Erik Millard

@nicochristie I’d love access to check it out!

Introducing Shortcut — the first superhuman Excel agent. Shortcut one-shots most knowledge work tasks on Excel. It even scores >80% on Excel World Championship Cases in ~10 minutes. That's 10x faster than humans. Our early preview is live. Just comment for an invite code.

@moseskagan On Wisconsin!

Psyched to announce the first main-stage speaker for Reconvene '25: My friend Jerry Fink of The Bascom Group Bascom started with one small property in Southern California back in '96. Fast forward to today: They've transacted on ~$22B in real estate and >100,000 multifamily units, and currently have ~$4B in AUM. Two things I'm particularly interested to speak with Jerry about: 1. How Bascom went from doing normal syndications to building large-scale, institutional capital relationships 2. Bascom's steadily growing group of affiliated GP platforms (many in other verticals, like office) Unlike in previous years, this year's main-stage talks will *not* be filmed. We wrestled with this, but decided that not filming would allow speakers to be more candid about their businesses, which is better for attendees. If you want to join Jerry, me and a few hundred other real estate nerds in Santa Monica in September, check out the reply below.

@moseskagan Funny, I was just listening to this. Great listen but also struggled to keep up

If you've been following the tech, this episode is really incredible (it's probably too dense w new terms if you haven't been - I've been thinking about this a fair amount and I struggled to keep up in places): open.spotify.com/episode/3H46XE…

The more I learn about AI, the more I believe: 1. That we are probably fundamentally incapable of truly understanding the intelligence we are creating (let alone containing / controlling it), yet 2. The economic and national security logic of the situation in which we find ourselves compel us to continue developing it and, eventually, giving it more and more power over our lives These days, I pretty often feel like I'm living in some kind of sci-fi dream, from which I'm expecting to wake up.

@MultifamilyMad Glad I’m not the only one

Me looking at real estate in the place I'm on vacation trying to figure out if I should just move there

@twallyweb Congrats! Nice looking asset.

Ending the year strong with today’s closing: 42,000 SF of Self Storage and Industrial (built in 2019) Off market- purchased from the family of the original developer Seller financing at 6% fixed for 10 years. Interest only for the first 36 months. Equity syndicated from a mix of HNWIs, Family offices, and an RIA.

@chernobelskiy Would like to join. GP

GP-LP Match passed 400 users this morning, here's the breakout: LP - Individual: 103 LP - family office ($25mm+ net worth): 21 LP - allocator ($1b+ AUM): 7 Not bad considering I launched 3 days ago! Now here's what's equally interesting:

(Very) partial list of Repeaters committed to joining us for Reconvene '25 in Santa Monica: @gabebodhi @StudentRentPro @FrontlineCRE @mwmoedinger @Millard_Chochki @TheMotelMan @jeremylosborne @1245consulting @FredGortner @GinBourbon So thankful to all of you for trusting us (again) to put on a great event

@hitsamty And you’ve picked out a certified classic here

Field notes: Having been to multiple Desi, Persian and white weddings in '24, can assert that the great unifier is música latina: nothing fills the dance floor faster

@jambazzombie @thesamparr Exactly the same, except 37 and 39. Wouldn’t change anything.

A man on the FatFIRE subreddit posted: "My spouse (29) and I (32) are on track for fatFIRE by our mid-40s. We want to focus fully on kids without sacrificing careers Anyone had kids this late while fatFIRE-ing? Thoughts?" The top reply (pic below).

@moseskagan Stellar job, this was the best one yet.

How’s this for bad husbanding? I utterly failed to thank Simran from the stage for the wonderful job she did putting together Reconvene ‘24. One of the things I love about holding the event is that many of you get to experience the care, brains & love she puts into everything she does. Thanks to her, her team & to all of those who joined us this year!

@moseskagan Candid, insightful, and freewheeling. Super high-value content.

Biased, but: Matthew Gottesdeiner’s Breakout at Reconvene just now: An off-the-record, deep in the weeds view of multifamily investing from one of the larger owners in the country, with all kinds of insights about specific markets, return expectations, insurance & so on. (Wish I took notes.) When we first imagined Reconvene ~5 yrs ago, this is what we had in mind.

@Camp4 Ala Moana Bowls! 🏄‍♂️ 🤙

During the pandemic I lived in Honolulu. Each morning I’d go for a walk on Magic Island, near a popular surf break. One morning I came upon an older guy—maybe early 60’s—loading his surf board into an old beater van. His body belied his age—he was lean and muscular with a dark tan. He was singing to himself. I asked him how often he surfs. He winked at me and said: “Oh not much bruddah, just once a day.” 😉 I didn’t need to see this guy’s bank account balance to know that he was wealthy. 🏄‍♂️

Date night this week w my wife Another couple was seated for dinner across from us and he was wearing a baseball hat Hostess asked him to remove it, restaurant policy, he declined Waitress asked, he declined Manager came over, short conversation, and they left

@moseskagan Agree!

Admire Chris for doing this. Strongly believe ReTwit benefits from accounts that educate investors in good faith, but the account in question is not operating in good faith, to put it mildly.

@fortworthchris Welcome back!

@ddugal The silver lining of facing serious health challenges & close calls with yourself or loved ones is the gift of recognizing life's fragility and impermanence, which deepens your appreciation for it.

1/7 On March 5, 2023, I experienced my first seizure (4 min!) during softball coaching, and it shook me to my core. Cause still unknown.

@hitsamty Excellent piece

Brandon Miller. Artem Tepler. Nir Meir. Three very different tragedies, but all connected by the immense, visible and crippling pressure of being a real estate developer. Today's edition tries to capture it ten31.beehiiv.com/p/the-promote-…

@sweatystartup Watching them conquer challenges & build confidence & resilience—the best times.

My 6 year old rode his mountain bike down a mountain. The first time it didn't go well. Lot of crying. Lot of walking. Took over an hour. I encouraged him to try again even though he didn't want to. The second time he RIPPED it and he is so proud.

@UntrendedYOC Really plays well to your twitter/x handle

Some color into $KKR first earnings call following their $2 billion multi acquisition from the Quarterra portfolio: 👇👇 "We have conservatively priced this deal to an 8% unlevered return with significant upside potential, which we think is a really compelling risk adjusted return. But it's the type of deal that is going to put some pressure on our near-term ROEs for the benefit of longer term profitability." "As an example, we expect the year 1 yield on this portfolio to be in the low 4% range, obviously less than where we are originating our liabilities today. But the combination of yields increasing over time and the expected appreciation of the asset make this a really interesting deal and one we're excited to pursue for the long-term."

@mrjayw @khemaridh Lots of truth here. Very well said.

After nearly a decade in investment banking, I left to start my own business, giving me the freedom to deeply explore my passions, including early-stage AI, tech, and various curiosities. This change has significantly expanded my thinking, and I've rediscovered the joy of reading—a luxury I rarely had time for before. I don't regret my time in investment banking; it set the foundation for what I'm doing now. However, a decade on Wall Street is enough. During my Wall Street stint, I encountered only one senior banker I truly admired that seemed to have a good balance in her career and work. Most senior bankers I've known face significant trade-offs, sacrificing health or missing important moments with their children as they grow up. What's the point of making so much $$$ if you can't spend it with the people you love?

I've worked w/many folks who have left 7-figure W2. Here's the good, bad and ugly. The Good Time freedom is incredible. At that level of income, you've made huge sacrifices in health, relationships, curiosity, hobbies. And you've always had to "be on" - weekend conference calls, checking email on vacation. There's a honeymoon period when you workout in the middle of the day, grab lunch with your spouse on a Tuesday and take an off-season adventure trip. The Bad Once those things are out of your system, then the agitation sets in. People constantly are expecting you to have some "master plan." Or a cohesive narrative that cleanly stitches everything together. When that fails to materialize (because a high-status job is a clean container for said narrative) the anxiety starts to kick in. Once kicked in, then the thoughts of sunk costs ("I dedicated 20 years to this path") or declines in status ("I used to never think about the price of things") start to go into overdrive. The Ugly If you're making a 7-figs in W2, you probably have some unhealthy source of fuel. Maybe it's a strong desire to win and be seen. Or a deep sense of unworthiness, that is temporarily assuaged by peer validation. Or financial scarcity imprinted upon you from earlier childhood experiences. So now what? Making content, buying an SMB, writing a book, starting a VC-backed company probably isn't going to assuage this. But you've left "the path" and the walls feel like they're collapsing around you. Is there hope? Absolutely. The beauty of leaving is that in this "wilderness phase" you have nowhere to look but within. With all the markers of success and money stripped away, you're left with your true essence. Every single one of us are born with a beautiful soul, it's just covered by a lot of emotional scar tissue. If you quit, you get to heal that scar tissue. And then it's totally worth it. You just have to stay in the game.