Revenue is vanity. Profit is sanity. Cash is king. I typically focus on high free cash flow investments. Why? - You can't fake cash (vs. EBITDA) - Faster return of capital (reduced risk) - Distributing cash keeps managers disciplined - Helps investors remain calm in market

I heart bonus depreciation as much as the next guy. But way less so on high octane private equity deals. They say they'll probably hold for 5 years. But if they get a 2x in 2 years they WILL sell that puppy. And good luck asking them if a 1031 exchange is on the table.

I don't think investing is ever easy. Yes, sometimes things look obvious but that makes me pause and ask - what the hell am I missing? And (while hard to admit) when things are truly dirt cheap (2009), I probably won't want to back the truck up. My only solution to this -

Finally digging into the new opportunity zone changes. Aka Oppty Zone 2.0 I'm shocked they made this program permanent. Haven't paid much attention to OZ deals lately given the upfront capital gains tax deferral timeframe kept shrinking (this was dumb). All that changes on

Bonds make sense… if your goal is treading water.

Quick GP Stakes intro:

Why Invest in GP Stakes?

Elite PE firms in 2026 won't need to win on price. They are already leaning heavily into AI implementation (like it or not). They can't rely purely on financial engineering anymore, so they'll focus on productivity gains (operational alpha). The firms that excel at this will

Private market returns don’t have to start negative. The J-Curve is now optional. For decades, private equity investors accepted this reality: You commit capital, watch your statement go negative for years, and (hopefully) start seeing returns in years 5-10. Why does this

The Alternative Investment Cheat Sheet

Why did Bill Ackman sell $1B of Pershing Square? (GP Stakes Case Study)

Gold at $5,000. Buy or Pass? altinvestor.beehiiv.com/p/gold-at-5-00…

Bill Ackman’s $1 Billion Sale (GP Stakes Case Study) youtu.be/aNL25_B6C3w

Two ways to spend $10 million on Super Bowl Sunday: Option A: Buy a 30-second TV commercial. It airs once. Option B: Invest $10 million into a minority stake in an NFL team. I like the second bet. Which is now possible given the NFL has opened minority ownership to private