Why Billionaires Only Put 20% in the Stock Market w/ Bob Fraser

Bob Fraser reveals why billionaires keep only 20% in public markets and how private alternatives can protect and grow wealth — without chasing returns.In this episode of RealDealChat, Jack Hoss sits down with Bob Fraser, CFO and chief macro strategist of Aspen Funds and co-author of the USA Today bestseller Invest Like a Billionaire, to break down how the ultra-wealthy structure their portfolios and why most investors are playing the wrong game entirely.Bob covers:Why billionaires keep only 20-30% of their wealth in public marketsThe difference between diversification and true mathematical uncorrelationWhy the S&P 500 index is more concentrated than most investors realizeWhy public markets are driven by emotion and narrative rather than fundamentalsThe current valuation argument against public equities and what history says about forward returnsHow to evaluate private alternative investments by risk profileWhy oil and gas can function as an uncorrelated, cash-flowing assetThe natural gas thesis and its connection to AI energy demandHow the JOBS Act of 2012 opened private investing to accredited investorsRed flags to watch for when vetting syndicators and sponsorsWhy losses hurt compounding more than gains help itBob's personal story of being wiped out twice and what it taught himThis episode is essential for:Accredited investors looking to move beyond a traditional 60/40 portfolioReal estate investors who want to add true uncorrelation to their holdingsAnyone vetting private deals and syndicationsInvestors trying to understand where risk actually lives in their portfolio🔗 Learn more about Bob and Aspen Funds: https://aspenfunds.us🔗 Build systems for your investing business: https://realdealcrew.comWork With RealDealCrewIf you’re already closing deals but your intake, follow-up, or visibility feels inconsistent, here are two ways to go deeper:Take the Deal Intake AssessmentSee how resilient your current operation actually is.→ https://assessment.realdealcrew.comBook a Fit CallIf you want to explore what a fully system-driven deal flow looks like, let’s talk.→ https://realdealcrew.com/bookLIKE • SHARE • JOIN • REVIEWWebsiteApple PodcastsYouTubeYouTube MusicSpotifyAmazon MusicFacebookTwitterInstagram