The Phil Bak Podcast

How fraud and waste turned affordable housing initiatives into a fee machine Elliott White writes on Substack and Twitter/X under the handle ResetBasis. At Hayden Glade, Elliott oversees the company's strategic direction through acquisitions, financing, and investor relations. Under Elliott’s leadership, Hayden Glade has acquired more than 3,000 units through relationships with public/private for-profit owners, nonprofit partnerships, and the trust of various public entities in different municipalities. Before founding Hayden Glade, Elliott was the head of acquisitions for Weston Associates, a regional affordable housing developer in Boston. At Weston Associates, Mr. White worked on various acquisition-rehab projects in Massachusetts, New Jersey, Georgia, Virginia, Maryland, Louisiana, and Mississippi. These projects utilized many different programs, including Low-Income Housing Tax Credits (federal and state), 1602 exchange programs, Section 8 rental assistance, Section 13A, Section 202, Section 236, HOME funds, CDBG funds, NHTF, and other subordinate debt.  

Carol Roth writes a weekly newsletter, sign up at CarolRoth.com/news. She has a Legacy Planning System at futurefile.com, and she is the author of The War on Small Business and You Will Own Nothing.

Phil is joined by friend of the show Ben Hunt for his fourth appearance on the podcast. Ben Hunt holds a PhD in Political Science from Harvard University, is the co-founder and CIO of Epsilon Theory, and co-founder of Second Foundation Partners. Ben and Phil discuss narratives driving flows in markets, the incentivization of risk-taking by financial and government institutions, and the issues that have arisen within American academia over the past several years.

Richard Adler was a co-founder and former Managing Director of EII Capital Management, an investment advisory firm for over 38 years managing REIT portfolios beginning in 1986. He has sat on the advisory board of Armada since its founding, and is a storied entrepreneur and business leader. Richard joins Phil to discuss REITs, investment, and reflect on his career spanning over 4 decades.

Cliff Asness, founder and chief investment officer at AQR Capital Management, dives into the volatile current market landscape. He analyzes the rise of index funds and market concentration, questioning the sustainability of traditional investing strategies. Cliff breaks down stock valuation complexities, discussing anomalies, risk, and price dynamics between small and large caps. He also shares insights on private equity’s evolving perceptions and emphasizes the significance of transparent communication in finance, alongside anecdotes that intertwine humor with serious market analysis.

Market strategist Michael Antonelli shares insights on navigating uncertainty with confidence, simplifying financial language for effective communication, spreading positivity during the COVID crisis, and exploring the benefits of maintaining a bullish outlook in finance.

Jared Dillian, author and investment strategist, joins the Phil Bak podcast.  He is the author of books such as No Worries: How to live a stress-free financial life, and Street Freak: A Memoir of Money and Madness. Jared and Phil discuss financial freedom, hard work, rules for success, and taking control over your financial outcomes. 

Portfolio Manager and Chief Strategist at Simplify Asset Management, Michael Green, explores the hazards of over-emphasizing indexing and passive investment, discussing reduced rewards for fundamental analysis and market dynamics. The podcast delves into challenges faced by investors, the impact of meme stocks on index funds, rising interest rates, and Simplify Asset Management's unique ETF strategies.

Phil Bak sits down with Rob Simone, managing director of Hedgeye Risk Management. Rob has over 15 years of corporate equity research within the REIT sector. Rob joins Phil today to discuss his famous short call on Medical Properties Trust.

Randall Zisler, co-founder of Zisler Capital Associates and respected academic on real estate, shares insights on real estate valuations, REITs, public vs private investments, debunking real estate myths, risk management, building alpha with AI, and personal values in this entertaining podcast.