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 markets
The difference between diversification and true mathematical uncorrelation
Why the S&P 500 index is more concentrated than most investors realize
Why public markets are driven by emotion and narrative rather than fundamentals
The current valuation argument against public equities and what history says about forward returns
How to evaluate private alternative investments by risk profile
Why oil and gas can function as an uncorrelated, cash-flowing asset
The natural gas thesis and its connection to AI energy demand
How the JOBS Act of 2012 opened private investing to accredited investors
Red flags to watch for when vetting syndicators and sponsors
Why losses hurt compounding more than gains help it
Bob's personal story of being wiped out twice and what it taught him

This episode is essential for:

Accredited investors looking to move beyond a traditional 60/40 portfolio
Real estate investors who want to add true uncorrelation to their holdings
Anyone vetting private deals and syndications
Investors 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.com

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