Alt Investing Made Easy

Sarah Florer (00:05.582)
Welcome everyone to Alt Investing Made Easy. In today's episode, we're very pleased to have our new friend, Jonathan Tuttle here on the podcast with us. We met Jonathan by participating and being interviewed on his own podcast, Council on Commentaries. And today we're going to hear from Jonathan about some of the projects that he's involved with, including a podcasting business and some work he does with family offices.

Thanks for being here today, Jonathan.

Jonathan Tuttle (00:36.295)
Thanks for having me on.

Roland Wiederaenders (00:39.762)
Yeah, thanks for being here, Jonathan. It's been really interesting being to know you and you're kind of living out of fantasy of mine to travel into Asia. I'm really curious about the places that you're visiting and, know, Sarah, you spent time there too. So it interests me. So, Jonathan, we were talking a little bit before you came on and tell us where you're at now.

Jonathan Tuttle (01:04.199)
Sure, yeah, I've been in Southeast Asia all this year. Started off in New Year's in Philippines, Manila. It was then a couple islands out there for January, then went to Bali, then went to Thailand, then went to Malaysia when we were last talking. Went to Singapore right after that, and then now I'm in Cambodia. So I think I tried to all the little Southeast Asia.

Sarah Florer (01:18.862)
Hmm.

Sarah Florer (01:30.88)
That's so cool. What's your favorite thing you've encountered so far?

Roland Wiederaenders (01:33.168)
And

Jonathan Tuttle (01:36.081)
Man, that's hard to, I think every country has its own unique benefits and just kind of taking everyone by its, I think the biggest, each country has its own benefits, but I think the biggest thing I've noticed compared to like Central and South America is everyone speaks English. Like everyone, you don't even have to like know the language you get around everywhere. Like I don't even open the translation app anywhere in Asia. So I think that's pretty fascinating.

Sarah Florer (01:52.302)
Yeah.

Sarah Florer (02:02.158)
that you're eating some good food.

Jonathan Tuttle (02:04.327)
Yes, yes, yeah, it's been pretty cool. Every country has its gets definitely some good plates. So even here, surprisingly, we have a like a cool like meal prep place within our attorney neighborhood. There's like a meal prep place right down the street. So get like beef and onions for like three bucks. It's crazy. And with an egg, so it's pretty good.

Sarah Florer (02:05.538)
You

Sarah Florer (02:11.064)
Hmm.

Sarah Florer (02:22.069)
wow.

That's so cool. That's really cool.

Roland Wiederaenders (02:27.07)
So while you're there, you told us that you've been going to some family conferences for family offices, right?

Jonathan Tuttle (02:35.685)
Yeah, we're trying to build a base out here in Asia. This for people don't know, U.S. has the most, there's about 8,000 plus family offices. It's growing exponentially. It's usually some family, first, second, third generation, 90 % of time. They created a business, sold it off and they want to maintain it in the family. U.S. has the most largest. has oldest, obviously, because of the tradition. And then the fastest growing is Southeast Asia, specifically Singapore.

And it's pretty fascinating to see Singapore and Hong Kong are the two big hubs right there. And they're pretty much trying to be the next power play for family office, even including founder, one of the co-founders of Google. He's got a family office in Singapore. Some other big tech guys are also doing Singapore because of just the quality of life over there. So yeah, it's pretty fascinating to see, you know, no matter where you go, like we mentioned before this call, the owner of the Belly on Men right now, they're being be...

He's the biggest, most prominent businessman in the country. I just Googled him. This project is pretty cool. He ends up being a billionaire, even US dollars. And he's got crazy projects all over the place. And even the amenities building, it's got, I've never seen this before, the amenities. He's trying to create an international hub, like the Next Aspect, kind of like a Bangkok. And he's even got a hot tub with cold plunge therapy.

Sarah Florer (03:37.346)
Yeah.

Jonathan Tuttle (03:57.639)
is one of many is coffee. I haven't I haven't seen the cold plunge is like as part of like the building. So I thought that was pretty cool. But you're seeing like with you know how the world we were just going to wrap this up. World's interconnected digitally and so they see trends if you were in Miami. Well they want people coming there from Miami that would have like the same lifestyle. They come here and they have the exact same entities like the golf scene, the pool, basketball court, co-working areas, karaoke theater rooms. So like

Sarah Florer (03:58.392)
Ha ha ha ha!

Jonathan Tuttle (04:27.271)
The quality of life and like with the advancement of technology, could be anywhere in the world. And the family offices are trying to incorporate just basically all businesses where they could actually have the monopoly.

Sarah Florer (04:39.501)
Yeah.

Roland Wiederaenders (04:39.646)
So that's why having you as a good connection is so valuable to us because what we're really doing on this podcast is trying to create opportunities for our law clients to sell their private securities deals. And the United States is such a great secure market. Everybody wants to, I mean, we're,

We can all be skeptical about government from time to time, we have to acknowledge that the United States is the world's biggest economy and it's the most secure place to invest. And what we're offering through these...

discussions is opportunities for people to be exposed to some private investment deals that really represent some of the best value overall in investment opportunities generally just with respect to investing in commercial real estates and thinking about a specific metric called the Sharpe ratio. So anyway, Jonathan, it's great to have these conversations because you really have, you're there.

and you're getting to know people that have an interest in investing in the US or creating opportunities in the US. And so it's wonderful to have this discussion with you from that context.

Sarah Florer (06:01.622)
And it's also really interesting, think, Jonathan, because family offices as a structure are related to family businesses. And that's exactly what private and alternative assets deal with a lot of times. That you can call them, some of them just purely are family businesses, but other times in these private security deals, for example, that we work on.

you do have families that are involved in the whole project together or close-knit groups of friends. And I think that's what a family office ultimately is, isn't it? It's an evolution where there's private wealth that's been developed and it needs some support and management, maybe some outside professionals involved. Or family members that are involved that have the professional training, so it's not just the entrepreneur who got everything going in the first place, which is a great...

obviously skill to have but not necessarily the kind of skill that helps maintain large amounts of investments. And think an alternative investments, think, as I understand, are also very appealing to family offices because they do have a mandate which is to grow, to preserve and grow wealth that was created at some point in the past. so I think that's a...

there's a really nice convergence because these private markets what we call the private markets in the United States which is necessary because we have such strong public markets here is Perhaps arguably in some parts of the rest of the world just the market Like the private market is the market where you don't have a strong public market and that's how people invest they invest with people that they know they invest in Big projects, they you know, big family offices can entirely fund their own development projects. And so

like you're saying with the building with the great amenities. so I think there's just a natural connection between alternative investing and family offices. it's a great, you know, it's been just really great to hear from you about, you know, your connections to that. But also, you know, we haven't yet had a chance to hear about your story. Like, you know, we've met you through a friend who's a client actually, who's become a friend and...

Sarah Florer (08:16.11)
Alec, and I think that, you know, it'd be interesting to hear a little bit about your background. What got you into this space with Family Offices? I know part of that journey involves podcasting. if you want to, would you be able, want to share a little bit about that?

Jonathan Tuttle (08:33.671)
Sure. I grew up in a real estate family. My dad was a developer contractor, so he built over 75 custom homes over the course of his career. Then I also had three real estate offices, mainly focused on residential brokaging.

So I was always like boosting the ground, even like I remember being a kid playing with staplers inside the real estate offices. like I go on tours with them and watch all the process, being teenager, seeing the job sites. And so that kind of got me into the fascination of being an entrepreneur and that work ethic and the skills that you needed. And so that was my first kind of foray into entrepreneurship.

Uh, then got into brokeraging later on, like everyone else started residential brokeraging, uh, then switched into commercial estate. And then I would get into the investment side of 2015 Midwest Port of Capital, buy my own deals. Um, and then I into podcasting, doing a raise for my fund. And that's when I kind of got really into like the whole podcasting and that's what, know, the podcasting has been always.

exponentially growth in the last few years. And that's supposed to have like hockey puck growth. It's the new media. And first after how I got into it, hired a podcast booking agency. They got me on like 50 shows approximately. And then I up hiring two of the guys like two years later to start my podcast booking agency. And then I, in the middle of that too, I also started two podcasts, the Accredited Vestor podcast. It's my original one.

which I'll tie that back into the family offices and then also the ultra high network podcast. And then my third one, I just launched for you guys are of the second episode is the council commentary for lawyers specifically. so I just love the medium for podcasts, but I've gotten to the family office base was interviewing the family office club founder, which is the world's largest organization. my credit investor podcast, he's like, I like the way think you have good synergy. Obviously. Well, well resource.

Jonathan Tuttle (10:34.375)
Well read, I'm sorry, not resourced. Because that's a resource and that was a whole different story. But well read and very aligned with what I do. And he's like, would you consider maybe partnering up on something? And ended up putting an offer and he acquired half of the Credit Investor podcast. That was when I started.

I was already going to the family office events, then that's when I kind of like, this is an avenue I can pursue more. At the same time, I was like, okay, well, he's going to cover a lot of that. Let me have a secondary podcast. I'll try it out with podcasts to focus on family offices. I'll try it out with, that one is only a hundred million plus founders. And I haven't had some episodes for while because I've been just turning down everyone, but yeah, think the whole niche is, the really big thing about family office is just, it's.

it's a small circle is that it doesn't have to be about ten thousand twenty thirty and it's not a mass numbers games like in the past but he's he's in touch with the and the officials and i was so many listeners like well you can have there's not a bunch of really really wealthy people you had the masses it's going to be a lot credited below you and your friends like that offices of the different demographic and so the whole family office industry is cast

Sarah Florer (11:37.614)
Hmm.

Jonathan Tuttle (11:49.351)
it's got a secrecy around it. I think when you say it at people like Family Office, does that even mean? People are like, the average person doesn't even know what means. Like the word wasn't even like commonplace even on the business TV shows until like two or three years ago because it's just kind of like underground, single family wants to keep the wealth. It's very hidden. Like if you go to the websites, even the Office websites, it's like, it's like a landing page. There's like no information. doesn't tell you anything they've acquired. It's like, contact us. It doesn't even have like a name.

Sarah Florer (11:51.447)
Hmm.

Sarah Florer (12:05.4)
Hmm.

Sarah Florer (12:13.41)
Mmm.

Jonathan Tuttle (12:19.547)
rarely and it's just very hidden secrecy. so because obviously having the most, you know, the average family office has a hundred million plus assets per family. And so when you have that much great wealth, comes a lot of other issues. People come after you, you want to hide it, but at the same time you want to be open to deals. And so that's kind of where we can talk about is kind of like how, how to get in front of them, how to build a rapport with them, what they're looking for.

Sarah Florer (12:45.89)
Hmm.

Jonathan Tuttle (12:47.975)
But the whole industry is still like, it's just not a lot of information out there. Actually, the Family Office Club is probably the most, I would say probably the best source for information because there's so little out there.

Sarah Florer (12:59.406)
That's really interesting. A long time ago when I was in Dubai, they were just introducing legislation specifically for the formation of family offices. And that was an interesting proposition. I actually didn't keep up. That was almost 20 years ago. I didn't keep up with how that developed. But it was already kind of in the cards 20 years ago because in the Middle East, most wealth is held by private families. And some of them are also government.

Roland Wiederaenders (13:01.319)
One.

Sarah Florer (13:29.322)
It becomes, like you said, it's something that's very private, but also needs legal structure.

Jonathan Tuttle (13:38.215)
Yeah, it's pretty fascinating. It's all grown in last 20 years. And specifically, you look at the metrics in last five years, like 2015, it also correlates with the amount of big tech exits. There was hardly any before 2010 unicorn exits. then there's...

I don't know how many there was between 2010 and 20. So you had these crazy exits and you also had private equity multiples. People selling their businesses, the valuations that have gone up significantly. Obviously commercial real estate has gone up and Roland mentioned that earlier, even commercial estate in the US, they just brought back the new bill, a hundred percent bonus depreciation. I just saw that today. So, you know, there's going be lot bigger exits if people are getting all these, you know.

Sarah Florer (14:08.43)
Mm-hmm.

Jonathan Tuttle (14:23.847)
large sums of money at once. And so what does that feel? Where are they going have to put it? They're going to have to put it in the family office.

Roland Wiederaenders (14:30.43)
You know, Jonathan, I'd like us to, you know, for sure continue to be friends. And in this discussion, really talk about, you know, when you're talking with a family office, you touched on it, how they think. And one of the things that we talk about on this podcast a lot is trust production. You know, we're essentially, Sarah and I are really, we're trying to get our audience members to trust us.

And I think that that's an important step with these family offices you're talking about, wouldn't you say?

Jonathan Tuttle (15:05.061)
Yeah, it's a long term game with them. even if the family office been around for 10 years, it's, for example, here's kind of how they think. it's, it's like, we have a call tomorrow.

uh... deal family office and the big thing the first thing is that you know everything is doing like really bullish market here's our check size of the great everything seems lined up with you we wanted they had like this laundry list like in-depth questions and they're like we look at this like uh... like a fan like just like a immediate part of a family values and stuff like that and we want to get to know you and so it's unlike a credit investor where it could just be like here you know what do you have what's deal okay

track record, cool. Family office, it's a lot longer process. And another thing too, when they're looking at deals, some people, it's easier to do one-off deals than it is to raise that fund because a lot of times they want to dictate, just like VCs, venture capital, when they're the first lead investor for a new project, a lot of times they say, here's what we want the valuation to be, here's terms that we want. It's a very exact similar, or family office for even a commercial real estate deal and say, hey, we want, are our terms, it's the waterfall we want.

co-invest with you and we kind of want to have maybe a longer hold period than what you were initially planning and they kind of dictate that but they can take down the entire deal depending on the deal. it's kind of very similar to how VCs think and so when people want to reach out to family offices know that it's a long-term game you got to build rapport and then you also have to play by their rules.

Sarah Florer (16:41.197)
Yeah.

Roland Wiederaenders (16:42.79)
Hey, sir, I thought of a follow up question too is thinking, you we talk about asset allocation as investment advisors and I would suspect that people that get into investments in private securities probably head in the direction of real estate first, investing in commercial real estate through a private offering of securities that's investing the proceeds of the sale of the securities in some underlying commercial real estate asset.

But then there are these other categories like private equity, hedge funds. Do you see any kind of preponderance in the people that you talk to? What assets they're interested in the most?

Jonathan Tuttle (17:25.479)
Yeah, for example, a family office, 72 % approximately, know, the data's never 100 % right, but 72 % of family offices are the best in multi-family deals. They like a place to park at because remember, they've already had, every family office has like a, not every, but like 72 % have an allocation towards commercial real estate because they're not looking for.

like they've already had their huge access, their huge wealth, well they're just looking for safe place, specific US commercial estate which you guys alluded to, and so they just want the tax benefit, safety, security, it's a long-term play, they can hold it for five, 10 years, with above inflation returns, that's good for them, even if it doesn't, they know it's an asset that's in the strong, the biggest global economy, and so they love...

Sarah Florer (17:52.429)
Hmm.

Jonathan Tuttle (18:08.345)
love multifamily. They'll love different commercial estate based on trends. Right now we're also seeing nuclear energy is something that I've been hearing talk about a lot, which is really unique. Data centers, the data centers nuclear energy, those two biggest things are going for because they want deals that nobody really could afford. So an average deal is like four or five hundred million dollars for

Sarah Florer (18:25.687)
Hmm.

Jonathan Tuttle (18:31.239)
so an average multi-family syndicator can't do that deal and so they can invest in a syndication deal, take most of that, but if they want deals they want to take down themselves, might be partnering with a couple of family offices to take down a data center. They want to be in the cusp of what's going on with the next, because the whole promise of family offices past the second, first, second, third generation, where everything's going, like we talked about in our podcast.

AI, what's going to make AI usable. You the energy and then you need the data center. So those are two things that they see. It's kind of low key that a lot of people don't talk about, especially in nuclear energy. I think Trump just passed a bunch of nuclear energy. I don't know the exact details because it's not deals we're looking into, but I know they're making a lot of focus. US governments are making a lot of focus on nuclear energy programs too.

Sarah Florer (18:58.924)
Hmm.

Roland Wiederaenders (19:19.678)
Yeah, that's a large scale deal and gosh, sir, that's getting into the scale of the types of deals that you worked on in the past, know, and some of these.

Sarah Florer (19:28.97)
Yeah, well, in the Middle East, some deals the government is involved in, but other deals it is private wealth. whether they're yet structured as formal family offices or not, they're essentially private. In the Middle East, private wealth is held in a family context. And I think that's part of also Asia in general. There's an inherent concept that the wealth is...

The family wealth is a normal way to conceive of your wealth is in the context of your family, not necessarily you did something and then you allow people to join you. I think in Asia, the cultural expectation is that certain members of the family care for the rest of the family and the wealth that they have is for the benefit of the family. And then you structure that out with the legal structures that you have to support that kind of concept.

But in the end, it's a really interesting situation because we also, you know, we have a friend who's also an estate's attorney and he works on the qualitative parts of estate planning. And I think family offices are one of the ways that you pass wealth forward intergenerationally and also you pass values forward intergenerationally. And the family offices that do well and survive pass the third or fourth generation.

are the ones who probably have also not just worked on the financial side and the ability to grow the wealth, the money itself, but worked in some capacity to develop the relationships between the family members who are involved or who are benefiting so that there's an overall benefit to everyone because otherwise all the money would just get spent.

Family offices, I think, go a long way to addressing the issues of how you need to carry things forward, especially as more family members join because generations tend to expand. So it's such an interesting area. think it's such an important area because people... I think there's the famous case of the Mars family that's very public in terms of a private company, but there are very, very many large private companies, large projects, like you're saying, large critical projects.

Sarah Florer (21:50.646)
arguably if you want to talk about energy investments and data center investments that are funded by private family offices and otherwise might not be funded.

Roland Wiederaenders (22:01.982)
You know, this is a, I think we should maybe put a pin in this a little bit because this really harkens back to some of the big deals that I worked. I worked at TRS. I was their assistant general counsel and I went into some huge deals that, and the idea, you know, on a billion dollar deal, they didn't want to be more than 10 % of the overall.

They wanted other people to be assuming the risk. And so you think, well, 10 % of a billion dollar deal is $100 million. So who has $100 million to invest? You know, it's really, you're getting to just the scale of the really big time investors investing. And so I would suspect that some of these family offices, you you really kind of understand how they're going to think about what kind of allocation can they really make to a project. And it may be that on a billion dollar deal, it may be like the minimum

minimum investment amount is maybe 100 million. And there are just so few investors that are like that. And then, you know, the way that those private deals get done like that, there's a lot involved. know, TRS had teams of, you know, 30 investment professionals, and then they had a legal department that our legal department supported, the investments team there.

There were about 20 people in our legal department. So just the amount of work and investigation that goes into these deals, they don't get done casually at all. so for a family office to be at that scale, but I think that even

going down, thinking apart from like a data center and new nuclear energy facility, moving down the scale to more of the boring things like what you were talking about, multifamily. But we're gonna be talking later today with somebody that I think is really gonna be able to tell us more about the commercial real estate industry and the shift over the last few years with the change in the interest rate environment, the opportunities there. think that that's really where we'd like to focus on it.

Roland Wiederaenders (24:16.56)
be like these data center maybe a data center you know is made for less and could be more accessible to the types of people that we run across but in any event you know I think that that commercial real estate will continue to be a real focus of our practice and you know like you said 75 % of people go in that direction and you know that that's really where their interest is.

Sarah Florer (24:45.56)
So Jonathan, is there anything else that you'd like to share with us about your background or about what you're doing now? Because it sounds like you're super active and you have cultivated relationships over time. Are you still promoting deals specifically or are you involved in your own projects? mean, it sounds like you have the entrepreneurial genetic makeup and so you're probably going to... You might have a lot of things to tell us about.

Jonathan Tuttle (25:01.703)
Yeah.

Jonathan Tuttle (25:16.251)
I can condense it. I've had a nine-year-old digital agency, Revenous Sun, is consulting, digital consulting, Google ads at high level. And then I have Get Podcast Bookings, which is my podcast booking agency for funds, people raising capital or people wanting to their exposure out there at scale, 20, 40, 60 episodes. And then have Midwest Park Capital, which is my mobile home park fund, Resyndicate, usually one-off deals. you know, Alex, so a land play, I'm helping him with that too, with

Sarah Florer (25:44.75)
Hmm.

Jonathan Tuttle (25:45.479)
deals in Texas and Austin. So right now, yeah, I'm actually going to be speaking at the IMN Nashville, the private equity conference, but most of it, they just asked me to the monitor, one of the moderators to be kind of getting back in for that. And it's about four weeks now or five weeks now. And yeah, so I was just still in the pulse of a commercial state. I think that's still, I think now with the new

Sarah Florer (25:59.527)
cool.

Jonathan Tuttle (26:14.311)
Some of the new bills come back out, the bonus depreciation is back. Some of the tax stuff, I'm just seeing, just literally saw a link to a message with a high-level cost segregation guy. put down some bullet points. I like, I'm gonna try to remember some of these, because there's always different, there's some changes, but a lot of it's gonna be really beneficial for the next few years, specifically for entrepreneurs, small business owners, commercial state investors. So I didn't get a chance to fully go through it because I had like a long.

LinkedIn message of all the changes in the new bills coming out. But it's going to be good. It's going to be good for, think that's even with interest rates high, think with as long as they get the tax benefits, the market sentiments turning around. I think at the the day, if there's a good deal and people have money to put capital, they're going to put it back into real estate. Especially US real estate. There's got to be, there's always money in the US real estate economy.

know, safest historically, one of the best investments, obviously, is commercial safe historically.

Roland Wiederaenders (27:11.976)
Hey, Sarah, can we move into the talk about the channel partner program? All right, well, we got Jonathan's consent ahead of time to introduce this. And it's something new for us. We're on the cusp of launching our website finally. And we'll explain more there. I think we'll be talking more about this in the future. But somebody like Jonathan can really

Sarah Florer (27:17.666)
I think so, yeah.

Roland Wiederaenders (27:39.422)
help us in this sense that he can introduce us to issuers of private securities that maybe need attorneys and then also investors who want to invest in these deals and as a person making these introductions there's a new way to get paid doing that and Real Advisors as an investment advisor is taking advantage of an exemption from the broker dealer rules that was enacted in 2013

Some people maybe know about Funders Club or Angel List. two SEC no action letters. But what we could do is engage Jonathan to introduce us to issuers and investors and compensate him in a way that hasn't really been able to be done before. And importantly, we're doing it in a way that's completely legal and compliant with the US and state securities laws.

So that's why somebody like Jonathan is interesting to me because he has a great knowledge of the overall markets and he's out in these exotic places meeting people and in my imagination, know, we could reach anybody and then they can log into YouTube and watch this episode and all our former episodes on AIM and get a sense of who Roland and Sarah are with AIM and hopefully gain through what we've done a sense of trust.

that they can put their trust in us in the investment opportunities that we're creating in the marketplace, helping our clients create in the marketplace. And through this medium, Jonathan, that's why you're interesting too. You said it, everybody's starting a podcast right now. So the thing that we really need to focus on is doing our very best at creating, making it aim, Alt Investing Made Easy the very best it can be, and working with creative people that understand the

medium and then also is understand the subject matter and I think that's why you know we're going to continue to be friends Jonathan. Would you consider being a Real Advisors channel partner?

Jonathan Tuttle (29:46.663)
Yeah, can send me the details offline. don't know what it entails, but yeah.

Roland Wiederaenders (29:53.628)
I think you have the skills and you're talking to the people that really could allow you to become a partner with us and help real advisors grow and help us create value for our clients and for these investors that we're talking about in Asia that would be interested in investing in U.S. commercial real estate.

Sarah Florer (30:20.952)
So Jonathan, also always ask this question and you don't have to answer it if you don't want to. You might have an answer ready. You sound like you're busy. Most entrepreneurs are super busy. You have so many hats juggling, keeping track of. What's sort of your personal motto or personal practice that helps you stay all together with everything that you're doing?

Jonathan Tuttle (30:45.607)
think just being focused and then just having high energy, just keep everything organized. And once you get systems in process, you delegate and having the right partners makes a huge difference. you have the right partners, you can rely on them to do the performance, they do their jobs. And then you're just tasked with the task you do best. I think that's the biggest difference. And then once you have system process, you can move on to the next thing that you can allocate your time. And so there's a book, I can't remember the name of it, but it's called Flow. I don't know if called Flow, but it's...

Sarah Florer (30:49.389)
Hmm.

Sarah Florer (31:04.418)
Yeah.

Jonathan Tuttle (31:15.561)
Sprint sprint

Sarah Florer (31:17.154)
Hmm.

Sarah Florer (31:56.663)
Mmm.

Sarah Florer (32:00.478)
Mm-hmm. Yeah. It's funny how in today's world you have to have like a whole set of trainable, trained skills just in dealing with, dealing with your work. It's not even the doing of the work. It's dealing with the dealing with of your work. You need a strategy. well, listen, thank you so much. Go ahead.

Sarah Florer (32:35.397)
wow.

Sarah Florer (32:51.522)
Yeah, yeah.

Roland Wiederaenders (32:52.157)
Thanks for

Sarah Florer (32:55.864)
Yeah, no, that's... It's interesting when you spend more time outside of the United States and you have access to certain things that you didn't realize you didn't have access to in the United States and then likewise you realize why don't we have some of these things available in the United States and it goes both ways really because in the US you have certain things that aren't accessible elsewhere either. So it's nice to get that perspective too, I think.

to really kind of live with it instead of just sort read about it is obviously the best way to learn about different things like that. Well, Jonathan, where are you headed off next? You said at the beginning, after Cambodia, it's where? back to Nashville.

Sarah Florer (33:43.458)
That's right. Then is the Asia tour done or you headed back?

Sarah Florer (33:52.973)
Yeah.

Sarah Florer (34:12.833)
Yeah, yeah.

Sarah Florer (34:25.73)
That takes it out of the back. Well, thanks for your time today. And also, genuinely, we had a great time on your podcast. And thanks for the quality of that production and everything. And we'll just follow up with some social media clips and whatnot for you. And I guess we should close out the podcast first. We can talk about details after. So anything else you'd like to say?

Sarah Florer (34:54.806)
Yeah. Okay. Great. We'll include all the contact details that you want to share with us directly in the show notes. we'll look forward if there's ever, you know, if you ever want to talk again, we would love to have another opportunity to talk at any time. So thanks everyone for joining us today on Alt Investing Made Easy. If you like this episode, please like and subscribe.

Roland Wiederaenders (35:22.514)
And remember everyone, take aim with your alternative investing strategies.

Sarah Florer (35:27.864)
See you next time.