pushes for water conservation. In terms of natural disasters, Colorado has improved its rapid response and additional mitigation after experiencing three large wildfires in 2020. Governor Polis wants to create a better outdoor lifestyle experience, initiating the revitalization of main streets post-pandemic. Colorado aims to be 100% renewable energy by 2040. As COVID-19 infection numbers are dwindling, Governor Polis has stayed in the middle ground regarding wearing masks and lockdowns, giving people the freedom of choice. He focuses on reducing health care and pharma costs with a reinsurance program and talks with the FDA. With the positive effects of the cannabis industry, the Safe Banking Act aims to allow financial services even with businesses outside of state laws. Forbes ranked Colorado Springs and Boulder in the top five of the 100 Best Cities in America, increasing the volume of people moving into the state and driving housing affordability concerns. Governor Polis’ solution is to build more infrastructure to avoid disrupting the quality of life. His superb intellect fuels his desire to surround himself and delegate creative people to his side. He expresses no interest in running for national office due to his fiery passion for protecting Colorado’s urban and rural landscape for the newer generations to come.Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Willy welcomes John Hope Bryant. He is the founder, chairman, and CEO of Operation Hope, a nonprofit aiming to empower the youth and adults with financial literacy and economic education. He is the CEO of Bryant Group Ventures and The Promise Homes Company, the largest for-profit minority-owned single-family rental home operator in the United States. He retells his humble beginnings as an African-American entrepreneur in his bestselling books on economics and leadership, such as How the Poor Can Save Capitalism and Up from Nothing. Named the 2016 Innovator of the Year by American Banker magazine, he is currently the first entrepreneur scholar in residence at Clark Atlanta University. The podcast begins with John emphasizing the importance of energy and relationships in every aspect of our lives. He narrates his childhood of finding out his genius IQ score but never internalizing it as he continued to hustle his way to success. He attributes his self-esteem to his mom’s unwavering expression of love as he believes that achievements are not “so much about being smart but are about being resilient.” He shares a story about Mike Maples, Jr. to drive home the point of having a winning mentality. “You don’t create a business to sell to Disney, but to buy Disney,” Mike Maples, Sr. said. John also highlights the significance of creating an environment of positive role models for children. “Brilliance is transferable everywhere,” he says. After a period of working in the entertainment business, John proceeded to do banking and finance. He believes capitalism can be a force for transformational change. With the privilege of education and setting up a candy shop, John realized his entrepreneurial dream and desire to give back to his community. “The color should not be red, blue, black, or white – but how do we all get some green… My calling is to unleash the untapped potential of the bottom of the pyramid.” He points out that the solution to poverty isn’t to distribute wealth but to teach others how to create it. He calls for giving children the incentive to study by teaching business creation and computing and providing internships. In the Great Resignation, more small businesses emerged since 2004, and 38% were owned by Black women. John has mastered the art of developing long-standing relationships with his deep heart for people. “You’ve got to live with something larger and more important than yourself.” He has also tapped into his intuition in his decision-making process as he thinks it’s “God speaking to you through you.” He practices treating everyone equally and being open to different perspectives – be it Republican, Democratic, poverty, wealth, local, or global. Upon talking to his pastor, the notable piece of advice he received was, “Take your business skills… and build wealth and opportunity in our neighborhoods.” Greed predisposes most people to financial failure, and he urges companies to offer financial coaching to their employees. On his journey to becoming an inspirational leader, he credits it to his ability to manage failure. He calls out to the United States to focus on building rather than thinking of what divides us. Love should be prioritized above all else as it is “the only self-renewing energy on the planet.”Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Willy welcomes Thomas Daniels. Previously a managing director and senior banker for investment banking recruiting at JPMorgan, Thomas is motivated to “discover and develop talent for a better future.” As a senior director and partner at Spencer Stuart, he has served on the firm’s audit and risk and cybersecurity committees and worked on executive search, succession planning, executive assessment, and board assignments for large multinationals, midcap private equity, and asset management firms. He is a speaker and panelist and has contributed to several articles, such as “Recruiting the Next Generation of Financial Experts to Boards” and “Lessons and Advice for Today’s CFO”. The podcast begins with Thomas explaining how the Great Resignation has impacted Spencer Stuart. Although negative on the surface, he believes there is “more liquidity than ever in human capital markets,” as Gen Z and millennial employees are upskilling and more concerned with work-life balance. To retain top talent, enlightened companies are proactive in getting people engaged and prioritizing a culture of purpose, mentorship, and recognition. Despite the surge of remote meetings, more people are moving across states for greener career pastures. Spencer Stuart experienced a 19% surge of board meetings in 2021, which Thomas connects to unprecedented issues caused by the pandemic. The hybrid model has expanded the firm’s pool of potential directors. As 70% of CEOs in the S&P 500 had no prior C-level experience, the criteria for effective CEOs have shifted from an extensive background experience to self-awareness and thinking agility. Thomas enumerates the firm’s methods for spotting the outstanding ones: deep dive assessments, off-channel references, and executive intelligence interviews.Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Willy welcomes Michael Bennet. Holding public office as the U.S. Senator for Colorado since 2009, Michael is driven by “an obligation to create more opportunity for the next generation.” He has built a strong reputation as a source of pragmatic and independent thinking, uniting Democrats and Republicans in tackling the country’s toughest issues, such as early childhood education, climate change, healthcare, and national security. His unfailing heart for service began even before his senatorial stint, helping to restructure failed businesses and creating the world’s largest movie theater chain, AMC. Starting off, Willy asks Michael about the reasons behind his career choice as a politician. Michael expresses gratitude to have contributed to Denver Public Schools as a superintendent, describing his past work experiences have widened his perspective on business and service. Being born in New Delhi, he disbelieves it to be a hurdle in his 2019 presidential campaign. He fondly talks about his father, Douglas J. Bennet, and his term as an editor for Yale Law Review, describing it as “the most luxurious three years of his life.” Michael then retells his experience working with Dick Celeste and how he reached the conclusion, “I wasn’t put on this earth to practice law. I just didn’t enjoy it.” He continues his journey by buying up Regal Cinemas, creating the largest motion picture exhibitor in the world. Michael reminisces on the day he was sworn in as senator, describing how former Colorado governor Ben Ritter made the historical appointment possible. He characterizes Colorado as “a crucible of American politics” as he relentlessly strives to protect the honor of Ritter’s decision. Michael remains firm on his stance on exerting more efforts on climate change and how the West is suffering from a water shortage. “One of my great frustrations is that we’ve done a terrible job,” he says. Another pressing issue is the negative effects of inflation on the current U.S. economy as the average American citizen works tirelessly yet is still unable to afford housing, healthcare, and education. He urges the market to consider onshore manufacturing to maintain ethically-run supply chains. As one of the powerful forces behind the Build Back Better Act, Michael laments that “it’s going to be very hard to get it over to the finish line.” He also provides his two cents on the Russian-Ukrainian conflict, stating it as solid proof that democracy will always win over totalitarianism. He believes underestimating the Ukrainian people was a huge mistake on Putin’s part and that balance in leadership is needed to figure out the best strategy for overcoming nationwide attacks. As a qualified lawyer, Michael gives his perspective on the Roe v. Wade leak and the importance of voting for people who believe in women’s rights and are pro-choice. Even as a gun owner himself, Michael supports the move for universal background checks in connection to Colorado’s dark history with gun violence. Despite this, he voted against Dianne Feinstein’s legislation as he believed it was “an obsolete approach.” For the 2024 presidential elections, Michael predicts Joe Biden and Donald Trump running once again. Willy and Michael end the episode with Michael looking back on his viral speech on the Senate floor in 2013, speaking against Ted Cruz’s call for a government shutdown.Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Willy welcomes Lotfi Karoui. Lotfi joined Goldman Sachs in 2007 and was promoted to managing director in 2015. Currently, he is the Chief Credit Strategist and head of the Credit Research Group at Goldman Sachs, one of the world’s leading investment banking, securities, and management firms. His research covers a wide span of topics, including income markets, interest rate models, and macro-finance. His work is published in various academic journals, including the Journal of Financial Economics, Management Science, the Journal of Derivatives, and the Journal of Economic Dynamics and Control. To start, Willy asks Lotfi about Paul Tudor Jones’ opinion in a recent CNBC interview, in which he stated, “You don’t want to be in bonds or stocks right now. I can’t think of a worse macro-environment...” Lotfi points out the paradigm shift of the newfound ability for investors to park their cash, decreasing the urgency of putting money in bonds and stocks. The built-up risk premium also becomes a factor, citing widened corporate bond spreads as an example. Lotfi continues to explain that “anything that has a little bit of duration risk has probably its worst start ever,” encompassing investment-grade and treasury bonds. The terminal value of the fed funds rate is set to peak at 3%, which coincides with Goldman Sachs view of the ideal target to dip one’s toes into bonds. Lotfi noticed a significant trend in the past five economic declines: The slope of the yield curve has done a fantastic job at predicting future recessions. However, he enumerates two caveats – correlation is not entirely causation, and the current cycle has proven to be more nuanced since the onset of the Great Moderation in the early eighties. He also emphasizes the imbalance in the labor market, with the federal government slowing down the economy without pressuring businesses to lay off employees. He presents his definition of a soft landing in terms of the ongoing inflation and status of the employment market and rates – the slowing down of the economy below potential while avoiding recession that causes companies to overreact. He states that the odds of a recession happening over the next two years are 35%. As gas prices are climbing, Lotfi highlights that demand destruction is the only way to rebalance the energy market instead of shrinking the demand side of the equation. He compares the effects of oil shocks on the United States and the European markets. The US economy is protected from the negative consequences due to a meaningful offset. Whereas Europe, they heavily rely on Russia to import their commodities. Lofti defines the current cycles as unpredictable and having more complex qualities. While the credit cycle is fairly young, the general business cycle is far ahead in its lifetime, making it impossible to tell if it is currently in recovery. Regarding inflated housing prices, Lotfi says the average monthly mortgage payment in the U.S. has increased by 41% in 2022. This is largely caused by tight inventories and real estate companies building fewer structures than needed. The episode ends with Lotfi’s interpretation of why companies are choosing to hire local talent rather than investing in foreign labor. The slowdown of globalization to regionalization has resulted from varied factors, such as the COVID-19 and the Russian-Ukrainian conflict. The pandemic has brought to light previously hidden weaknesses in how companies manage their supply chains.Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Power is in the hands of the ones with cash – that’s the general prediction of the corporate real estate market moving forward post-pandemic. With multi-family companies throwing money at more rental housing and inflation numbers at an all-time high, the future is uncertain as consumers struggle to afford a place to live. Research and Securities Executive VP Ivy Zelman, Investment and Sales Executive VP Kris Mikkelsen, Capital Markets Senior Managing Director Aaron Appel join Willy Walker on this week’s Walker Webcast as they dissect the current condition of the corporate real estate industry, why money is king, the probability of a soft landing versus a hard landing, and their thoughts on the best areas to invest in right now. Ivy Zelman sheds light on how rentals are unsustainable as more capital is flowing into the space, and a backlog of properties without leases exists. She also points out the disconnect between buyers’ willingness to pay and sellers’ expectations. Kris Mikkelsen lays out where he would put on his dollars – capital assets where rates can be reset and capital in markets with strong growth fundamentals and low risk. He emphasizes a lower leverage point and the ever-changing cost of homeownership in the past three months. Aaron Appel believes the future of CRE isn’t completely bleak, as time and time again, we’ve witnessed the market adjusting when there’s enough distress. But with the country’s escalating debt, inflation comes as a result of working to overcome it. Tune in to this new episode of Driven By Insight — CRE State of the Union with Ivy Zelman, Kris Mikkelsen, and Aaron Appel. GET NOTIFIED about upcoming shows: » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw » See upcoming guests on the #WalkerWebcast here: https://www.walkerdunlop.com/webcasts/Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Tesla and SpaceX CEO Elon Musk has said, “Finding a way to ensure that the advent of digital superintelligence is symbiotic with humanity is the single biggest existential crisis we face.” This quote encapsulates Mo Gawdat’s views and opinions in his best-selling book, Scary Smart, a roadmap detailing and predicting how AI can inevitably take over the human race. Mo Gawdat joins Willy Walker on this week’s Walker Webcast as he breaks down the evolution of AI, humanity’s cognitive limitations in controlling AI’s rapid growth, his biggest fears for the future of AI, its use in war and prevention in future disasters like COVID-19, and our responsibility as users in teaching AI to have “our best interests in mind”. Mo Gawdat describes AI not as machines but as “digital beings with experiences, fears, consciousness, and emotions”, capable of deep learning. He likens them to infants, absorbing every piece of knowledge being fed. “The more data you give them, the more they can see and observe patterns,” he adds. He emphasizes humanity’s refusal to take accountability in raising these “artificially intelligent children”, waiting for the government to control the inescapable doom of them disrupting our lifestyles, economies, political landscapes, and overall welfare. Mo Gawdat continues to warn us of the machine’s ability to sway public reasoning and opinions through social media algorithms. “They’re doing that in billions of recommendations every day…and then you start to realize that we are already in a place where we’re dominated. We’re already being told by the machines what to do.” Tune in to this new episode of the Walker Webcast — The Future of AI with Mo Gawdat, Author of Scary Smart and Former Google X Executive. GET NOTIFIED about upcoming shows: » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw » See upcoming guests on the #WalkerWebcast here: https://www.walkerdunlop.com/webcasts/Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

There’s never been a better time for women leaders than now. That’s what Mary Callahan Erdoes believes as the opportunity for remote and online work has provided the flexibility for family time and career growth. As the CEO of J.P. Morgan’s Asset and Wealth Management, she has brought one of the largest and most reliable investment banks to $4 trillion in client assets. Philanthropy is also close to her heart as she serves as a board member of New York City’s Robin Hood Foundation. Mary Callahan Erdoes joins Willy Walker on this week’s Walker Webcast as she gives her two cents on the unpredictability of the global market, her advice on investing in cryptocurrency, how more competition keeps the economy booming, and her close working ties with CEO Jamie Dimon. She emphasizes appreciating and recognizing both one’s milestones and empty tombstones – as any downturn is a chance to reevaluate methods and strategies. This optimistic outlook has set J.P. Morgan to be ready in handling any catastrophic situation. “Our job is to always prepare for the worst and hope for the best,” she adds. “If you do it the other way around, you’re going to get yourself in big trouble. That’s how we’re wired.” Diversity and inclusion have always been a priority for Mary Callahan Erdoes. J.P. Morgan’s efforts in investing in low-income housing and more poverty-stricken areas and opening doors to recruiting a wide slate of talent prove their stance on making a bigger difference in today’s work culture and society. Tune in to this new episode of the Walker Webcast — How to Manage $4 Trillion with Mary Callahan Erdoes, J.P. Morgan Asset & Wealth Management CEO. GET NOTIFIED about upcoming shows: » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw » See upcoming guests on the #WalkerWebcast here: https://www.walkerdunlop.com/webcasts/Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Musician Keith Richards once said, “I’ve imagined it all. I just didn’t think it would happen.” It’s a quote that sums up Amor Towles’ feelings after the unforeseen success of his work. Being a New York Times’ Best-Selling Author of three noteworthy novels, Amor Towles has also juggled being a professional banker with family members in the finance space and a tennis player to further cultivate his creative juices. Amor Towles joins Willy Walker on this week’s Walker Webcast as they flip the pages of his childhood love for fiction, how novels are writer’s symphonies, his profound interest in Russian literature, and why the need to be historically accurate should come second in the writing process. He attributes the refinement of his books to the caring attention and assessment of his wife, his fiction-loving friends, his agent, his editor, and his adoring readers who are never afraid to point out any logical oversight in his stories. A thesaurus definitely isn’t handy nor useful - as much as most people would believe. For Amor Towles, it’s impossible to draw out the multi-dimensionality of a character with the reliance on outside resources. “I have to trust what sounds right to my ear,” he says. “The vocabulary has sprung in a way from my sense of their [the character’s] personality and upbringing. What would they say? What would sound right to them?” Guesting on Late Night with Seth Meyers was a humbling opportunity as the host was an enthusiastic fan of his work. The appearance opened the door for Amor Towles’ to fulfill what he truly set out to do. “The biggest satisfaction is knowing that the book is finding an audience, resonating with people, and has made an impact in their lives in some interesting way,” he adds. Tune in to this new episode of the Walker Webcast — Penning a Best-Seller with Amor Towles, New York Best-Selling Author. GET NOTIFIED about upcoming shows: » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw » See upcoming guests on the #WalkerWebcast here: https://www.walkerdunlop.com/webcasts/Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Leading Economist and former Wharton Professor Dr. Peter Linneman is optimistic about the U.S. economy, although not every moment. With a divided Congress, the war in Ukraine, rising interest rates, and skyrocketing oil prices amid an ongoing pandemic, Dr. Linneman shares his quarterly predictions and provides insights to help you understand what's to come. Dr. Linneman presents the most prescient analysis, and he cites that before things got so hard, nobody could have guessed in February 2020 that the GDP could still grow by 3.5%. He considers it staggering and the main point. "We've undergrown, and we have potential just to catch up and then have normal growth. So I think that that's what's going to happen now over the next few years." Dr. Linneman mentions that a devastating variant of the virus can change anything, but the biggest wildcard he considers would stop the left to right upward kind of recovery is price controls. "I remember in 1971 when Nixon, a Republican, put in wage and price controls, and I remember the disaster that ensued. And yet, the U.S. economy grew over the five years, but it was a mess. It was an absolute mess because it's like fooling Mother Nature, right? Once you do this price, there's a knock-on effect on another. That's what we found out during the shutdown. You shut down one thing, but you also shut down many other things. So the biggest risk to the recovery is not interest rates, it's not inflation, it's wage and price controls." The leading economist adds that looking at the real factors matter. Over two years, real GDP, a crude measure of demand in the economy, has been up 3.5%. Industrial output, a crude measure of industrial goods capacity, is down 1% and employment, a crude measure of service sector supply down 1%, and demand's up 3.5%. Willy and Dr. Linneman cover how to bridge the gap as new government policies create an imbalance between the carbon economy and a green economy, pushing into renewables when there is still the demand for fossil fuels while exploration and refining companies are not investing anymore. In the world of CRE, Dr. Linneman cites things to consider when you're considering an investment in 2022. You have to look at the relative demand growth versus supply. "Generally over a three to five year period, supply and demand are going to grow about the same. If you're a developer, you want to be where demands grow because you're in the business of servicing growth with your fees and creating products and so forth. If you're an investor, you care about supply and demand. So the red hot cities are certainly industrial, people are looking at them pretty attractively for investing, and in the red hot cities, they're looking at them, certainly from multifamily. The cold cities are starting to get a relook." Tune in to this new episode of the Walker Webcast - The Best Hour in CRE with Dr. Peter Linneman.GET NOTIFIED about upcoming shows: » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw » See upcoming guests on the #WalkerWebcast here: https://www.walkerdunlop.com/webcasts/Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices