Although each major technology wave is unique—mainframes, the personal computer, internet, mobile, cloud, and now AI—the way they have played out has been surprisingly consistent. The core financial, product, and economic patterns repeat each innovation cycle and help define which companies go on to win or lose.

In this episode, Ben and Cardiff identify and discuss the five most significant patterns: 1) waves, 2) bridging, 3) democratization, 4) centralization-decentralization, and 5) the 3x multiple — and attempt to draw the lessons from the past to the opportunities of the present.

Have questions or feedback about this episode? Drop us a note at [email protected]. 

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, Editorial Director of the Economic Innovation Group and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).

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 properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Two roads diverged before the US. One the way of growth and the other the way of a debt spiral. In this episode, Cardiff Garcia and Ben Miller look at the state of US dynamism vs. indebtedness, and the narrow path that would lead to a prolonged US boom. They scenario plan three potential futures: the continuation of current growth trends, a major recession, and a surprise development. The discussion spans historical debt trends, the impact of AI and technology on growth, and the influence of interest rates and fiscal policies. They highlight the strategic balance required between debt management and economic development, with a focus on achieving a ‘soft landing.’ This episode covers the key decisions between leveraging growth and managing debt that will shape America’s economic destiny.

Have questions or feedback about this episode? Drop us a note at [email protected]. 

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). 

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 properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

On the latest episode of Onward, Fundrise CEO Ben Miller is joined by Ali Wolf, Chief Economist at Zonda and one of the smartest people we know for analyzing and understanding housing and the economy. As we’re still in the early weeks of 2024, Ben and Ali’s conversation focuses on lessons learned from the past year, when a confluence of factors resulted in an economic period that still demands attention and deciphering: What happened to the recession that most economists believed was all but inevitable a year ago? Did we dodge that recession or just delay it? How do you tell the difference between a soft landing and an economic downturn that’s simply slowing? Is it possible to rely too much on history when trying to develop a forecast? Looking ahead, Ali shares her thoughts on which housing markets are most exciting going into the next twelve months (and which are likely to lose momentum). She also shares insights based on home builder surveys, leading to Ali’s forecast for what home pricing will look like through the rest of the year. And, importantly, when Ali’s spoken to builders, the two sentiments that have stood out have been both a sense of caution and a sense of optimism. As Ben says, that’s terrific news: Those emotions, together, tend to equal a balanced economy… and often what comes out of that balance is real, lasting growth.

All this and more, on the latest episode of Onward.

Have questions or feedback about this episode? Drop us a note at [email protected].

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).

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 properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In this final Onward episode of 2023 co-hosts Cardiff Garcia and Fundrise CEO Ben Miller kick things off by discussing Ben’s major market call: The conclusion that the real estate market has hit bottom. After 18 months of escalating interest rates punishing the real estate industry, small businesses, and regional banks, we’ve entered a new period where we expect the move to falling rates to propel strong positive performance. Ben walks Cardiff through his view of the state of the economy, both macro and specific to real estate, furnished with data points drawn from top-down market analysis, bottom-up, and anecdotal evidence, referencing confidential third-party sources and Fundrise’s own portfolio of assets. Most importantly, after a year of market turbulence, the market’s trough means that it’s time for investors to shift their attitude and become opportunistic about buying along the bottom. Lastly, it’s key to note that this episode of Onward was recorded to enhance and be enhanced by the Fundrise 2023 year-end letter to investors, available at https://fundrise.com/investor-update/1123/view, and should be listened to alongside that letter, where readers will find a more thorough assessment of Fundrise’s own portfolio, along with our team’s thoughts on what the future may hold. As 2023 comes to an end and we enter a new phase for the market with the start of 2024, Onward.

Have questions or feedback about this episode? Drop us a note at [email protected].

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).

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 properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In the modern tech landscape, there are few topics more critical — or, unfortunately, more frequently overlooked and misunderstood by laypeople — than data security. Luckily Vanta has developed a revolutionary solution for how other companies can address the problem of data security compliance, with enormous subsequent benefits for how those businesses can operate safely — and access new market share as a result. In this latest episode of Onward, Fundrise CEO Ben Miller is joined by Christina Cacioppo, Vanta’s CEO and founder, to discuss some of the strategic and leadership insights that have helped guide Vanta’s success and unique growth trajectory. Christina’s leadership and Vanta’s foresight in defining a new, more streamlined way for companies to operate securely are some of the principal factors that contributed to Vanta becoming the Fundrise Innovation Fund’s first investment, in late 2022 and a subsequent year of impressive continued growth. Here, Ben and Christina’s conversation covers some of the key considerations that leaders must face in building a new, disruptive business, such as why learning to focus on a problem is often more fruitful than focusing on a solution; how a stereotypically overlooked topic, like data security, can be leveraged into 25x growth, when properly understood; the importance that iterating and making multiple attempts can be in finally developing a singular, revolutionary product; and what leaders like Christina and Ben look for in the board member, co-leaders, and venture capital partners they choose to work with. 

Have questions or feedback about this episode? Drop us a note at [email protected].

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).

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.  

Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing.

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 properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

People outside of the real estate investment industry may be unaware, but the market is currently navigating a period of turbulence comparable to what it experienced during the 2008 financial crisis, with cap rates and pricing down as much as 50%. In this episode of Onward, co-hosts Ben and Cardiff look at some behind-the-scenes market data that Ben has been analyzing, thanks to his on-the-ground insights through managing the Fundrise portfolio. Of particular concern has been the startling unevenness in the market, with investment property values severely misaligned with the values attached to properties purchased and sold by individual homebuyers. In order to understand these differences, our hosts point out, we need to look at more than just completed transactions and sales prices — we also need to consider the numbers behind offers that are not being completed, to see why sellers are not willing to accept the low prices that current buyers are willing to pay. And in order to see those kinds of bids, you need to be directly involved in the market’s dynamics — a perspective Ben can fortunately share, with a helpful glimpse into a couple properties in Fundrise’s portfolio.

As always, great change opens the door to great opportunity — but what else does the current state of investment real estate mean for the economy, writ large? Will interest rates continue at their present level, despite the rupture in the bond markets and continued challenges for banks? When and how will the impact on the real estate industry make its way to other sectors? Why exactly is the market broken — and what will it take to fix it? 

To read more background information on Ben and Cardiff’s conversation in this episode, visit https://fundrise.com/education/onward-episode-30. 

Have questions or feedback about this episode? Drop us a note at [email protected].

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).

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 properties that make up and power Fundrise portfolios, including the ones mentioned in today’s episode? Check out our active and past projects at www.fundrise.com/assets. 

Rick Caruso’s real estate projects have defined how a generation of LA residents live in and experience the city. When you truly collaborate with communities, Rick explains, you get more than reliable financial success — you get momentum behind your project, you get political capital, and you get the satisfaction that comes from knowing people appreciate and enjoy the spaces you’ve contributed to the city. In this latest episode of Onward, Rick joins Fundrise CEO Ben Miller for a behind the scenes conversation on the current status of the real estate industry, and how his business principles have helped him navigate multiple past industry downturns, such as the S&L and 2008 crises. Beyond that, Ben and Rick’s discussion touches on a variety of veteran real estate insights, such as why Rick is concerned that LA’s current politics could block opportunities for growth; the critical considerations that go into managing banking relationships for real estate developers; and why the 2028 Olympic Games, scheduled to take place in Los Angeles, could supercharge yet another real estate renaissance for the city. All this and more, on the latest episode of Onward.

Have questions or feedback about this episode? Drop us a note at [email protected].

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).

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 www.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 properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

As our host, Fundrise CEO Ben Miller, observes in this latest episode of Onward, the amount of hype surrounding AI has become extraordinary… to the point that it’s become difficult for many people to distinguish the reality of its potential from vaporware. Luckily, coinciding with the Fundrise Innovation Fund’s investment in Theory Ventures, we have the opportunity to chat with Tomasz Tunguz, Theory Ventures General Partner, whose experience provides a critical perspective in analyzing how new technological paradigms become drivers for change, productivity, profitability, and growth. Ben and Tomasz’s conversation touches on structured vs. unstructured data, how technology development moves between infrastructure and software, and why tech incumbents have such a head start with AI. This episode is a key introduction to the kinds of systems theory governing the thinking in AI today and the economic analysis that will guide how it eventually winds up in everyday application, in all consumers’ lives. No matter how tremendous the hype behind AI becomes, this conversation makes one thing clear: we’re witnessing the beginning of a new era for tech.

Have questions or feedback about this episode? Drop us a note at [email protected].

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).

Podcast production by The Podcast Consultant. Music by Seaplane Armada.

About Fundrise

With over 1 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.  

Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing.

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 properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

As artificial intelligence has dominated headlines over the past year, it’s become increasingly critical for everybody to understand AI, due to its likelihood to impact each and every one of us. In this latest episode of Onward, join Fundrise CEO Ben Miller and co-host Cardiff Garcia for a conversation that aims to reveal some of the big picture ideas driving AI’s current growth, along with the potential ramifications of those changes — and why it really is worth getting excited over. In terms of impact, Ben and Cardiff explain, we’re beginning to be able to rely on AI to perform tasks as vital and varied as weather forecasting or performing medical diagnoses. The financial outcomes of these leaps are staggering, according to recent reports and projections by some of the world’s largest accounting and financial firms, some expecting annual GDP growth to triple, directly attributed to AI’s ability to automate 40-70% of all workers’ activities. So where does that leave the labor market, people’s day-to-day lives, and investment opportunities in infrastructures that will help govern a whole new technological paradigm? Join Ben and Cardiff in this latest episode of Onward to find out.

Have questions or feedback about this episode? Drop us a note at [email protected].

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).

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.  

Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing.

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 properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In our latest episode of Onward, Fundrise CEO Ben Miller is joined by David Carmen, founder of the Carmen Group and one of the top lobbyists in the nation. He has worked on some of the most important issues of the past nearly half century — from 9/11 to Softbank’s $22B acquisition of Sprint. With increasing polarization and political dysfunction, many may feel that our democracy is at risk. Most people don’t know why, let alone how we might fix it. With nearly 40 years as a Washington-DC-insider, David Carmen has real knowledge and concrete suggestions that he argues could bring us into a new era of effective government.

Have questions or feedback about this episode? Drop us a note at [email protected].

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).

Podcast production by The Podcast Consultant. Music by Seaplane Armada.

About Fundrise
With over 1 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 properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.