Programming notes
What to expect from this substack going forward
This is a break-the-fourth-wall post. I’m going to give you an update on what I’ve been doing personally, and talk a little about the content I’ll be putting out for you in the coming weeks and months.
First, the big news: I’ve launched a new startup, Skyline Standard. I’ve shared several thoughts right here about real estate liquidity, tokenization, and the importance of establishing trust in markets. Skyline Standard is the actualization of those ideas, and it will facilitate the future of real estate tokenization.
We are in semi-stealth mode so I’m not going to share a lot of detail here just yet, but I’ll say that Skyline is a data technology company that solves for trust, standardization and fungibility of CRE, and if you want to know more at this time I’d be thrilled to tell you more directly.
The early days of a new startup are euphoric, and the energy and vibes are off the charts. I’m doing cap raise presentations, which I used to dread in previous startups. This time around I am enjoying every minute of it.
Personally speaking, this is the best opportunity - by far - of my career. I’ve been working for this moment, and I’ve been waiting for this moment. I am going to make the most of it, and I’m going to have a ton of fun doing so.
It does come with a cost, of course, and the time to produce content is one of them. I am still keeping this substack active, and I’m still going to record podcasts. I am going to talk about Skyline and I’m going to talk about other things that catch my eye, too.
We grow old when we stop being curious and stop learning. Writing out original ideas, and talking to interesting people doing interesting things keeps me sharp. That’s why I am going to find the time to keep writing. Is that selfish? Maybe. But if it also results in worthwhile content for you, it’s a win-win.
You should expect an eclectic collection of articles and podcasts coming up:
The story of how Skyline came together, and how my co-founders John Armstrong and Chris Paul met each other and decided to work together was scripted by fate. It might make you laugh, and it might inspire you to follow your own dream. I’ve been writing and re-writing it for weeks. Can’t wait to publish it.
Randy Zisler just wrote a book on institutional CRE investing, and I’m releasing a podcast with him tomorrow.
Adam Blumberg built an RIA entirely on DeFi rails. I don’t know if anyone else has done that yet, and it just might become the standard over the next decade. We have a podcast with him explaining how it works next week.
It has been horrifying to see the embrace of communism, but it’s impossible to defend capitalism when free market capitalism has been replaced with crony capitalism. Expect a few posts that explore this concept and place blame where it belongs: economic policymakers.
At Skyline we are establishing a new corporate culture from scratch, and I’m thinking a lot about corporate culture and how to build a business that is focused on our customers, is relentlessly efficient, and plays to win. This will publish in November.
There are some really interesting things happening in the ETF industry, and my friend Nate Geraci is going to take us through all of the recent innovations on a podcast in two weeks.
I have some notes on flow state and may write them up in November or December.
I’d like to do a deep dive on yield enhanced ETFs, which aren’t what some people think (magical yield machines), and aren’t what other people think (leverage traps). They are actually very interesting strategies that unlock creative asset allocation ideas. I have to run various scenario analyses on them, and honestly, this is the one that might get pushed out until late December depending on how busy I am. But it’ll be worth the wait.
And, of course, as Skyline secures the right funding partners and strategic partners I’ll be able to share more so that you’ll be able to follow along in real time.
That’s what is coming up. I am extremely grateful to have the smartest and most interesting audience on substack, and as always I welcome direct outreach from you.
Phil