MB518: Invest Like a Billionaire: Start with the Operator or the Deal? - With Bob Fraser

About this episode

Michael Blank interviews Bob Fraser about how billionaires invest differently and the importance of alternative investments.

In this episode, Michael sits down with Bob Fraser, CFO and Chief Macro Strategist at Aspen Funds and author of Invest Like a Billionaire . Bob shares why billionaires invest very differently than most people—and why relying solely on stocks and bonds may be limiting your ability to build long-term wealth. The conversation explores alternative investments like multifamily, private credit, industrial real estate, oil and gas, and private equity. Bob explains how to think through market cycles, why diversification across uncorrelated assets matters, and how investors can position themselves to benefit from long-term tailwinds instead of chasing the latest trend. Key Takeaways Billionaires don’t rely on a traditional 60/40 portfolio—they allocate heavily to alternative investments and uncorrelated assets. There is always an asset class that is working, even when another is struggling, which is why diversification across market cycles matters. Private credit can provide equity-like returns with lower risk by acting as the lender instead of the owner. Investors should focus on long-term macro tailwinds like reshoring, industrial real estate, and energy demand rather than chasing…

People in this episode

Host: Michael Blank

Guest: Bob Fraser

Topics covered

• billionaire investing
• alternative investments
• market cycles
• diversification
• long-term wealth
• private credit
• real estate

Keywords

• billionaires
• investing
• alternative assets
• market cycles
• private equity
• real estate
• wealth building

Mentioned in this episode

Organizations: Aspen Funds

Books & works: Invest Like a Billionaire

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