Beyond the Stock Market, a Groundfloor Production

Groundfloor CEO Brian Dally interviews Whitney Elkins-Hutten, Director of Investor Education at PassiveInvesting.com and author of “Money for Tomorrow,” about how everyday investors can build and protect wealth. Whitney shares how a 2002 live-in real estate project led to a strong return and launched her path from flips to rentals, multifamily, and private equity, along with a key shift from chasing net worth to prioritizing cash flow. She outlines four common traps investors face, emphasizing the need for a clear investor thesis rather than a random collection of deals. They discuss forming a thesis around goals, time horizon, risk tolerance and risk capacity, diversification, reserves, and aligning investments across the capital stack, including evaluating real estate debt funds at both loan and fund structure levels.

00:00 Welcome and Guest Intro

02:01 Whitney Origin Story

02:23 First Deal and Real Estate Bug

05:09 Net Worth vs Cash Flow

06:48 Four Wealth Building Traps

09:36 Why You Need a Thesis

12:25 Building Your Investor Thesis

15:31 Debt Funds Explained

17:53 Debt Fund Risks and Structures

19:59 Wrap Up and Part Two Tease

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Whitney Elkins-Hutten on LinkedIn: https://www.linkedin.com/in/whitneyelkinshutten

References:

• PassiveInvesting.com
• Money for Tomorrow: How to Build and Protect Generational Wealth by Whitney Elkins-Hutten: https://www.amazon.com/dp/1960178121
• 121 exclusion in tax code: https://www.irs.gov/faqs/sale-or-trade-of-business-depreciation-rentals/sales-trades-exchanges/sales-trades-exchanges-3

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Host Brian Dally continues the conversation with Shawn Muneio of Bequest Asset Management about the FIRE movement’s “cash flow problem,” arguing that many paths to income (like rentals or buying businesses) become another job, while true passive income options are limited and why private credit can help. Muneio explains the “forgotten investors of America”—sharing a story of how he was literally not allowed into the room despite having money to invest, and why it’s always bothered him when non-accredited investors are blocked from alternative investments. Dally and Muneio talk about bringing alternatives to everyone using paths like Regulation A. Both note regulatory compliance can improve products and that even accredited investors are attracted to regulated, stable structures. Muneio says younger investors are drawn to alternatives due to frustration with public markets and desire for connection and impact, then shares growth goals toward $1B AUM, rapid scaling with AI, and rapid-fire investing views, emphasizing diversification across uncorrelated assets.

00:00 FIRE Cash Flow Problem

01:57 Delegating Control for Income

03:52 Forgotten Investors Story

07:19 Regulation Makes Products Better

12:48 Why Alternatives Appeal Now

15:25 Audacious Growth Goals

17:57 Rapid Fire Investing Takes

20:20 Final Lesson and Wrap Up

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Shawn Muneio on LinkedIn: https://www.linkedin.com/in/shawn-muneio-92884621/

References:

• Bequest Asset Management: https://bqfunds.com/

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Brian Dally, CEO of Groundfloor, introduces Beyond the Stock Market and interviews Shawn Muneio, co-founder and managing partner of Bequest Asset Management. Muneio shares his path from telecommunications to launching an investment company in 2015, moving from distressed notes to running an asset management firm focused on cash-flowing alternative investments, with over $60 million in equity under management and about 500 investors. He explains Bequest’s shift from serving only accredited investors via Reg D/506(c) to pursuing structures that expand access to non-accredited investors, aiming to bring institutional-quality asset-backed income to the “99%.” Muneio outlines Bequest’s four principles—cash flow, control, comprehension, and community—highlighting junior lien mortgage portfolios, and discusses pressures on the 4% withdrawal rule amid inflation and low dividends, arguing for cash-flowing alternatives.

00:00 Welcome and Guest Intro

01:39 Shawn’s Origin Story

03:40 Mission Expanding Access

06:32 Four Cs Investing Framework

06:53 Cash Flow and Private Credit

10:26 Rethinking the 4% Rule

13:26 Part Two Teaser and Wrap

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Shawn Muneio on LinkedIn: https://www.linkedin.com/in/shawn-muneio-92884621/

References:

• Bequest Asset Management: https://bqfunds.com/

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Host Brian Dally continues his conversation with with Bob Fraser, CFO and chief macro strategist of Aspen Funds. In this episode, Fraser shares what everyday investors can learn from billionaires about building and protecting wealth through alternatives and private credit. He emphasizes treating investing like a business (including setting up a hub LLC), creating a disciplined allocation plan with uncorrelated “buckets,” and focusing far more on risk than return to avoid losses. He explains how structure through allocation limits and periodic rebalancing can help investors sell outperformers and redeploy into under-allocated areas. Fraser stresses operator selection as critical in private investing, and predicts growing retail access to alternatives. In rapid fire, he highlights compounding, sentiment, and the risks of chasing AI-driven public markets.

00:00 Welcome Back and Setup

00:22 Think Like a Billionaire

02:06 Risk Discipline and Taxes

04:46 Portfolio Buckets and Rebalancing

06:48 Picking the Right Operator

08:58 Where Alternatives Are Headed

10:49 Alts in 401k and Advisors

13:07 Rapid Fire Investing Q&A

15:39 Final Takeaway and Wrap

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Bob Fraser on LinkedIn: https://www.linkedin.com/in/bobfraser10/

References:

• Aspen Funds: https://aspenfunds.us/
• Invest Like a Billionaire by Bob Fraser: https://a.co/0gXT35Dy
• Invest Like a Billionaire podcast: https://investlikeabillionaire.org/
• David Swensen: https://en.wikipedia.org/wiki/David_F._Swensen

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Groundfloor CEO Brian Dally hosts Bob Fraser, CFO and chief macro strategist of Aspen Funds, discussing Fraser’s path from computer science and dot-com success to being wiped out in the dot-com crash and again in the 2008 crisis, leading him to focus on private markets he could better control. Fraser explains Aspen’s hedge-fund-like macro approach applied to private investments, a retail investor mission centered on education (including a bestselling book and podcast, “Invest Like a Billionaire”), and disciplined underwriting. He outlines how private alternatives can offer an illiquidity discount, niche strategies, and lower portfolio risk through uncorrelated positions, emphasizing operator selection. Fraser notes using AI to boost deal underwriting productivity and shares current themes: a potential Fed regime shift and a steeper yield curve, plus opportunities in industrial real estate, distressed multifamily, and energy land driven by mispriced narratives.

00:00 Show Intro

00:42 Meet Bob Fraser

01:58 From Dotcom to Debt

04:53 Why Aspen Funds

06:47 Billionaire Playbook

07:37 Private Alpha Explained

09:48 Uncorrelated Portfolios

11:34 AI and Underwriting

13:50 Macro Shift at Fed

15:22 Where Aspen Invests

17:37 Wrap and Part Two

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Bob Fraser on LinkedIn: https://www.linkedin.com/in/bobfraser10/

References:

• Aspen Funds: https://aspenfunds.us/
• Invest Like a Billionaire by Bob Fraser and Ben Fraser: https://a.co/0gXT35Dy
• Invest Like a Billionaire podcast: https://investlikeabillionaire.org/

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Groundfloor CEO Brian Dally continues his conversation with Jillian Murrish, CEO and co-founder of Pier Asset Management, focusing on where specialty finance and music royalties fit in today’s volatile market. Jillian argues music royalties are largely non-correlated to stocks and unemployment, may hold up in downturns as streaming substitutes for other entertainment, and are relatively insulated from interest-rate moves. She also frames music as “AI-proof” because audiences value human artists and live performance. Jillian discusses portfolio construction across genres, songs, and royalty-rights types, Pier’s underwriting workflow, and why regulated banks create ongoing specialty finance opportunities, including institutionalization via securitizations.

00:00 Part Two Setup

00:34 Market Cycle and Noncorrelation

03:15 AI Proof Music Investing

05:17 Streaming Growth Drivers

06:57 Diversification and Royalty Types

10:09 Deal Flow and Underwriting

10:48 Future of Specialty Finance

12:37 Securitization and Scaling

15:49 Rapid Fire Q and A

17:53 Final Takeaways and Wrap

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Jillian Murrish on LinkedIn: https://www.linkedin.com/in/jillian-murrish-b324a52b/

References:

• Pier Asset Management: https://www.pieram.com/
• Beeple: https://www.beeple-crap.com/
• Goldman Sachs report: https://www.goldmansachs.com/insights/articles/global-music-revenues-are-forecast-to-double-to-200-million-in-2035

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Groundfloor CEO Brian Dally hosts Beyond the Stock Market and interviews Jillian Murrish, co-founder and CEO of Pier Asset Management, a niche specialty finance investment firm. Jillian explains Pier’s focus on deal sizes that large institutions often overlook, and explains specialty finance as lending against portfolios of contractual cash flows such as loans, receivables, advances, and royalties. She describes Pier’s evolution from consumer and small business lending into music royalties, where distributor reports provide detailed streaming data. Jillian outlines why rights holders sell royalties, how music revenue typically cycles, and Pier’s emphasis across different types of catalogs.

00:00 Welcome and Guest Intro

01:22 Why Pier Started

03:10 What Is Specialty Finance

04:28 Early Strategy and Sectors

06:09 Underwriting Cash Flows

07:54 Music Royalties Data Edge

10:02 Deal Flow in Music

11:17 Why Sellers Need Liquidity

13:51 Pricing Risk and Decay

17:26 Portfolio Size

19:01 Wrap Up and Part Two Tease

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Jillian Murrish on LinkedIn: https://www.linkedin.com/in/jillian-murrish-b324a52b/

References:

• Pier Asset Management: https://www.pieram.com/

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Host Brian Dally continues his conversation with Stacey Schacter of VION Investments about where the U.S. is in the broader market cycle. They discuss the K-shaped economy, Social Security’s projected depletion, and how AI may cause near-term job losses but could ultimately drive retraining, entrepreneurship, and an employment boom if used as a tool. Stacey cautions about overreliance on opaque models and stresses understanding assumptions. He flags sovereign debt and potential weakening of dollar dominance as a major long-term risk. The episode closes with a rapid fire Q&A.

00:00 Welcome Back Part Two

00:27 Late Cycle Fragility

02:45 Distress And Divergence

04:33 K Shaped Economy

05:19 Social Security Squeeze

07:45 AI Horizon And Jobs

11:00 Models Need Assumptions

14:32 Signals To Watch

15:54 Politics Tech And Debt

20:52 Rapid Fire Investing Qs

23:15 Alternate Life Paths

24:42 Wrap Up

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Stacey Schacter on LinkedIn: https://www.linkedin.com/in/staceyjschacter/

References:

• VION Investments: https://www.vioninv.com/
• ​The Beige Book from the Fed: https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm
• Ray Dalio Principles Around Debt Cycles: https://www.principles.com/big-debt-crises
• Sliding Doors film: https://www.imdb.com/title/tt0120148/

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Host Brian Dally interviews Stacey Schacter, founder and CEO of VION Investments, a liquidity provider focused on performing and non-performing consumer and commercial receivables. Stacey recounts moving from tax and securities law into major bankruptcy and liquidation work, becoming CEO of a receivables division, then founding VION 17 years ago with backing from a New York private equity group. He explains VION’s approach across varied transactions,, discusses fraud seen in auto finance, and outlines how VION evaluates opportunities via specialized knowledge, avoiding over-leverage and binary bets, using data-driven stress scenarios, and favoring deals with wider margins for error.

00:00 Welcome and Mission

00:43 Meet Stacey Schacter

02:48 Early Career Pivot

05:36 Founding VION in 2008

07:04 What VION Actually Does

09:38 Fraud Stories in Auto

10:18 Performing vs Nonperforming

12:50 Froth Leverage and Patience

14:20 Private Credit vs Spec Fin

18:49 Managing Distress Risk

21:46 Wrap Up

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Stacey Schacter on LinkedIn: https://www.linkedin.com/in/staceyjschacter/

References:

• VION Investments: https://www.vioninv.com/
• DeLoreon Motor Company: https://delorean.com/
• Advanta Bank: https://www.advantabankcorp.com/
• SpaceX: https://www.spacex.com/

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

In this episode of Groundfloor’s “Beyond the Stock Market,” host Brian Dally unpacks the negative headlines about private credit and argues the turmoil reflects structural issues and a liquidity/transparency mismatch. He contrasts the Wall Street aggregator models, where investors are forced to take on “manager of manager” risk, with Groundfloor’s direct, retail-first approach. After describing Groundfloor’s history since 2013, its focus on real estate debt, Brian emphasizes asset-level transparency, short-term loans, and vertical integration in origination, underwriting, and recovery as key differences in managing risk.

00:00 Intro

00:35 Private credit’s negative headlines

01:12 Groundfloor origin story

03:25 What are the issues behind private markets

06:59 Why Groundfloor is different

08:11 Retail investor takeaway

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.