Invest Like a Billionaire
The insider’s guide to alternative investing. Each week, join Aspen Funds’ Bob and Ben Fraser to hear the latest insights from the world of alternative investing. We’ll give you an inside look at the portfolios of everyday millionaires who are making real returns and passive income through alternative investments in real estate, private equity, hedge funds, and more. And we’ll keep you up-to-date with market news, macroeconomics and investable megatrends so you can invest with confidence. Find out more at https://www.thebillionairepodcast.com/ or join us at https://aspenfunds.us/
The Business Owner's Dilemma: Reinvest or Diversify?
Your business might be the best investment you'll ever make. But at what point should you stop putting everything back into it and start building wealth elsewhere?
In this episode , Bob Fraser and Ben Fraser tackle a dilemma nearly every successful entrepreneur faces: when to keep reinvesting in your business and when to start diversifying.
Bob shares lessons from losing millions in the dot-com crash, including why he wishes he'd taken money off the table sooner. They discuss the risks of having too much wealth tied to one business, how much to set aside for...
How to Invest Like an Endowment (With a $4 Billion CIO)
What can individual investors learn from the world's largest endowments? And how can you apply those same investment strategies to your own portfolio?
In this episode of Invest Like a Billionaire, Ellis Hammond sits down with Wendy Li, Co-Founder and CIO of Ivy Invest, who has spent her career managing institutional investment portfolios, including overseeing a $4 billion portfolio at the Mother Cabrini Health Foundation.
Wendy shares how endowments build resilient portfolios, manage risk, and invest for long-term growth.
In this episode, you'll learn:
How endowments approach asset allocation and diversification
<...What Overseeing $11 Billion Taught Him About Investing
What does overseeing $11 billion in retirement assets teach you about building and protecting wealth?
David T. Yu is a financial advisor and airline pilot who served on a five-member pension committee overseeing approximately $11 billion in retirement assets. Today, he helps high-income earners navigate wealth management, alternative investments, and tax planning.
David joins Ellis Hammond to explain why he believes investors need more than traditional stocks and bonds, how alternative investments like private credit and real estate can help diversify a portfolio, and what high earners often overlook when it comes to taxes.
Plus...
How to Build Your Own Virtual Family Office | Our Most Listened-To Episode
From the Vault: We’re bringing back our most-watched episode ever, edited down to the best moments.
How do you build a family office without being a billionaire? Jim Dew breaks down the virtual family office model and how successful entrepreneurs and high net worth investors can take a more coordinated approach to wealth management.
We get into alternative investments, asset allocation, portfolio diversification, choosing the right financial advisors, and why the strategy that helps you build wealth may not be the same strategy that helps you preserve it.
This conversation was originally re...
He Built a $300M+ Company. Here’s How He Thinks About His Own Wealth
Cody Barbo, founder and CEO of Trust & Will, joins Ellis Hammond to talk about building, investing, and protecting wealth.
Cody shares how he thinks about having most of his net worth tied up in the company he built, what raising more than $80 million taught him about choosing investors, and how he plans to diversify after a future liquidity event.
Plus, Cody breaks down estate planning, including wills vs. trusts, when you actually need a trust, and how to protect and pass down the wealth you’ve worked hard to build.
Enjoyed this episode? Hi...
Wealth Advice for HENRYs (High Earners, Not Rich Yet)
Making a high income doesn’t automatically make you wealthy.
For high-income earners, the challenge often isn’t making more money, it’s turning that income into assets that compound and create long-term financial freedom.
In this episode of Invest Like a Billionaire, Ben Fraser and Ellis Hammond break down how to make the shift from earning a great income to actually building wealth. They discuss lifestyle creep, debt, taxes, investing, and why getting to your first $1 million in investable assets can be such an important milestone.
They also cover the short-term rental tax st...
The State of Multifamily: Why We’re Buying Now
Is the multifamily market finally at the bottom? After years of rising interest rates, falling property values, and distress across commercial real estate, the data may be pointing to a major buying opportunity.
In this episode, Bob Fraser, Ben Fraser, and Ellis Hammond break down the current state of the multifamily market, the nearly $800 billion maturity wall, where distress is actually showing up, and why they believe the bottom is here.
They also explain why today’s higher interest rates could create a unique buying window, how inflation impacts real estate over the long term, an...
Hard Truths About Private Markets with Aleksey Chernobelskiy (GP-LP Match)
What does it actually take to find a good private market deal?
Aleksey Chernobelskiy, founder of GP-LP Match, joins Ben Fraser and Ellis Hammond to break down what he’s seeing across private markets today, from the biggest mistakes investors make to the risky assumptions hiding in real estate deals.
Plus, why sophisticated investors may look at dozens of deals before saying yes to one.
Enjoyed this episode? Hit follow so you never miss a new episode. If you found it valuable, leave us a rating and send this episode to someone who sh...
Why RIAs Can’t Ignore Private Alternatives Anymore
Private alternatives are becoming a bigger part of high-net-worth portfolios. Is your advisory practice keeping up?
Ellis Hammond sits down with Steve Woodruff, Principal and CIO of Venture Financial Advisors, to discuss why investor demand for private alternatives is growing and what RIAs need to know to stay competitive. They cover how to incorporate private markets into client portfolios, evaluate managers, conduct due diligence, and navigate opportunities across private credit, private equity, energy, and more.
Enjoyed this episode? Hit follow so you never miss a new episode. If you found it valuable, leave us a...
China’s 90% Model: The Economic War No One Is Talking About
China has a repeatable playbook for dominating entire industries. And now, it’s targeting sectors critical to America’s economic future.
In this episode, Bob Fraser, Ben Fraser, and Ellis Hammond break down the strategy outlined in Ram Charan’s China’s 90% Model, how China gained control of critical industries like rare earth minerals, and why AI could be the next major battleground.
Is the U.S. prepared to fight back? And what does this growing economic battle mean for investors?
Have more questions, or want more resources like a tax calculator? Go to ...
Private Markets Are Going Mainstream. Is That a Good Thing?
Blackstone, Vanguard, and Wellington are bringing private markets to everyday investors.
Their new funds give non-accredited investors access to alternative investments like private equity, private credit, real estate, and infrastructure. But is easier access actually a good investment?
Referenced in this episode:Leyla Kunimoto’s breakdown of the WVB All Markets Fund and its fee structure:Read Leyla’s analysis here: https://x.com/LeylaKuni/status/2081081577099174243
Bob Fraser, Ben Fraser, and Ellis Hammond break down the opportunity, the risks, the fees, and what this could mean for the future of alternative investing.
Ha...
Should You Own Gold? David Morgan & Bob Fraser Weigh In
Should gold still have a place in your investment portfolio?
Precious metals expert David Morgan joins Bob Fraser and Ellis Hammond for a candid discussion on gold, silver, and their role in a modern portfolio.
They break down how much gold investors should own, why central banks are buying, gold vs. the S&P 500, whether precious metals actually provide diversification, gold vs. Bitcoin, and where to invest when everything looks expensive.
With very different views on precious metals, David and Bob make the case for and against gold and where it belongs in...
If We Had $5 Million to Invest Today, Here's Exactly What We'd Do
What would you do if you suddenly had $5 million to invest?
In this episode, Bob Fraser and Ben Fraser break down exactly how they'd build a portfolio in today's market. They share the principles behind every investment, reveal how they're actually allocating their own portfolios, and explain where they see the biggest opportunities today.
Topics include asset allocation, diversification, private real estate, private credit, stocks, bonds, liquidity, risk management, and long-term wealth building.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/ to learn more about our community.
Check out Ben & Bob’s company and invest along at
He Reviewed $8 Billion in Retirement Accounts. Here's What He Learned.
Most investors think retirement accounts are only for stocks and mutual funds. Adam Bergman, founder of IRA Financial, explains how wealthy investors use self-directed IRAs, Roth IRAs, and alternative investments like private equity and real estate to build long-term wealth. Learn the biggest retirement investing mistakes, key IRS rules, and strategies that can help you maximize your retirement portfolio.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/ to learn more about our community.
Check out Ben & Bob’s company and invest along at https://aspenfunds.us/
The Economic War Every Investor Should Understand
Tariffs are only part of the story.
In this episode, Ellis Hammond sits down with Bob Fraser and Ben Fraser to break down the real economic battle between the U.S. and China.
Learn how tariffs, industrial policy, semiconductors, AI, rare earth minerals, and free markets are shaping the future of the global economy and what every investor should understand to navigate the opportunities and risks ahead.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/ to learn more about our community.
Check out Ben & Bob’s company and invest along at https://aspenfunds.us/<
Why Now Is the Time for Private Alternatives
The stock market is at record highs but does that mean it's time to rebalance?
In this episode of Invest Like A Billionaire, Ellis Hammond sits down with Bob Fraser to discuss why today's market may be strengthening the case for private alternatives, where he's personally investing today, and how billionaire investors think about portfolio construction.
They cover portfolio diversification, private credit, multifamily real estate, liquidity, taxes, cash flow, and the biggest mistakes investors make when moving beyond stocks.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/...
Why Your Index Fund Isn't as Safe as You Think
Are index funds still safe? As the AI boom reshapes the market, nearly 40% of the S&P 500 is now concentrated in just 10 companies.
In this episode, Bob Fraser, Ben Fraser, and Ellis Hammond, break down what this historic concentration means for investors, what history can teach us about today's AI-driven market, and why great companies don't always make great investments.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/ to learn more about our community.
Check out Ben & Bob’s company and invest along at https://aspenfunds.us/
The Fed is About to Change Everything. Are You Ready?
A new Fed Chair could change investing for the next decade.
Kevin Warsh is calling for a fundamental shift in how the Federal Reserve approaches interest rates, inflation, and economic policy. If he's successful, the investing playbook that's defined the past 20 years may no longer apply.
In this episode, Bob Fraser, Ben Fraser, and Ellis Hammond break down what Warsh's vision could mean for stocks, bonds, real estate, inflation, the yield curve, and your portfolio. Learn how investors can prepare for a new era of higher rates, market-driven capitalism, and long-term investing.
Have...
The Economy Absorbed a War, Tariffs, & a New Fed Chair. Here's Why It Didn't Break.
At the start of 2026, many economists expected growth to slow.
Since then, we've had tariffs, inflation concerns, conflict in the Middle East, oil volatility, and a new Fed Chair.
Yet the economy keeps growing.
In this episode, Bob Fraser and Ellis Hammond sit down with Belinda Román, Associate Professor of Economics at St. Mary's University, to discuss what's changed, what's surprised her, and whether the economy is proving more resilient than investors expected.
We cover tariffs, inflation, consumer spending, interest rates, AI-driven productivity, recession risks, and what investors should be w...
Don't Waste Your 30s or 40s: The Wealth Moves That Matter Most
Are your 30s and 40s the most important decades for building wealth?
In this episode, Ben Fraser and Ellis Hammond share the wealth-building lessons they've learned the hard way, from investing mistakes and lifestyle creep to the power of compounding, skill development, and building a portfolio that can create long-term financial freedom.
If you're serious about growing your wealth, this conversation will help you focus on what actually matters.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/ to learn more about our community.
Check out Ben & Bob’s company and invest along at h
Think You Don't Qualify for a Solo 401(k)? Think Again.
Most high-income earners assume the Solo 401(k) isn't for them.
They're wrong.
If you have a side hustle, a consulting gig, or a small investment LLC, you likely qualify, and you could be sheltering up to $144,000 per year in tax-free contributions.
Bob Fraser and Ellis Hammond sit down with George Blower, co-founder of MySolo401k.net, to break down exactly how this works and why so few people are taking advantage of it.
You'll learn:
The two simple requirements to qualify
How to run the Mega Backdoor...
The 2026 Macro Reset: Oil, Inflation, and the Assets Poised to Win
Nobody predicted 2008. Nobody predicted COVID. And whatever causes the next market crisis probably won't be what investors expect.
That's what makes today's environment so challenging. Just a few months ago, markets were expecting rate cuts and easing inflation. Now oil prices are surging, treasury yields are rising, and some analysts are drawing comparisons to the inflationary pressures of the 1970s.
In this episode of Invest Like A Billionaire, Bob Fraser, Ben Fraser, and Ellis Hammond break down the biggest economic shifts happening right now, from energy markets and inflation to AI-driven productivity, real estate, private...
The Dirty Secret Behind Bourbon (And How to Profit From It)
Bourbon might be one of the most overlooked alternative investments in America.
In this episode of Invest Like a Billionaire, Brian Rosen, founder of InvestBev, breaks down how his firm built a portfolio around bourbon barrels, beverage brands, and alcohol infrastructure and why family offices are paying attention.
We cover:
• Why bourbon barrels have historically produced strong returns
• The “dirty secret” behind most liquor brands
• How billionaires invest in beverage infrastructure
• Why alcohol is considered a non-correlated asset
• The macro trends reshaping the beverage industry
Have more...
The Skills That Built Your Wealth Can Destroy It featuring TIGER 21's Founder
Most entrepreneurs know how to build wealth. Very few know how to keep it.
In this episode, Bob Fraser and Ellis Hammond sit down with Michael Sonnenfeldt, founder and chairman of TIGER 21, whose members collectively manage more than $280 billion in assets.
They discuss why entrepreneurs often become bad investors after a big exit, the mindset shift from builder to allocator, how the ultra-wealthy are investing today, and why time eventually becomes more valuable than money.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/ to learn...
You Don't Have A Tax Strategy, You Have A Tax Return
Most entrepreneurs think they have a tax strategy. What they actually have is a tax return.
In this episode, Patrick Lonergan of Vital Wealth breaks down the biggest tax mistakes high earners make, why most CPAs are reactive instead of strategic, and how wealthy entrepreneurs use tax planning, cash flow management, and alternative investments to build long-term wealth.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/ to learn more about our community.
Check out Ben & Bob’s company and invest along at https://aspenfunds.us/
The 5 Real Estate Rules Everyone Broke (And Lost Billions)
“Good” deals are losing money right now.
So what went wrong?
In this episode of Invest Like A Billionaire, Ben and Ellis break down the 5 rules most real estate investors ignored and how breaking them led to massive losses across the market.
More importantly, we show you how to apply these rules to win in the next cycle.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/ to learn more about our community.
Check out Ben & Bob’s company and invest along at https://aspenfunds.us/
Why Billionaires Choose Funds Over Single-Asset Deals
Most investors think picking the right deal is how you win.
It’s not.
In this episode of Invest Like a Billionaire, we break down why investing deal by deal can quietly destroy your returns and what actually builds long-term wealth.
We cover:
Why “good” deals still lose money over time
The IRR trap most investors fall into
How cash drag and taxes kill compounding
Why wealthy investors focus on consistency, not home runs
If you’re investing in real estate or private markets...
$1 Trillion in Real Estate Is Breaking (Here’s What Happens Next)
$1T in multifamily debt is coming due and most of it already doesn’t work.
Is this a real estate crash or the next buying opportunity?
We brought in Dugan Kelley, co-founder of Kelley Clarke Law and a leading real estate and SEC attorney, to break down what’s actually happening in the multifamily market.
In this episode:
-The multifamily “maturity wall” explained
-Why 2020–2022 real estate deals are in trouble
-How rising interest rates broke deal economics
-What happens next: loan modifications, forced sales, or foreclosur...
Roth Conversions: Why Waiting Is Costing You Millions
If you have a large IRA, there’s a good chance you’re playing the game exactly how the IRS wants, and it’s costing you millions.
Most investors are told to defer taxes. That’s where they go wrong.
In this episode, CFP and tax strategist Craig Wear explains why Roth conversions often make more sense sooner and more aggressively than most people think.
We cover:
• Why waiting can cost you
• How RMDs increase your tax bill
• The hidden tax trap for retirees
• When to convert and h...
Why Serious Investors Never Invest in Their Own Name
Most investors focus on what to invest in. Wealthy investors focus on how they invest.
In this episode, we break down one of the simplest (and most overlooked) strategies: using an LLC to structure your investments.
Bob’s been doing this for years. Ben hasn’t. So… is this actually something you should be doing?
We cover:
• Why serious investors don’t invest in their own name
• How this setup can reduce taxes and increase flexibility
• The mindset shift of treating your investments like a business
• How it unl...
What 10,000 High-Net-Worth Investors Are Actually Doing Right Now w/Litan Yahav (Vyzer)
What are high-net-worth investors actually doing with their portfolios right now?
In this episode, Bob and Ben sit down with Litan Yahav, co-founder of Vyzer, to break down insights from $30 billion in real investor data—not surveys, but actual portfolio behavior.
The results are surprising.
From a major shift out of private markets… to where capital is flowing instead… to how investors are rethinking due diligence—this episode gives you a clear look at how sophisticated investors are positioning today.
In this episode:
The shift from private to public markets<...
Oil Just Spiked — Are We Headed for a Recession?
Is a recession coming? Oil prices, inflation, and Fed rate cuts explained.
With oil prices rising and tensions in Iran escalating, many investors are asking: Will higher oil trigger a recession in 2026?
In this episode, Ellis sits down with Bob & Ben to break down:
-Oil prices and their impact on inflation
-How energy costs affect the economy and markets
-Fed interest rate cuts and recession risk
-Consumer spending trends (70% of GDP)
-What happens if oil hits $100–$120
-Real estate and investment outlook
Ke...
PPMs That Scare the Sh*t Out of Me (Real Investing Horror Stories)
What should investors actually look for in a Private Placement Memorandum (PPM)?
In this episode, Ellis Hammond sits down with Ben Fraser and Bob Fraser to break down real examples of PPMs that raised major red flags — including unlimited sponsor expenses, huge placement fees, and deal structures that shift risk entirely onto investors.
They walk through what a private placement memorandum is designed to do, why experienced investors focus more on the risks than the upside, and the specific sections you should read before investing in a private deal.
If you invest in re...
Is Private Credit About to Collapse? ($1.7 Trillion at Risk)
Is private credit about to collapse?
The $1.7 trillion private credit market has grown rapidly, but recent write-downs from major funds like BlackRock and KKR are raising concerns about a potential private credit crisis.
In this episode, Ellis Hammond sits down with Ben Fraser, CIO of Aspen Funds, to explain what’s happening in private credit, why some funds are showing stress, and what investors should watch for before investing in private credit funds.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/ to learn more about our communi...
How to Run a Micro Family Office & Manage Your Wealth Like the Ultra-Rich
Recorded live at the Best Ever Conference 🎙️
What really changes when you go from making money → managing money?
In this episode, Bob & Ben sit down with Christopher Nelson of WealthOps to break down how high-net-worth individuals structure, steward, and scale their wealth — without needing billions.
We cover:
• How to run a “micro family office”
• How to give your wealth purpose beyond returns
• How to build a portfolio that supports your lifestyle and long-term legacy
• The mindset shift from income generator to family CEO
...
Turn Your Network Into a Fund in the Next 30 Days – with Tribevest’s Seth Bradley
Join Ben Fraser as he talks with Seth Bradley, Esq., Chief Legal Officer at Tribevest, about an opportunity hiding in plain sight: turning your network into a fund of funds.
In this episode, you’ll learn:
• How the fund-of-funds model works and why it’s gaining momentum
• How professionals are leveraging their networks to raise capital
• The steps to start your own fund of funds, the compliant way
If you’ve ever wondered how to go from investor to fund manager, this episode breaks it down step by step.
Ha...
2026 Macro Outlook Recap & Reaction: Rates, Growth, and Real Estate
Bob and Ben recap the biggest insights from our 2026 Economic Outlook and Macro Forecast presentations, featuring perspectives from Belinda Román, John Chang, and Jay Parsons. They cover GDP growth expectations, potential Fed rate cuts, housing market trends, and real estate investment signals — plus why investor sentiment may matter more than the data in the near term.
A fast, data-driven snapshot of the 2026 economy, rates, and real estate outlook.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/ to learn more about our community.
Check out Ben...
Bob Fraser’s 2026 Economic Outlook: Investable Megatrends & Market Opportunities
In this episode, Bob Fraser shares his presentation from our 2026 Macro Economic Outlook event, breaking down the investable megatrends shaping 2026. From AI and productivity to real assets and interest rates, learn how to invest with the tide and position your portfolio for what’s next.
Have more questions, or want more resources like a tax calculator? Go to https://investlikeabillionaire.org/ to learn more about our community.
Check out Ben & Bob’s company and invest along at https://aspenfunds.us/
The Billionaire Tax Battle: CA vs. MO (And How to Pay Less)
California is pushing a wealth tax. Missouri just eliminated capital gains tax. What does that mean for investors?In this episode, Ellis Hammond sits down with Bob and Ben Fraser to break down the billionaire tax battle between CA vs. MO—and how high-net-worth investors adapt. Learn how the wealthy use LLCs, balance-sheet thinking, and smart tax strategy to legally protect and grow their wealth.If you want to pay less in taxes and keep more of your returns, this episode is for you.
Don’t miss the 2026 Macro Economic Outlook—announced in the outro...
Dr. Peter Linneman on AI Myths, the Future of Multifamily Housing & the Shrinking Federal Workforce
In this episode, Bob and Ben Fraser sit down with Dr. Peter Linneman, Wharton professor and real estate economist, to unpack the forces shaping today’s economy. He explains how capital flows influence property prices, examines AI’s impact on the labor market, and reviews housing trends—from multifamily demand to rent growth—revealing how economic shifts shape real estate and productivity. Essential insights for investors, economists, and housing professionals.
Don’t miss the 2026 Macro Economic Outlook—announced in the outro of this episode! Sign up here: https://aspenfunds.us/2026-macro-economic-outlook/
Have more questio...
