Alternative Universe

Episode 006: Venture capital, a potent catalyst for innovation and economic growth, is at a crossroads. It has historically offered compelling prospects for investors and entrepreneurs alike. But recent headwinds like shifting market conditions, economic uncertainty, and rapidly evolving technology cast a shadow over the industry. Despite these challenges, the inherent power of venture capital to propel progress and shape the future remains undiminished.In this episode of Alternative Universe, Steve talks with Earnest Sweat, a Venture Capitalist. Earnest specializes in applying AI and advanced technology to sectors in the real economy such as logistics, real estate, and insurance. With a background in venture capital, Earnest has a unique perspective on early-stage businesses and the opportunities they present. He is passionate about finding and investing in companies that can make a significant impact.Earnest talks with Steve about the current state of venture capital and the opportunities that exist despite the uncertainty in the market. He believes there is a need for venture capital to expand into traditionally ignored industries and support founders who are solving problems in those industries. Earnest also discusses the role of AI in venture capital and the need to automate repetitive tasks to increase efficiency.Join us as we discuss:  [01:54] - Earnest's ability to simplify complex concepts. [04:01] - Why ventures are at an inflection point. [09:28] - Venture capital's role in aligning technology with non-tech verticals. [14:05] - Other venture-backable business models besides SaaS. [18:00] - Industries with investment opportunities. [20:09] - The rise of fractional employment and its benefits. [23:45] - Earnest’s views on AI. [27:59] - Qualities of a good venture capitalist. [31:57] - Earnest’s advice to founders considering venture capital. [34:16] - Earnest’s key takeaways. Key Takeaways Venture capital is facing an inflection point due to changing market conditions, but there are still opportunities for growth and investment. Industries that have been traditionally ignored, such as logistics, retail tech, healthcare services, and insurance, present significant opportunities for venture capital. Founders who deeply understand their industry and can attract technical talent are well-positioned to succeed in venture capital. Integration is an important area for investment and can drive efficiency and growth in various industries. Quotes"With venture, something can look great for two years, then look bad for four years, and then look great again 10 years from now. You have to be okay with ambiguity." ~ Earnest Sweat"Having less hubris and more humility makes great venture capitalists." ~ Earnest Sweat"It is a great time for venture despite all the uncertainty. But as financial advisors and fund managers, it's about having conviction." ~ Earnest SweatLinks  Earnest Sweat on LinkedIn Earnest Sweat on Twitter Swimming with Allocators Podcast Apply to join the Public School Syndicate and join the newsletter. Thesis Deck Earnest's past newsletters Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcast DisclosureAll content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 005: Alternative assets offer unique opportunities for investors seeking diversification and potentially higher returns. Communities like Long Angle provide a platform for high-net-worth individuals and families to explore alternative investments and connect with like-minded peers. By leveraging referrals, conducting thorough due diligence, and staying informed about emerging trends, investors and financial advisors can capitalize on the opportunities presented by alternative investments.In this episode of Alternative Universe, Steve talks with Matt Shechtman, Managing Director at Long Angle. In his role, Matt manages deal flow and investment strategy for high-net-worth individuals looking to navigate finances, planning, and investments. He manages alternative investing for the group, including sourcing, diligence, execution, and closing.Matt talks about building wealth, relationships, and connections through Long Angle, a community for high-net-worth individuals and families engaged in alternative investments. He discusses the value of alternative investments and the interconnectedness of different investment classes. Matt also explains how Long Angle invests in highly curated alternative assets through single-fund vehicles, allowing members to opt in on a deal-by-deal basis.Join us as we discuss: [01:22] - An overview of Long Angle and its role for high-net-worth individuals. [02:54] - The vehicle Long Angle uses to pool its partner's money. [03:44] - How to become a member of Long Angle. [05:46] - How Long Angle and RIAs work. [07:45] - Matt's background and journey to Long Angle. [11:05] - The launch of Long Angle and how it achieves tremendous growth. [14:34] - What attracts people to Long Angle. [20:09] - The asset class Matt is most excited about. [24:56] - Matt's entrepreneurial experiences. [28:29] - Key takeaways from the conversation. Key Takeaways Alternative assets can be hard but rewarding.  Alternative investments can provide long-term compounded tax advantage growth. Long Angle focuses on alternative assets and provides access to institutional-level managers across various asset classes. Search funds, which focus on micro-cap private equity, offer attractive returns and scalability. GP stakes can be a great real estate replacement, providing immediate income and the ability to invest in private managers on a minority basis. Quotes"There's a lot of value in having a bunch of different data points against industries, backgrounds, sectors and experience, and then providing the ability to benchmark, learn, and then network." ~ Matt Shechtman"Alternative assets can be hard but really rewarding. If you spend the work doing it and understand your asset classes and investing methodology, there's real alpha to be had." ~ Matt Shechtman"When it comes to long-term compounded tax advantage growth, some of these illiquid private market/private equity options are super attractive." ~ Matt ShechtmanLinks  Matt Shechtman on LinkedIn Long Angle Wells Fargo JPMorgan Chase Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcasts DisclosureAll content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 004: Angel investing offers a compelling alternative investment strategy for financial advisors and their clients. It presents a unique opportunity for investors to support early-stage ventures, drive job growth, and significantly impact their local economies. However, this asset class requires careful due diligence, investor education, and a well-structured operational model. By partnering with established angel networks, advisors can provide their clients access to a curated pipeline of potential investments and the expertise needed to navigate this market.In this episode of the Alternative Universe, Steve talks with Matt Dunbar, Co-Founder & Managing Director of VentureSouth. They discuss the world of angel investing and the importance of due diligence in this asset class. Matt shares how VentureSouth operates, source deal flow, and the diligence process they use to evaluate investment opportunities. Matt also highlights the value of investor education and the importance of diversification in building a successful portfolio in early-stage investing.Join us as we discuss: [01:37] - Matt's background and how he got into the venture markets. [07:33] - The founding of the Upstate Carolina Angel Network (UCAN). [09:20] - UCAN is the predecessor of VentureSouth. [10:27] - The challenge of finding capital for startups. [12:03] - The idea of aggregating capital and expanding the network. [13:27] - Definition of an angel investor. [15:02] - Regulatory requirements for selling securities to investors. [20:23] - How VentureSouth handles due diligence with its network. [25:01] - Types of vehicles and operational structure of VentureSouth. [28:01] - Matt's three key takeaways. Key Takeaways Angel investing requires time and effort to source deals and conduct thorough due diligence. Early-stage investing is risky, but diligent research can help eliminate obvious failures. Investor education is crucial for understanding early-stage investing and making informed investment decisions. VentureSouth leverages its network of investors to evaluate and select the most promising opportunities. The goal of VentureSouth is to make money, have fun, and do good by supporting startups and creating jobs. Quotes"Our tagline and mission statement is: make money, have fun, and do good. We're really committed to all three of those things as part of our process." ~ Matt Dunbar"If you really want to get exposure to the early-stage asset class in a non-traditional way that's not just a passive large venture fund investment, you have to be aware of the time and effort it takes to not only source the deals but really do your homework and understand how to approach the diligence." ~ Matt Dunbar"There's a richness in sharing wisdom and learning with entrepreneurs trying to create new business and helping them navigate the untold litany of challenges that come up for startups." ~ Matt DunbarLinks  Matt Dunbar on LinkedIn VentureSouth Clemson University Eastman Stanford University Boston Consulting Group Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcasts DisclosureAll content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 003: In this episode of Alternative Universe, we bring you a webinar featuring Steve Zuschin, Jud Mackrill, and Victoria Bills. Victoria is the Chief Investment Strategist at Banrion Capital Management, and Jud is Co-Founder at Milemarker and General Partner at Mammoth. Together, they dive into the world of alternative investments for business growth and retirement strategies. They also discuss the complexities of incorporating alternative investments into business strategies, positioning them for clients, and overcoming challenges. They touch on the importance of building a positive client experience and tailoring investment strategies for retired clients. Join us as we discuss:[01:22] - Intro to Victoria Bills and Steve Zuschin.[05:10] - How do advisors know if alternative investments are right for their clients?[10:50] - How should advisors be positioning alternative investments to their clients?[14:55] - What’s the biggest challenge most advisors face in starting to use alternatives?[21:08] - Best structure for sub docs process?[24:41] - What factors are considered in building alts allocation?[26:29] - How do advisors build client experience?[30:38] - What are advisors doing to satisfy due diligence when they don’t claim to be experts in underwriting one fund from the next?[33:02] - Why should financial advisors advocate for allocating a specific percentage of a HNW client’s portfolio to hedge funds, given their potential to mitigate risk and generate alpha in volatile markets?[34:14] - In what ways can financial advisors tailor alternative investment strategies to align with the income generation goals of retired clients with a moderate risk tolerance?[35:13] - How can financial advisors tactically implement private equity and real estate investments to enhance diversification within a client’s portfolio?[36:20] - How do you evaluate the solidarity of an alt fund?[37:55] - Any warnings on alt environment, specifically private equity or opportunity zones due to interest rates?[39:34] - What is Mammoth Technology’s business model?[42:02] - How does Mammoth’s platform integrate with other platforms an advisor is already using?[43:32] - Can you white-label Mammoth’s platform?[43:39] - Does Mammoth’s platform include fund listings and descriptions, subscription process, and fund reporting?[43:56] - Is Mammoth’s platform just for advisors or L.P.’s as well?Quotes“We don’t get paid to put products on our platform. We don’t get paid if you invest. We get paid for the fact that we continue to work as an advocate for the funds that are on our platform, but most importantly, keeping the financial advisor in mind.” ~ Victoria Bills“Ultimately, that's why Mammoth exists, is to try and reduce some of those challenges and to make alternatives easier for you to approach, but also easier for you to provide excellent service to your clients when they do allocate to these different types of products on the private market." ~ Steve ZuschinLinks  Victoria on LinkedIn Jud on LinkedIn Banrion Capital Management Mammoth Technology Milemarker Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcasts DisclosureAll content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 002: In this episode, Steve talks with Mark Phillips, Founder and Managing Partner of 11 Tribes Ventures, about his unconventional journey into venture capital, including a failed entrepreneurial venture, which changed his perspective on entrepreneurship and led him to venture capital.Mark talks about the importance of entrepreneurship for societal impact, the concept of "completing capitalism," and the overlooked significance of founder resilience. Mark also discusses the future of venture capital, emphasizing sustainable growth, reasonable exits, and lower volatility. Lastly, Steve and Mark underline the potential of impact investing and the crucial role of purpose in business. Join us, as we discuss:(00:35] - Building an alternative investment fund.[11:11] - Entrepreneurship's role in optimizing capitalism.[16:01] - Founder resilience in venture capital.[25:04] - Reimagining venture capital for sustainable growth.[31:54] - Information overload in a noisy market.Key Takeaways Separating your identity from your business is crucial, especially during the failures, as it provides valuable insights for future ventures. Don’t just measure business outcomes, but also the impact on society and the community. Businesses have the power to create meaningful societal change. Founder resilience is critical. There is a direct correlation between founder well-being and business success. Focusing on sustainable growth, reasonable exits, and lower volatility can redefine the venture capital landscape. It’s easy to live in a state of information overload. Mindfully consuming information can dramatically affect well-being and decision-making in the financial world. Quotes"It's so easy to let the pursuit of making money get in the way of the things that actually motivate us. We have to avoid that, and that's really where we as a fund feel like we have a responsibility to support entrepreneurs with that vision." ~ Mark Phillips“Founders who have worked with coaches reported having 89% reduced stress, 91% increased business performance, 75% improved employee retention, and 89% improved quality of life." ~ Mark Phillips"I am convinced that the only thing that has to grow faster than an organization is its founder." ~ Mark Phillips"Work, and particularly entrepreneurship, is a calling. You do not quit your W2 high-paying job with cushy health insurance to go build a company that is only a business plan as it stands today if you don't feel called to that." ~ Mark PhillipsLinks  Mark Phillips on LinkedIn 11 Tribes Ventures Dr. Daniel Crosby Charlie Munger Warren Buffett Founders Podcast Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube DisclosureAll content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 001: Wealth management plans can often seem disconnected, creating complexity for firms and confusion for clients. In this episode of Alternative Universe, Mammoth CRO Steve Zuschin and Milemarker Co-Founder Jud Mackrill talk about these complexities and how technology can be the bridge firms and clients need. Having worked with Orion, Carson, and other asset managers, Jud discusses his entrepreneurial journey and his dedication to solving problems within the wealth management industry. He shares his views on how the investment process could be improved, focusing on streamlining the experience for both investors and advisors, emphasizing the necessity of maintaining a strong “why” amidst the “how”. Steve and Jud also discuss how Mammoth helps to stitch everything together, providing a uniform experience for both the investor and the advisor.  Join us as we discuss:[00:38] - Introducing Alternative Universe.[03:02] - Jud’s background in wealth management and challenges in integrating technology.[09:58] - Improving user experience in private markets. [17:26] - Simplifying SPVs for venture investments.[23:14] - The importance of being a bridge-builder in wealth management.[26:56] - How technology can be the “connective tissue” for clients.Key Takeaways Alternative investments have transformative potential for clients. Advisors should be empathetic and strive to introduce innovative solutions for onboarding and managing private investments. The methods for handling private investments are outdated, and there is vast potential for technology to enhance the investor experience. It’s critical to understand the role of SPVs in private investments, and the need for modernization and a user-friendly client experience for long-term LPs. Be aware of the challenges financial advisors face in offering alternative investments to their clients and strive to understand the "why" behind these investments. Aim to be a bridge-builder, and recognize how alternative investments can act as connectors for clients and aid them in achieving their goals. Always prioritize what is best for clients, even if it requires additional work. Quotes“The right thing always is a little harder, I think. Our goal is to help you do the very best thing for your clients, at scale, in a way that it feels honestly delightful. I love that we are bridge-builders.” ~ Jud Mackrill“I've always believed that an advisor is there for a really great reason and they should be knitting together the conversation. If they're truly a fiduciary, a super-trained expert working on behalf of the client, they should be there guiding them.” ~ Jud Mackrill“How do we help advisors truly integrate all these alternative opportunities? The client is going to invest in them with or without their advisor, but the advisor as a fiduciary should be there to help make sure it's the best thing possible.” ~ Jud MackrillLinks  Jud Mackrill on LinkedIn Orion TA Associates Abacus Hubble The Boring Company Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify DisclosureAll content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.