Beyond the Stock Market, a Groundfloor Production

Brian Dally, CEO of Groundfloor, introduces Beyond the Stock Market and interviews Shawn Muneio, co-founder and managing partner of Bequest Asset Management. Muneio shares his path from telecommunications to launching an investment company in 2015, moving from distressed notes to running an asset management firm focused on cash-flowing alternative investments, with over $60 million in equity under management and about 500 investors. He explains Bequest’s shift from serving only accredited investors via Reg D/506(c) to pursuing structures that expand access to non-accredited investors, aiming to bring institutional-quality asset-backed income to the “99%.” Muneio outlines Bequest’s four principles—cash flow, control, comprehension, and community—highlighting junior lien mortgage portfolios, and discusses pressures on the 4% withdrawal rule amid inflation and low dividends, arguing for cash-flowing alternatives. 00:00 Welcome and Guest Intro 01:39 Shawn’s Origin Story 03:40 Mission Expanding Access 06:32 Four Cs Investing Framework 06:53 Cash Flow and Private Credit 10:26 Rethinking the 4% Rule 13:26 Part Two Teaser and Wrap Beyond the Stock Market podcast: https://groundfloor.com/podcast Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ Connect with Shawn Muneio on LinkedIn: https://www.linkedin.com/in/shawn-muneio-92884621/ References: Bequest Asset Management: https://bqfunds.com/ The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Host Brian Dally continues his conversation with with Bob Fraser, CFO and chief macro strategist of Aspen Funds. In this episode, Fraser shares what everyday investors can learn from billionaires about building and protecting wealth through alternatives and private credit. He emphasizes treating investing like a business (including setting up a hub LLC), creating a disciplined allocation plan with uncorrelated “buckets,” and focusing far more on risk than return to avoid losses. He explains how structure through allocation limits and periodic rebalancing can help investors sell outperformers and redeploy into under-allocated areas. Fraser stresses operator selection as critical in private investing, and predicts growing retail access to alternatives. In rapid fire, he highlights compounding, sentiment, and the risks of chasing AI-driven public markets. 00:00 Welcome Back and Setup 00:22 Think Like a Billionaire 02:06 Risk Discipline and Taxes 04:46 Portfolio Buckets and Rebalancing 06:48 Picking the Right Operator 08:58 Where Alternatives Are Headed 10:49 Alts in 401k and Advisors 13:07 Rapid Fire Investing Q&A 15:39 Final Takeaway and Wrap Beyond the Stock Market podcast: https://groundfloor.com/podcast Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ Connect with Bob Fraser on LinkedIn: https://www.linkedin.com/in/bobfraser10/ References: Aspen Funds: https://aspenfunds.us/ Invest Like a Billionaire by Bob Fraser: https://a.co/0gXT35Dy Invest Like a Billionaire podcast: https://investlikeabillionaire.org/ David Swensen: https://en.wikipedia.org/wiki/David_F._Swensen The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Groundfloor CEO Brian Dally hosts Bob Fraser, CFO and chief macro strategist of Aspen Funds, discussing Fraser’s path from computer science and dot-com success to being wiped out in the dot-com crash and again in the 2008 crisis, leading him to focus on private markets he could better control. Fraser explains Aspen’s hedge-fund-like macro approach applied to private investments, a retail investor mission centered on education (including a bestselling book and podcast, “Invest Like a Billionaire”), and disciplined underwriting. He outlines how private alternatives can offer an illiquidity discount, niche strategies, and lower portfolio risk through uncorrelated positions, emphasizing operator selection. Fraser notes using AI to boost deal underwriting productivity and shares current themes: a potential Fed regime shift and a steeper yield curve, plus opportunities in industrial real estate, distressed multifamily, and energy land driven by mispriced narratives. 00:00 Show Intro 00:42 Meet Bob Fraser 01:58 From Dotcom to Debt 04:53 Why Aspen Funds 06:47 Billionaire Playbook 07:37 Private Alpha Explained 09:48 Uncorrelated Portfolios 11:34 AI and Underwriting 13:50 Macro Shift at Fed 15:22 Where Aspen Invests 17:37 Wrap and Part Two Beyond the Stock Market podcast: https://groundfloor.com/podcast Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ Connect with Bob Fraser on LinkedIn: https://www.linkedin.com/in/bobfraser10/ References: Aspen Funds: https://aspenfunds.us/ Invest Like a Billionaire by Bob Fraser and Ben Fraser: https://a.co/0gXT35Dy Invest Like a Billionaire podcast: https://investlikeabillionaire.org/ The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Groundfloor CEO Brian Dally continues his conversation with Jillian Murrish, CEO and co-founder of Pier Asset Management, focusing on where specialty finance and music royalties fit in today’s volatile market. Jillian argues music royalties are largely non-correlated to stocks and unemployment, may hold up in downturns as streaming substitutes for other entertainment, and are relatively insulated from interest-rate moves. She also frames music as “AI-proof” because audiences value human artists and live performance. Jillian discusses portfolio construction across genres, songs, and royalty-rights types, Pier’s underwriting workflow, and why regulated banks create ongoing specialty finance opportunities, including institutionalization via securitizations. 00:00 Part Two Setup 00:34 Market Cycle and Noncorrelation 03:15 AI Proof Music Investing 05:17 Streaming Growth Drivers 06:57 Diversification and Royalty Types 10:09 Deal Flow and Underwriting 10:48 Future of Specialty Finance 12:37 Securitization and Scaling 15:49 Rapid Fire Q and A 17:53 Final Takeaways and Wrap Beyond the Stock Market podcast: https://groundfloor.com/podcast Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ Connect with Jillian Murrish on LinkedIn: https://www.linkedin.com/in/jillian-murrish-b324a52b/ References: Pier Asset Management: https://www.pieram.com/ Beeple: https://www.beeple-crap.com/ Goldman Sachs report: https://www.goldmansachs.com/insights/articles/global-music-revenues-are-forecast-to-double-to-200-million-in-2035 The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Groundfloor CEO Brian Dally hosts Beyond the Stock Market and interviews Jillian Murrish, co-founder and CEO of Pier Asset Management, a niche specialty finance investment firm. Jillian explains Pier’s focus on deal sizes that large institutions often overlook, and explains specialty finance as lending against portfolios of contractual cash flows such as loans, receivables, advances, and royalties. She describes Pier’s evolution from consumer and small business lending into music royalties, where distributor reports provide detailed streaming data. Jillian outlines why rights holders sell royalties, how music revenue typically cycles, and Pier’s emphasis across different types of catalogs. 00:00 Welcome and Guest Intro 01:22 Why Pier Started 03:10 What Is Specialty Finance 04:28 Early Strategy and Sectors 06:09 Underwriting Cash Flows 07:54 Music Royalties Data Edge 10:02 Deal Flow in Music 11:17 Why Sellers Need Liquidity 13:51 Pricing Risk and Decay 17:26 Portfolio Size 19:01 Wrap Up and Part Two Tease Beyond the Stock Market podcast: https://groundfloor.com/podcast Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ Connect with Jillian Murrish on LinkedIn: https://www.linkedin.com/in/jillian-murrish-b324a52b/ References: Pier Asset Management: https://www.pieram.com/ The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.