In this engaging conversation, Patrick Grimes shares his journey from a career in automation robotics and machine design to becoming a private investor. He details the lessons learned from experiencing foreclosure during the 2008/2009 market downturn, which led him to develop his "Three Rings of Investment" philosophy: seeking recession resilience, non-correlation, and insulation from AI disruption. Grimes critiques publicly traded Real Estate Investment Trusts (REITs) in what he calls "The Ruse of REITs," arguing they are "publicly traded paper" that lack the core tax and inflation-hedging benefits of direct real estate. He also emphasizes the power of partnership to build a stable, hyper-diversified portfolio and discusses high-return alternative asset classes like commercial debt, legal funding, and medical receivables.

Ultimate Show Notes:

01:48 - Patrick Grimes's Background and Career

03:57 - The 'Aha' Moment: Advice to Invest in Alternatives, Not Stocks

05:56 - Early Setback: Foreclosure and Learning Recession Resilience

10:38 - Overview of Passive Investing Mastery (PIM)

12:53 - The Three Rings of Investment: Recession Resilience, Non-Correlation, and AI Insulation

14:55 - The Risk of AI Disruption in Investments

23:49 - "The Ruse of REITs" and Stock Market Correlation

30:23 - The Power of Partnership and Hyper-Diversification

34:15 - Discussion of Returns in Private Credit and Debt Funds

39:00 - High-Return, Low-Risk Boutique Alternatives (Legal Funding, Medical Receivables)

Connect with Patrick:

www.passiveinvestingmastery.com/book

patrickgrimes@passiveinvestingmastery.com

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E432: AI Is Coming for Your Industry — Is Your Portfolio Safe? with Patrick Grimes