My guest today is Greg Reid, President and Senior Portfolio Manager of Real Assets at Westwood Holdings, a publicly held investment firm with over $18b in assets under management. For most of his thirty year career, Greg has led energy infrastructure businesses. And as you’ll hear from his accent and style, Greg is the consummate Texas oil and gas man. 

This is a fascinating time for traditional energy investment. Post-financial crisis, energy investment was a place of capital excess. Soon enough the boom busted and many institutional investors found ESG religion and fully halted allocations. Traditional energy was left for dead. After ten years in the investment desert, many of the remaining institutional investors are throwing in the towel and selling what they have left. The surviving energy companies tend to be lean, capital efficient and valued appropriately. This disconnect between the supply of high quality, energy assets and the weak demand from capital providers provides an attractive landscape, particularly in secondary markets. As our go-to Texas energy expert, Greg is the perfect guest for this conversation.  

This podcast was recorded on August 28, 2025.  The respective opinions expressed are those of Mr. Reid and Biltmore Family Office, LLC..  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.  

 Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.

If there’s any single word to sum up the current investment landscape, it’s got to be “uncertainty.” My guest for this episode of the Biltmore View is perfect for this environment. Jon Duensing is Sr. Managing Director, Portfolio Manager and Head of US  Fixed Income at Amundi US. Amundi is the largest asset manager in Europe and one of the 10 biggest investment managers in the world. As I’ve gotten to know Jon, I’ve found him to be particularly insightful and pointed. As uncertainty in our economy grows, so does the risk, in particular for credit and rates. In this wide-ranging conversation, we talk about the future of rates, credit spreads, home prices, auto loans, and even natural disasters and insurance. As we navigate the unpredictable, it’s great to have a seasoned captain like Jon at our side.

This podcast was recorded on January 31, 2025.  The respective opinions expressed are those of Mr. Duensing and Biltmore Family Office, LLC..  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.  

 Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.

I’m delighted to kick off 2025 with a conversation with Warren Fisher. We last spoke to Warren during the SVB banking crisis. He’s the founder and CEO at Manole Captial Management, a FinTech focused asset manager. With the election promising to usher in regulatory changes across finance and technology, once again, we go to Warren Fisher. In this episode, we have a broad ranging conversation on banks, payments, regulation and, of course, crypto. I hope you enjoy the discussion.

This podcast was recorded on December 19, 2024.  The respective opinions expressed are those of Mr. Fisher and Biltmore Family Office, LLC..  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.  

 Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.

As capital markets shuddered, following the interest rate increases of 2022, the research team at Biltmore geared up to find opportunity. One area that stood out was venture capital. Clearly in a liquidity driven bubble for the prior several years, venture capital had quickly shifted from hot to not.

It was during this search that I first met Itamar Har-Even of Ion Pacific. Itamar comes from an interesting background having investment banking experience in Asia and New York, focused on media and technology businesses. Recognizing a market opportunity, Itamar and his firm, Ion Pacific, developed a structured liquidity solution to serve both venture firms and founders. From this perch, Itamar has unique insight into liquidity, investment, and operational trends in venture capital. In today’s podcast, we discuss a range of topics including: how tech is eating the world, why we’re in a liquidity winter despite strong underlying fundamentals, and why marginal venture investors are leaving the space. Finally, we run through their truly innovative liquidity solution for founders and venture funds. 

This podcast was recorded on September 24, 2024.  The respective opinions expressed are those of Mr. Har-Even and Biltmore Family Office, LLC..  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.  

 Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.

Over past few years of Covid, inflation and interest rate increases, the investment sector most impacted has got to be real estate. Office vacancies have spiked as the way we work has transformed central business districts all over the country. Interest rates have increased the most in decades, shocking the capital structures of apartments, shopping centers, and hotels. Home prices have spiked nearly 50% nationally since 2020, shifting the investment landscape around residential real estate. 

With great change comes great opportunity. We have the perfect guest to engage in that discussion. Pat Jackson, Founder and CIO of Sabal Investment Holdings. Pat founded Sabal in 2009 to focus on both distressed and performing Commercial Real Estate loans coming out of the 2008 Financial Crisis. Under Pat’s leadership, Sabal acquired over 5,000 loans and assets worth over $8.2b during the GFC. Today Sabal has over $1.4b in assets across three funds. Pat has deep relationships with both banks and bank regulators. He has tremendous experience working through difficult commercial real estate debt issues. I hope you enjoy this discussion as much as I did.

 

This podcast was recorded on July 30th, 2024.  The respective opinions expressed are those of Mr. Jackson and Biltmore Family Office, LLC..  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.  

 Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.

I recorded this conversation with Scott Wallace, CIO and Founder of Shorepath Capital on July 12th.  As I write this today on August 5th, stocks are in full correction with the Magnificent 7 stocks shedding nearly $1t in market value. While we talk a lot about the Mag 7, this is broad ranging discussion, as Scott addresses the upcoming election, the dispersion between growth tech and the rest of the market, how to think about the new AI advances relative to the 90s internet buildout, thoughts on the shape of US finances, and finally, Scott provides us with a framework on how to think about economic cycles. As the stock market enters into this new volatile phase, Scott's thoughts are particularly germane to our current moment.  

This podcast was recorded on July 12th, 2024.  The respective opinions expressed are those of Mr. Wallace and Biltmore Family Office, LLC..  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.  

 Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.

On today’s Biltmore View we’re going to mix it up a bit. Rather than another discussion about niche investments such as music royalties or mortgage derivatives, we’re going to dig into a different sort of niche investment subject – prenuptial agreements. Many are taken aback or even repelled by the mention of a prenup. Like many topics on the Biltmore View, we’re going to challenge these generally held beliefs as broadly misunderstood.  We’ve invited our guest today, Kellie Hall, to demystify and to educate us on prenuptial agreements. I’ve worked with Kellie at Biltmore for over seven years, where she is the Head of Estate Planning. Kelile has spent her entire career guiding complex families in achieving their intergenerational goals. At Biltmore, frankly, Kellie is our secret weapon. She’s a ninja disguised as an attorney.  After this conversation with Kellie, she turned me from skeptic to believer. Get ready to be educated.

This podcast was recorded on May 6, 2024.  The respective opinions expressed are those of Mrs. Hall and Biltmore Family Office, LLC..  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.  

 Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.

Following the mortgage market meltdown of 2008, a whole new group of investment companies arose from the wreckage of investment banks. I was among the few people at the time running into the fire and actively investing with these startup mortgage investment firms. Amongst those building new mortgage investment businesses was a particularly bright, energetic guy named Skylar Weinand from Texas. Skylar had previously spent time at various investment firms managing large pools of mortgage-backed securities and he saw an opportunity to blaze his own path, trading in the open white space of a brand new mortgage market. Fast forward 15 years and Skylar’s firm, Regan Capital is still innovating, adding mutual funds and ETFs to their long standing hedge fund and private capital businesses. While Skylar is a fantastic trader, he’s a particularly insightful thinker. In today’s podcast, we discuss the impact of high interest rates on the US housing market. To know mortgages, you really need to understand housing. We talk about supply / demand dynamics for both mortgages and housing – and, ultimately, why this moment in time presents a particularly interesting opportunity.

This podcast was recorded on April, 15th 2024.  The respective opinions expressed are those of Mr. Weinand and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.  

 Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.

One area that seems to be overlooked in the energy transition is nuclear energy. This is an existing zero-emission technology that currently provides over 18% of electrical capacity in the US. At the most recent COP 28 gathering of nations to address global climate change, a declaration was signed to triple nuclear capacity by 2050. 

This is a really big deal. We’ve invited Jay Surina, Managing Partner at Pelican Energy to educate us on the current state of nuclear energy. What Jay has to say may surprise you. New reactor designs promise to expand nuclear power tremendously. Cheaper, emission-free baseload energy could be a game changer for the global economy. 

This podcast was recorded on February, 27th 2024.  The respective opinions expressed are those of Mr. Surina and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.  

 Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.

My guest today is Darryl Dewberry, Executive Chariman of The Spectrum Companies. Founded in 1982, Spectrum is a Southeastern-focused commercial real estate development and management company, with responsibility for over $2b in properties. There is so much going on in commercial real estate – near Armageddon in the office sector, the rapid rise of interest rates repricing everything, disruption in the banking world – it’s been over 35 years since commercial real estate has experienced this level of disruption. I’ve known Darryl for the better part of my professional career. He’s a strategic thinker & is currently active in some of the fastest growing markets in the country. So, Darryl was really the natural choice for an in depth conversation about commercial real estate – past, present and future.

This podcast was recorded on November 28,  2023.  The respective opinions expressed are those of Mr. Dewberry and the Biltmore Family Office, LLC investment team.  The opinions referenced are as of the date of this podcast and are subject to change without notice.  This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector.  Forward-looking statements are not guaranteed.  BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate.  The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.  Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.  

 Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.