Onward, a Fundrise Production

Two roads diverged before the US. One the way of growth and the other the way of a debt spiral. In this episode, Cardiff Garcia and Ben Miller look at the state of US dynamism vs. indebtedness, and the narrow path that would lead to a prolonged US boom. They scenario plan three potential futures: the continuation of current growth trends, a major recession, and a surprise development. The discussion spans historical debt trends, the impact of AI and technology on growth, and the influence of interest rates and fiscal policies. They highlight the strategic balance required between debt management and economic development, with a focus on achieving a ‘soft landing.’ This episode covers the key decisions between leveraging growth and managing debt that will shape America’s economic destiny. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com.  Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).  Podcast production by The Podcast Consultant. Music by Seaplane Armada.  About Fundrise  With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.  Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s).  Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

On the latest episode of Onward, Fundrise CEO Ben Miller is joined by Ali Wolf, Chief Economist at Zonda and one of the smartest people we know for analyzing and understanding housing and the economy. As we’re still in the early weeks of 2024, Ben and Ali’s conversation focuses on lessons learned from the past year, when a confluence of factors resulted in an economic period that still demands attention and deciphering: What happened to the recession that most economists believed was all but inevitable a year ago? Did we dodge that recession or just delay it? How do you tell the difference between a soft landing and an economic downturn that’s simply slowing? Is it possible to rely too much on history when trying to develop a forecast? Looking ahead, Ali shares her thoughts on which housing markets are most exciting going into the next twelve months (and which are likely to lose momentum). She also shares insights based on home builder surveys, leading to Ali’s forecast for what home pricing will look like through the rest of the year. And, importantly, when Ali’s spoken to builders, the two sentiments that have stood out have been both a sense of caution and a sense of optimism. As Ben says, that’s terrific news: Those emotions, together, tend to equal a balanced economy… and often what comes out of that balance is real, lasting growth. All this and more, on the latest episode of Onward. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In this final Onward episode of 2023 co-hosts Cardiff Garcia and Fundrise CEO Ben Miller kick things off by discussing Ben’s major market call: The conclusion that the real estate market has hit bottom. After 18 months of escalating interest rates punishing the real estate industry, small businesses, and regional banks, we’ve entered a new period where we expect the move to falling rates to propel strong positive performance. Ben walks Cardiff through his view of the state of the economy, both macro and specific to real estate, furnished with data points drawn from top-down market analysis, bottom-up, and anecdotal evidence, referencing confidential third-party sources and Fundrise’s own portfolio of assets. Most importantly, after a year of market turbulence, the market’s trough means that it’s time for investors to shift their attitude and become opportunistic about buying along the bottom. Lastly, it’s key to note that this episode of Onward was recorded to enhance and be enhanced by the Fundrise 2023 year-end letter to investors, available at https://fundrise.com/investor-update/1123/view, and should be listened to alongside that letter, where readers will find a more thorough assessment of Fundrise’s own portfolio, along with our team’s thoughts on what the future may hold. As 2023 comes to an end and we enter a new phase for the market with the start of 2024, Onward. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In the modern tech landscape, there are few topics more critical — or, unfortunately, more frequently overlooked and misunderstood by laypeople — than data security. Luckily Vanta has developed a revolutionary solution for how other companies can address the problem of data security compliance, with enormous subsequent benefits for how those businesses can operate safely — and access new market share as a result. In this latest episode of Onward, Fundrise CEO Ben Miller is joined by Christina Cacioppo, Vanta’s CEO and founder, to discuss some of the strategic and leadership insights that have helped guide Vanta’s success and unique growth trajectory. Christina’s leadership and Vanta’s foresight in defining a new, more streamlined way for companies to operate securely are some of the principal factors that contributed to Vanta becoming the Fundrise Innovation Fund’s first investment, in late 2022 and a subsequent year of impressive continued growth. Here, Ben and Christina’s conversation covers some of the key considerations that leaders must face in building a new, disruptive business, such as why learning to focus on a problem is often more fruitful than focusing on a solution; how a stereotypically overlooked topic, like data security, can be leveraged into 25x growth, when properly understood; the importance that iterating and making multiple attempts can be in finally developing a singular, revolutionary product; and what leaders like Christina and Ben look for in the board member, co-leaders, and venture capital partners they choose to work with.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

People outside of the real estate investment industry may be unaware, but the market is currently navigating a period of turbulence comparable to what it experienced during the 2008 financial crisis, with cap rates and pricing down as much as 50%. In this episode of Onward, co-hosts Ben and Cardiff look at some behind-the-scenes market data that Ben has been analyzing, thanks to his on-the-ground insights through managing the Fundrise portfolio. Of particular concern has been the startling unevenness in the market, with investment property values severely misaligned with the values attached to properties purchased and sold by individual homebuyers. In order to understand these differences, our hosts point out, we need to look at more than just completed transactions and sales prices — we also need to consider the numbers behind offers that are not being completed, to see why sellers are not willing to accept the low prices that current buyers are willing to pay. And in order to see those kinds of bids, you need to be directly involved in the market’s dynamics — a perspective Ben can fortunately share, with a helpful glimpse into a couple properties in Fundrise’s portfolio. As always, great change opens the door to great opportunity — but what else does the current state of investment real estate mean for the economy, writ large? Will interest rates continue at their present level, despite the rupture in the bond markets and continued challenges for banks? When and how will the impact on the real estate industry make its way to other sectors? Why exactly is the market broken — and what will it take to fix it?  To read more background information on Ben and Cardiff’s conversation in this episode, visit https://fundrise.com/education/onward-episode-30.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios, including the ones mentioned in today’s episode? Check out our active and past projects at www.fundrise.com/assets. 

Rick Caruso’s real estate projects have defined how a generation of LA residents live in and experience the city. When you truly collaborate with communities, Rick explains, you get more than reliable financial success — you get momentum behind your project, you get political capital, and you get the satisfaction that comes from knowing people appreciate and enjoy the spaces you’ve contributed to the city. In this latest episode of Onward, Rick joins Fundrise CEO Ben Miller for a behind the scenes conversation on the current status of the real estate industry, and how his business principles have helped him navigate multiple past industry downturns, such as the S&L and 2008 crises. Beyond that, Ben and Rick’s discussion touches on a variety of veteran real estate insights, such as why Rick is concerned that LA’s current politics could block opportunities for growth; the critical considerations that go into managing banking relationships for real estate developers; and why the 2028 Olympic Games, scheduled to take place in Los Angeles, could supercharge yet another real estate renaissance for the city. All this and more, on the latest episode of Onward. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see www.fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

As our host, Fundrise CEO Ben Miller, observes in this latest episode of Onward, the amount of hype surrounding AI has become extraordinary… to the point that it’s become difficult for many people to distinguish the reality of its potential from vaporware. Luckily, coinciding with the Fundrise Innovation Fund’s investment in Theory Ventures, we have the opportunity to chat with Tomasz Tunguz, Theory Ventures General Partner, whose experience provides a critical perspective in analyzing how new technological paradigms become drivers for change, productivity, profitability, and growth. Ben and Tomasz’s conversation touches on structured vs. unstructured data, how technology development moves between infrastructure and software, and why tech incumbents have such a head start with AI. This episode is a key introduction to the kinds of systems theory governing the thinking in AI today and the economic analysis that will guide how it eventually winds up in everyday application, in all consumers’ lives. No matter how tremendous the hype behind AI becomes, this conversation makes one thing clear: we’re witnessing the beginning of a new era for tech. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

As artificial intelligence has dominated headlines over the past year, it’s become increasingly critical for everybody to understand AI, due to its likelihood to impact each and every one of us. In this latest episode of Onward, join Fundrise CEO Ben Miller and co-host Cardiff Garcia for a conversation that aims to reveal some of the big picture ideas driving AI’s current growth, along with the potential ramifications of those changes — and why it really is worth getting excited over. In terms of impact, Ben and Cardiff explain, we’re beginning to be able to rely on AI to perform tasks as vital and varied as weather forecasting or performing medical diagnoses. The financial outcomes of these leaps are staggering, according to recent reports and projections by some of the world’s largest accounting and financial firms, some expecting annual GDP growth to triple, directly attributed to AI’s ability to automate 40-70% of all workers’ activities. So where does that leave the labor market, people’s day-to-day lives, and investment opportunities in infrastructures that will help govern a whole new technological paradigm? Join Ben and Cardiff in this latest episode of Onward to find out. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In our latest episode of Onward, Fundrise CEO Ben Miller is joined by David Carmen, founder of the Carmen Group and one of the top lobbyists in the nation. He has worked on some of the most important issues of the past nearly half century — from 9/11 to Softbank’s $22B acquisition of Sprint. With increasing polarization and political dysfunction, many may feel that our democracy is at risk. Most people don’t know why, let alone how we might fix it. With nearly 40 years as a Washington-DC-insider, David Carmen has real knowledge and concrete suggestions that he argues could bring us into a new era of effective government. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In this latest episode of Onward, Fundrise CEO Ben Miller and co-host Cardiff Garcia give us a tour of the economic landscape that was once the status quo: a world where local lending institutions called S&Ls — or thrifts — were the primary way individuals saved for and financed home ownership. However, due to a confluence of events, including rocketing inflation similar to the past 18 months’, S&Ls found themselves in a period of acute insolvency. As Ben and Cardiff explain, a series of regulatory blunders, bailouts, and bad actors then caused the crisis to deepen, eventually leading to a total shutdown of the S&L framework, forcing our financial system to perform a hard reset. In the process, the long financial era that had begun in the 1930s came to an end, and our modern era began. Out of the Savings and Loan Crisis arose some of the most basic pillars of today’s economic system, fundamental to how we now think about and handle money, including national banks, banks as mortgage providers, public REITs, and the entire industry of private equity real estate. Ultimately, the Savings and Loan Crisis was so instrumental to shaping our monetary systems today that to truly understand modern finance, we need to look back at that explosive event that set the trajectory our economy still follows. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In the latest episode of Onward, Ben and Cardiff work through one of the most confounding questions currently poised for the economy: What do we make of two seemingly contradictory data sets, where one is telling us that the economy is generally healthy, while the other says we remain precisely on track for a full-blown recession, according to all historical precedent? This source of cognitive dissonance recently sent Ben down a path of research, which has led to a critical observation: Before every recession in recorded Fed history comes a “Great Lag” — an average of 10 months between when the Fed reached peak interest rates and when the subsequent recessions actually began… resulting in a devastating average total stock market decline of -43%. Taking this data into consideration, the task of navigating the recession still hasn’t even started — in fact, we still haven’t even entered the first inning, as Ben says. If many companies are already strained in the current market, with current interest rates — as we’ve seen borne out in some sectors of commercial real estate — they certainly are not prepared for the the multi-year marathon of economic hardship that this data forecasts. So, despite the relative calm of our current economic moment, Ben points out that right now is the moment to prepare for what is almost certainly a recession still lingering on the horizon. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

Noreen Harrington’s background in finance has involved working on everything from running Treasuries for Goldman Sachs to helping manage the creation of the Euro. In this latest episode of Onward, she joins Fundrise CEO Ben Miller to help us better understand why the upcoming debt ceiling crisis in the United States is a serious threat to economic stability. Today, there are a number of macro crosswinds in play including China’s challenge to SWIFT banking and the rise of digital currencies. These factors set the stage where a politicized debt ceiling crisis threatens to put the fundamental credit and reputation of the US dollar on the line. As Noreen explains, “If we default even one day, I think the ramifications could be on your children and their children.” Even so, from an investing perspective, Noreen validates one of the primary ideas we’ve championed at Fundrise for the past several months, as The Great Deleveraging unfolds: “I think if you have liquidity, there'll be an unbelievable opportunity coming for you to have rescue capital.” 15:05 Noreen's Perspective Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

If you’ve listened to Onward regularly, you know that Fundrise’s CEO Ben Miller has been a perennial contrarian when it comes to assessing the outlook for the economy, especially as markets have overheated and behaved irrationally. So, this latest episode of Onward might surprise you, as Ben gives the floor to co-host Cardiff Garcia, who treats us to a fundamentally different perspective — a full-throated case for economic optimism, as we look ahead to 2024. Ben and Cardiff’s conversation begins with an assessment of the aftermath of the COVID pandemic, where so many of the social, economic, and political upheavals that paved the way for historic inflation also set the stage for fundamentally positive effects on economic productivity, technological adoption, and true cultural change. While the first benefit of these COVID responses was immediate stability, the second boon, our hosts argue, has yet to become fully visible: a new era of growth and productivity. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In this bonus episode, our host Ben Miller interviews a special guest, the science writer Amanda Gefter, to discuss some of the most intriguing and consistently mind-blowing ideas from her book about cutting-edge physics and cosmology, Trespassing on Einstein’s Lawn. Departing from Onward’s usual topics — the economy, what’s happening in the markets, and Fundrise — Ben asks Amanda to explore a few of the fundamental (but deeply unintuitive and surprising) ideas that underlie the architecture of quantum physics and the behavior of our universe. Over the course of their discussion, they touch on the importance of Einstein’s relativity; why “variance” is at the core of how we define "something" vs. "nothing"; the surprising nature of Hawking radiation; the balance of elegance and practicality in John Archibald Wheeler’s writings; the mechanics through which the universe may eventually "restart"; why perspective always matters; and much more. Join Ben to understand and celebrate the important ways that Amanda’s work has helped push knowledge forward, which is, ultimately, what Onward is all about. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In the weeks since Silvergate, Signature, and Silicon Valley Banks’ respective failures, observers around the world have found ways to classify each collapse as the result of specific, isolated circumstances. But our hosts at Onward see something much different: a systemic, likely global crisis in the financial markets, playing out very close to what we projected in our November 2022 episode, “The Great Deleveraging” (https://fundrise.com/education/onward-episode-10). In a direct follow-up to that episode, join Fundrise CEO Ben Miller and co-host Cardiff Garcia for an analysis of how the recent bank crises are strong evidence that The Great Deleveraging is in full swing, along with a forecast on what is likely to happen next for the economy — a phase that Ben has deemed “The Great Cascade,” as the impacts of the liquidity crisis reverberate across multiple sectors of the market, with profound effects. There’s even an event on the horizon that Ben believes is likely to be the straw that “breaks the turtle’s back —  toppling turtles, all the way down.” Listen to the episode to find out what that straw is likely to be. (And listen to the original Great Deleveraging episode (https://fundrise.com/education/onward-episode-10), if you need a refresher in turtle cosmology.)  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In the wake of Silicon Valley Bank’s collapse last week, Onward host and Fundrise CEO Ben Miller sits down for an interview with the economist and trader Rob Johnson, one of the most experienced investors in the world at the fault line of government and finance. Having served as a Managing Director of the Quantum Fund, Chief Economist of the U.S. Senate Banking Committee, and currently as president of the Institute for New Economic Thinking, Rob has worked closely with policymakers across the entire political spectrum. Ben and Rob use the 1992 breaking of the British pound as a historical reference point and centerpiece for the orbit of their discussion. That event formed out of a collision of geopolitical forces, interest rate policy, and cross-institutional financial interactions, all with significant parallels to the world today. And, as Ben and Rob discuss, the pound’s collapse had implications that went far beyond a single bank or country’s ability to function — it ushered in a new era of the power and peril of global finance.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

When it comes to ambitious investing, many people make the mistake of chasing glory and fame — at the expense of sound judgment and real financial results. But not Ira Lubert, chairman and co-founder of Independence Capital Partners and Lubert Adler Partners, and the guest on our latest episode of Onward. Ira has instead spent decades content to stay out of the limelight, while architecting a family of funds now worth roughly $50B. Ira’s activities in real estate, equity in tech and health care, life sciences, debt funds, and more, have contributed to the vast and varied portfolio that has slowly accumulated and grown under his stewardship for years. Join Fundrise CEO Ben Miller as he talks to Ira about his key insights from his professional experience, including the importance of having extremely flexible timelines, when to deploy capital, balancing equity and debt, and more.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

Mind games and “dirty term sheets.” These are the kinds of potential pitfalls that await tech entrepreneurs and employees in the financial landscape of 2023, especially those particularly in need of fresh infusions of venture capital. In this latest episode of Onward, Fundrise CEO Ben Miller walks co-host Cardiff Garcia through another set of fascinating — if often unforgiving — complexities arising from today’s high interest rate environment. Now that capital is no longer flowing freely and willingly from investors across the country, what options do tech leaders have when their companies’ valuations plummet in comparison to the sky-high estimations from just last year? As Ben emphasizes once again, when we’re uncertain about the future, we should always look to the past. Using lessons learned from the 2000 tech bubble collapse, Ben illustrates for us how a company seeking venture capital in a harsh financial environment like today’s has a choice. They encounter a fork in the road: Is it more prudent to take a down round and accept a lower valuation? Or better to accept structured money and dirty terms, while maintaining the high value assessments assigned during the fundraising of earlier rounds? All this and more in the latest episode of Onward. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

Fundrise CEO Ben Miller is joined by Schecky Schechner, Managing Director and Co-Head of US Real Estate Banking at Barclays Capital, for a wide-ranging and technically insightful conversation in this latest episode of Onward. As Ben points out, Schecky is credited as one of the co-inventors of Commercial Mortgage-Backed Securities (CMBS) in the wake of the S&L crisis in the late ‘80s, a securitization innovation that has since become a trillion-dollar system, earning Schecky his reputation as a living legend in the real estate world. Ben and Schecky’s conversation opens with a broad discussion on the current state of the market before moving into a recap of our “Great Deleveraging” thesis. They then go on to discuss a wealth of additional topics and key financial ideas, including how securitization is a democratizing force in financial markets; why the late 1980’s were “the Big Bang” for real estate finance; why the idioms “A rolling loan gathers no loss,” and “Extend and pretend,” might have a major impact on the American economy over the next twelve months; and much more. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise: With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In the latest episode of Onward, Fundrise CEO Ben Miller gives us the opportunity to listen in on a conversation with one of the most experienced and influential figures in real estate today: Steve Ross, the largest real estate developer in the world. In addition to being the co-founder and chairman of RSE Ventures and owning the Miami Dolphins, Steve is the chairman and founder of Related Companies, the real estate firm behind the Time Warner Center in New York City, plus the 18 million square foot Hudson Yards project, the largest private real estate development in the history of the United States. Ben and Steve’s conversation covers a broad range of topics, drawing on Steve’s vast experience of over 50 years as a major player in the real estate industry. They discuss how real estate funding has changed over the decades, how experiences from past financial crises can help investors today, and the importance of affordable housing for the future of the American economy.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by Seaplane Armada and The Podcast Consultant. Music by Seaplane Armada. About Fundrise: With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.