(upbeat music) For this next discussion panel on private investor insights,
my friend Bill Altha here is gonna be leading it. He's from the Global Wealth
Solutions Group, which manages over $5 billion for private clients, foundations,
endowments, as well as individual investors and founders. So I think it's gonna be a
great discussion panel. Let's give him a round of applause and welcome him to the
stage.
Now, $6 billion.
So I love what I do. I get up every day to work with really intelligent people
like you. The thing that makes me the smartest guy in the room is knowing that any
time I stand in a room, I'm not the smartest guy in the room. So I probably will
die with my boots on, just not today, God, please.
And I'm really lucky to be speaking with some really intelligent people who like to
invest and have really good specialties. So panel, this is like speed dating on
methamphetamine. Let's keep it quick. By background is an introduction.
I work at Raymond James on the number one team in the world for Raymond James. I
do high net worth and family offices. I've been working with this group, the Family
Office Club since 2015 with an exception of the lockdown. I work in sourcing deals
to our investment bank. I help to coach startups. I work in the secondaries area of
the investment bank to raise private equity and venture capital liquidity. I'm one of
the few people left on the street that takes your call and can actually get a deal
done and you can talk to me about that. I work with foundations and endowments.
Okay, so we hear on stage at our events that where you meet someone or introduce
to you can matter as much as anything else. A lot of people tell me that when I
look at a deal, I actually want to go meet the family or their partners first
before I even look at the statistics. Natalie, is that how you think about things
when you look at investing? - Yes, hi. I'm Natalie, I own a boutique M &A company
called I -Codray, play on words from a Latin term of smol team of professionals.
I started out in corporate, so I handled the HP EDS deal, $14 billion deal,
several years in the making and then several years in execution. Brought it all down
to make it available, make the playbooks available to everybody. So I primarily work
with women. I'm a strong believer in people and communications. That was discussed at
the meeting kicked off that way. I couldn't applaud it more. It takes-- it takes
nothing to get on a plane and to talk with somebody, get to know them. Doing the
deals about trust, investing is also about trust because I don't necessarily know if
that person just has chat GPT going on the other side. I don't think anybody really
does anymore. It is about people. So take the time,
get to know who you're working with. I get calls all the time from different
investment teams, brokers, friends in the industry. Now, what do you have? What's
coming up? Who are you selling? who's exiting. We specialize in a lot of that work,
starting at about 10 million and up. And just recently moved here to Hawaii to
enjoy the space. Patrick, you're an alt -sky and an expert in this space.
Often high returns are awful, attractive, but can be a pitfall. We know about value
traps, right? How do you look at analyzing things that are offered? Well,
thank you everybody for going much further than I did I was about six minute Uber
down the road to get here My wife and two and a half real live so excited about
that, but it's been a long journey to get here I started out before this subprime
mortgage collapse when those high returns that he's talking about meant that I lost
everything and a highly speculative real estate development deal back when I was a
machine design automation robotics engineer and Back then, I was really eager to look
for those two, three, four X, make it rich quick and exit quickly from my career.
But unfortunately, I didn't zoom out far enough to look for recession resilience and
non -correlation throughout my portfolio. I got heavily indexed very quickly into what
turns out to be speculative, and I didn't invest into enough markets to build
stability across different market swings and so that's how I'd respond to that.
David you're an oil patch guy there's a lot of fraud in the oil patch and you're
very clever so how do you think about analyzing the stuff that you do or offer and
what comes to your table? Well I've been blessed in the oil business and both
partly because I inherited mineral interest that have turned have to be very
successful so luck is a good thing but that's called good genes yeah so called
being in a legacy family and having the blessings of good fortune which gave me the
freedom to pursue a lot of other deals and a lot of other investments finally over
concentrating is probably one of the big risks that people have you know if it's a
good deal my dad said And he was a wise investor that made a couple hundred for
one on his money. He said, don't ever put everything in one deal. Put in at least
10 deals. And if two or three of them hit and go 10 for one, your net worth goes
up dramatically. But you're not crippled. Whereas if you put all your money in one
deal and it doesn't work out. So in my investing strategy, I advise people not to
over concentrate and Have a lot of a lot of variety and diversity and we
diversified out of your normal Concentration I love oil and gas and I recommend
Everybody think about investing Some in upstream oil and gas because I think it's
currently being out of favor with investors If something's out of favor and returning
a great return That's the time to invest, not when it's a huge fan selling for
100X.
- And so contrary to investor behavior, buy when it's not liked and sell when it's
liked. - Right. - I know a little bit about what you've experienced in the oil
patch. My grandfather was an oil field supply contractor and my uncle was a
geologist. Unlike my uncle, my grandfather raised horses. He had the fastest horse in
the world, Gray Papa, and he bet the farm on that horse and its broke his leg,
two lengths ahead of everybody else, and he lost everything. So don't bet the farm
on one thing, right? - Run. - Okay. So Joe, you're a clever boy.
Tell us how you think about the things that come to you and /or how you like to
invest. How do you discern things? - I think David and I are gonna get along. I'm
a big fan of real property interests, mineral rights, and royalties. And that's what
Overland does is predominantly invest in oil and gas mineral rights. We do it for a
capital gain. We aren't necessarily seeking yield like a lot of family offices. We
tend to aggregate the smaller stuff that the institutional capital overlooks and then
amass it to a portfolio that then they're willing to entertain. So I think there's
immense opportunity for family offices in that space if you can either find a group
like us or there's many out there that are doing executing that thesis with regard
to how do we originate those deals how do we go out and find those deals and
analyze those deals we've found the best deals that we've done typically are
organically originated smiling and dialing getting to know people getting to know
people in a region we work in a gray market it's It's not as transparent as maybe
real estate or stock market. So you really do have to have boots on the ground,
people that you know and trust that can help you source deals. We also find it
very beneficial to find good business partners to reduce the saturation risk when we
see something that's a little bigger than maybe we can swallow. And we've had
immense succession in partnering with other companies that think like us.