In depth conversations with leading investment managers.
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April 13, 202635 min
Episode 45: Opportunity in Healthcare - The Largest and Most Inefficient Sector in the American Economy -- Richard Patton, Founder of Courage Capital Management.
My guest today is Richard Patton. For me, this conversation is a real treat. I’ve known Richard from early in my investment career – over 20 years ago. At that time, Richard was the founder and Portfolio Manager of a Nashville-based event driven hedge fund called Courage Capital. He was then and still remains one of the most interesting and singular investors I’ve had the pleasure of meeting. While he has the education chops from Vanderbilt and Harvard, Richard marches to the beat of his own music. Courage Capital has evolved and focused its expertise on the white space of investment opportunity. That includes music royalties, small business lending and healthcare. As we’ll learn in today’s podcast, healthcare – the largest part of the US economy remains remarkably inefficient. As Richard walks us through his strategy, he has me alternatively laughing, curious, and optimistic as we talk about Nashville, the Small Business Administration, staffing for MRI techs, and how radioactive isotopes are used to treat tumors. Enjoy the conversation.
December 11, 202538 min
Episode 44: What is Value These Days and Does it Even Matter? Bill Barton, Founding Partner at Colrain Capital, LLC
My guest today is Bill Barton. Bill is a Founding Partner of Colrain Capital – overseeing all elements of the firm’s portfolio management. Founded in 2001, Colrain specializes in fundamental stock picking. They run one concentrated portfolio of best ideas. The team initially met at legendary value equity firm GMO – and left in 2001 to form Mayo Capital with Richard Mayo. That firm is now known as Colrain. Bill earned is BA in English at Dartmouth College and his MBA from Darden at UVA. I was originally introduced to the Colrain team by another family office. We frequently get introductions and referrals, but this one was special. The principal of the family office insisted that we meet due to Colrain’s disciplined and successful track record of picking stocks over the years. But the main reason was the integrity and partnership of the founders. Colrain sticks to their principles while exhibiting the flexibility and humility to thrive in today’s market. For those listeners interested in a different perspective on stock picking, this will not disappoint. We talk market structure, sectors, and yeah… we go into names, too.This podcast was recorded on December 2, 2025. The respective opinions expressed are those of Mr. Barton and Biltmore Family Office, LLC.. The opinions referenced are as of the date of this podcast and are subject to change without notice. This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector. Forward-looking statements are not guaranteed. BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate. The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives. Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional. Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
September 11, 202533 min
Episode 43: The Great Liquidity Gap - Secondary Energy Interests -- Greg Reid, President of Real Assets, Senior Portfolio Manager at Westwood Holdings Group, Inc.
My guest today is Greg Reid, President and Senior Portfolio Manager of Real Assets at Westwood Holdings, a publicly held investment firm with over $18b in assets under management. For most of his thirty year career, Greg has led energy infrastructure businesses. And as you’ll hear from his accent and style, Greg is the consummate Texas oil and gas man. This is a fascinating time for traditional energy investment. Post-financial crisis, energy investment was a place of capital excess. Soon enough the boom busted and many institutional investors found ESG religion and fully halted allocations. Traditional energy was left for dead. After ten years in the investment desert, many of the remaining institutional investors are throwing in the towel and selling what they have left. The surviving energy companies tend to be lean, capital efficient and valued appropriately. This disconnect between the supply of high quality, energy assets and the weak demand from capital providers provides an attractive landscape, particularly in secondary markets. As our go-to Texas energy expert, Greg is the perfect guest for this conversation. This podcast was recorded on August 28, 2025. The respective opinions expressed are those of Mr. Reid and Biltmore Family Office, LLC.. The opinions referenced are as of the date of this podcast and are subject to change without notice. This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector. Forward-looking statements are not guaranteed. BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate. The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives. Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional. Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
March 25, 202539 min
Episode 42: Credit, Rates, Uncertainty and Opportunity -- Jon Duensing, Senior Managing Director, Head of Fixed Income, US, Director of Multi-Sector Fixed Income, and Portfolio Manager of Amundi US
If there’s any single word to sum up the current investment landscape, it’s got to be “uncertainty.” My guest for this episode of the Biltmore View is perfect for this environment. Jon Duensing is Sr. Managing Director, Portfolio Manager and Head of US Fixed Income at Amundi US. Amundi is the largest asset manager in Europe and one of the 10 biggest investment managers in the world. As I’ve gotten to know Jon, I’ve found him to be particularly insightful and pointed. As uncertainty in our economy grows, so does the risk, in particular for credit and rates. In this wide-ranging conversation, we talk about the future of rates, credit spreads, home prices, auto loans, and even natural disasters and insurance. As we navigate the unpredictable, it’s great to have a seasoned captain like Jon at our side.This podcast was recorded on January 31, 2025. The respective opinions expressed are those of Mr. Duensing and Biltmore Family Office, LLC.. The opinions referenced are as of the date of this podcast and are subject to change without notice. This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector. Forward-looking statements are not guaranteed. BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate. The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives. Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional. Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
January 16, 202554 min
Episode 41: Crypto, Payments, Exchanges and the New Administration -- Warren Fisher, CEO and Founder Manole Capital Management
I’m delighted to kick off 2025 with a conversation with Warren Fisher. We last spoke to Warren during the SVB banking crisis. He’s the founder and CEO at Manole Captial Management, a FinTech focused asset manager. With the election promising to usher in regulatory changes across finance and technology, once again, we go to Warren Fisher. In this episode, we have a broad ranging conversation on banks, payments, regulation and, of course, crypto. I hope you enjoy the discussion.This podcast was recorded on December 19, 2024. The respective opinions expressed are those of Mr. Fisher and Biltmore Family Office, LLC.. The opinions referenced are as of the date of this podcast and are subject to change without notice. This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector. Forward-looking statements are not guaranteed. BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate. The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives. Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional. Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
October 17, 202447 min
Episode 40: Bringing Structure to Venture Capital -- Itamar Har-Even, Co-CEO, Managing Partner Ion Pacific
As capital markets shuddered, following the interest rate increases of 2022, the research team at Biltmore geared up to find opportunity. One area that stood out was venture capital. Clearly in a liquidity driven bubble for the prior several years, venture capital had quickly shifted from hot to not.It was during this search that I first met Itamar Har-Even of Ion Pacific. Itamar comes from an interesting background having investment banking experience in Asia and New York, focused on media and technology businesses. Recognizing a market opportunity, Itamar and his firm, Ion Pacific, developed a structured liquidity solution to serve both venture firms and founders. From this perch, Itamar has unique insight into liquidity, investment, and operational trends in venture capital. In today’s podcast, we discuss a range of topics including: how tech is eating the world, why we’re in a liquidity winter despite strong underlying fundamentals, and why marginal venture investors are leaving the space. Finally, we run through their truly innovative liquidity solution for founders and venture funds. This podcast was recorded on September 24, 2024. The respective opinions expressed are those of Mr. Har-Even and Biltmore Family Office, LLC.. The opinions referenced are as of the date of this podcast and are subject to change without notice. This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector. Forward-looking statements are not guaranteed. BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate. The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives. Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional. Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
October 7, 202445 min
Episode 39: Is Now the Right Time for Real Estate? -- Pat Jackson, Founder, CIO Sabal Investment Holdings
Over past few years of Covid, inflation and interest rate increases, the investment sector most impacted has got to be real estate. Office vacancies have spiked as the way we work has transformed central business districts all over the country. Interest rates have increased the most in decades, shocking the capital structures of apartments, shopping centers, and hotels. Home prices have spiked nearly 50% nationally since 2020, shifting the investment landscape around residential real estate. With great change comes great opportunity. We have the perfect guest to engage in that discussion. Pat Jackson, Founder and CIO of Sabal Investment Holdings. Pat founded Sabal in 2009 to focus on both distressed and performing Commercial Real Estate loans coming out of the 2008 Financial Crisis. Under Pat’s leadership, Sabal acquired over 5,000 loans and assets worth over $8.2b during the GFC. Today Sabal has over $1.4b in assets across three funds. Pat has deep relationships with both banks and bank regulators. He has tremendous experience working through difficult commercial real estate debt issues. I hope you enjoy this discussion as much as I did. This podcast was recorded on July 30th, 2024. The respective opinions expressed are those of Mr. Jackson and Biltmore Family Office, LLC.. The opinions referenced are as of the date of this podcast and are subject to change without notice. This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector. Forward-looking statements are not guaranteed. BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate. The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives. Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional. Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
August 5, 202445 min
Episode 38: A Timely Conversation on the Stock Market - - Scott Wallace, Founder/CIO of Shorepath Capital Management
I recorded this conversation with Scott Wallace, CIO and Founder of Shorepath Capital on July 12th. As I write this today on August 5th, stocks are in full correction with the Magnificent 7 stocks shedding nearly $1t in market value. While we talk a lot about the Mag 7, this is broad ranging discussion, as Scott addresses the upcoming election, the dispersion between growth tech and the rest of the market, how to think about the new AI advances relative to the 90s internet buildout, thoughts on the shape of US finances, and finally, Scott provides us with a framework on how to think about economic cycles. As the stock market enters into this new volatile phase, Scott's thoughts are particularly germane to our current moment. This podcast was recorded on July 12th, 2024. The respective opinions expressed are those of Mr. Wallace and Biltmore Family Office, LLC.. The opinions referenced are as of the date of this podcast and are subject to change without notice. This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector. Forward-looking statements are not guaranteed. BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate. The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives. Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional. Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
June 6, 202434 min
Episode 37: The Prenup Fallacy - Kellie Hall, Head of Estate Planning at Biltmore Family Office
On today’s Biltmore View we’re going to mix it up a bit. Rather than another discussion about niche investments such as music royalties or mortgage derivatives, we’re going to dig into a different sort of niche investment subject – prenuptial agreements. Many are taken aback or even repelled by the mention of a prenup. Like many topics on the Biltmore View, we’re going to challenge these generally held beliefs as broadly misunderstood. We’ve invited our guest today, Kellie Hall, to demystify and to educate us on prenuptial agreements. I’ve worked with Kellie at Biltmore for over seven years, where she is the Head of Estate Planning. Kelile has spent her entire career guiding complex families in achieving their intergenerational goals. At Biltmore, frankly, Kellie is our secret weapon. She’s a ninja disguised as an attorney. After this conversation with Kellie, she turned me from skeptic to believer. Get ready to be educated.This podcast was recorded on May 6, 2024. The respective opinions expressed are those of Mrs. Hall and Biltmore Family Office, LLC.. The opinions referenced are as of the date of this podcast and are subject to change without notice. This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector. Forward-looking statements are not guaranteed. BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate. The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives. Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional. Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
April 17, 202438 min
Episode 36: Homes, Mortgages & Opportunity - Skylar Weinand, CFA, Managing Partner at Regan Capital
Following the mortgage market meltdown of 2008, a whole new group of investment companies arose from the wreckage of investment banks. I was among the few people at the time running into the fire and actively investing with these startup mortgage investment firms. Amongst those building new mortgage investment businesses was a particularly bright, energetic guy named Skylar Weinand from Texas. Skylar had previously spent time at various investment firms managing large pools of mortgage-backed securities and he saw an opportunity to blaze his own path, trading in the open white space of a brand new mortgage market. Fast forward 15 years and Skylar’s firm, Regan Capital is still innovating, adding mutual funds and ETFs to their long standing hedge fund and private capital businesses. While Skylar is a fantastic trader, he’s a particularly insightful thinker. In today’s podcast, we discuss the impact of high interest rates on the US housing market. To know mortgages, you really need to understand housing. We talk about supply / demand dynamics for both mortgages and housing – and, ultimately, why this moment in time presents a particularly interesting opportunity. This podcast was recorded on April, 15th 2024. The respective opinions expressed are those of Mr. Weinand and the Biltmore Family Office, LLC investment team. The opinions referenced are as of the date of this podcast and are subject to change without notice. This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector. Forward-looking statements are not guaranteed. BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate. The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives. Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional. Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.
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