The Millionaire Next Door

Markets shift, headlines create noise, and uncertainty rises, but what actually matters when building a resilient portfolio? How do you separate real risks from exaggerated fears and position yourself for long-term growth? In this episode, Robert Curtiss welcomes back Mark Gatto, Chief Executive Officer at CION Investments, to discuss the growing attention to private credit and the role of diversification in uncertain markets. They explore how AI concerns are shaping investor sentiment, why fund structure and liquidity matter, and how infrastructure investing offers long-term opportunity. Mark also shares insights on manager selection, underwriting discipline, and how individual investors can access strategies once reserved for institutions. Key takeaways: How private credit continues gaining attention and why concerns around AI disruption may be overstated Why understanding fund structure, liquidity limits, and redemption mechanics is critical for investors How diversification across sectors and geographies helps reduce risk in changing market conditions The difference between direct investing and allocating capital to other managers in private markets Why infrastructure investing presents long-term growth potential across multiple sectors and assets And more! Resources: Educational videos (bottom of the page) Connect with Mark Gatto: LinkedIn: Mark Gatto CION Investments Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: Mark Gatto is Co-Founder, Co-Chief Executive Officer, and Co-President of CION Investment Group, CION Investment Corporation (CIC), and CION Grosvenor Infrastructure Fund. He is also a Director and Co-Chief Executive Officer of CION Ares Diversified Credit Fund (CADC). Mr. Gatto serves on the investment committee of CIC and the investment allocation committee of CADC. Mr. Gatto joined CION in 1999. He served as Executive Vice President and Chief Acquisitions Officer from May 2007 through January 2008. He served as Executive Vice President of Business Development from May 2006 through May 2007 and Vice President of Marketing from August 2005 through February 2006. He was also Associate General Counsel from November 1999 until October 2000. Previously, Mr. Gatto served as an executive at a leading international product development and marketing company from 2000 through 2003. Later, he co-founded a specialty business-consulting firm in New York City, where he served as its managing partner before re-joining CION in 2005. He was also an attorney in private practice prior to joining the firm. Mr. Gatto received an M.B.A. from the W. Paul Stillman School of Business at Seton Hall University, a J.D. from Seton Hall University School of Law, and a B.S. from Montclair State University.

Technology is moving fast, and it’s raising big questions about how decisions get made. Can tools replace human judgment, or do they simply change how we think, plan, and act? In this episode, Robert Curtiss welcomes back Michael Cy, advisor consultant, about how artificial intelligence is shaping financial services and what it means for clients. They explore how AI improves efficiency, speeds up research, and enhances communication, while emphasizing the lasting importance of personal advice. The conversation also covers market uncertainty, client anxiety, and how a structured process helps people stay grounded and focused on what they can control. Key takeaways: How AI speeds up research, tax analysis, and document review, saving hours of advisor time Why client relationships and personal context still matter more than data alone How advisors help filter noise from media, headlines, and misleading information The role of structured processes in keeping clients calm during market uncertainty Why AI works best as a support tool, not a replacement for thoughtful decision making And more! Resources: Educational videos (bottom of the page) Connect with Michael Cy: LinkedIn: Mike “Cy” Cajthaml Jr. LinkedIn: Pareto Systems Pareto Systems Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: Michael Cy works closely with financial advisors across the country, helping them refine their processes and strengthen how they serve clients. With years of experience supporting advisory firms, he focuses on improving efficiency, enhancing client communication, and integrating practical tools that elevate day-to-day operations. His perspective blends technology with a strong emphasis on relationships, helping advisors balance innovation with the human side of financial planning.

Long-term investing can feel more difficult when headlines are loud and markets seem unpredictable. What happens when investors stop reacting to daily noise and start thinking like institutions that plan decades ahead? In this episode, Robert Curtiss welcomes Chris Schelling, CAIA, Managing Director at Aksia, to explore how private markets have shaped institutional portfolios and why some individual investors may now gain access to approaches like those used by institutions, depending on account type, regulatory eligibility, and minimum investment requirements. They break down private equity, private credit, liquidity planning, diversification across vintages, and the importance of manager selection. The conversation also touches on volatility, long-term return expectations, and what advisors and investors should look for when evaluating alternative investments. Key takeaways: How institutional investors approach private markets — and what does that mean for access and implementation for individual investors with long-term horizons and diversified portfolios Why private equity and private credit returns differ from public markets over multi-year periods The role of liquidity planning and why private investments are not truly locked up for a decade Why manager selection matters more in private markets than in public equities How simplified structures have made private investments easier for individual investors to access And more! Resources: Educational videos (bottom of the page) Connect with Chris Schelling: LinkedIn: Christopher Schelling Website: Aksia Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: Chris Schelling is an investor, advisor, and published author. With degrees in psychology, business, and finance, Chris is an expert at incorporating insights from behavioral finance into investment decision-making. During his 20+ year tenure in the investment industry, building portfolios, mostly focused on alternatives, Chris has met with over 4,000 managers and allocated roughly $7 billion, generating top quartile to top decile returns across hedge funds, real assets, private credit, and private equity.

Markets are entering a year shaped by crosscurrents, shifting signals, and unresolved questions. Economic strength, policy decisions, and investment concentration all point to a period that demands close attention and thoughtful positioning. In this episode, Robert Curtiss speaks with Peter Repetto, Vice President and Investment Strategist at iCapital, about their 2026 economic and market outlook. They explore slowing labor trends alongside strong GDP growth, the role of AI investment, and how fiscal and monetary policy may influence markets. The conversation also covers inflation risks, tariffs, and why selectivity across asset classes matters heading into a midterm election year. Key takeaways: How slowing job growth contrasts with strong GDP readings and what that tension could mean for 2026 Why AI capital spending remains a key growth driver, but requires careful company selection The impact of tariffs, fiscal policy, and court decisions on rates and equity markets Why earnings growth, not valuation expansion, may define equity returns next year How private markets and alternative strategies may help address concentration and volatility And more! Resources: Educational videos (bottom of the page) Connect with Peter Repetto: LinkedIn: Peter Repetto iCapital Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: Peter is a Vice President and Investment Strategist at iCapital, focusing on developing and delivering research, investment ideas, and thought leadership content for external and internal audiences on behalf of iCapital’s Investment Strategy team. Prior to joining the firm, Peter spent over eight years at Franklin Templeton Investments, where he contributed to their asset allocation strategy and macroeconomic research. Peter holds a BA in Economics from Fairfield University.

If you own investment property in California, you may have wondered how to handle the built-up gain without losing a significant portion to taxes. Robert sits down with Damian Gallagher, Senior Vice President at Blue Rock, for a grounded, practical walkthrough of 1031 exchanges and DSTs. The conversation opens with the history of 1031 rules, then moves into what actually happens when you sell, how timelines work, and why so many investors struggle with the 45-day identification window. Damian also explains DSTs in plain language, including when they might help reduce hands-on management and how they fit into long-term estate planning. What to expect: How like-kind rules truly work The 45-day and 180-day deadlines are explained in real terms When DSTs may help simplify life for aging investors The lesser-known 1033 disaster exchange option And more! Resources: Educational videos (bottom of the page) Connect with Damian Gallagher: LinkedIn: Damian Gallagher Bluerock Capital Markets, LLC. Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. Bluerock is not adopting, making a recommendation for or endorsing any investment strategy or particular security or promoting the individuals or businesses referenced. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. All investing is subject to risk, including the possible loss of principal. Bluerock cannot guarantee that the information herein is accurate, complete or timely. Past Performance does not guarantee future results. There are a number of significant risks that should be considered and reviewed when considering an investment in real estate or real estate securities. This is neither an offer to sell nor a solicitation of an offer to buy the securities. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Our website must be read in conjunction with the applicable offering documents in order to understand fully all of the implications and risks of the offering of securities to which it relates and a copy of the offering documents must be available to you in connection with any offering. Securities offered through Bluerock Capital Markets, LLC | Member FINRA’s BROKERCHECK® Affiliated with Bluerock Real Estate, LLC

When most investors think about private credit, they picture direct lending. But as Tod Trabocco, Head of Private Debt Advisory at StepStone Group, makes clear, it’s much more nuanced than that. With over two decades in the space, Tod walks us through the four silos of private credit, including corporate, asset-based, asset-backed, and risk-sharing strategies, using unforgettable examples like leasing aircraft and monetizing Van Halen’s music catalog. Listeners will learn: Why private credit offers control that public markets don’t How bilateral negotiation changes risk dynamics What recent high-profile defaults reveal (and what they don’t) Why institutions are doubling down on asset-based finance And more! Resources: Educational videos (bottom of the page) Connect with Tod Trabocco: StepStone Group LinkedIn: Tod Trabocco, CFA Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: Mr. Trabocco is Head of Private Debt Advisory for StepStone Private Debt. He is responsible for helping public and private pension plans, endowments, and foundations build private credit portfolios and sits on the Private Debt Advisory Investment Committee. Prior to joining StepStone Private Debt, Mr. Trabocco served as a consultant and product specialist at Aksia, where he sat on the firm’s credit fund investment committee. Prior to Aksia, he served as Head of Product for ITE Management, a leading transportation leasing fund. Prior to that, he was Cambridge Associate’s first Head of Private Credit, and chaired that firm’s Credit Investment Committee. He began his career in private credit in 2005 as Head of Research and Underwriting for LBC Credit Partners, now CIFC’s direct lending unit. He holds an MBA from Columbia Business School and a MALD from the Fletcher School of Law and Diplomacy at Tufts University.

Is private equity still worth it, and can everyday investors finally get access without the complexity? Robert Curtiss, CFP,® welcomes back Phil Huber, Managing Director and Head of Portfolio Solutions at Cliffwater, to unpack the rise of evergreen private equity funds, an innovation reshaping the private investing landscape. Phil explains how Cliffwater’s newly launched Evergreen Private Equity Index is giving advisors better visibility into performance, while opening doors for accredited and even unaccredited investors to tap into long-term private market strategies. Expect an honest look at tradeoffs, manager due diligence, and the evolution of access, with a side of market context as the AI boom and public market concentration unfold. What to expect: Why private equity has outperformed public markets over time How evergreen structures are simplifying access for investors What Cliffwater’s new index reveals about fund performance and dispersion Key factors that determine success or failure in private equity portfolios And more! Resources: Educational videos (bottom of the page) How to Build a Diversified Investment Portfolio with Phil Huber, CFA, CFP® (Ep. 70) Navigating Alternative Investments with Phil Huber, CFA, CFP® (Ep. 55) Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA Connect with Phil Huber: LinkedIn: Phil Huber, CFA, CFP® Bps and pieces | Incremental Investing Insight with Phil Huber About Our Guest: Phil is a Managing Director and Head of Portfolio Solutions for Cliffwater, based in their Chicago office. In this role, Phil leverages his prior experience as a wealth management CIO to produce and curate investment research, advise on product strategy and positioning for the firm’s growing platform, and help establish and strengthen relationships with the nation’s leading wealth management firms. Prior to joining Cliffwater, Phil was the Chief Investment Officer for Savant Wealth Management. He earned a bachelor’s degree in finance from the Kelley School of Business at Indiana University. He is a CERTIFIED FINANCIAL PLANNER professional, has attained his Chartered Financial Analyst® (CFA®) designation, and is a member of the CFA Society of Chicago. Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER in the U.S., which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

When electricity demand in the U.S. hit a record-breaking high on July 28th, 2025, it wasn’t a blip; it was a signal. In this powerful follow-up to Episodes 69 and 78, Robert Curtiss welcomes back Michael Underhill, founder and CIO of Capital Innovations, to unpack the megatrends shaping the future of investing. From surging AI-driven capital expenditures to the multi-trillion-dollar rebuild of America’s power grid, Michael outlines why infrastructure is no longer a “nice to have” but an essential portfolio diversifier. He explores how interest rate cycles, inflation, and the evolving definition of risk are impacting investor behavior and how private infrastructure may offer consistent returns, lower volatility, and true non-correlation in today’s concentrated markets. What to expect: Why is electricity demand rising faster than forecasted? The three infrastructure megatrends to watch through 2050 How to think like an institutional investor with alternatives The real reason private infrastructure may outperform in downturns And more! Resources: Educational videos (bottom of the page) The Role of Infrastructure in a Diversified Investment Portfolio with Matthew Moreno and Jake Kelsall (Ep. 69) The Ongoing Demand for Infrastructure Investments (Ep. 78) Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA Connect with Michael Underhill: Capital Innovations LinkedIn: Michael Underhill About Our Guest: Michael Underhill is the Chief Investment Officer of Capital Innovations, a firm focused on infrastructure, energy, and ESG-aligned strategies. With decades of investment experience, Michael brings a deep understanding of macro trends and emerging opportunities in private and public markets. His team manages infrastructure-focused portfolios designed to align long-term capital with long-term value creation.

It’s the dog days of summer, but the market hasn’t gone to sleep. Robert Curtiss welcomes back frequent guest Miles Clark from Dorsey Wright for a timely conversation on where we are and where we might be headed. From all-time market highs to yellow-flag participation levels, this episode dives into the realities behind performance, volatility, and how history favors the long view. You’ll hear: Why staying invested may beat trying to time the market A 70+ year study that shows the power of consistent participation What sector strength and declining breadth are signaling now The surprising leadership of international equities and green energy And more! Resources: Reading The Market’s Pulse: Breadth, Signals, And Smart Strategy with Miles Clark (Ep. 74) Educational videos (bottom of the page) 2025 Midyear Outlook from Dorsey Wright Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA Connect with Miles Clark : LinkedIn: Miles Clark Nasdaq Dorsey Wright About Our Guest: Miles currently works as a Research Analyst for Nasdaq Dorsey Wright (DWA), a boutique investment advisory and asset management division of Nasdaq focused on providing quantitative strategies to Wall Street and professional money managers globally. Since 1987, DWA has been a recognized expert in relative strength and momentum through the application of Point & Figure (XO) charting, as well as a thought leader in tactical portfolio construction. Miles joined the DWA team as an intern in 2021 and now creates technical-based analysis and client-facing research in the firm’s Daily Market Analysis segment, with more focused coverage in the communication services, industrials, and cryptocurrency spaces. Other areas of involvement to note include supplementing broad-based technical indicators and research projects, and the creation of weekly media distributed to prospective clients.

A power shift is underway. And it is not just political or technological. In this episode of The Millionaire Next Door, host Robert Curtiss sits down with Michael Underhill, Chief Investment Officer at Capital Innovations, to explore the seismic transformation in infrastructure and energy investing. With humor, historical context, and deep industry insight, Michael compares this moment to Led Zeppelin’s debut, when a once-niche phenomenon suddenly became the main event. The episode unpacks the $112 trillion global energy transition, the exponential rise of AI-fueled electricity demand, and how public and private capital must unite to power the next generation of growth. Expect insight into: Why energy demand is expected to jump 14x by 2030 The accelerating rise of nuclear, natural gas, and methane recapture How digital infrastructure (data centers, 5G, fiber) is reshaping investing Why the U.S. infrastructure report card is a wake-up call and an opportunity This conversation is more than a forecast. It is a call to understand the world you are retiring into and how to invest in what is coming next. Resources: Educational videos (bottom of the page) Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA Connect with Michael Underhill: Capital Innovations LinkedIn: Michael Underhill About Our Guest: Michael Underhill is the Chief Investment Officer of Capital Innovations, a firm focused on infrastructure, energy, and ESG-aligned strategies. With decades of investment experience, Michael brings a deep understanding of macro trends and emerging opportunities in private and public markets. His team manages infrastructure-focused portfolios designed to align long-term capital with long-term value creation.

With public markets still shaky despite recent rebounds, many investors are looking for more stability, without sacrificing returns. In this timely episode, Robert Curtiss sits down with Mark Gatto, co-founder and co-CEO of CION Investments, to unpack how private credit and infrastructure investing can offer stable, reliable alternatives for individual investors. They discuss the growing accessibility of alternative investments, the yield potential of private credit, and why “boring” may be the new smart in today’s market. Mark also shares how CION’s platform was designed specifically for individual investors, unlike most institutions that only cater to the ultra-wealthy. What to expect from this episode: Why the majority of high-performing companies are still private—and how to access them How regulatory changes post-2008 created opportunity in private credit The appeal of yield-focused alternatives in a volatile equity environment What to look for when choosing private market managers And more! Resources: Educational videos (bottom of the page) Connect with Mark Gatto: LinkedIn: Mark Gatto CION Investments Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: Mark Gatto is Co-Founder, Co-Chief Executive Officer, and Co-President of CION Investment Group, CION Investment Corporation (CIC), and CION Grosvenor Infrastructure Fund. He is also a Director and Co-Chief Executive Officer of CION Ares Diversified Credit Fund (CADC). Mr. Gatto serves on the investment committee of CIC and the investment allocation committee of CADC. Mr. Gatto joined CION in 1999. He served as Executive Vice President and Chief Acquisitions Officer from May 2007 through January 2008. He served as Executive Vice President of Business Development from May 2006 through May 2007 and Vice President of Marketing from August 2005 through February 2006. He was also Associate General Counsel from November 1999 until October 2000. Previously, Mr. Gatto was an executive for a leading international product development and marketing company from 2000 through 2003. Later, he co-founded a specialty business-consulting firm in New York City, where he served as its managing partner before re-joining CION in 2005. He was also an attorney in private practice prior to joining the firm. Mr. Gatto received an M.B.A. from the W. Paul Stillman School of Business at Seton Hall University, a J.D. from Seton Hall University School of Law, and a B.S. from Montclair State University.

What do market recoveries, pilot training, and emotional discipline have in common? In volatile times, they all remind us that trusting your instruments and your process can make all the difference. In this quarterly market check-in, host Robert Curtiss, CFP®, welcomes back recurring guest Miles Clark of Dorsey Wright to unpack what’s happening beneath the surface of recent market turbulence. From sector rotations to investor behavior, this episode brings clarity without the noise. Here’s what you can expect to learn by listening: Why the S&P’s recent rebound may be masking deeper shifts in market breadth and volatility What a 50-year data point reveals about average returns versus real-life experience How international equities and commodities are quietly gaining strength—and what that could mean for portfolios What it takes to stay objective and clear-headed when fear and headlines start to take over And more! Resources: Educational videos (bottom of the page) How To Cut Through Modern-Day Financial Noise with Gary Sinderbrand (Ep. 72) Financial Trends to Watch in 2025 with Miles Clark (Ep. 66) Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA Connect with Miles Clark : LinkedIn: Miles Clark Nasdaq Dorsey Wright About Our Guest: Miles currently works as a Research Analyst for Nasdaq Dorsey Wright (DWA), a boutique investment advisory and asset management division of Nasdaq focused on providing quantitative strategies to Wall Street and professional money managers globally. Since 1987, DWA has been a recognized expert in relative strength and momentum through the application of Point & Figure (XO) charting, as well as a thought leader in tactical portfolio construction. Miles joined the DWA team as an intern in 2021 and now creates technical-based analysis and client-facing research in the firm’s Daily Market Analysis segment, with more focused coverage in the communication services, industrials, and cryptocurrency spaces. Other areas of involvement to note include supplementing broad-based technical indicators and research projects, and the creation of weekly media distributed to prospective clients.

In a world filled with financial noise, how do you know which signals actually matter? Join Robert Curtiss as he chats with Gary Sinderbrand, a seasoned financial professional with roots going back to their days at Merrill Lynch. They unravel years of insights on keeping your financial journey on track. Delving into tales from the trading floor to personal anecdotes from the ski slopes, Curtiss and Sinderbrand uncover strategies for managing financial anxieties and the importance of a disciplined, rules-based approach. Key discussion points include: Navigating financial fear in today’s world [00:05:00] Effective strategies for overcoming biases in investing [00:07:00] The significance of process and discipline in wealth management [00:31:00] Analyzing market signals amidst the noise [00:33:00] Real-world examples of market volatility and client management [00:41:00] And more! Resources: Educational videos (bottom of the page) If the Public Only Knew Podcast with Gary Sinderbrand Connect with Gary Sinderbrand: LinkedIn: Gary Sinderbrand BetterPath Training Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: Gary Sinderbrand brings a rare combination of elite production experience and transformative training expertise to your doorstep. As the co-creator of the influential Payne-Sinderbrand Program at Merrill Lynch—which helped shaped the careers of over 12,000 Financial Advisors—he has a proven ability to develop systems that drive extraordinary results at scale. Gary’s journey spans decades as both a top-tier producer and a practice management innovator. This dual perspective allows him to see opportunities others miss and implement strategies others can’t teach because they haven’t lived them. At BetterPath Training, we meet you exactly where you are. For next-generation advisors building books from scratch, Gary provides battle-tested client acquisition methodologies that bypass years of costly trial and error. For seasoned FAs preparing for succession, you can expect comprehensive frameworks for legacy planning, revenue optimization, and workload management that protect the practice you’ve worked so hard to build. Your path to exceptional results starts with exceptional guidance. That’s the BetterPath promise.