JoseAlejandroRM

LP Investors, a warning. I'm still seeing a lot of business plans where GPs are going in skinny with equity to fluff up IRR projections. Taking on pref equity. Assuming cash flow will cover capex. Very low reserves. Obviously, the more capital you raise, the more it dilutes returns. And capital is tough to raise right now for many groups. Sure, this is all fun and games when everything goes according to plan. But when rental market softens? Occupancy stalls for a couple quarters? Your submarket delivers 30,000 new units? Cash flow misses targets and capex goes unfunded? You're getting a capital call. Not if, but when. As for a comparison, a couple folks have poo-poo'd our deals because we're targeting a 12-15% IRR - and that's fine - but they fail to realize that the risk adjusted return is simply different. We go in with lower LTVs. Refinance at lower LTVs. Never bank on cash flow to fund capex. Raise a huge reserve. Set aside additional reserve every month. At refi, we put aside 5 years worth of capex in a money market. Maybe some LPs like to ride the lightning and chase a marginally higher IRR in exchange for increased risk. That's a personal preference. If you don't mind the occasional capital call and are willing to accept it in order to outperform on some deals, I completely understand that. We simply prefer to sleep well, and as a result, we've never had to capital call our LPs on any of the 45 properties we've acquired since 2013. Just something to consider when chatting with sponsors about how they manage their budgets and cash position.

“España, evangelizadora de la mitad del orbe; España, martillo de herejes, luz de Trento, espada de Roma, cuna de San Ignacio, esa es nuestra grandeza y nuestra unidad… no tenemos otra”. - Marcelino Menéndez Pelayo

If you had a brutal week like me. Remind yourself: "You asked for all this. You could play small, you chose not to. You could stop growing, you asked for this priviledge of breaking through. You don't get to complain when you said you'd never settle for normal.”

imagine you’re Travis Kalanick you built Uber from nothing into a $70 billion company and changed how every city on earth moves then in the worst three weeks of your life, family tragedies hit, and five of your investors hand you a letter demanding you resign so you step down the board replaces you, your successor and board sell off the self driving division you created, the thing you believed was Uber’s entire future gone $4 billion to Aurora the mainstream media tries to write your obituary: toxic culture, bad leadership, and a cautionary tale silicon valley moves on as they always do but you don’t you don’t really forget you go quiet, completely quiet you take $150 million and buy a ghost kitchen company called CloudKitchens you raise over a billion dollars, hit a $15 billion valuation, build a company with thousands of employees and nobody even knows the name eight years in stealth, employees aren’t even allowed to put your company on their LinkedIn then today you rename the company Atoms, and it’s not a kitchen company anymore it’s a robotics company 1. food 2. mining 3. transport your first move? acquiring Pronto the autonomous vehicle startup built by Anthony Levandowski, the same engineer you originally swooped away from Google to build Uber’s self driving program oh and he went on to deploy 100+ autonomous trucks for one of the largest materials companies on earth now he’s coming back to work with you and the reports say Uber itself the same company that pushed you out, is now backing you to go after self driving harder than Waymo the guy they removed is the guy they end up needing poetic justice your framework aka everything in civilization is mined or grown, manufactured and moved you call it the golden age your manifesto ends with three words: “I never left” eight years of silence then this but here’s what people keep getting wrong about your situation everyone wants to call it a comeback or a revenge story it’s neither you just went quiet and built for eight years while everyone who wrote you off had stopped paying attention that’s not revenge, that’s just what true builder obsession looks like most founders would’ve stayed bitter most would’ve written a book and done a podcast tour, most would’ve taken the $2.5 billion in shares and disappeared off to a beach or Epstein’s island you didn’t do any of that you just kept building and now the same people who pushed you out need you again so whether you love him or hate him the most dangerous person in any room is the one who goes quiet yet never stops building karma is real welcome back Travis

This 40 minute lecture from Peter Thiel at Stanford will teach you more about business competition than a 2 year MBA program

.@Ravens @steelers @zfrazier54 is relentless on a football field. Huge play on the game winning drive. #BaldysBreakdowns

Dead bird, gonna put it on you! #Steelers #NFL

Tener cuidado con lo que se pide... Puede que se te haga realidad... VLLC!

My favorite Buffett stat is that Berkshire stock could drop 99% and he still would have outperformed the S&P 500 since he took over. Enjoy retirement.

At the stroke of midnight, I’ll have officially gone an entire year without a sip of alcohol. Here are 25 lessons I learned by not drinking for a year 🧵👇 (jk, but I did learn a few things) Honestly, it wasn’t nearly as hard as I thought it would be. There were plenty of moments where I normally would’ve had a drink such as golf tournaments, holidays, sporting events, but I just stuck to club soda and had a good time. I’ve never been a huge drinker. Mostly social stuff, holidays, games, whatever. But I almost always walked away feeling bloated, foggy, and a little gluttonous. On top of that, always felt a good dose of anxiety the day after drinking. One thing I didn’t expect: at some point it stopped being “I’m not drinking” and just became normal. No internal debate. No willpower. It just wasn’t part of the equation anymore. What surprised me most were other people’s reactions. Everything from “that’s awesome, good for you” to “what are you, a pussy?” Which, to be honest, says way more about them than it does about me. Going to social events sober was interesting too. You notice a lot more. I never judged anyone for drinking, but I realized I personally didn’t need it to hold conversations or enjoy being around people. And it made me notice how many social norms are really just drinking rituals in disguise. Once you remove alcohol, you’re left asking whether you actually enjoy something or if the buzz was doing most of the work. Sadly, I didn’t suddenly become a productivity machine or start waking up at 5am. I just felt more even. Fewer emotional swings. Fewer mornings feeling like a bag of ass. I don’t know how long I’ll keep it going. I could see myself having a glass of wine here and there. At the same time, there’s something about not breaking the streak that feels grounding. The biggest benefit to me personally was setting a somewhat lofty goal and actually sticking to it. That carried over more than I expected. Fighting off the peer pressure was very difficult at times. Either way, I’m glad I did it. Hope this inspires someone else to try it next year. Cheers to 2026.

Aaron Rodgers telling Kenneth Gainwell what to do on the long TD catch late in the first half against Lions is ABSOLUTE CINEMA!!! #Steelers #NFL

@aviancateguia el peor servicio de equipaje , no hay gente no dan respuesta y se lavan las manos. De verdad pésimo

Last quarter I rolled out Microsoft Copilot to 4,000 employees. $30 per seat per month. $1.4 million annually. I called it "digital transformation." The board loved that phrase. They approved it in eleven minutes. No one asked what it would actually do. Including me. I told everyone it would "10x productivity." That's not a real number. But it sounds like one. HR asked how we'd measure the 10x. I said we'd "leverage analytics dashboards." They stopped asking. Three months later I checked the usage reports. 47 people had opened it. 12 had used it more than once. One of them was me. I used it to summarize an email I could have read in 30 seconds. It took 45 seconds. Plus the time it took to fix the hallucinations. But I called it a "pilot success." Success means the pilot didn't visibly fail. The CFO asked about ROI. I showed him a graph. The graph went up and to the right. It measured "AI enablement." I made that metric up. He nodded approvingly. We're "AI-enabled" now. I don't know what that means. But it's in our investor deck. A senior developer asked why we didn't use Claude or ChatGPT. I said we needed "enterprise-grade security." He asked what that meant. I said "compliance." He asked which compliance. I said "all of them." He looked skeptical. I scheduled him for a "career development conversation." He stopped asking questions. Microsoft sent a case study team. They wanted to feature us as a success story. I told them we "saved 40,000 hours." I calculated that number by multiplying employees by a number I made up. They didn't verify it. They never do. Now we're on Microsoft's website. "Global enterprise achieves 40,000 hours of productivity gains with Copilot." The CEO shared it on LinkedIn. He got 3,000 likes. He's never used Copilot. None of the executives have. We have an exemption. "Strategic focus requires minimal digital distraction." I wrote that policy. The licenses renew next month. I'm requesting an expansion. 5,000 more seats. We haven't used the first 4,000. But this time we'll "drive adoption." Adoption means mandatory training. Training means a 45-minute webinar no one watches. But completion will be tracked. Completion is a metric. Metrics go in dashboards. Dashboards go in board presentations. Board presentations get me promoted. I'll be SVP by Q3. I still don't know what Copilot does. But I know what it's for. It's for showing we're "investing in AI." Investment means spending. Spending means commitment. Commitment means we're serious about the future. The future is whatever I say it is. As long as the graph goes up and to the right.

@miquelgirones1 US

You’re being lied to DAILY. You don’t need to live in the US to get: 💳 Amex Gold 💳 Chase Sapphire Reserve 💰 High-credit limits + 0% biz funding ✈️ Business Class flights for 95% OFF I live in Europe/Latam, with an EU passport, paying 0% tax… And so do hundreds of our clients. And we still use the US for a legal 0% tax structure, and the credit cards for FREE luxury travel. If you want to create this setup for yourself, Comment “US” and I’ll send you the guide. (Must be following so I can send a DM)

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great story from @JesseItzler In the mid-90s, I was managing Run-DMC and trying to make it in the music business. One day, Jam Master Jay - the DJ for Run-DMC who was tragically killed years later - came into my office with an unusual request. "I'm working with this kid," he said. "He's a boxer, wants to be a rapper, and he's looking for business experience. He's really good at writing songs, and I thought he could help you out in the studio. In exchange, he just wants to learn the business side of things." The whole thing sounded pretty normal to me. I was 23 years old, running a small company called Alphabet City, and this kid Curtis wanted to come in and work. He'd help me write songs for sports teams - theme songs were my thing - and I'd teach him about the business world. So Curtis started coming in. He worked with me for about a year and a half, doing studio work, learning how things operated, asking questions about contracts and deals. Just a regular intern trying to figure out the music industry. Then he became 50 Cent. You have to understand - there are thousands of struggling artists trying to get deals, wanting to make it in rap. This kid came in with his boxing gear, and I'm thinking, "Cool, he can help out." I didn't have a crystal ball. There was nothing that screamed "international megastar" to me. But here's the crazy part. Eight years later, after he'd become this massive celebrity, I had lost all contact with him. Then we started Marquis Jet, and every day I'd get a list of who was flying on our planes. One day, I see that 50 Cent is a passenger. I called the pilot and asked him to leave a note: "50 - it's Jesse Itzler from Alphabet City. You're never going to believe this, but I own the company you're flying on right now." The next day, 50 Cent wrote into all of his contracts that he would only fly with Marquis Jet. Sometimes the most powerful business relationships aren't built in boardrooms or networking events. They're built when you're willing to help someone learn, even when you have no idea where they're headed. You never know which intern might change your life twice.

Update:

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𝗣𝗮𝗶𝗱 𝗖𝗼𝘂𝗿𝘀𝗲 𝗙𝗥𝗘𝗘 (PART - 1) 1. Artificial Intelligence + Data Analyst 2. Machine Learning + Data Science 3. Cloud Computing + Web Development 4. Ethical Hacking + Hacking 5. Data Analytics + DSA 6. AWS Certified + IBM COURSE 7. Data Science + Deep Learning 8. BIG DATA + SQL COMPLETE COURSE 9. Python + OTHERS 10 MBA + HANDWRITTEN NOTES (72 Hours only ) Cost About - $500 To get FREE: - 1. Follow (So I can DM you) 2. Like & retweet 3. Reply " Send "