Onward, a Fundrise Production

Scott Plank—who helped build Under Armour from the ground up, was the largest angel investor in WeWork, and is a seed investor in Fundrise—joins us to share what it really feels like to bet everything, lose big, win bigger, and keep moving forward. In this conversation, Scott traces his path from building homes as a carpenter and selling bracelets in Guatemala to helping Under Armour grow from a family startup into a billion-dollar public company. He explains the financing strategies that kept the company alive in its early days, the lessons of scaling operations under intense pressure, and why he believes Under Armour couldn’t be founded the way they did in today’s world. Scott also shares his experience as the largest angel investor in WeWork, unpacking why he saw value where others didn’t, and how he navigated both the spectacular rise and fall of the company. Along the way, he reflects on risk—when to push all in, when to shut things down, and how entrepreneurship is often about knowing when the world has changed. Finally, he discusses his ongoing work in real estate and technology, including data centers and community development, and offers advice for the next generation of entrepreneurs. For Scott, the throughline is clear: success depends not just on grit, but on aligning values, timing, and the willingness to evolve when circumstances demand it. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com.  Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada.  About Fundrise  With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.  Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s).  Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Kervin Pillay, former CTO of Cisco's Automation Group, dives into the transformative future of data centers. He emphasizes the enormous investment looming in the U.S. to build AI infrastructure, potentially dwarfing the capital spent on the Interstate Highway System. Pillay tackles the innovative cooling solutions needed for AI data centers and compares the energy strategies of the U.S. and China. He also discusses the shift from training to inferencing in AI, affecting hardware demands, and highlights the hybrid models that tech giants are using to enhance user experiences.

Robert Nishihara, co-founder of AnyScale and co-creator of Ray, shares his expertise on AI's evolution and capabilities. He highlights the transition from academic theory to practical engineering, addressing the challenges of scaling AI. The conversation dives into the importance of high-quality data, the delicate balance between innovation and resources, and the evolving landscape of AI jobs. Nishihara also discusses steerable AI, exploring its potential in enhancing creativity and productivity while delineating the future of self-directed learning and critical thinking in an AI world.

This time, Rob Johnson, a former currency trader who collaborated with financial legends like George Soros, shares his gripping insights on currency warfare. He reflects on his challenging upbringing in Detroit and the realities of institutional power. Johnson dives into the history of the British pound and Swedish krona devaluations and discusses the U.S.-China trade dynamics. He also advocates for policy reforms aimed at equity and stability, highlighting the need for collaboration among economic leaders in today's complex global landscape.

Dive into the intriguing trade roadmap crafted by Stephen Miran for the Trump era. Explore potential futures—from global cooperation that could revive manufacturing to the real risks of recession and inflation. The discussion highlights the intricacies of U.S. trade policy, the dollar's dual role, and the impact of foreign sell-offs on American assets. Tactics used in trade negotiations are examined, revealing a calculated approach amidst aggressive rhetoric. Finally, the unmatched manufacturing strength of China complicates U.S. economic strategies.

Anna Wong, Chief U.S. Economist at Bloomberg, brings her extensive experience from the Federal Reserve and the U.S. Treasury to discuss the impact of tariffs on the economy. She highlights the challenges of navigating current U.S. trade policies and the potential for recession and stagflation due to rising tariffs. Wong also reflects on the early pandemic response and its lessons, while addressing the implications of political biases in economic decision-making at the Federal Reserve and the future challenges facing China.

Tal Kerret, President of Silverstein Properties, shares insights from overseeing the rebuilding of the World Trade Center, a project steeped in logistical challenges and emotional significance. He discusses transitioning from tech to real estate, emphasizing innovation and risk management. Tal explores the vital role of team dynamics and company culture, likening hiring to a balanced basketball team. He also provides a unique Israeli perspective on American society, touching on cultural nuances that drive collaboration and leadership in business.

Auren Hoffman, a serial tech entrepreneur and CEO of SafeGraph, shares his insights from nearly 30 years in Silicon Valley. He reflects on the challenges of selling LiveRamp for $310M and the complexities of entrepreneurial decision-making. The conversation dives into the evolution of tech from the 90s to AI, emphasizing how AI can enhance creativity and productivity. Auren also discusses the changing landscape of networking, the complexities of venture capital, and how marketing shapes societal perceptions of value.

Simon Ziff, President of Ackman-Ziff and a key player in over $100 billion in real estate deals, shares his remarkable journey through the evolving landscape of commercial real estate. He reflects on navigating market cycles, the shift from family-run firms to institutional dominance, and the rise of CMBS and private equity. Ziff also addresses current market challenges due to rising interest rates, financing struggles, and emphasizes the importance of relationships and transparent compensation in driving success.

Neil Chilson, Head of AI Policy at the Abundance Institute, brings nearly two decades of policy expertise to the conversation. He discusses crucial AI policy strategies in the U.S. versus the EU, spotlighting the balance between strict regulations and innovation. Chilson critiques past and potential shifts in AI policies under different administrations while emphasizing the need for clear federal guidelines. He explores the challenges of scaling tech beyond Silicon Valley and touches on state versus federal legislation impacts on AI and privacy.